Document:

Exhibit 4.1

 Exhibit 4.1 
 Execution Copy 
 THIRTY-NINTH SUPPLEMENTAL INDENTURE TO 

AMENDED AND RESTATED INDENTURE 
 THIRTY-NINTH SUPPLEMENTAL INDENTURE dated May 11, 2011, among HOST HOTELS & RESORTS, L.P., a Delaware limited partnership (the “Company”), the Subsidiary Guarantors
signatory to this Thirty-Ninth Supplemental Indenture and THE BANK OF NEW YORK MELLON, as Successor Trustee (the “Trustee”) to the Amended and Restated Indenture, dated as of August 5, 1998, as amended and supplemented through
the date of this Thirty-Ninth Supplemental Indenture (the “Indenture”). 
 RECITALS 

WHEREAS, the Company, certain of the Subsidiary Guarantors and HSBC Bank USA (f/k/a Marine Midland Bank) executed and delivered the
Amended and Restated Indenture, dated as of August 5, 1998, amending and restating the form of Indenture previously filed as Exhibit 4.1 to the Registration Statement (No. 333-50729) filed with the Securities and Exchange Commission
(“Commission”) on Form S-3 by the Company, its Parents and certain of the Subsidiary Guarantors; 
 WHEREAS, the Company and the Subsidiary Guarantors desire to create two series of Securities to be issued under the Indenture, as hereby supplemented, to be known as (i) the 5 7/8% Series W Senior Notes due 2019 and Subsidiary Guarantees thereof
of the Subsidiary Guarantors (hereinafter, the “Series W Notes”) and (ii) the
5 7/8% Series X Senior Notes due 2019 and the
Subsidiary Guarantees thereof of the Subsidiary Guarantors to be exchanged for the Series W Notes (hereinafter, the “Series X Notes”); 
 WHEREAS, Section 9.1(e) of the Indenture provides that the Company, the Subsidiary Guarantors and the Trustee may amend or supplement the Indenture without the written consent of the Holders of the
outstanding Securities to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by the Indenture; 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the organizational documents of the Company, the Subsidiary Guarantors and the Trustee necessary to make this Thirty-Ninth
Supplemental Indenture a valid instrument legally binding on the Company, the Subsidiary Guarantors and the Trustee, in accordance with its terms, have been duly done and performed; and 

WHEREAS, all conditions precedent to amend or supplement the Indenture have been met. 

 NOW, THEREFORE, to comply with the provisions of the Indenture, and in consideration of the
above premises, the Company, the Subsidiary Guarantors and the Trustee covenant and agree as follows: 
 ARTICLE 1

 Section 1.01 Nature of Supplemental Indenture. This Thirty-Ninth Supplemental Indenture supplements the
Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 
 Section 1.02 Establishment of New Series. Pursuant to Section 2.2 of the Indenture, there is hereby established the Series W Notes and the Series X Notes (collectively, the “5 7/8% Notes”) having the terms, in addition to those set forth in the Indenture and this Thirty-Ninth Supplemental Indenture, set forth in the form of 5 7/8% Notes, attached to this Thirty-Ninth Supplemental Indenture as
Exhibit A, which is incorporated herein as a part of this Thirty-Ninth Supplemental Indenture. In addition to the initial aggregate principal amount of Series W Notes issued on the Series Issue Date, the Company may issue additional Series W Notes
(the “Additional Notes”) under the Indenture and this Thirty-Ninth Supplemental Indenture in accordance with Section 2.2 of the Indenture and Section 4.7 of the Indenture, as supplemented by Section 5.01 below of this
Thirty-Ninth Supplemental Indenture. 
 Section 1.03 Redemption. (a) At any
time prior to June 15, 2015 upon not less than 30 nor more than 60 days’ notice, the Company may redeem the 5 7/8% Notes in whole or in part, at a Redemption Price equal to 100% of the principal amount thereof plus the Make-Whole Premium, together with accrued and unpaid interest thereon, if
any, to the applicable Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date that is on or prior to the applicable Redemption Date). 

(b) At any time on or after June 15, 2015, upon not less than 30 days’ notice nor more than 60 days’
notice, the Company may redeem the 5 7/8% Notes for
cash at its option, in whole or in part, at the following Redemption Prices (expressed as percentages of the principal amount) if redeemed during the 12-month period commencing June 15 of the years indicated below, in each case, together with
accrued and unpaid interest, if any, thereon to the applicable Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date that is on or prior to the applicable
Redemption Date): 
  

					
	 Year
	  	Percentage	 
	 2015
	  	 	102.938	% 
	 2016
	  	 	101.469	% 
	 2017 and thereafter
	  	 	100.000	% 

  
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 (c) Prior to June 15, 2014, the Company may redeem from time to
time up to 35% of the aggregate principal amount of the 5 7/8% Notes outstanding at a Redemption Price equal to 105.875% of the principal amount thereof, together with accrued and unpaid interest thereon, if any, to the applicable Redemption Date (subject to the
right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date that is on or prior to the applicable Redemption Date) with the Net Cash Proceeds of one or more Equity Offerings; provided, that at least 65%
of the aggregate principal amount of the 5 7/8%
Notes originally issued on the Series Issue Date remain outstanding after such redemption; and provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated.

 (d) The
5 7/8% Notes will not have the benefit of any
sinking fund. 
 (e) Notice of a redemption of the 5 7/8% Notes made pursuant to this Section 1.03 shall be given in
the manner set forth in Section 3.3 of the Indenture; provided, however, that any such notice need not set forth the Redemption Price but need only set forth the calculation thereof as described in subsection (a) of this Section 1.03.
The Redemption Price, calculated as aforesaid, shall be set forth in an Officer’s Certificate delivered by the Company to the Trustee no later than one Business Day prior to the Redemption Date. 

(f) The Company is not prohibited from acquiring the 5 7/8% Notes by means other than a redemption, whether pursuant to an
issuer tender offer, in open market transactions, or otherwise, assuming such acquisition does not otherwise violate the terms of the Indenture. 
 ARTICLE 2 
 Section 2.01 “Subsidiary
Guarantors” means, with respect to the
5 7/8% Notes, (A) the Subsidiary Guarantors
listed in Section 2.03 below and (B) any Future Subsidiary Guarantors that become Subsidiary Guarantors pursuant to the terms of the Indenture, but in each case excluding any Persons whose Guarantees have been released pursuant to the
terms of the Indenture. The provisions of Article 12 of the Indenture will be applicable to the 5 7/8% Notes. 
 Section 2.02 The second sentence
of the definition of “Subsidiary Guarantee” set forth in Section 1.1 of the Indenture shall read, for purposes of the 5 7/8% Notes, as follows: “Each Subsidiary Guarantee with respect to the
5 7/8% Notes will be a senior obligation of the
Subsidiary Guarantor and will be full and unconditional regardless of the enforceability of the 5 7/8% Notes, the Thirty-Ninth Supplemental Indenture or the Indenture.” 

  
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 Section 2.03 The following entities shall constitute the
“Subsidiary Guarantors” with respect to the 5 7/8% Notes until such time as their guarantees are released in accordance with the terms of the Indenture: 
  

	 	(1)	Airport Hotels Houston LLC 

	 	(2)	Airport Hotels LLC 

	 	(3)	Ameliatel LP 

	 	(4)	BRE/Swiss LP 

	 	(5)	Calgary Charlotte Holdings Company 

	 	(6)	Calgary Charlotte Partnership 

	 	(7)	Chesapeake Hotel Limited Partnership 

	 	(8)	Cincinnati Plaza LLC 

	 	(9)	City Center Hotel Limited Partnership 

	 	(10)	Durbin LLC 

	 	(11)	East Side Hotel Associates, L.P. 

	 	(12)	Harbor-Cal, S.D. 

	 	(13)	Harbor-Cal, S.D. Partner LLC 

	 	(14)	HHR Assets LLC 

	 	(15)	HHR Harbor Beach LLC 

	 	(16)	HHR Holdings Coöperatief U.A. 

	 	(17)	HHR Lauderdale Beach Limited Partnership 

	 	(18)	HHR Rio Holdings LLC 

	 	(19)	HHR Singer Island GP LLC 

	 	(20)	HHR Singer Island Limited Partnership 

	 	(21)	HMC Amelia II LLC 

	 	(22)	HMC AP Canada Company 

	 	(23)	HMC AP GP LLC 

	 	(24)	HMC AP LP 

	 	(25)	HMC Atlanta LLC 

	 	(26)	HMC Burlingame LLC 

	 	(27)	HMC Burlingame Hotel, L.P. 

	 	(28)	HMC Cambridge LP 

	 	(29)	HMC Capital Resources LP 

	 	(30)	HMC Charlotte (Calgary) Company 

	 	(31)	HMC Charlotte GP LLC 

	 	(32)	HMC Charlotte LP 

	 	(33)	HMC Chicago Lakefront LLC 

	 	(34)	HMC Chicago LLC 

	 	(35)	HMC Copley LP 

	 	(36)	HMC Desert LLC 

	 	(37)	HMC Diversified American Hotels, L.P. 

	 	(38)	HMC Diversified LLC 

	 	(39)	HMC East Side LLC 

	 	(40)	HMC Gateway LP 

	 	(41)	HMC Grace (Calgary) Company 

	 	(42)	HMC Grand LP 

	 	(43)	HMC Headhouse Funding LLC 

  
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	 	(44)	HMC Host Restaurants LLC 

	 	(45)	HMC Hotel Development LP 

	 	(46)	HMC HT LP 

	 	(47)	HMC Kea Lani LP 

	 	(48)	HMC Lenox LP 

	 	(49)	HMC Manhattan Beach LLC 

	 	(50)	HMC Market Street LLC 

	 	(51)	HMC Maui LP 

	 	(52)	HMC McDowell LP 

	 	(53)	HMC Mexpark LLC 

	 	(54)	HMC NGL LLC 

	 	(55)	HMC O’Hare Suites Ground LP 

	 	(56)	HMC OLS I LLC 

	 	(57)	HMC OLS I L.P. 

	 	(58)	HMC OLS II L.P. 

	 	(59)	HMC PLP LLC 

	 	(60)	HMC Polanco LLC 

	 	(61)	HMC Potomac LLC 

	 	(62)	HMC Properties I LLC 

	 	(63)	HMC Property Leasing LLC 

	 	(64)	HMC Reston LP 

	 	(65)	HMC Retirement Properties, L.P. 

	 	(66)	HMC Seattle LLC 

	 	(67)	HMC SFO LP 

	 	(68)	HMC Suites Limited Partnership 

	 	(69)	HMC Suites LLC 

	 	(70)	HMC Toronto Air Company 

	 	(71)	HMC Toronto Airport GP LLC 

	 	(72)	HMC Toronto Airport LP 

	 	(73)	HMC Toronto EC Company 

	 	(74)	HMC Toronto EC GP LLC 

	 	(75)	HMC Toronto EC LP 

	 	(76)	HMC/Interstate Manhattan Beach, L.P. 

	 	(77)	HMH General Partner Holdings LLC 

	 	(78)	HMH Marina LLC 

	 	(79)	HMH Pentagon LP 

	 	(80)	HMH Restaurants LP 

	 	(81)	HMH Rivers LLC 

	 	(82)	HMH Rivers, L.P. 

	 	(83)	HMH WTC LLC 

	 	(84)	Host Atlanta Perimeter Ground GP LLC 

	 	(85)	Host Atlanta Perimeter Ground LP 

	 	(86)	Host Cambridge GP LLC 

	 	(87)	Host Capitol Hill LLC 

	 	(88)	Host Cincinnati Hotel LLC 

	 	(89)	Host Cincinnati II LLC 

  
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	 	(90)	Host City Center GP LLC 

	 	(91)	Host Copley GP LLC 

	 	(92)	Host Dallas Quorum Ground GP LLC 

	 	(93)	Host Dallas Quorum Ground LP 

	 	(94)	Host Fourth Avenue LLC 

	 	(95)	Host GH Atlanta GP LLC 

	 	(96)	Host Grand GP LLC 

	 	(97)	Host Indianapolis GP LLC 

	 	(98)	Host Indianapolis Hotel Member LLC 

	 	(99)	Host Indianapolis I LP 

	 	(100)	Host Indianapolis LP 

	 	(101)	Host Kea Lani GP LLC 

	 	(102)	Host Kierland GP LLC 

	 	(103)	Host Kierland LP 

	 	(104)	Host La Jolla LLC 

	 	(105)	Host Lenox Land GP LLC 

	 	(106)	Host Los Angeles GP LLC 

	 	(107)	Host Los Angeles LP 

	 	(108)	Host Maui GP LLC 

	 	(109)	Host McDowell GP LLC 

	 	(110)	Host Mission Hills Hotel LP 

	 	(111)	Host Mission Hills II LLC 

	 	(112)	Host Moscone GP LLC 

	 	(113)	Host Needham Hotel LP 

	 	(114)	Host Needham II LLC 

	 	(115)	Host NY Downtown GP LLC 

	 	(116)	Host of Boston, Ltd. 

	 	(117)	Host of Houston 1979 LP 

	 	(118)	Host of Houston Ltd. 

	 	(119)	Host O’Hare Suites Ground GP LLC 

	 	(120)	Host OP BN GP LLC 

	 	(121)	Host Park Ridge LLC 

	 	(122)	Host Pentagon GP LLC 

	 	(123)	Host Realty Hotel LLC 

	 	(124)	Host Realty LLC 

	 	(125)	Host Restaurants GP LLC 

	 	(126)	Host Reston GP LLC 

	 	(127)	Host San Diego Hotel LLC 

	 	(128)	Host San Diego LLC 

	 	(129)	Host SFO GP LLC 

	 	(130)	Host South Coast GP LLC 

	 	(131)	Host Swiss GP LLC 

	 	(132)	Host Tampa GP LLC 

	 	(133)	Host Times Square GP LLC 

	 	(134)	Host Times Square LP 

	 	(135)	Host WNY GP LLC 

  
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	 	(136)	HST I LLC 

	 	(137)	HST LT LLC 

	 	(138)	IHP Holdings Partnership LP 

	 	(139)	Ivy Street Hopewell LLC 

	 	(140)	Ivy Street LLC 

	 	(141)	Market Street Host LLC 

	 	(142)	New Market Street LP 

	 	(143)	Pacific Gateway, Ltd. 

	 	(144)	Philadelphia Airport Hotel LLC 

	 	(145)	PM Financial LLC 

	 	(146)	PM Financial LP 

	 	(147)	Potomac Hotel Limited Partnership 

	 	(148)	Rockledge Hotel LLC 

	 	(149)	S.D. Hotels LLC 

	 	(150)	South Coast Host Hotel LP 

	 	(151)	Starlex LP 

	 	(152)	Times Square GP LLC 

	 	(153)	Wellsford-Park Ridge HMC Hotel Limited Partnership 

	 	(154)	YBG Associates LP 

 By execution
of this Thirty-Ninth Supplemental Indenture, each of the Subsidiary Guarantors makes and confirms the guarantees set forth in Section 12.1 of the Indenture and shall be deemed to have signed the notation of guarantee set forth on the Securities
as provided in Section 12.2 of the Indenture. 
 ARTICLE 3 

Section 3.01 Subject to the further provisions of this Article 3 and Article 5 of this Thirty-Ninth Supplemental
Indenture, the covenants set forth in Article 4 of the Indenture shall be applicable to the Notes. By virtue of the occurrence of the REIT Conversion, Section 4.15 of the Indenture (as replaced and superseded by Section 5.03 of this
Thirty-Ninth Supplemental Indenture) is applicable, and Section 4.9 of the Indenture is inapplicable, to the 5 7/8% Notes. 
 Section 3.02 The
provisions of Sections 4.10 and 4.11 of the Indenture as supplemented by Section 5.06 hereof and as amended and supplemented by Section 5.07 hereof, respectively, and Sections 5.01, 5.02, 5.03 and 5.04 hereof, together with Sections 4.7,
4.8, 4.15 and 4.12 of the Indenture, respectively, replaced and superseded thereby (collectively, the “Suspended Covenants”) shall not be applicable to the
5 7/8% Notes, in the event and only for so long as,
the 5 7/8% Notes are rated Investment Grade.

 Section 3.03 Notwithstanding the foregoing, in the event that one or both of the
Rating Agencies withdraws its ratings or downgrades the ratings assigned to the 5 7/8% Notes below the required Investment Grade, the foregoing covenants will be reinstated as of and from 

  
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the date of such withdrawal or ratings downgrade (and as supplemented, amended or replaced and superseded as of the date hereof). Calculations under the reinstated Section 5.03 of this
Thirty-Ninth Supplemental Indenture will be made as if Section 5.03 of this Thirty-Ninth Supplemental Indenture had been in effect since the Issue Date except that no Default or Event of Default will be deemed to have occurred solely by reason
of a Restricted Payment made while that covenant was suspended. 
 Section 3.04 For avoidance of doubt,
the definition of “GAAP” contained in the Indenture shall apply in all instances to the 5 7/8% Notes and the provisions of Section 1.4(c) of the Indenture shall not apply in any instance to the Series W Notes. 
 Section 3.05 Section 9.1 of the Indenture is hereby supplemented by the following clause solely with respect to the Series W Notes: 

“(k) to conform the text of this Indenture or the Notes to any provision of the “Description of Series W
Senior Notes” section of the Company’s Offering Memorandum dated May 5, 2011, relating to the initial offering of the 5 7/8% Notes, to the extent that such provision in that “Description of Series W Senior Notes” was intended to be a verbatim recitation of a provision of
this Indenture or of the 5 7/8% Notes.”

 Section 3.06 Section 10.1 of the Indenture is hereby supplemented by adding the following paragraph
at the end of such Section, solely with respect to the Series W Notes: 
 “Notwithstanding the
foregoing, the Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all 5 7/8% Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to the indenture in accordance with
Section 3.3 of this Indenture and Section 1.03 of the Thirty-Ninth Supplemental Indenture unless and until there is a default in payment of the applicable Redemption Price.” 

Section 3.07 The second sentence of the penultimate paragraph of Section 10.1 of the Indenture, as
supplemented by Section 3.06 hereof, shall read, for purposes of the 5 7/8% Notes, as follows: 
 “The Paying Agent shall on the Change of
Control Payment Date or promptly thereafter deliver or cause to be delivered to Holders of Securities so accepted payment in an amount equal to the Change of Control Payment (together with accrued and unpaid interest) for such Securities (subject to
clause (b)(4) above), and the Trustee or its authenticating agent shall promptly authenticate and the Registrar shall deliver (or cause to be transferred by book entry) to such 

  
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Holders a new Security equal in principal amount to any unpurchased portion of the Security surrendered; provided, however, that each such new Security will be in a principal amount of $1,000 or
an integral multiple thereof. Any Securities not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after
the consummation thereof.” 
 ARTICLE 4 
 Section 4.01 For all purposes of this Thirty-Ninth Supplemental Indenture, except as otherwise expressly provided or unless the context requires otherwise: 

(a) A term defined in the Indenture and not otherwise defined herein has the same meaning when used in this
Thirty-Ninth Supplemental Indenture; and 
 (b) The following terms have the meanings given to them in this
Section 4.01 and shall have the meaning set forth below for the purposes of this Thirty-Ninth Supplemental Indenture and the Indenture solely with respect to the
5 7/8% Notes: 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange at the relevant time. 
 “Certificated Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 6.01 of this Thirty-Ninth Supplemental Indenture, in
the form of Exhibit A to this Thirty-Ninth Supplemental Indenture except that such Note shall not include the information called for by footnotes 2, 5 and 8 thereof. 
 “Change of Control” means: (i) any sale, transfer or other conveyance, whether direct or indirect, of all or substantially all of the assets of the Company or Host or HMC (for so
long as Host or HMC is a Parent of the Company immediately prior to such transaction or series of related transactions), on a consolidated basis, in one transaction or a series of related transactions, if, immediately after giving effect to such
transaction, any “person” or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act, whether or not applicable) other than an Excluded Person is or becomes the “beneficial owner,”
directly or indirectly, of more than 50% of the total voting power in the aggregate normally entitled to vote in the election of directors, managers, or trustees, as applicable, of the transferee; (ii) any “person” or
“group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act, whether or not applicable) other than an Excluded Person is or becomes the “beneficial owner,” directly or indirectly, of more than 50%
of the total voting power in the aggregate of all classes of Capital Stock of the Company (or Host or HMC for so long as Host or 

  
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HMC is a Parent of the Company immediately prior to such transaction or series of related transactions) then outstanding normally entitled to vote in elections of directors, managers or trustees,
as applicable; (iii) during any period of 12 consecutive months after the Issue Date (for so long as Host or HMC is a Parent of the Company immediately prior to such transaction or series of related transactions), Persons who at the beginning
of such 12-month period constituted the Board of Host or HMC (together with any new Persons (i) whose election was approved by a vote of a majority of the Persons then still comprising the Board who were either members of the Board at the
beginning of such period or whose election, designation or nomination for election was previously so approved), and (ii) who are members of the Board (A) who were nominated by a shareholder or group of shareholders of Host or HMC for
election to such Board, and (B) whose nomination as a member of such Board was included in the definitive proxy statement of Host or HMC, as applicable, pursuant to (I) Rule 14a-11 under the Exchange Act or any successor rule or similar
requirement, or (II) a requirement in the bylaws of Host or HMC, to include in its proxy solicitation materials, a Person nominated for election to the Board by a shareholder or group of shareholders), cease for any reason to constitute a majority
of the Board of Host or HMC, as applicable, then in office; or (iv) HMC ceases to be a general partner of the Operating Partnership or ceases to control the Company; provided, however, that neither (x) the pro rata distribution by Host to
its shareholders of shares of the Company or shares of any of Host’s or HMC’s other Subsidiaries; nor (y) the REIT Conversion (or any element thereof), shall, in and of itself, constitute a Change of Control for purposes of this
definition. 
 “Clearstream” means Clearstream Banking S.A., or its successors. 

“Consolidated Coverage Ratio” of any Person on any Transaction Date means the ratio, on a pro forma basis, of:

 (a) the aggregate amount of Consolidated EBITDA of such Person attributable to continuing operations and businesses
(exclusive of amounts attributable to operations and businesses permanently discontinued or disposed of) for the Reference Period, 
 to: 
 (b) the aggregate Consolidated Interest Expense of such Person (exclusive
of amounts attributable to operations and businesses permanently discontinued or disposed of, but only to the extent that the obligations giving rise to such Consolidated Interest Expense would no longer be obligations contributing to such
Person’s Consolidated Interest Expense subsequent to the Transaction Date) during the Reference Period; 
 provided
that for purposes of such calculation: 

  
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 (1) acquisitions of operations, businesses or other income-producing assets
(including any reinvestment of disposition proceeds in income-producing assets held as of and not disposed on the Transaction Date) which occurred during the Reference Period or subsequent to the Reference Period and on or prior to the Transaction
Date shall be assumed to have occurred on the first day of the Reference Period; 
 (2) transactions giving rise
to the need to calculate the Consolidated Coverage Ratio shall be assumed to have occurred on the first day of the Reference Period; 
 (3) the incurrence of any Indebtedness or issuance of any Disqualified Stock during the Reference Period or subsequent to the Reference Period and on or prior to the Transaction Date (and the application
of the proceeds therefrom to the extent used to refinance or retire other Indebtedness or invested in income-producing assets held as of and not disposed on the Transaction Date) shall be assumed to have occurred on the first day of such Reference
Period; 
 (4) the Consolidated Interest Expense of such Person attributable to interest on any Indebtedness or
dividends on any Disqualified Stock bearing a floating interest (or dividend) rate shall be computed on a pro forma basis as if the average rate in effect from the beginning of the Reference Period to the Transaction Date had been the applicable
rate for the entire period, unless such Person or any of its Subsidiaries is a party to an Interest Swap or Hedging Obligation (which shall remain in effect for the 12-month period immediately following the Transaction Date) that has the effect of
fixing the interest rate on the date of computation, in which case such rate (whether higher or lower) shall be used; and 
 (5) whenever pro forma effect is to be given to an acquisition of assets, the amount of income or earnings related thereto and the amount of Consolidated Interest Expense associated with any Indebtedness
Incurred in connection therewith, the pro forma calculation shall be determined in good faith by a responsible financial or accounting officer of the Company. 
 “Consolidated EBITDA” means, for any Person and for any period, the Consolidated Net Income of such Person for such period adjusted to add thereto (to the extent deducted from net
revenues in determining Consolidated Net Income), without duplication: (A) the sum of: (i) Consolidated Interest Expense; (ii) provisions for taxes based on income (to the extent of such Person’s proportionate interest therein);
(iii) depreciation and amortization expense (to the extent of such Person’s proportionate interest therein); (iv) any other noncash items reducing the Consolidated Net Income of such Person for such period (to the extent of such
Person’s proportionate interest therein); (v) any dividends or distributions during such period to such Person or a Consolidated Subsidiary (to the extent of such Person’s proportionate interest

  
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therein) of such Person from any other Person which is not a Restricted Subsidiary of such Person or which is accounted for by such Person by the equity method of accounting (other than a
Non-Consolidated Restricted Entity), to the extent that: (a). such dividends or distributions are not included in the Consolidated Net Income of such Person for such period, and (b)(1) the sum of such dividends and distributions, plus the aggregate
amount of dividends or distributions from such other Person since the Issue Date that have been included in Consolidated EBITDA pursuant to this clause (v), do not exceed the cumulative net income of such other Person attributable to the equity
interests of the Person (or Restricted Subsidiary of the Person) whose Consolidated EBITDA is being determined; (vi) any cash receipts of such Person or a Consolidated Subsidiary of such Person (to the extent of such Person’s proportionate
interest therein) during such period that represent items included in Consolidated Net Income of such Person for a prior period which were excluded from Consolidated EBITDA of such Person for such prior period by virtue of clause (B) of this
definition; and (vii) any nonrecurring expenses incurred in connection with the REIT Conversion, minus: (B) the sum of: (I) all non-cash items increasing the Consolidated Net Income of such Person or of a Consolidated Subsidiary of
such Person (to the extent of such Person’s proportionate interest therein) for such period; and (II) any cash expenditures of such Person or a Consolidated Subsidiary of such Person (to the extent of such Person’s proportionate interest
therein) during such period to the extent such cash expenditures (a) did not reduce the Consolidated Net Income of such Person or a Consolidated Subsidiary of such Person for such period and (b) were applied against reserves or accruals
that constituted noncash items reducing the Consolidated Net Income of such Person or a Consolidated Subsidiary of such Person (to the extent of such Person’s proportionate interest therein) when reserved or accrued; all as determined on a
consolidated basis for such Person and its Consolidated Subsidiaries (it being understood that the accounts of such Person’s Consolidated Subsidiaries shall be consolidated only to the extent of such Person’s proportionate interest
therein). 
 “Credit Facility” means the credit facility established pursuant to the Second Amended and
Restated Credit Agreement, dated as of May 25, 2007, among the Company, certain other Subsidiaries party thereto, the lenders party thereto, and Deutsche Bank AG New York Branch, as Administrative Agent, together with all other agreements,
instruments and documents executed or delivered pursuant thereto or in connection therewith, in each case as such agreements, instruments or documents may be amended, supplemented, extended, renewed, replaced or otherwise modified or restructured
from time to time (including by way of adding Subsidiaries of the Company as additional borrowers or guarantors thereof), whether by the same or any other agent, lender or group of lenders (including by means of sales of debt securities to
institutional investors) but excluding Indebtedness incurred under clause (xii) of paragraph (d) of Section 5.01 of this Thirty-Ninth Supplemental Indenture. 
 “Depository” means, with respect to the Notes issuable or issued in whole or in part in global form, the Depository Trust Company (“DTC”), and any and all successors thereto
appointed as depository by the Company. 

  
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 “Equity Offering” means any public or private sale of (i) Qualified
Capital Stock by the Company or (ii) Capital Stock by Host REIT where the Net Cash Proceeds of such sale are contributed to the Company as a Capital Contribution substantially concurrently therewith, and in each case, other than public
offerings registered on Form S-8. 
 “Euroclear” means Euroclear Bank S.A./N.V., or its successor, as operator
of the Euroclear system. 
 “Exchange Notes” means the Series X Notes, which will be issued in exchange for
Series W Notes pursuant to an Exchange Offer. 
 “Exchange Offer” means that the offer that is to be made by
the Company and the Subsidiary Guarantors in accordance with the terms of the Registration Rights Agreement. 

“Exempted Affiliate Transaction” means each of (i) employee compensation arrangements approved by a majority of
independent (as to such transactions) members of the Board of the Company; (ii) payments of reasonable fees and expenses to the members of the Board; (iii) transactions solely between the Company and any of its Subsidiaries or solely among
Subsidiaries of the Company; (iv) Permitted Tax Payments; (v) Permitted Sharing Arrangements; (vi) Procurement Contracts; (vii) Operating Agreements; (viii) Restricted Payments permitted under Section 5.03 of this
Thirty-Ninth Supplemental Indenture; (ix) any and all elements of the REIT Conversion; and (x) any Affiliate Transaction involving aggregate consideration of less than $1.0 million in any 12-month period. 

“Existing Senior Notes” means amounts outstanding from time to time of (i) 7 1/8% Senior Notes due 2013; (ii) the 6 3/8% Senior Notes due 2015; (iii) the 6 3/4% Senior Notes due 2016; (iv) the 6 7/8% Senior Notes due 2014; (v) the 9% Senior Notes due 2017;
(vi) the 6% Senior Notes due 2020; (vii) 3 1/4% Exchangeable Senior Debentures due 2024; (viii) the
2 5/8% Exchangeable Senior Debentures due 2027; and
(ix) the 2 1/2% Exchangeable Senior Debentures
due 2029, in each case, not in excess of amounts outstanding immediately following the Series Issue Date of the 5 7/8% Notes, less amounts retired from time to time. 
 “Foreign Subsidiary” means any Restricted Subsidiary that is not organized under the laws of the United States of America or any State thereof or the District of Columbia and any direct
or indirect Subsidiary of such Restricted Subsidiary. 
 “Global Note” means a 5 7/8% Note that includes the information referred to in
footnotes 2, 5 and 8 to the form of 5 7/8% Note,
attached to this Thirty-Ninth Supplemental Indenture as Exhibit A, issued under the Indenture, that is deposited with or on behalf of and registered in the name of the Depository or a nominee of the Depository. 

  
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 “Global Note Legend” means the legend set forth in Section 6.01(g)(2)
of this Thirty-Ninth Supplemental Indenture, which is required to be placed on all Global Notes issued under the Indenture. 

“HMH Properties” means HMH Properties, Inc., a Delaware corporation, which was merged into the Operating Partnership on
December 16, 1998. 
 “Host REIT” means Host Hotels & Resorts, Inc., a Maryland corporation and
the successor by merger to Host, which is the sole general partner of the Operating Partnership following the REIT Conversion, and its successors and assigns. 
 “Host REIT Merger” means the merger of Host with and into Host REIT, with Host REIT surviving the merger, which merger occurred on December 29, 1998. 

“Indirect Participant” means an entity that, with respect to DTC, clears through or maintains a direct or indirect
custodial relationship with a Participant. 
 “Initial Purchasers” means: 

 

	
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated,

	Deutsche Bank Securities Inc.,
	Goldman, Sachs & Co., and
	 J.P. Morgan Securities LLC, as representatives of
 the several initial purchasers.

 “Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who is not also a QIB. 

“Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the
Series W Notes for use by such Holders in connection with the Exchange Offer. 
 “Make-Whole
Premium” means, with respect to any 5 7/8%
Note at any Redemption Date, the excess, if any, of (a) the present value of the sum of the principal amount and premium, if any, that would be payable on such
5 7/8% Note on June 15, 2015, as set forth in
Section 1.03(b) of this Thirty-Ninth Supplemental Indenture and all remaining interest payments (not including any portion of such payments of interest accrued as of the Redemption Date) to and including June 15, 2015, discounted on a
semi-annual bond equivalent basis from such maturity date to the Redemption Date at a per annum interest rate equal to the sum of the 

  
 14 

 
Treasury Yield (determined on the Business Day immediately preceding such Redemption Date) plus 50 basis points, over (b) the principal amount of the 5 7/8% Note being redeemed. 

“Merger” means, the merger of HMH Properties with and into the Operating Partnership with the Operating Partnership as
the surviving entity, which merger occurred on December 16, 1998. 
 “Net Cash Proceeds” means,
(i) with respect to any Asset Sale other than the sale of Capital Stock of a Restricted Subsidiary, the proceeds of such Asset Sale in the form of cash or Cash Equivalents, including payments in respect of deferred payment obligations (to the
extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or Cash Equivalents (except to the extent such obligations are financed or sold with recourse to the Company or any of its Restricted
Subsidiaries) and proceeds from the conversion of other property received when converted to cash or Cash Equivalents, net of: 

(a) brokerage commissions and other fees and expenses (including fees and expenses of counsel and investment bankers) related to such
Asset Sale; 
 (b) provisions for all Taxes (including Taxes of Host REIT) actually paid or payable as a result of such Asset
Sale by the Company and its Restricted Subsidiaries, taken as a whole; 
 (c) payments made to repay Indebtedness (other than
Indebtedness subordinated in right of payment to the notes or a Subsidiary Guarantee) or any other obligations outstanding at the time of such Asset Sale that either (I) is secured by a Lien on the property or assets sold; or (II) is required
to be paid as a result of such sale; 
 (d) amounts reserved by the Company and its Restricted Subsidiaries against any
liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with
such Asset Sale, all as determined on a consolidated basis in conformity with GAAP; and 
 (e) any Permitted REIT Distributions
related to such Asset Sale; 
 (provided, however, that with respect to an Asset Sale by any Person other than the Company or a
Wholly Owned Subsidiary, Net Cash Proceeds shall be the above amount multiplied by the Company’s (direct or indirect) percentage ownership interest in such Person); and 

  
 15 

 (ii) with respect to any issuance or sale of Capital Stock, the proceeds of such issuance
or sale in the form of cash or Cash Equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or Cash Equivalents
(except to the extent such obligations are financed or sold with recourse to the Company or any of its Restricted Subsidiaries) and proceeds from the conversion of other property received when converted to cash or Cash Equivalents, net of
attorney’s fees, accountant’s fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees incurred in connection with such issuance or sale and net of tax paid or payable as a
result thereof (provided, however, that with respect to an issuance or sale by any Person other than the Company or a Wholly Owned Subsidiary, Net Cash Proceeds shall be the above amount multiplied by the Company’s (direct or indirect)
percentage ownership interest in such Person). 
 “Notes” means collectively, the Series W Notes and, when and
if issued as provided in the Registration Rights Agreement, the Exchange Notes. 
 “Offering
Memorandum” means the Offering Memorandum of the Company and the Subsidiary Guarantors dated May 5, 2011 with respect to the 5 7/8% Notes. 

“Officer’s Certificate” means a certificate signed on behalf of the Company or Subsidiary Guarantor, as applicable,
by an officer of the Company or Subsidiary Guarantor, as applicable, who must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or Subsidiary Guarantor, as
applicable. 
 “Participant” means, with respect to the Depository, Euroclear or Clearstream, a Person who has
an account with the Depository, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 
 “Paying Agent” means, until otherwise designated, the Trustee. 

“Permitted Investment” means any of the following: (i) an Investment in Cash Equivalents; (ii) Investments in
a Person substantially all of whose assets are of a type generally used in a Related Business (an “Acquired Person”) if, as a result of such Investments: (a) the Acquired Person immediately thereupon is or becomes a Restricted
Subsidiary of the Company; or (b) the Acquired Person immediately thereupon either (I) is merged or consolidated with or into the Company or any of its Restricted Subsidiaries and the surviving Person is the Company or a Restricted
Subsidiary of the Company or (II) transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or any of its Restricted Subsidiaries; (iii) an Investment in a Person, provided that: (A) such Person is
principally engaged in a Related Business; (B) the Company or one or more of its Restricted Subsidiaries participates in the management of such Person, as a general partner, member of such Person’s governing board or

  
 16 

 
otherwise; and (C) any such Investment shall not be a Permitted Investment if, after giving effect thereto, the aggregate amount of Net Investments outstanding made in reliance on this
clause (iii) subsequent to the Issue Date would exceed 10% of Total Assets; (iv) Permitted Sharing Arrangement Payments; (v) securities received in connection with an Asset Sale so long as such Asset Sale complied with the Indenture
including Section 5.04 of this Thirty-Ninth Supplemental Indenture (but, only to the extent the fair market value of such securities and all other non-cash and non-Cash Equivalent consideration received complies with clause (ii) of the
first paragraph of Section 5.04 of this Thirty-Ninth Supplemental Indenture); (vi) Investments in the Company or in Restricted Subsidiaries of the Company; (vii) Permitted Mortgage Investments; (viii) any Investments constituting
part of the REIT Conversion; and (ix) any Investments in a Non-Consolidated Entity, provided that (after giving effect to such Investment) the total assets (before depreciation and amortization) of all Non-Consolidated Entities attributable to
the Company’s proportionate ownership interest therein, plus an amount equal to the Net Investments outstanding made in reliance upon clause (iii) above, does not exceed 20% of the total assets (before depreciation and amortization) of the
Company and its Consolidated Subsidiaries (to the extent of the Company’s proportionate ownership interest therein). 

“Permitted REIT Distributions” means, so long as Host REIT believes in good faith after reasonable diligence that Host
REIT qualifies as REIT under the Code, a declaration or payment of any dividend or the making of any distribution: (i) to Host REIT equal to the greater of: (a) the amount estimated by Host REIT in good faith after reasonable diligence to
be necessary to permit Host REIT to distribute to its shareholders with respect to any calendar year (whether made during such year or after the end thereof) 100% of the “real estate investment trust taxable income” of Host REIT within the
meaning of Code Section 857(b)(2), determined without regard to deductions for dividends paid and the exclusions set forth in Code Sections 857(b)(2)(C), (D), (E) and (F) but including therein all net capital gains and net recognized
built-in gains within the meaning of Treasury Regulations 1.337(d)-6 (whether or not such gains might otherwise be excluded or excludable therefrom); or (b) the amount that is estimated by Host REIT in good faith after reasonable diligence to
be necessary either to maintain Host REIT’s status as a REIT under the Code for any calendar year or to enable Host REIT to avoid the payment of any tax for any calendar year that could be avoided by reason of a distribution by Host REIT to its
shareholders, with such distributions to be made as and when determined by Host REIT, whether during or after the end of the relevant calendar year; in either the case of (a) or (b) if: (i) the aggregate principal amount of all
outstanding Indebtedness (other than the QUIPs Debt) of the Company and its Restricted Subsidiaries on a consolidated basis at such time is less than 80% of Adjusted Total Assets of the Company; and (II) no Default or Event of Default shall have
occurred and be continuing; and (ii) to any Person in respect of any Units, which distribution is required as a result of or a condition to the distribution or payment of such dividend or distribution to Host REIT. 

“Private Placement Legend” means the legend set forth in Section 6.01(g)(1) of this Thirty-Ninth Supplemental
Indenture to be placed on all Series W Notes issued under the Indenture except where otherwise permitted by the provisions of the Indenture. 

  
 17 

 “QIB” means a “qualified institutional buyer” as defined in Rule
144A. 
 “Qualified Assets” means (i) Capital Stock of the Company or any of its Subsidiaries or of other
Subsidiaries of Host, Host REIT and each other Parent of the Company substantially all of whose sole assets are direct or indirect interests in Capital Stock of the Company; and (ii) other assets related to corporate operations of Host, Host
REIT and each other Parent of the Company which are de minimis in relation to those of Host, Host REIT and each other Parent of the Company and their Restricted Subsidiaries, taken as a whole. 

“Refinancing Indebtedness” means Indebtedness or Disqualified Stock: (i) issued in exchange for, or the proceeds
from the issuance and sale of which are used substantially concurrently to repay, redeem, defease, refund, refinance, discharge or otherwise retire for value, in whole or in part; or (ii) constituting an amendment, modification or supplement
to, or a deferral or renewal of ((i) and (ii) above are, collectively, a “Refinancing”), any Indebtedness or Disqualified Stock in a principal amount (or accreted value, if applicable) or, in the case of Disqualified Stock,
liquidation preference, not to exceed: (a) the principal amount (or accreted value, if applicable) or, in the case of Disqualified Stock, liquidation preference, of the Indebtedness or Disqualified Stock so refinanced; plus (b) all accrued
interest on the Indebtedness and the amount of all expenses and premiums incurred in connection therewith); provided that Refinancing Indebtedness (other than a revolving line of credit from a commercial lender or other Indebtedness whose
proceeds are used to repay a revolving line of credit from a commercial lender to the extent such revolving line of credit or other Indebtedness was not put in place for purposes of evading the limitations described in this definition) shall:
(x) not have an Average Life shorter than the Indebtedness or Disqualified Stock to be so refinanced at the time of such Refinancing; and (y) be subordinated in right of payment to the rights of holders of the notes if the Indebtedness or
Disqualified Stock to be refinanced was so subordinated. 
 “Reference Period” with regard to any Person means
the four full fiscal quarters (for which internal financial statements are available) ended immediately preceding any date upon which any determination is to be made pursuant to the terms of the securities or the Indenture. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of May 11, 2011, by and among the
Company, the Subsidiary Guarantors and the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to time. 
 “Regulation S” means Regulation S promulgated under the Securities Act, as it may be amended from time to time, and any successor provision thereto. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depository or its nominee, 

  
 18 

 
issued in a denomination equal to the outstanding principal amount of the notes sold in reliance on Rule 903 of Regulation S. 

“Regulation S Restricted Period” means the 40-day period beginning on the later of (i) the day that the Initial
Purchasers advise the Company and the Trustee in writing is the first day on which the Notes were offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) May 11, 2011. 

“Restricted Certificated Note” means a Certificated Note that includes the information called for in
footnotes 6 and 7 (and not in footnotes 2, 5 and 8) to the form of 5 7/8% Note attached to this Thirty-Ninth Supplemental Indenture as Exhibit A, issued under the Indenture. 
 “Restricted Global Note” means a Global Note that includes the information called for in footnotes 2, 5, 6, 7 and 8 to the form of Note, attached to this Thirty-Ninth Supplemental
Indenture as Exhibit A, issued under the Indenture; provided, that in no case shall an Exchange Note issued in accordance with the Indenture and the terms of the Registration Rights Agreement be a Restricted Global Note. 

“Restricted Payment” means, with respect to any Person (but without duplication): 

(1) the declaration or payment of any dividend or other distribution in respect of Capital Stock of such Person or the Parent or any
Restricted Subsidiary of such Person; 
 (2) any payment on account of the purchase, redemption or other acquisition or
retirement for value of Capital Stock of such Person or the Parent or any Restricted Subsidiary of such Person; 
 (3) other
than with the proceeds from the substantially concurrent sale of, or in exchange for, Refinancing Indebtedness, any purchase, redemption, or other acquisition or retirement for value of, any payment in respect of any amendment of the terms of or any
defeasance of, any Subordinated Indebtedness, directly or indirectly, by such Person or the Parent or a Restricted Subsidiary of such Person prior to the scheduled maturity, any scheduled repayment of principal, or scheduled sinking fund payment, as
the case may be, of such Indebtedness; 
 (4) any Restricted Investment by such Person; and 

  
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 (5) the payment to any Affiliate (other than the Company or its Restricted Subsidiaries) in
respect of taxes owed by any consolidated group of which both such Person or a Subsidiary of such Person and such Affiliate are members; 
 provided, however, that the term “Restricted Payment” does not include: 
 (a) any dividend, distribution or other payment on or with respect to Capital Stock of the Company to the extent payable solely in shares of Qualified Capital Stock; 

(b) any dividend, distribution or other payment to the Company, or to any of the Subsidiary Guarantors, by the Company or any of its
Restricted Subsidiaries; 
 (c) Permitted Tax Payments; 

(d) the declaration or payment of dividends or other distributions by any Restricted Subsidiary of the Company, provided such
distributions are made to the Company (or a Subsidiary of the Company, as applicable) on a pro rata basis (and in like form) with all dividends and distributions so made; 
 (e) the retirement of Units upon conversion of such Units to Capital Stock of Host REIT; 
 (f) any transactions comprising part of the REIT Conversion; 
 (g) any payments
with respect to Disqualified Stock or Indebtedness at the stated time and amounts pursuant to the original terms of the instruments governing such obligations; 
 (h) Permitted REIT Payments; 
 (i) payments in accordance with the existing terms
of the QUIPs; and 
 (j) the declaration or payment of dividends or other distributions by any Restricted Subsidiary of the
Company that qualifies as a REIT not exceeding $10 million in any calendar year by all such Restricted Subsidiaries. 

  
 20 

 and provided, further, that any payments of bona fide obligations of the Company or any
Restricted Subsidiary shall not be deemed to be Restricted Payments solely by virtue of the fact of another Person’s co-obligation with respect thereto. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act, as it may be amended from time to time, and any successor provision thereto. 

“Rule 144A Global Note” means a Global Note issued in accordance with Rule 144A. 

“Rule 144A Restricted Global Note” means a Restricted Global Note issued in accordance with Rule 144A. 

“Series Issue Date” means with respect to any series of Indebtedness issued under the Indenture, the date any notes of
such series are first issued. 
 “Shelf Registration Statement” shall have the meaning set forth in the
Registration Rights Agreement. 
 “SLC” means HMC Senior Communities, Inc., a Delaware corporation, and its
successor Crestline Capital Corporation, a Maryland corporation, and its successors and assigns. 

“Transfer Restricted Notes” means Series W Notes that include the information called for by
footnotes 6 and 7 to the form of 5 7/8% Note,
attached to this Thirty-Ninth Supplemental Indenture as Exhibit A, issued under the Indenture. 

“Treasury Yield” means the yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled by and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days prior to the date fixed for redemption (or, if
such Statistical Release is no longer published, any publicly available source of similar data)) most nearly equal to the then remaining average life of the
5 7/8% Notes, provided that if the average life of
the 5 7/8% Notes is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield is given, the Treasury yield shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States
Treasury securities for which such yields are given, except that if the average life of the 5 7/8% Notes is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

  
 21 

 “Unrestricted Certificated Notes” means one or more Certificated Notes that
do not include and are not required to include the information called for by footnotes 6 and 7 to the form Series W Note, attached to this Thirty-Ninth Supplemental Indenture as Exhibit A, issued under the Indenture. 

“Unrestricted Global Note” means a permanent Global Note in the form of Exhibit A attached to this Thirty-Ninth
Supplemental Indenture that includes the information referred to in footnotes 2, 5 and 8 thereof, and that is deposited with or on behalf of and registered in the name of the Depository. 

ARTICLE 5 
 Section 5.01 Limitation on Incurrences of Indebtedness and Issuance of Disqualified Stock. For purposes of 5 7/8% Notes, Section 4.7 of the Indenture is hereby replaced and
superseded by the following covenant and the following covenant shall apply to the 5 7/8% Notes: 
 (a) Except as set forth below, neither the Company, the
Subsidiary Guarantors nor any of its or their respective Restricted Subsidiaries will, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any Disqualified Stock. Notwithstanding the foregoing sentence, if, on
the date of any such Incurrence or issuance, after giving effect to, on a pro forma basis, such Incurrence or issuance and the receipt and application of the proceeds therefrom: 

(1) the aggregate amount of all outstanding Indebtedness (other than the QUIPs Debt) and the Disqualified Stock of the
Company and the Subsidiary Guarantors and its or their respective Restricted Subsidiaries (including amounts of Refinancing Indebtedness outstanding pursuant to paragraph (d)(3) hereof or otherwise), determined on a consolidated basis (it being
understood that the amounts of Indebtedness and Disqualified Stock of Restricted Subsidiaries shall be consolidated with that of the Company only to the extent of the Company’s proportionate interest in such Restricted Subsidiaries), without
duplication, is less than or equal to 65% of the Adjusted Total Assets of the Company; and 
 (2) the
Consolidated Coverage Ratio of the Company would be greater than or equal to 2.0 to 1.0, the Company and its Restricted Subsidiaries may Incur such Indebtedness or issue such Disqualified Stock. 

(b) In addition to the foregoing limitations set forth in (a) above, except as set forth below, the Company, the Subsidiary
Guarantors and its and their respective Restricted Subsidiaries will not Incur any Secured Indebtedness or Subsidiary Indebtedness. 

  
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Notwithstanding the foregoing sentence, if, immediately after giving effect to the Incurrence of such additional Secured Indebtedness and/or Subsidiary Indebtedness and the application of the
proceeds thereof, the aggregate amount of all outstanding Secured Indebtedness and Subsidiary Indebtedness of the Company, the Subsidiary Guarantors and its and their respective Restricted Subsidiaries (including amounts of Refinancing Indebtedness
outstanding pursuant to paragraph (d)(3) hereof or otherwise), determined on a consolidated basis (it being understood that the amounts of Secured Indebtedness and Subsidiary Indebtedness of Restricted Subsidiaries shall be consolidated with that of
the Company only to the extent of the Company’s proportionate interest in such Restricted Subsidiaries), without duplication, is less than or equal to 45% of Adjusted Total Assets of the Company, the Company and its Restricted Subsidiaries may
Incur such Secured Indebtedness and/or Subsidiary Indebtedness. 
 (c) In addition to the limitations set forth in (a) and
(b) above, the Company, the Subsidiary Guarantors and its and their respective Restricted Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 125% of the aggregate outstanding amount of the Unsecured Indebtedness
(other than the QUIPs Debt) (including amounts of Refinancing Indebtedness outstanding pursuant to paragraph (d)(3) hereof or otherwise) determined on a consolidated basis (it being understood that the Unsecured Indebtedness of the Restricted
Subsidiaries shall be consolidated with that of the Company only to the extent of the Company’s proportionate interest in such Restricted Subsidiaries). 
 (d) Notwithstanding paragraphs (a) or (b), the Company, the Subsidiary Guarantors and its and their respective Restricted Subsidiaries (except as specified below) may Incur or issue each and all of
the following: 
 (1) Indebtedness outstanding (including Indebtedness issued to replace, refinance or refund
such Indebtedness) under the Credit Facility at any time in an aggregate principal amount not to exceed $1.5 billion, less any amount repaid subsequent to the Series Issue Date as provided under Section 5.04 of the Thirty-Ninth Supplemental
Indenture (including that, in the case of a revolver or similar arrangement, such commitment is permanently reduced by such amount); 
 (2) Indebtedness or Disqualified Stock owed: 
 (A) to the Company;
or 
 (B) to any Subsidiary Guarantor; provided that any event which results in any Restricted Subsidiary
holding such Indebtedness or Disqualified Stock ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness or Disqualified Stock (other than to the Company or a Subsidiary Guarantor) shall be deemed, in each case, to
constitute an Incurrence 

  
 23 

 
of such Indebtedness or issuance of Disqualified Stock not permitted by this clause (2); 
 (3) Refinancing Indebtedness with respect to outstanding Indebtedness (other than Indebtedness Incurred under clause (1), (2), (4), (6), (8), (12) or (14) of this paragraph) and any refinancings
thereof; 
 (4) Indebtedness: 

(A) in respect of performance, surety or appeal bonds Incurred in the ordinary course of business; 

(B) under Currency Agreements and Interest Swap and Hedging Obligations; provided that such agreements: 

(a) are designed solely to protect the Company, the Subsidiary Guarantors or any of its or their respective Restricted
Subsidiaries against fluctuations in foreign currency exchange rates or interest rates; and 
 (b) do not
increase the Indebtedness of the obligor outstanding, at any time other than as a result of fluctuations in foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder; or 

(C) arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or from
Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company, the Subsidiary Guarantors or any of its or their Restricted Subsidiaries pursuant to such agreements, in any case Incurred in connection with
the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such
acquisition), in an amount not to exceed the gross proceeds actually received by the Company, the Subsidiary Guarantors and its and their respective Restricted Subsidiaries on a consolidated basis in connection with such disposition; 

(5) Indebtedness of the Company, to the extent the net proceeds thereof are promptly: 

  
 24 

 (A) used to purchase all of the notes tendered in a Change of Control Offer
made as a result of a Change of Control; or 
 (B) deposited to defease the notes as described under Sections
8.3 and 8.4 of the Indenture; 
 (6) Guarantees of the notes and Guarantees of Indebtedness of the Company or
any of the Subsidiary Guarantors by any of its or their respective Restricted Subsidiaries; provided the guarantee of such Indebtedness is permitted by and made in accordance with the terms of the Indenture at the time of the incurrence of
such underlying Indebtedness or at the time such guarantor becomes a Restricted Subsidiary; 
 (7) Indebtedness
evidenced by the Securities and the Guarantees thereof and represented by the indenture up to the amounts issued pursuant thereto as of the Issue Date; 
 (8) the QUIPs Debt; 
 (9) Limited Partner Notes; 

(10) Indebtedness Incurred pursuant to the Blackstone Acquisition and any Indebtedness of Host, its Subsidiaries, a
Public Partnership or a Private Partnership incurred in connection with the REIT Conversion; 
 (11) Acquired
Indebtedness assumed in connection with an Asset Acquisition if, on the date of any such Incurrence, the Consolidated Coverage Ratio of the Person or asset or assets so acquired would be greater than or equal to 2.0 to 1.0; provided however,
that an acquisition within the meaning of clause (ii) of the definition of “Asset Acquisition,” will be deemed to be an acquisition of a Person for purposes of determining such Consolidated Coverage Ratio; 

(12) Secured Indebtedness in an aggregate principal amount (or accreted value, if applicable) at any time outstanding,
not to exceed $400.0 million, provided, however, that (A) the Incurrence of such Secured Indebtedness is otherwise permitted pursuant to paragraph (b) above and (B) the proceeds of such Secured Indebtedness are used
substantially concurrently to repay and permanently reduce Indebtedness outstanding under the Credit Facility (including that, in the case of a revolver or similar arrangement, such commitment is permanently reduced by such amount); 

  
 25 

 (13) Indebtedness Incurred by Foreign Subsidiaries in an aggregate
principal amount (or accreted value, as applicable) at any time outstanding, not to exceed $300 million; and 

(14) additional Indebtedness in an aggregate principal amount (or accreted value, if applicable) at any time outstanding,
not to exceed $150.0 million. 
 (e) For purposes of determining any particular amount of Indebtedness under this
Section 5.01 of this Thirty-Ninth Supplemental Indenture: 
 (1) Indebtedness Incurred under the Credit
Facility on or prior to the Issue Date shall be treated as Incurred pursuant to clause (1) of subsection (d) of this Section 5.01 of this Thirty-Ninth Supplemental Indenture; and 

(2) Guarantees, Liens or obligations with respect to letters of credit supporting Indebtedness otherwise included in the
determination of such particular amount shall not be included as additional Indebtedness. 
 (f) For purposes of determining
compliance with this covenant: 
 (1) in the event that an item of Indebtedness (or any portion thereof) meets
the criteria of more than one of the types of Indebtedness described in the above clauses, the Company, in its sole discretion, shall classify such item of Indebtedness (or any portion thereof) at the time of incurrence and will only be required to
include the amount and type of such Indebtedness in one of the above clauses; 
 (2) the Company will be
entitled at the time of Incurrence to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described above, and with respect to any Indebtedness Incurred pursuant to any specific clause under subsection
(d) of this Section 5.01 of this Thirty-Ninth Supplemental Indenture, the Company may, after such Indebtedness is Incurred reclassify all or a portion of such Indebtedness under a different clause of subsection (d) of this
Section 5.01; and 
 (3) Indebtedness under clauses (13) and (14) of subsection (d) of this
Section 5.01 of this Thirty-Ninth Supplemental Indenture shall be reclassified automatically as having been incurred pursuant to subsection (a) of this Section 5.01 if at any date after such Indebtedness is Incurred, such Indebtedness
could have been Incurred under subsection (a) of this Section 5.01, but only to the extent such Indebtedness could have been so Incurred. 

  
 26 

 Indebtedness or Disqualified Stock of any Person that is not a Restricted Subsidiary of the
Company, which Indebtedness or Disqualified Stock is outstanding at the time such Person becomes a Restricted Subsidiary (including by designation) of the Company or is merged with or into or consolidated with the Company or one of its Restricted
Subsidiaries, shall be deemed to have been Incurred or issued at the time such Person becomes a Restricted Subsidiary of the Company or is merged with or into or consolidated with the Company, or one of its Restricted Subsidiaries, and Indebtedness
or Disqualified Stock which is assumed at the time of the acquisition of any asset shall be deemed to have been Incurred or issued at the time of such acquisition. 
 Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness the Company and the Subsidiary Guarantors may Incur pursuant to this covenant shall not be deemed to be exceeded
solely as a result of fluctuations in the exchange rate of currencies. 
 Section 5.02 Limitation
on Liens. For purposes of 5 7/8% Notes,
Section 4.8 of the Indenture is hereby replaced and superseded by the following covenant and the following covenant shall apply to the 5 7/8% Notes: 
 Neither the
Company, the Subsidiary Guarantors, nor any Restricted Subsidiary shall secure any Indebtedness under the Credit Facility or the Existing Senior Notes by a Lien or suffer to exist any Lien on their respective properties or assets securing
Indebtedness under the Credit Facility or the Existing Senior Notes unless effective provision is made to secure the notes equally and ratably with the Lien securing such Indebtedness for so long as Indebtedness under the Credit Facility or Existing
Senior Notes is secured by such Lien. 
 Section 5.03 Limitation on Restricted Payments.
For purposes of 5 7/8% Notes, Section 4.15 of
the Indenture is hereby replaced and superseded by the following covenant and the following covenant shall apply to the 5 7/8% Notes: 
 (a) The Company and the
Subsidiary Guarantors will not, and the Company and the Subsidiary Guarantors will not permit any of its or their respective Restricted Subsidiaries to, directly or indirectly, make a Restricted Payment if, at the time of, and after giving effect
to, the proposed Restricted Payment: 
 (1) a Default or Event of Default shall have occurred and be continuing;

 (2) the Company could not Incur at least $1.00 of Indebtedness under paragraph (a) of Section 5.01
of this Thirty-Ninth Supplemental Indenture; or 

  
 27 

 (3) the aggregate amount of all Restricted Payments (the amount, if other
than in cash, the fair market value of any property used therefor) made on and after the Issue Date shall exceed the sum of, without duplication: 
 (A) 95% of the aggregate amount of the Funds From Operations (or, if the Funds From Operations is a loss, minus 100% of the amount of such loss) accrued on a cumulative basis during the period (taken as
one accounting period) beginning on the first day of the fiscal quarter in which the Issue Date occurs and ending on the last day of the last fiscal quarter preceding the Transaction Date; 

(B) 100% of the aggregate Net Cash Proceeds received by the Company after the Issue Date from the issuance and sale
permitted by the Indenture of its Capital Stock (other than Disqualified Stock) to a Person who is not a Subsidiary of the Company including from an issuance to a Person who is not a Subsidiary of the Company of any options, warrants or other rights
to acquire the Capital Stock of the Company (in each case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder, or are required to be redeemed, prior to the Stated Maturity of
the Securities or Equity Offerings to the extent used to redeem notes in compliance with the provisions set forth in Section 1.03 of this Thirty-Ninth Supplemental Indenture), and the amount of any Indebtedness (other than Indebtedness
subordinate in right of payment to the notes) of the Company that was issued and sold for cash upon the conversion of such Indebtedness after the Issue Date into Capital Stock (other than Disqualified Stock) of the Company, or otherwise received as
Capital Contributions, exclusive of Capital Contributions to the extent used to redeem notes in compliance with the provisions set forth under Section 1.03 of this Thirty-Ninth Supplemental Indenture; 

(C) an amount equal to the net reduction in Investments (other than Permitted Investments) in any Person other than a
Restricted Subsidiary after the Issue Date resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances, or other transfers of assets, in each case to the Company or any of its Restricted Subsidiaries or from the
Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Funds From Operations) or from designations of Unrestricted Subsidiaries or Non-Consolidated
Entities as Restricted Subsidiaries (valued in each case as provided in the definition of “Investments”); 
 (D) the fair market value of noncash tangible assets or Capital Stock (other than that of the Company or its Parent) representing interests in Persons acquired after the Issue Date in exchange for an
issuance of Qualified Capital Stock; and 

  
 28 

 (E) the fair market value of noncash tangible assets or Capital Stock
(other than that of the Company or its Parent) representing interests in Persons contributed as a Capital Contribution to the Company after the Issue Date. 
 Notwithstanding the foregoing, (i) for purposes of determining whether the Company, the Subsidiary Guarantors and its and their respective Restricted Subsidiaries may make a Restricted Payment
representing the declaration or payment of any dividend or other distribution in respect of Capital Stock of such Person or the Parent or any Restricted Subsidiary of such Person constituting Preferred Stock, the Consolidated Coverage Ratio of the
Company contemplated by clause (2) of Section 5.01(a), shall be greater than or equal to 1.7 to 1 and (ii) the Company may make Permitted REIT Distributions. 

Section 5.04 Limitation on Asset Sales. For purposes of 5 7/8% Notes, Section 4.12 of the Indenture is hereby replaced and
superseded by the following covenant and the following covenant shall apply to the 5 7/8% Notes: 
 The Company and the Subsidiary Guarantors will not, and
the Company and the Subsidiary Guarantors will not permit any of its or their respective Restricted Subsidiaries to, consummate any Asset Sale, unless: 
 (1) the consideration received by the Company, the Subsidiary Guarantor or such Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of as determined by the
Board of the Company, in good faith; and 
 (2) at least 75% of the consideration received consists of cash, Cash
Equivalents and/or real estate assets; provided that, with respect to the sale of one or more real estate properties, up to 75% of the consideration may consist of indebtedness of the purchaser of such real estate properties so long as such
Indebtedness is secured by a first priority Lien on the real estate property or properties sold; and provided that, for purposes of this clause (ii) the amount of: 

(A) any Indebtedness (other than Indebtedness subordinated in right of payment to the notes or a Subsidiary Guarantee)
that is required to be repaid or assumed (and is either repaid or assumed by the transferee of the related assets) by virtue of such Asset Sale and which is secured by a Lien on the property or assets sold; and 

(B) any securities or other obligations received by the Company, any Subsidiary Guarantor or any such Restricted
Subsidiary from such transferee that are immediately converted by the Company, the Subsidiary 

  
 29 

 
Guarantor or such Restricted Subsidiary into cash (or as to which the Company, any Subsidiary Guarantor or such Restricted Subsidiary has received at or prior to the consummation of the Asset
Sale a commitment (which may be subject to customary conditions) from a nationally recognized investment, merchant or commercial bank to convert into cash within 90 days of the consummation of such Asset Sale and which are thereafter actually
converted into cash within such 90-day period) will be deemed to be cash. 
 In the event that the aggregate Net Cash Proceeds
received by the Company, any Subsidiary Guarantors or such Restricted Subsidiaries from one or more Asset Sales occurring on or after the Closing Date in any period of 12 consecutive months (such 12 consecutive month period, an “Asset Sale
Period”) exceed 5% of Total Assets (determined as of the date closest to the commencement of such Asset Sale Period for which a consolidated balance sheet of the Company and its Restricted Subsidiaries has been filed with the Securities and
Exchange Commission or provided to the trustee pursuant to Section 4.2 of the Indenture), then during the period commencing 180 days prior to the commencement of such Asset Sale Period and running through the date that is 12 months after the
date Net Cash Proceeds so received exceeded 5% of Total Assets, an amount equal to the Net Cash Proceeds received during such Asset Sale Period must have been or must be: 

(1) invested in or committed to be invested in, pursuant to a binding commitment subject only to reasonable, customary
closing conditions, and providing an amount equal to the Net Cash Proceeds are, in fact, so invested, within an additional 180 days, (x) fixed assets and property (other than notes, bonds, obligations and securities) which in the good faith
reasonable judgment of the Board of the Company will immediately constitute or be part of a Related Business of the Company, Subsidiary Guarantor or such Restricted Subsidiary (if it continues to be a Restricted Subsidiary) immediately following
such transaction, (y) Permitted Mortgage Investments, or (z) a controlling interest in the Capital Stock of an entity engaged in a Related Business; provided that concurrently with an Investment specified in clause (z), such entity becomes
a Restricted Subsidiary; or 
 (2) used to repay and permanently reduce Indebtedness outstanding under the
Credit Facility (including that, in the case of a revolver or similar arrangement, such commitment is permanently reduced by such amount). 

Pending the application of any such Net Cash Proceeds as described above, the Company may invest such Net Cash Proceeds in any manner that is not
prohibited by the Indenture. Any Net Cash Proceeds from Asset Sales that are not or were not applied or invested as provided in the first sentence of this paragraph (including any Net Cash Proceeds which were committed to be invested as provided in
such sentence but which are not in fact invested within the time period provided) will be deemed to constitute “Excess Proceeds.” 
 Within 30 days following each date on which the aggregate amount of Excess Proceeds exceeds $25 million, the Company will make an offer to purchase from the holders of

  
 30 

 
the notes and holders of any of other Indebtedness of the Company ranking pari passu with the Securities from time to time outstanding with similar provisions requiring the Company to make an
offer to purchase or redeem such Indebtedness with the proceeds from such Asset Sale, on a pro rata basis, an aggregate principal amount (or accreted value, as applicable) of Securities and such other Indebtedness equal to the Excess Proceeds on
such date, at a purchase price in cash equal to 100% of the principal amount (or accreted value, as applicable) of the Securities and such other Indebtedness, plus, in each case, accrued interest (if any) to the Payment Date. To the extent that the
aggregate amount of Securities and other senior Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes. If the aggregate principal
amount (or accreted value, as applicable) of Securities and such other Indebtedness tendered pursuant to an Asset Sale Offer exceeds the amount of Excess Proceeds, the Securities to be purchased and such other Indebtedness shall be selected on a
pro rata basis. Upon completion of such Offer to Purchase, the amount of Excess Proceeds shall be reset at zero. 

Notwithstanding, and without complying with, any of the foregoing provisions: 

(1) the Company, the Subsidiary Guarantors and its and their respective Restricted Subsidiaries may, in the ordinary
course of business, convey, sell, lease, transfer, assign or otherwise dispose of inventory acquired and held for resale in the ordinary course of business; 
 (2) the Company, the Subsidiary Guarantors and its and their respective Restricted Subsidiaries may convey, sell, lease, transfer, assign or otherwise dispose of assets pursuant to and in accordance with
Article 5 and Section 4.13 of the Indenture; 
 (3) the Company, the Subsidiary Guarantors and its and
their respective Restricted Subsidiaries may sell or dispose of damaged, worn out or other obsolete property in the ordinary course of business so long as such property is no longer necessary for the proper conduct of the business of the Company,
the Subsidiary Guarantor or such Restricted Subsidiary, as applicable; and 
 (4) the Company, the Subsidiary
Guarantors its and their respective Restricted Subsidiaries may exchange assets held by the Company, the Subsidiary Guarantor or a Restricted Subsidiary for one or more real estate properties and/or one or more Related Businesses of any Person or
entity owning one or more real estate properties and/or one or more Related Businesses; provided that the Board of the Company has determined in good faith that the fair market value of the assets received by the Company are approximately
equal to the fair market value of the assets exchanged by the Company. 

  
 31 

 No transaction listed in clauses (1) through (4) inclusive shall be deemed to be
an “Asset Sale.” 
 Section 5.05 Events of Default. For purposes of 5 7/8% Notes, Section 6.1(d) of the Indenture is
hereby replaced and superseded by the following clause solely with respect to the 5 7/8% Notes: 
 “(d) a default in (a) Secured Indebtedness of
the Company or the Secured Indebtedness of any of the Company’s Restricted Subsidiaries with an aggregate principal amount in excess of 5% of Total Assets, or (b) other Indebtedness of the Company or other Indebtedness of any of its
Restricted Subsidiaries with an aggregate principal amount in excess of $150 million, in either case, (A) resulting from the failure to pay principal or interest when due (after giving effect to any applicable extensions or grace or cure
periods) or (B) as a result of which the maturity of such Indebtedness has been accelerated prior to its final Stated Maturity;” 
 Section 5.06 Limitation on Dividend and Other Payment Restrictions Affecting Subsidiary Guarantors. Solely with respect to the 5 7/8% Notes, Section 4.10 of the Indenture is hereby
(a) amended by striking the word “or” immediately before clause (viii) in the first sentence of the second paragraph thereof and (b) supplemented by inserting the following additional clauses after clause (viii) in the
first sentence of the second paragraph thereof: 
 (ix) imposed under purchase money obligations for property acquired in
the ordinary course of business and Capitalized Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (iv) of the preceding paragraph; (x) by reason of provisions limiting the
disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted
Investment) entered into with the approval of the Board of the Company and not otherwise prohibited by this Indenture, which limitation is applicable only to the assets that are the subject of such agreements and which do not detract from the value
of the Company’s property or assets or the value of property or assets of any Restricted Subsidiary in any manner material to the Company and its Restricted Subsidiaries, taken as a whole; or (xi) by reason of restrictions on cash or other
deposits or net worth imposed by hotel managers or other customers under contracts entered into in the ordinary course of business. 
 Section 5.07 Limitation on Transactions with Affiliates. Solely with respect to the
5 7/8% Notes, Section 4.11 of the Indenture is
hereby (a) amended by striking the second sentence of the second paragraph thereof and (b) supplemented by inserting the following sentence after the first sentence of the second paragraph thereof: 

  
 32 

 Notwithstanding the foregoing, prior to engaging in any Affiliate Transaction or series of
related Affiliate Transactions, other than Exempted Affiliate Transactions and any transaction or series of related transactions specified in any of clauses (ii) through (iv) of this paragraph, (a) with an aggregate value in excess of
$25 million, the Company must deliver to the Trustee an Officer’s Certificate certifying that the transaction complies with the first paragraph of this Section 4.11; (b) with an aggregate value in excess of $50 million, must first be
approved pursuant to a Board Resolution set forth in an Officer’s Certificate certifying that the transaction complies with the first paragraph of this Section 4.11 and that the transaction has been approved by a majority of the Board of
the Company who are disinterested in the subject matter of the transaction; and (c) with an aggregate value in excess of $250 million, will require the Company to obtain a favorable written opinion from an independent financial advisor of
national reputation as to the fairness from a financial point of view of such transaction to the Company, such Subsidiary Guarantor or such Restricted Subsidiary, except that in the case of a real estate transaction or related real estate
transactions with an aggregate value in excess of $250 million, an opinion may instead be obtained from an independent, qualified real estate appraiser that the consideration received in connection with such transaction is fair to the Company, such
Subsidiary Guarantor or such Restricted Subsidiary. 
 ARTICLE 6 

Section 6.01 For purposes of the 5 7/8% Notes, Section 2.7 of the Indenture is hereby supplemented
with, and where inconsistent replaced by, the following provisions: 
 (a) Transfer and Exchange of Global Notes.
A Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or to another nominee of the Depository, or by the Depository or any such nominee to a
successor Depository or a nominee of such successor Depository. All Global Notes will be exchanged by the Company for Certificated Notes if: 
 (1) the Company delivers to the Trustee notice from the Depository (A) that it is unwilling or unable to continue to act as Depository and a successor Depository is not appointed by the Company
within 90 days after the date of such notice from the Depository or (B) that it is no longer a clearing agency registered under the Exchange Act and a successor Depository is not appointed by the Company within 90 days after the date of such
notice from the Depository; 
 (2) the Company, at its option, notifies the Trustee in writing that it elects to
cause the issuance of Certificated Notes; or 
 (3) upon request of the Trustee or Holders
of a majority of the principal amount of outstanding 5 7/8% Notes if there shall have occurred and be continuing a Default or Event of Default with respect to the
5 7/8% Notes. 

  
 33 

 Upon the occurrence of any of the preceding events in
(1), (2) or (3) above, Certificated Notes shall be issued in such names as the Depository shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the
Indenture. A Global Note may not be exchanged for another 5 7/8% Note other than as provided in this Section 6.01(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 6.01(b), (c) or
(f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through the Depository, in accordance with the provisions of the Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to
restrictions on transfer comparable to those set forth herein. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other
following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note.
Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private
Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 6.01(b)(1). 
 (2)
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 6.01(b)(1) above, the transferor of such beneficial
interest must deliver to the Registrar either: (A)(1) a written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable Procedures directing the Depository to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant
account to be credited with such increase; or (B)(1) a written order from a Participant or an Indirect Participant given to the Depository in accordance with the Applicable Procedures directing the Depository to cause to be issued a Certificated
Note in an amount equal to the beneficial interest to be transferred or exchanged; and (2) instructions given by the Depository to the Registrar containing information regarding the Person in whose name such Certificated Note shall be
registered to effect the transfer or exchange referred to in (B)(1) above; 
 Upon consummation of an Exchange Offer by the Company in
accordance with Section 6.01(f) hereof, the requirements of this Section 6.01(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the

  
 34 

 
Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in the
Indenture and the 5 7/8% Notes or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 6.01(h) hereof. 

(3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 6.01(b)(2) above and the Registrar receives
the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A
Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 
 (B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof. 
 (4) Transfer and Exchange of Beneficial Interests in a Restricted
Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person
who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 6.01(b)(2) above and: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and Section 6.01(f) of this Thirty-Ninth Supplemental Indenture, and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter
of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company or the Subsidiary Guarantors;

 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 

  
 35 

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar
receives the following: 
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at
a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.3 of the Indenture, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

 (c) Transfer or Exchange of Beneficial Interests for Certificated Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Certificated Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Certificated Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Certificated Note, then, if the
exchange or transfer complies with 

  
 36 

 
the requirements of Section 6.01(a) of this Thirty-Ninth Supplemental Indenture, upon receipt by the Registrar of the following documentation: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a Restricted Certificated Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore
transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3)(d) thereof, if applicable; 
 (F) if such beneficial interest is being
transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 6.01(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the
instructions a Certificated 

  
 37 

 
Note in the appropriate principal amount. Any Certificated Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 6.01(c) shall be registered
in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depository and the Participant or Indirect Participant. The Trustee
shall deliver such Certificated Notes to the Persons in whose names such Notes are so registered. Any Certificated Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 6.01(c)(1)
shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2)
Beneficial Interests in Restricted Global Notes to Unrestricted Certificated Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Certificated Note or may transfer such
beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Certificated Note only if the exchange or transfer complies with the requirements of Section 6.01(a) of this Thirty-Ninth Supplemental Indenture and:

 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and Section 6.01(f) of this Thirty-Ninth Supplemental Indenture, and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company or the Subsidiary Guarantors;

 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the Registration Rights Agreement 
 (D) the Registrar receives
the following: 
 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for an Unrestricted Certificated Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(3) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery 

  
 38 

 
thereof in the form of an Unrestricted Certificated Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global
Notes to Unrestricted Certificated Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Certificated Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Certificated Note, then, if the exchange or transfer complies with the requirements of Section 6.01(a) of this Thirty-Ninth Supplemental Indenture and upon satisfaction of the
conditions set forth in Section 6.01(b)(2) of this Thirty-Ninth Supplemental Indenture, the Trustee shall cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced accordingly pursuant to Section 6.01(h)
hereof, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 2.3 of the Indenture, the Trustee shall authenticate and deliver to the Person designated in the instructions an Unrestricted Certificated Note in
the appropriate principal amount. Any Unrestricted Certificated Note issued in exchange for a beneficial interest pursuant to this Section 6.01(c)(3) shall be registered in such name or names and in such authorized denomination or denominations
as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depository and the Participant or Indirect Participant. The Trustee shall deliver such Unrestricted Certificated Notes to the Persons in
whose names such 5 7/8% Notes are so registered. Any
Unrestricted Certificated Note issued in exchange for a beneficial interest pursuant to this Section 6.01(c)(3) shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Certificated Notes for Beneficial Interests. 

(1) Restricted Certificated Notes or Unrestricted Certificated Notes to Beneficial Interests in Restricted Global Notes. If any
Holder of a Restricted Certificated Note or Unrestricted Certificated Note proposes to exchange a Restricted Certificated Note or Unrestricted Certificated Note, as applicable, for a beneficial interest in a Restricted Certificated Note or
Unrestricted Global Note other than a Regulation S Restricted Global Note, as applicable, or to transfer such Restricted Certificated Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note,
then, upon receipt by the Registrar of the following documentation: 

  
 39 

 (A) if the Holder of such Restricted Certificated Note or Unrestricted
Certificated Note proposes to exchange such Restricted Certificated Note or Unrestricted Certificated Note, as applicable, for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C
hereto, including the certifications in item (2)(b) thereof; 
 (B) if such Restricted
Certificated Note or Unrestricted Certificated Notes is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Certificated Note or Unrestricted Certificated Notes is being transferred to a Non-U.S. Person in
an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Certificated Note or Unrestricted Certificated Note is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Certificated Note or Unrestricted Certificated Notes is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including
the certifications, certificates and Opinion of Counsel required by item (3)(d) thereof, if applicable; 

(F) if such Restricted Certificated Note or Unrestricted Certificated Notes is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such Restricted Certificated Note or Unrestricted Certificated Notes is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cancel the Restricted Certificated
Note or Unrestricted Certificated Notes, increase or cause to be increased the aggregate principal amount of, in the case of clause (A)

  
 40 

 
above, the appropriate Restricted Global Note and in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note. 

(2) Restricted Certificated Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Certificated Note
may exchange such Restricted Certificated Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Certificated Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and Section 6.01(f) of this Thirty-Ninth Supplemental Indenture, and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal
that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company or the Subsidiary Guarantors; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (1) if the Holder of such Restricted Certificated Notes proposes to exchange such Restricted Certificated Note
for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Restricted Certificated Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 

  
 41 

 Upon satisfaction of the conditions of any of the subparagraphs in this Section 6.01(d)(2), the Trustee
shall cancel the Restricted Certificated Notes so transferred or exchanged and increase or cause to be increased the aggregate principal amount of the appropriate Unrestricted Global Note. 

(3) Unrestricted Certificated Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Certificated
Note may exchange such Unrestricted Certificated Note for a beneficial interest in an Unrestricted Global Note or transfer such Certificated Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note at any time. Upon receipt of a request for such an exchange or registration of transfer, the Trustee shall cancel the applicable Unrestricted Certificated Note and increase or cause to be increased the aggregate principal amount of one of the
Unrestricted Global Notes. 
 If any such exchange or registration of transfer from a Certificated Note to a beneficial interest is effected
pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of a Company Order in accordance with Section 2.3 of the Indenture,
the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Certificated Notes so transferred. 
 (e) Transfer and Exchange of Certificated Notes for Certificated Notes. Upon request by a Holder of Certificated Notes and such Holder’s compliance with the provisions of this
Section 6.01(e), the Registrar shall register the transfer or exchange of Certificated Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Certificated Notes duly
endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 6.01(e). 
 (1) Restricted Certificated Notes to Restricted Certificated Notes. Any Restricted Certificated Note may be transferred to and registered in the name of Persons who take delivery thereof in the
form of a Restricted Certificated Note if the Registrar receives the following: 
 (A) if the transfer will be
made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

  
 42 

 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (2)
Restricted Certificated Notes to Unrestricted Certificated Notes. Any Restricted Certificated Note may be exchanged by the Holder thereof for an Unrestricted Certificated Note or transferred to a Person or Persons who take delivery thereof in
the form of an Unrestricted Certificated Note if: 
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer,
(ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

(C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance
with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(1) if the Holder of such Restricted Certificated Notes proposes to exchange such Restricted Certificated Notes
for an Unrestricted Certificated Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(2) if the Holder of such Restricted Certificated Notes proposes to transfer such Restricted Certificated Notes to a
Person who shall take delivery thereof in the form of an Unrestricted Certificated Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  
 43 

 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of
Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act. 
 (3) Unrestricted Certificated Notes to
Unrestricted Certificated Notes. A Holder of Unrestricted Certificated Notes may transfer such Unrestricted Certificated Notes to a Person who takes delivery thereof in the form of an Unrestricted Certificated Note. Upon receipt of a request to
register such a transfer, the Registrar shall register the Unrestricted Certificated Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of a Company Order in accordance with
Section 2.3 of the Indenture and an Opinion of Counsel for the Company as to certain matters discussed in this Section 6.01(f), the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount
equal to the sum of (A) the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons who certify in the applicable Letters of Transmittal that (x) they are not Broker-Dealers,
(y) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Company, and accepted for exchange in the Exchange Offer and (B) the principal amount of
Certificated Notes exchanged or transferred for beneficial interests in Unrestricted Global Notes in connection with the Exchange Offer pursuant to Section 6.01(d)(ii) and (ii) Certificated Notes in an aggregate principal amount equal to
the principal amount of the Restricted Certificated Notes accepted for exchange in the Exchange Offer (other than Certificated Notes described in clause (i)(B) immediately above). Concurrently with the issuance of such Exchange Notes, the Trustee
shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 2.3 of the Indenture, the Trustee shall
authenticate and deliver to the Persons designated by the Holders of Certificated Notes so accepted Certificated Notes in the appropriate principal amount. 
 The Opinion of Counsel for the Company referenced above shall state that: 
 (1) the
Exchange Notes have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture delivered in exchange for Series W Notes in accordance with the Indenture and the Exchange Offer, will be entitled to
the benefits of the Indenture and will be valid and binding obligations of the Company, enforceable in accordance with their terms except as (x) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting
creditors’ rights generally, (y) rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability and (z) other customary limitations and exceptions for

  
 44 

 
opinions of such type; and (2) when the Exchange Notes are executed and authenticated in accordance with the provisions of the Indenture and delivered in exchange for Series W Notes in
accordance with the Indenture and the Exchange Offer, the Guarantee of the Exchange Notes by the Subsidiary Guarantors will be entitled to the benefits of the Indenture and will be valid and binding obligations of the Subsidiary Guarantors,
enforceable in accordance with their terms except as (x) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally, (y) rights of acceleration and the availability of
equitable remedies may be limited by equitable principles of general applicability and (z) other customary limitations and exceptions for opinions of this type. 
 (g) Legends. The following legends shall appear on the face of all Global Notes and Certificated Notes issued under the Indenture unless specifically stated otherwise in the applicable provisions
of the Indenture. 
 (1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Certificated Note (and all Notes issued
in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS NOTE (OR ITS PREDECESSOR)
HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO
HOST HOTELS & RESORTS, L.P. (“HOST L.P.”) OR ANY GUARANTOR WHOLLY OWNED BY HOST L.P. OR ANY OF THEIR RESPECTIVE WHOLLY OWNED SUBSIDIARIES, (B) TO A PERSON WHO IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES
ACT, (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (A)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER 

  
 45 

 
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE
PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO HOST L.P. THAT SUCH TRANSFER IS EXEMPT UNDER THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO HOST L.P.), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
 (2) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN
INTEREST HEREIN IS TRANSFERRED A NOTICE AS TO THE ABOVE RESTRICTIONS.” 
 (B)
Notwithstanding the foregoing, any Global Note or Certificated Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) of (f) to this Section 6.01 (and all 5 7/8% Notes issued in exchange therefor or substitution thereof) shall
not bear the Private Placement Legend. 
 (2) Global Note Legend. To the extent required by the
Depository, each Global Note shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITORY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 6.01 OF THE THIRTY-NINTH SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 6.01 OF THE THIRTY-NINTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY
TO A NOMINEE OF THE DEPOSITORY OR BY A 

  
 46 

 
NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(e) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular
Global Note have been exchanged for Certificated Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with Section 2.12 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note or for Certificated Notes, the principal amount of 5 7/8% Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and
an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 
 (f) General Provisions Relating to Transfers and Exchanges. 
 (1) To permit
registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and Certificated Notes upon receipt of a Company Order. 
 (2) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Certificated Note for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.6,
4.12, and 10.1 of the Indenture). 

  
 47 

 (3) The Registrar shall not be required to register the transfer of or
exchange of any 5 7/8% Note selected for redemption
in whole or in part, except the unredeemed portion of any 5 7/8% Note being redeemed in part. 
 (4) All Global Notes and
Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the
Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor
the Company will be required: 
 (A) to issue, to register the transfer of or to exchange
any 5 7/8% Notes during a period beginning at the
opening of business 15 days before the day of any selection of 5 7/8% Notes for redemption and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any 5 7/8% Note selected for redemption in whole or in part, except the
unredeemed portion of any 5 7/8% Note being redeemed
in part; or 
 (C) to register the transfer of or to exchange a
5 7/8% Note between a record date and the next
succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer
of any 5 7/8% Note, the Trustee, any Agent and the
Company may deem and treat the Person in whose name any 5 7/8% Note is registered as the absolute owner of such 5 7/8% Note for the purpose of receiving payment of principal of and interest on such
5 7/8% Notes and for all other purposes, and none of
the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee
shall authenticate Global Notes and Certificated Notes in accordance with the provisions of Section 2.3 of the Indenture. 

(8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 6.01
to effect a registration of transfer or exchange may be submitted by facsimile. 
 Notwithstanding anything herein to the
contrary, as to any certifications and certificates delivered to the Registrar pursuant to this Section 6.01 of this Thirty-Ninth 

  
 48 

 
Supplemental Indenture, the Registrar’s duties shall be limited to confirming that any such certifications and certificates delivered to it are substantially in the form of Exhibits A, B, C
and D attached to this Thirty-Ninth Supplemental Indenture. The Registrar shall not be responsible for confirming the truth or accuracy of representations made in any such certifications or certificates. 

ARTICLE 7 

Section 7.01 Except as specifically modified herein, the Indenture is in all respects ratified and confirmed and shall remain in
full force and effect in accordance with its terms. 
 Section 7.02 Except as otherwise expressly provided herein, no
duties, responsibilities or liabilities are assumed or shall be construed to be assumed by the Trustee by reason of this Thirty-Ninth Supplemental Indenture. This Thirty-Ninth Supplemental Indenture is executed and accepted by the Trustee subject to
all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect to this Thirty-Ninth Supplemental Indenture.

 Section 7.03 The Trustee shall not be responsible in any manner whatsoever for or in respect of the recitals contained
herein, all of which recitals are made solely by the Company and the Subsidiary Guarantors. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 

Section 7.04 THIS THIRTY-NINTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK INCLUDING, WITHOUT LIMITATION, SECTIONS 5 1401 AND 5 1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). EACH OF THE COMPANY AND THE SUBSIDIARY GUARANTORS HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THE INDENTURE AND THE SECURITIES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. EACH OF THE COMPANY AND THE SUBSIDIARY GUARANTORS IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH 

  
 49 

 
COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE TRUSTEE OR ANY SECURITY HOLDER TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE
LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY AND THE SUBSIDIARY GUARANTORS IN ANY OTHER JURISDICTION. 

Section 7.05 The parties may sign any number of copies of this Thirty-Ninth Supplemental Indenture. Each signed copy shall be an
original, but all of such executed copies together shall represent the same agreement. 
 Section 7.06 All capitalized
terms used in this Thirty-Ninth Supplemental Indenture which are not otherwise defined herein, shall have the respective meanings specified in the Indenture, unless the context otherwise requires. 

Section 7.07 The
5 7/8% Notes may be issued in whole or in part in
the form of one or more Global Securities, registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”). 

  
 50 

 IN WITNESS WHEREOF, the parties to this Thirty-Ninth Supplemental Indenture have caused this
Thirty-Ninth Supplemental Indenture to be duly executed, all as of the date first written above. 
  

					
	COMPANY
	
	HOST HOTELS & RESORTS, L.P., a Delaware limited partnership
		
	BY:	 	HOST HOTELS & RESORTS, INC., its general partner
		
	By:	 	 /s/ Larry K. Harvey

		 	Name:	 	Larry K. Harvey
		 	Title:	 	Executive Vice President, Chief Financial Officer

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

	
	SUBSIDIARY GUARANTORS
	
	AIRPORT HOTELS LLC,
	HOST OF BOSTON, LTD.,
	 BY: AIRPORT HOTELS LLC,

	HOST OF HOUSTON, LTD.,
	 BY: AIRPORT HOTELS HOUSTON LLC

	HOST OF HOUSTON 1979 LP,
	 BY: HOST OF HOUSTON, LTD.

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

	HMH MARINA LLC,
	HMC ATLANTA LLC,
	HMC BURLINGAME LLC,
	HMC CAPITAL RESOURCES LP,
	 BY: HOST NY DOWNTOWN GP LLC

	HOST PARK RIDGE LLC,
	HMC SUITES LLC,
	HMC SUITES LIMITED PARTNERSHIP,
	 BY: HMC SUITES LLC,

	WELLSFORD-PARK RIDGE HMC HOTEL LIMITED
	PARTNERSHIP,
	 BY: HOST PARK RIDGE LLC,

	YBG ASSOCIATES LP,
	 BY: HOST MOSCONE GP LLC

	HMC CHICAGO LLC,
	HMC DESERT LLC,
	HMC DIVERSIFIED LLC,
	HMC EAST SIDE LLC,
	EAST SIDE HOTEL ASSOCIATES, L.P.
	 BY: HMC EAST SIDE LLC

	HMC GRAND LP,
	 BY: HOST GRAND GP LLC,

	HMC HOTEL DEVELOPMENT LP,
	 BY: HOST TAMPA GP LLC,

	HMC MANHATTAN BEACH LLC,
	HMC MARKET STREET LLC,
	NEW MARKET STREET LP,
	 BY: HMC MARKET STREET LLC

	HMC MEXPARK LLC,
	HMC POLANCO LLC,
	HMC NGL LLC,
	HMC OLS I L.P.,
	 BY: HMC OLS I LLC

	HMC PLP LLC,
	CHESAPEAKE HOTEL LIMITED PARTNERSHIP,

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

	
	 BY: HMC PLP LLC

	HMC POTOMAC LLC,
	HMC PROPERTIES I LLC,
	HMC SEATTLE LLC,
	HMC SFO LP,
	 BY: HOST SFO GP LLC,

	HOST SWISS GP LLC,
	HMH GENERAL PARTNER HOLDINGS LLC,
	HMH PENTAGON LP,
	 BY: HOST PENTAGON GP LLC,

	HMH RESTAURANTS LP,
	 BY: HOST RESTAURANTS GP LLC,

	HMH RIVERS LLC,
	HMH RIVERS, L.P.,
	 BY: HMH RIVERS LLC

	HMH WTC LLC,
	HOST LA JOLLA LLC,
	CITY CENTER HOTEL LIMITED PARTNERSHIP,
	 BY: HOST CITY CENTER GP LLC

	HOST TIMES SQUARE LP,
	 BY: HOST TIMES SQUARE GP LLC,

	IVY STREET LLC,
	MARKET STREET HOST LLC,
	PHILADELPHIA AIRPORT HOTEL LLC,
	PM FINANCIAL LLC,
	PM FINANCIAL LP,
	 BY: PM FINANCIAL LLC

	HMC PROPERTY LEASING LLC,
	HMC HOST RESTAURANTS LLC,
	S.D. HOTELS LLC,
	TIMES SQUARE GP LLC,
	DURBIN LLC,
	HMC HT LP,
	 BY: HOST GH ATLANTA GP LLC,

	HMC OLS I LLC,
	HMC OLS II L.P.,
	 BY: HMC OLS I LLC

	HMC/INTERSTATE MANHATTAN BEACH, L.P.,
	 BY: HMC MANHATTAN BEACH LLC

	AMELIATEL LP,
	 BY: HMC AMELIA II LLC

	HMC AMELIA II LLC,
	ROCKLEDGE HOTEL LLC,
	HMC COPLEY LP,
	 BY: HOST COPLEY GP LLC,

	HMC HEADHOUSE FUNDING LLC,

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

	
	IVY STREET HOPEWELL LLC,
	HMC DIVERSIFIED AMERICAN HOTELS, L.P.,
	 BY: HMC DIVERSIFIED LLC,

	POTOMAC HOTEL LIMITED PARTNERSHIP,
	 BY: HMC POTOMAC LLC

	HMC AP GP LLC,
	HMC AP LP,
	 BY: HMC AP GP LLC

	HMC AP CANADA COMPANY,
	HMC TORONTO AIRPORT GP LLC,
	HMC TORONTO AIRPORT LP,
	 BY: HMC TORONTO AIRPORT GP LLC

	HMC TORONTO EC GP LLC,
	HMC TORONTO EC LP,
	 BY: HMC TORONTO EC GP LLC

	HMC CHARLOTTE GP LLC,
	HMC CHARLOTTE LP,
	 BY: HMC CHARLOTTE GP LLC

	HMC CHARLOTTE (CALGARY) COMPANY,
	CALGARY CHARLOTTE PARTNERSHIP,
	 BY: HMC CHARLOTTE (CALGARY) COMPANY

	 BY: HMC GRACE (CALGARY) COMPANY

	CALGARY CHARLOTTE HOLDINGS COMPANY,
	HMC GRACE (CALGARY) COMPANY,
	HMC MAUI LP,
	 BY: HOST MAUI GP LLC,

	HMC KEA LANI LP,
	 BY: HOST KEA LANI GP LLC,

	HMC CHICAGO LAKEFRONT LLC,
	HMC LENOX LP,
	 BY: HOST LENOX LAND GP LLC

	HMC O’HARE SUITES GROUND LP,
	 BY: HOST O’HARE SUITES GROUND GP LLC,

	HMC TORONTO AIR COMPANY,
	HMC TORONTO EC COMPANY,
	CINCINNATI PLAZA LLC,
	HOST CINCINNATI HOTEL LLC,
	HOST CINCINNATI II LLC,
	HOST FOURTH AVENUE LLC,
	HOST INDIANAPOLIS I LP,
	 BY: HOST INDIANAPOLIS GP LLC,

	HOST LOS ANGELES LP,
	 BY: HOST LOS ANGELES GP LLC,

	HOST MISSION HILLS II LLC,
	HOST MISSION HILLS HOTEL LP,
	 BY: HOST MISSION HILLS II LLC

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

	
	HOST NEEDHAM HOTEL LP,
	 BY: HOST NEEDHAM II LLC

	HOST NEEDHAM II LLC,
	HOST REALTY LLC,
	HOST REALTY HOTEL LLC,
	HST LT LLC,
	HST I LLC,
	SOUTH COAST HOST HOTEL LP,
	 BY: HOST SOUTH COAST GP LLC

	STARLEX LP,
	 BY: HOST WNY GP LLC,

	BRE/SWISS LP,
	 BY: HOST SWISS GP LLC

	HHR HARBOR BEACH LLC,
	HHR LAUDERDALE BEACH LIMITED PARTNERSHIP,
	 BY: HHR HARBOR BEACH LLC

	HMC CAMBRIDGE LP,
	 BY: HOST CAMBRIDGE GP LLC

	HOST MCDOWELL GP LLC,
	HMC MCDOWELL LP,
	 BY: HOST MCDOWELL GP LLC

	HMC RESTON LP,
	 BY: HOST RESTON GP LLC,

	HOST ATLANTA PERIMETER GROUND LP,
	 BY: HOST ATLANTA PERIMETER GROUND GP LLC,

	HOST CAPITOL HILL LLC,
	HOST DALLAS QUORUM GROUND LP,
	 BY: HOST DALLAS QUORUM GROUND GP LLC

	HOST INDIANAPOLIS HOTEL MEMBER LLC,
	IHP HOLDINGS PARTNERSHIP LP,
	 BY: HMH GENERAL PARTNER HOLDINGS LLC

	HMC GATEWAY LP,
	 BY: S.D. HOTELS LLC

	HHR SINGER ISLAND LIMITED PARTNERSHIP,
	 BY: HHR SINGER ISLAND GP LLC

	HHR SINGER ISLAND GP LLC,
	PACIFIC GATEWAY, LTD.,
	 BY: S.D. HOTELS LLC

	HOST KIERLAND LP,
	 BY: HOST KIERLAND GP LLC

	HOST TAMPA GP LLC,
	HOST RESTON GP LLC,
	HOST CAMBRIDGE GP LLC,
	HOST SOUTH COAST GP LLC,
	HOST SFO GP LLC,
	HOST PENTAGON GP LLC,

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

 
	
	HOST MOSCONE GP LLC,
	HOST NY DOWNTOWN GP LLC,
	HOST KEA LANI GP LLC,
	HOST KIERLAND GP LLC,
	HOST WNY GP LLC,
	HOST LOS ANGELES GP LLC,
	HOST INDIANAPOLIS GP LLC,
	HOST ATLANTA PERIMETER GROUND GP LLC,
	HOST DALLAS QUORUM GROUND GP LLC,
	HOST O’HARE SUITES GROUND GP LLC,
	HOST LENOX LAND GP LLC,
	HOST RESTAURANTS GP LLC,
	HOST OP BN GP LLC,
	HOST MAUI GP LLC,
	HOST GH ATLANTA GP LLC,
	HOST TIMES SQUARE GP LLC,
	HOST COPLEY GP LLC,
	HOST CITY CENTER GP LLC,
	AIRPORT HOTELS HOUSTON LLC,
	HOST GRAND GP LLC,
	HOST INDIANAPOLIS LP,
	 BY: HOST INDIANAPOLIS HOTEL MEMBER LLC

	HHR ASSETS LLC,
	HHR RIO HOLDINGS LLC,
	HARBOR-CAL S.D. PARTNER LLC,
	HMC BURLINGAME HOTEL L.P.,
	 BY: HMC BURLINGAME LLC

	HOST SAN DIEGO LLC,
	HOST SAN DIEGO HOTEL LLC.

  

			
	By:	 	 /s/ Larry K. Harvey

	Name:	 	Larry K. Harvey
	Title:   President of the Subsidiary Guarantors listed above (or, where applicable, of the general partner of the Subsidiary Guarantors listed
above)

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

			
	HHR HOLDINGS COÖPERATIEF U.A.
		
	By:	 	 /s/ Larry K. Harvey

			
	Name:	 	Larry K. Harvey
	Title:	 	Managing Director A

			
		
	By:	 	 /s/ Y. M. Theuns

			
	Name:	 	Y. M Theuns
	Title:	 	Managing Director B

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

			
	HARBOR-CAL, S.D.
	
	 By: HARBOR-CAL S.D. PARTNER LLC

		
	By:	 	 /s/ Larry K. Harvey

	Name:	 	Larry K. Harvey
	Title:	 	President
	
	By: HOST HOTELS & RESORTS, L.P.
	
	 By: HOST HOTELS & RESORTS, INC., its general partner

		
	By:	 	 /s/ Larry K. Harvey

	Name:	 	Larry K. Harvey
	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

					
	TRUSTEE
	
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	By:	 	 /s/ Thomas Provenzano

		 	Name: Thomas Provenzano
		 	Title:    Agent

  
 Signature
Page to Thirty-Ninth Supplemental Indenture 

 EXHIBIT A 

FORM OF 5 7/8% [SERIES W][/SERIES
X]1 SENIOR NOTE 

Unless and until it is exchanged in whole or in part for 5 7/8% Notes in definitive form, this Security may not be transferred
except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such
successor Depository. Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) (“DTC”), to the Company or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.2 

HOST HOTELS & RESORTS, L.P. 
 5 
7/8% [SERIES W][/SERIES X]3 SENIOR NOTE DUE 2019 
 CUSIP: 
 ISIN: 

 

			
	No.	  	$

 Host
Hotels & Resorts, L.P., a Delaware limited partnership (hereinafter called the “Company,” which term includes any successors under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of $        , on June 15,
2019. The Security is one of the 5 7/8% [Series
W][/Series X] Senior Notes due 2019 referred to in such Indenture (hereinafter referred to for purposes of this 5 7/8% Senior Note collectively as the
“5 7/8% Securities”).

 Interest Payment Dates:        June 15 and
December 15 
  
  

	1 	 Series W should be replaced with Series X in the Exchange Notes. 

	2 	 To be used only if the Security is issued as a Global Note. 

	3 	 Series W should be replaced with Series X in the Exchange Notes. 

  
 A-1

 Record
Dates:                        June 1 and December 1 

Reference is made to the further provisions of this Security on the reverse side, which will, for all purposes, have the same effect
as if set forth at this place. 
 IN WITNESS WHEREOF, the Company has caused this Instrument to be duly executed.

 Dated: 
  

			
	 HOST HOTELS & RESORTS, L.P.,
 a Delaware limited partnership

		
	By:	 	HOST HOTELS & RESORTS, INC.,
		 	its general partner
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	 Attest:
	 	  
	 	
		 	 Name:
	 	
		 	 Title:
	 	

  
 A-2

 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the
5 7/8% Securities of the Series designated therein
referred to in the within mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	By:	 	  

		 	Authorized Signatory

 HOST
HOTELS & RESORTS, L.P. 
 5 7/8% [Series W][/Series X]4 Senior Note due 2019 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 6.01 OF THE THIRTY-NINTH SUPPLEMENTAL INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 6.01 OF THE THIRTY-NINTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE
INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE
OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR 
  

 

	4 	 Series W should be replaced with Series X in the Exchange Notes. 

  
 A-3

 ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.5 
 THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED, EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) AGREES
THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO HOST HOTELS & RESORTS, L.P. (“HOST L.P.”) OR ANY GUARANTOR WHOLLY OWNED BY HOST L.P. OR ANY OF THEIR RESPECTIVE WHOLLY OWNED SUBSIDIARIES, (B) TO A
PERSON WHO IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(C) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO HOST L.P.
THAT SUCH TRANSFER IS EXEMPT UNDER THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER 
  

 

	5 	 To be included only on Global Notes deposited with DTC as Depository. 

  
 A-4

 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
OPINION OF COUNSEL REASONABLY ACCEPTABLE TO HOST L.P.), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION; AND 
 (2) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN
IS TRANSFERRED A NOTICE AS TO THE ABOVE
RESTRICTIONS.”6 

 

	1.	Interest. 

 Host Hotels & Resorts, L.P., a Delaware limited partnership (hereinafter called the “Company,” which term includes any successors under the Indenture hereinafter referred to),
promises to pay interest on the principal amount of this Security at the rate of 5 7/8% per annum from May 11, 2011 until maturity. To the extent it is lawful, the Company promises to pay interest on any interest payment due but unpaid on such principal amount at a rate of 5 7/8% per annum compounded semi-annually.

 The Company will pay interest semi-annually on June 15 and December 15 of
each year (each, an “Interest Payment Date”), commencing December 15, 2011. Interest on the
5 7/8% Securities will accrue from the most recent
date to which interest has been paid or, if no interest has been paid on the Securities, from the date of the original issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 

	2.	Method of Payment. 

 The Company shall pay interest on the 5 7/8% Securities (except defaulted interest) to the Persons who are the registered Holders at the close of business on the Record Date immediately preceding the Interest Payment Date. Holders must surrender
Securities to a Paying Agent to collect principal payments. Principal of, premium, if any, and interest on the 5 7/8% Securities will be payable in United States Dollars at the office or agency of the Company maintained for such purpose, in the Borough of Manhattan, The City of New York or at the
option of the Company, payment of interest may be made by check mailed to the Holders of the 5 7/8% Securities at the addresses set forth upon the registry books of the Company; provided,
however, Holders of Global Securities will be entitled to receive interest payments (other than at maturity)
by wire transfer of immediately available funds, if appropriate wire transfer instructions have been received in writing by the Trustee not fewer than 15 days prior to the applicable Interest Payment Date. Such wire instructions, upon receipt by the
Trustee, shall remain in effect until revoked by such Holder. No service charge will be made for any registration of transfer or 
  

 

	6 	 To be included only on Transfer Restricted Notes. 

  
 A-5

 
exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

 

	3.	Paying Agent and Registrar. 

 Initially, The Bank of New York Mellon will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company or any of
its Subsidiaries may, subject to certain exceptions, act as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture. 

 The Company issued the 5 7/8% Securities and the Subsidiary Guarantors issued their Guarantees under an Amended and Restated Indenture, dated as of August 5, 1998, as supplemented (the “Indenture”), between the
Company, the Subsidiary Guarantors and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The
5 7/8% Securities are unlimited in aggregate
principal amount. The terms of the 5 7/8% Securities
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The 5 7/8% Securities are subject to all such terms, and Holders of 5 7/8% Securities are referred to the Indenture and said
Act for a statement of them. The Securities are senior, general obligations of the Company, secured initially by a pledge of Capital Stock of certain Subsidiaries of the Company, which pledge is shared equally and ratably with the Credit Facility,
the Existing Senior Notes and certain existing and future Indebtedness of the Company ranking pari passu
with the Securities. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by the provisions of the Indenture, (b) authorizes and directs the Trustee on his behalf to take such action as may be provided in
the Indenture and (c) appoints the Trustee his attorney-in-fact for such purpose. 
  

	5.	Redemption. 

 At any time prior to June 15, 2015 upon not less than 30 nor more than 60 days’ notice, the Company may redeem the 5 7/8% Securities in whole or in part at any time at a Redemption Price
equal to 100% of the principal amount thereof plus the Make-Whole Premium, together with accrued and unpaid interest thereon, if any, to the applicable Redemption Date Notice of a redemption of the 5 7/8% Securities made pursuant to this paragraph 5 shall be given in the
manner set forth in Section 3.3 of the Indenture; provided however, that any such notice need not set forth the Redemption Price but need only set forth the calculation thereof as described in the immediately preceding
sentence of this paragraph 5. The Redemption Price, calculated as aforesaid, shall be set forth in an Officer’s Certificate delivered by the Company to the Trustee no later than one Business Day prior to the Redemption Date.

 At any time on or after June 15, 2015, upon not less than 30 days’ notice
nor more than 60 days’ notice, the Company may redeem the 5 7/8% Securities for cash at its option, in whole or in part, at the following Redemption Prices (expressed as percentages of 

  
 A-6

 
the principal amount) if redeemed during the 12-month period commencing June 15 of the years indicated below, in each case, together with accrued and unpaid interest, if any, thereon to the
applicable Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date that is on or prior to the applicable Redemption Date): 

 

					
	 Year
	  	Percentage	 
	 2015
	  	 	102.938	% 
	 2016
	  	 	101.469	% 
	 2017 and thereafter
	  	 	100.000	% 

Prior to June 15, 2014, the Company may redeem from time to time up to 35% of the aggregate principal amount
of the 5 7/8% Securities outstanding at a Redemption
Price equal to 105.875% of the principal amount thereof, together with accrued and unpaid interest thereon, if any, to the applicable Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on
an Interest Payment Date that is on or prior to the applicable Redemption Date) with the Net Cash Proceeds of one or more Equity Offerings; provided, that at least 65% of the aggregate principal amount of the 5 7/8% Securities originally issued on the Series Issue Date remain
outstanding after such redemption; and provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated. 

The Company is not prohibited from acquiring the 5 7/8% Securities by means other than a redemption, whether pursuant to
an issuer tender offer, in open market transactions, or otherwise, assuming such acquisition does not otherwise violate the terms of the Indenture. 

The 5 7/8% Securities will not have the benefit of a sinking fund. 
  

	6.	Denominations; Transfer; Exchange. 

 The 5 7/8% Securities are in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000. A Holder may register the transfer of, or exchange 5 7/8% Securities in accordance with, the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any 5 7/8% Securities (a) selected for redemption except
the unredeemed portion of any 5 7/8% Security being
redeemed in part or (b) for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redemption and ending at the close of business on the day of such mailing. 

 

	7.	Persons Deemed Owners. 

 The registered Holder of a 5 7/8% Security may be treated as the owner of it for all purposes. 

  
 A-7

	8.	Unclaimed Money. 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent(s) will pay the
money back to the Company at its written request. After that, all liability of the Trustee and such Paying Agent(s) with respect to such money shall cease. 
  

	9.	Discharge Prior to Redemption or Maturity. 

 Except as set forth in the Indenture, if the Company irrevocably deposits with the Trustee, in trust, for the benefit of the Holders, U.S. legal tender, U.S. Government Obligations or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on such 5 7/8% Securities on the stated date for payment thereof or on the
redemption date of such principal or installment of principal of, premium, if any, or interest on such
5 7/8% Securities, the Company will be discharged
from certain provisions of the Indenture and the
5 7/8% Securities (including the restrictive
covenants described in paragraph 11 below, but excluding its obligation to pay the principal of, premium, if any, and interest on the 5 7/8% Securities). Upon satisfaction of certain additional conditions set forth in the Indenture, the Company may elect to have its obligations and the
obligations of the Subsidiary Guarantors discharged with respect to outstanding 5 7/8% Securities. 
  

	10.	Amendment; Supplement; Waiver. 

 The Company, the Subsidiary Guarantors and the Trustee may enter into a supplemental indenture for certain limited purposes without the consent of the Holders. Subject to certain exceptions, the
Indenture or the 5 7/8% Securities may be amended or
supplemented with the written consent of the Holders of not less than a majority in aggregate principal amount of the 5 7/8% Securities then outstanding (except that any amendments or supplements to the provisions relating to security interests or with respect to the Guarantees of the Subsidiary
Guarantors shall require the consent of the holders of not less than 66 2/3% of the aggregate principal amount of the Securities then outstanding), and any existing Default or Event of Default or compliance with any provision may be waived with the consent of the Holders of a
majority in aggregate principal amount of the 5 7/8%
Securities then outstanding. Without notice to or consent of any Holder, the parties thereto may under certain circumstances amend or supplement the Indenture or the
5 7/8% Securities to, among other things, cure any
ambiguity, defect or inconsistency, or make any other change that does not adversely affect the rights of any Holder of a
5 7/8% Security.

  

	11.	Restrictive Covenants. 

 The Indenture imposes certain limitations on the ability of the Company, the Subsidiary Guarantors and any of their respective Restricted Subsidiaries to, among other things, incur additional
Indebtedness and issue Disqualified Stock, pay dividends or make certain other Restricted Payments, enter into certain transactions with Affiliates, incur 

  
 A-8

 
Liens, sell assets and subsidiary stock, merge or consolidate with any other Person or transfer (by lease, assignment or otherwise) substantially all of the properties and assets of the Company.
The limitations are subject to a number of important qualifications and exceptions and certain restrictive covenants will cease to be applicable under certain circumstances. The Company must periodically report to the Trustee on compliance with such
limitations. 
  

	12.	Repurchase at Option of Holder. 

 (a) If there is a Change of Control Triggering Event, the Company shall be required to offer irrevocably to purchase on the Change of Control Purchase Date all outstanding 5 7/8% Securities at a purchase price equal to 101% of the principal
amount thereof, plus (subject to the right of Holders of record on a Record Date that is on or prior to such Change of Control Purchase Date to receive interest due on the Interest Payment Date to which such Record Date relates) accrued and unpaid
interest, if any, to the Change of Control Purchase Date. Holders of 5 7/8% Securities will receive a Change of Control Offer from the Company prior to any related Change of Control Purchase Date and may elect to have such 5 7/8% Securities purchased by completing the form entitled “Option
of Holder to Elect Purchase” appearing below. 
 (b) The Company will not be required to make a
Change of Control Offer upon a Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a
Change of Control Offer made by the Company and purchases all notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to the Indenture as described above under paragraph
5, unless and until there is a default in payment of the applicable redemption price. 
 (c) The
Indenture imposes certain limitations on the ability of the Company, the Subsidiary Guarantors or any of their respective Restricted Subsidiaries to sell assets and subsidiary stock. In the event the Net Cash Proceeds from a permitted Asset Sale
exceed certain amounts, as specified in the Indenture, the Company will be required either to reinvest the proceeds of such Asset Sale in a Related Business or other permitted investments, repay certain Indebtedness or to make an offer to purchase
each Holder’s 5 7/8% Securities at 100% of the
principal amount thereof, plus accrued interest, if any, to the purchase date. The limitations and the Company’s obligations with respect to the use of proceeds from an Asset Sale are subject to a number of important qualifications and
exceptions and will cease to be applicable under certain circumstances. 
  

	13.	Notation of Guarantee. 

 As set forth more fully in the Indenture, the Persons constituting Subsidiary Guarantors from time to time, in accordance with the provisions of the Indenture, irrevocably and unconditionally and
jointly and severally guarantee, in accordance with Section 12.1 of the Indenture, to the Holders and to the Trustee and its successors and assigns, that (i) the principal of and interest on the 5 7/8% Securities will be paid, whether

  
 A-9

 
at the Stated Maturity or Interest Payment Dates, by acceleration, call for redemption or otherwise, and all other obligations of the Company to the Holders or the Trustee under the Indenture or
this 5 7/8% Security will be promptly paid in full
or performed, all in accordance with the terms of the Indenture and this 5 7/8% Security, and (ii) in the case of any extension of payment or renewal of this
5 7/8% Security or any of such other obligations,
they will be paid in full when due or performed in accordance with the terms of such extension or renewal, whether at the Stated Maturity, as so extended, by acceleration or otherwise. Such Guarantees shall cease to apply, and shall be null and
void, with respect to any such guarantor who, pursuant to Article 12 of the Indenture, is released from its Guarantees, or whose Guarantees otherwise cease to be applicable pursuant to the terms of the Indenture. 

 

	14.	Successor. 

 When a successor assumes all the obligations of its predecessor under the
5 7/8% Securities and the Indenture, the predecessor
will be released from those obligations. 
  

	15.	Defaults and Remedies. 

 If an Event of Default with respect to the 5 7/8% Securities occurs and is continuing (other than an Event of Default relating to bankruptcy, insolvency or reorganization of the Company), then either the Trustee or the Holders of 25% in aggregate
principal amount of the 5 7/8% Securities then
outstanding may declare all 5 7/8% Securities to be
due and payable immediately in the manner and with the effect provided in the Indenture. Holders of
5 7/8% Securities may not enforce the Indenture or
the 5 7/8% Securities, except as provided in the
Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the
5 7/8% Securities. Subject to certain limitations,
Holders of a majority in principal amount of the then outstanding 5 7/8% Securities may direct the Trustee in its exercise of any trust or power with respect to such 5 7/8% Securities. The Trustee may withhold from Holders of
5 7/8% Securities notice of any continuing Default
or Event of Default (except a Default in payment of principal or interest) if it determines that withholding notice is in their interest. 

 

	16.	Trustee and Agent Dealings with Company. 

 The Trustee and each Agent under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or any Subsidiary Guarantor or any
of their Subsidiaries or any of their respective Affiliates, and may otherwise deal with such Persons as if it were not the Trustee or such agent. 
  

	17.	No Recourse Against Others. 

 No recourse for the payment of the principal of, premium, if any, or interest on the 5 7/8% Securities or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the
Company or the Subsidiary Guarantors in the Indenture, or in the 5 7/8% Securities or because of the 

  
 A-10

 
creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, stockholder, officer, director, employee or controlling Person of the Company or the
Subsidiary Guarantors or of any successor Person thereof, except as an obligor or guarantor of the
5 7/8% Securities pursuant to the Indenture. Each
Holder, by accepting the 5 7/8% Securities, waives
and releases all such liability. 
  

	18.	Authentication. 

 This 5 7/8% Security shall not be valid until the Trustee or authenticating agent signs the certificate of authentication on the other side of this 5 7/8% Security. 
  

	19.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder of a 5 7/8% Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  

	20.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company will cause CUSIP numbers to be printed on the 5 7/8% Securities as a convenience to the Holders of the 5 7/8% Securities. No representation is made as to the accuracy of such
numbers as printed on the 5 7/8% Securities and
reliance may be placed only on the other identification numbers printed hereon. 
  

	21.	 Additional Rights of Holders of Transfer Restricted Notes.7 

In addition to the rights provided to Holders of
5 7/8% Securities under the Indenture, Holders of
Transfer Restricted Notes shall have all the rights set forth in the Registration Rights Agreement dated as of the date of the Thirty-Ninth Supplemental Indenture, among the Company, the Subsidiary Guarantors and the Initial Purchasers.

  

	22.	Governing Law. 

 THE INDENTURE AND THE 5 7/8% SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND
NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 
  

 

	7 	 To be included only on Transfer Restricted Notes. 

  
 A-11

 [FORM OF ASSIGNMENT] 
 I or we assign this Security to 
  

 
  

 
  

 
 (Print or type name, address and zip code of
assignee) 
 Please insert Social Security or other identifying number of assignee 

                         
                
 and irrevocably appoint
             agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 

			
	Dated:                    	  	Signed:                           
                                 
		  	              (Sign exactly as name appears on
		  	              the other side of this Security)

Signature
Guarantee**                                       
      
  
  

	**	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable to the Trustee.

  
 A-12

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 5.04 of the Thirty-Ninth Supplemental
Indenture or Article 10 of the Indenture, check the appropriate box: 
  

	 ̈	Section 5.04 

  

	 ̈	Article 10. 

 If you
want to elect to have only part of this Security purchased by the Company pursuant to Section 5.04 or Article 10 of the Indenture, as the case may be, state the amount you want to be purchased:
$        . 
  

									
	Date:                     	 		  	Signature:	  	  
	  	
		 		  		  	(Sign exactly as your name appears	  	
		 		  		  	on the other side of this Security)	  	

 Signature
Guarantee***                                       
                  
  

 

	***	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable to the Trustee.

  
 A-13

 SCHEDULE OF
EXCHANGES8 

The following exchanges of a part of this Global Security have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease in
Principal Amount of
this
Global Note
	  	 Amount of increase in
Principal Amount of
this
Global Note
	  	 Principal Amount of
this
Global Note following such
decrease (or increase)
	  	 Signature of

authorized officer of
Trustee or Note Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	8 	 This should be included only if the Security is issued in global form. 

  
 A-14

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Host Hotels & Resorts, L.P. 

6903 Rockledge Drive, Suite 1500 

Bethesda, Maryland 20817 
 Attention:
Chief Financial Officer 
 The Bank of New York Mellon 
 101 Barclay Street 
 New York, New York 10286 

Attention: Corporate Trust Department 
 Re: 5 7/8% Series W Senior Notes due 2019 
 Dear Sirs: 
 Reference is hereby made to the Amended and Restated
Indenture, dated as of August 5, 1998 (the “Base Indenture”), among HMH Properties, Inc., its Parents and the Subsidiary Guarantors named therein (collectively, the “Subsidiary Guarantors”) and The Bank of New York (the
“Trustee”), and the Thirty-Ninth Supplemental Indenture to the Base Indenture, dated as of May 11, 2011 (the “Thirty-Ninth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among Host
Hotels & Resorts, L.P., as issuer (the “Company”), the Subsidiary Guarantors and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
                    , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A
hereto, in the principal amount of $         in such Note[s] or interests (the “Transfer”), to
                     (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that: 

  
 B-1

 [CHECK ALL THAT APPLY] 
 1.   ̈  Check if Transferee will take delivery of a beneficial interest in the 144A Restricted Global Note or a
Certificated Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Certificated Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Certificated Note for its own account, or for one or more
accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule
144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States and the restrictions set forth in the Private Placement Legend. Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Certificated Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Rule 144A Global Note and/or the Certificated Note and in the
Indenture and the Securities Act. 
 2.   ̈  Check if
Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Certificated Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United
States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore
securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made
prior to the expiration of the Regulation S Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser and such Transfer is in compliance with any applicable
blue sky securities laws of any State of the United States and the restrictions set forth in the Private Placement Legend). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Certificated Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Certificated Note and in the Indenture and the Securities Act.

  
 B-2

 3.   ̈  Check and
complete if Transferee will take delivery of a beneficial interest in the Restricted Certificated Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the
transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Certificated Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United
States, and accordingly the Transferor hereby further certifies that (check one): 

(a)   ̈  such Transfer is being effected pursuant to and in
accordance with Rule 144 under the Securities Act; 
 or 
 (b)   ̈  such Transfer is being effected to the Company or a subsidiary thereof; 

or 
 (c)   ̈  such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities
Act; 
 or 

(d)   ̈  such Transfer is being effected to an Institutional
Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904 and the Transferor hereby further certifies that it has not engaged in any general
solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Certificated Notes (including those set
forth in the Private Placement Legend) and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Thirty-Ninth Supplemental Indenture and
(2) if such Transfer is in respect of a principal amount of Series W Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this
certification and provided to the Company, which has confirmed its acceptability), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture,
the Certificated Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on Restricted Certificated Notes and in the Indenture and the Securities Act. 

4.   ̈  Check if Transferee will take delivery of a transferred
beneficial interest in an Unrestricted Global Note or of an Unrestricted Certificated Note. 

  
 B-3

 (a)   ̈  Check if
Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Certificated Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Certificated Notes and in the Indenture and the Securities Act. 
 (b)   ̈  Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Certificated Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Certificated Notes and in the Indenture. 
 The Transferor hereby further certifies that: 
 (a) the
offer of the beneficial interest or Certificated Note being transferred was not made to a person in the United States; 
 (b) either: 
 (i) at the time the buy order was
originated, the Transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the Transferee was outside the United States; or 

(ii) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither the Transferor nor any person acting on its behalf knows that the transaction was prearranged with a buyer in the United States; 
 (c) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and 

(d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

  
 B-4

 Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Certificated Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Certificated Notes and in the Indenture and the
Securities Act. 
 (b)   ̈  Check if Transfer is
Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Certificated Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Certificated Notes and in the Indenture. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

							
	  
	 		  	Dated:	  	  

	[Insert Name of Transferor]	 		  		  	

  

			
	By:	 	  

		 	Name:
		 	Title:

  
 B-5

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 

(a)   ̈  a beneficial interest in the: 

(i)   ̈  144A Global Note (CUSIP
            ), or 
 (ii)   ̈  Regulation S Global Note (CUSIP             ), or 
 (b)   ̈  a Restricted Certificated Note. 
  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

(a)   ̈  a beneficial interest in the: 

(i)   ̈  144A Global Note (CUSIP
            ), or 
 (ii)   ̈  Regulation S Global Note (CUSIP             ), or 
 (iii)   ̈  Unrestricted Global Note (CUSIP             ); or

 (b)   ̈  a Restricted Certificated Note; or 

(c)   ̈  an Unrestricted Certificated Note, 

in accordance with the terms of the Indenture. 

  
 B-6

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Host Hotels & Resorts, L.P. 

6903 Rockledge Drive, Suite 1500 

Bethesda, Maryland 20817 
 Attention:
Chief Financial Officer 
 The Bank of New York Mellon 
 101 Barclay Street 
 New York, New York 10286 

Attention: Corporate Trust Department 
 Re: 5 7/8% Series W Senior Notes due 2019 
 Dear Sirs: 
 Reference is hereby made to the Amended and Restated
Indenture, dated as of August 5, 1998 (the “Base Indenture”), among HMH Properties, Inc., its Parents and the Subsidiary Guarantors named therein (collectively, the “Subsidiary Guarantors”) and The Bank of New York, as
trustee (the “Trustee”), and the Thirty-Ninth Supplemental Indenture to the Base Indenture, dated as of May 11, 2011 (the “Thirty-Ninth Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), among Host Hotels & Resorts, L.P., as issuer (the “Company”), the Subsidiary Guarantors and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture. 

                    , (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the “Exchange”).
In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of Restricted Certificated Notes or Beneficial
Interests in a Restricted Global Note for Unrestricted Certificated Notes or Beneficial Interests in an Unrestricted Global Note 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest

  
 C-1

 
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted
Certificated Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Certificated Note, the Owner hereby certifies (i) the Certificated Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Certificated Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States. 
 (c)  ̈ Check if Exchange is
from Restricted Certificated Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Certificated Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Certificated Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)  ̈ Check if Exchange is from Restricted Certificated Note to Unrestricted Certificated Note. In connection with the Owner’s Exchange of a Restricted Certificated Note for an Unrestricted
Certificated Note, the Owner hereby certifies (i) the Unrestricted Certificated Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Certificated Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Certificated Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

2. Exchange of Restricted Certificated Notes or Beneficial Interests in Restricted Global Notes for Restricted Certificated Notes or Beneficial
Interests in Restricted Global Notes 
 (a)  ̈ Check if Exchange is from beneficial
interest in a Restricted Global Note to Restricted Certificated Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Certificated Note with an equal principal

  
 C-2

 
amount, the Owner hereby certifies that the Restricted Certificated Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the Restricted Certificated Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Certificated Note and in the
Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from Restricted Certificated
Note or Unrestricted Certificated to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Certificated Note for a beneficial interest in the [CHECK ONE]

 144A Global Note,

 Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United
States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are made for your
benefit and the benefit of the Company. 
  

	
	  
 [Insert Name of Owner]

  

			
	By:	 	  

		 	Name:
		 	Title:

  

			
	 Dated:
	 	  

  
 C-3

 EXHIBIT D 
 FORM OF CERTIFICATE FROM ACQUIRING 
 INSTITUTIONAL ACCREDITED INVESTOR

 Host Hotels & Resorts, L.P. 
 6903 Rockledge Drive 
 Bethesda, Maryland 20817 

Attention: Chief Financial Officer 

The Bank of New York Mellon 
 101
Barclay Street 
 New York, New York 10286 
 Attention: Corporate Trust Department 
 Re: 5 7/8% Series W Senior Notes due 2017

 Dear Sirs: 
 Reference is hereby made to the Amended and Restated Indenture, dated as of August 5, 1998 (the “Base Indenture”), among HMH Properties, Inc., its Parents and the Subsidiary Guarantors
named therein (collectively, the “Subsidiary Guarantors”) and The Bank of New York, as trustee (the “Trustee”), and the Thirty-Ninth Supplemental Indenture to the Base Indenture, dated as of May 11, 2011 (the
“Thirty-Ninth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among Host Hotels & Resorts, L.P., as issuer (the “Company”), the Subsidiary Guarantors and the Trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 In connection
with our proposed purchase of $         aggregate principal amount of: (a) a beneficial interest in a Global Note, or (b) a Certificated Note, we confirm that: 

1. We understand that any subsequent transfer of the Securities or any interest therein is subject to certain restrictions and
conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Securities or any interest therein except in compliance with, such restrictions and conditions and the United States
Securities Act of 1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the
Securities have not been registered under the Securities Act, and that the Securities and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for
which we are acting as hereinafter stated, that if we should sell the Securities or any interest therein, we will do so only (a) to a person who is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A,
(b) pursuant to an exemption from registration under the Securities Act provided by Rules 144 thereunder (if available), (c) to an institutional “accredited investor” (as defined in Rule 501 (a)(1), (2), (3) or (7) of
Regulation D under the Securities Act) that, prior to such 

  
 D-1

 
transfer, furnishes the trustee a signed letter containing certain representations and agreements relating to the transfer of this Security (the form of which can be obtained from the trustee)
and, if such transfer is for less than an aggregate principal amount of $250,000, an opinion of counsel reasonably acceptable to the Company, if requested by the Company, that the transfer is exempt from registration under the Securities Act,
(d) outside the United States in a transaction complying with the provisions of Rule 904 under the Securities Act, (e) in accordance with another exemption from the registration requirements of the Securities Act (and based upon an opinion
of counsel reasonably acceptable to the Company, if requested by the Company), or (f) to the Company or any Subsidiary Guarantor and, in each case, in accordance with the applicable securities laws of any state of the United States or any other
applicable jurisdiction; provided, however, that for any transaction pursuant to clauses (a) through (d) occurring within one year of the date of issuance of the Securities by the Company, the purchaser of the Securities will represent
that is a “qualified person” as defined in Section 49(a)(1)(D)(iv) of the Internal Revenue Code of 1986, as amended (the “Code”). We will, and we will inform each subsequent purchaser that such subsequent purchaser is
required to, notify any subsequent purchaser from it as to the resale restrictions set forth in the preceding sentence. 

3. We understand that, on any proposed resale of the Securities or beneficial interest therein, we will be required to furnish to you
and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Securities purchased
by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the
Securities, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. We are also a “qualified person” as defined above. 

5. We are acquiring the Securities or beneficial interest therein purchased by us for our own account or for one or more accounts
(each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby. 
  

							
	  
	  		  	Dated:	 	  

	[Insert Name of Accredited Investor]	  		  		 	

  

			
	By:	 	  

		 	Name:
		 	Title:

  
 D-2Indenture

 Exhibit 10.1 

SILVERLEAF FINANCE X, LLC, 
 as Issuer 
 SILVERLEAF RESORTS, INC., 

as Servicer 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Backup Servicer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Indenture Trustee, Paying Agent, Custodian and Account Intermediary 
 INDENTURE

 Dated as of May 1, 2011 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	3	  
	 Section 1.1
	    	 General Definitions.
	  	 	3	  
	 Section 1.2
	    	 Compliance Certificates and Opinions.
	  	 	3	  
	 Section 1.3
	    	 Form of Documents Delivered to Indenture Trustee.
	  	 	3	  
	 Section 1.4
	    	 Acts of Noteholders, etc.
	  	 	4	  
	 Section 1.5
	    	 Notice to Noteholders, Waiver.
	  	 	5	  
	 Section 1.6
	    	 Effect of Headings and Table of Contents.
	  	 	6	  
	 Section 1.7
	    	 Successors and Assigns.
	  	 	6	  
	 Section 1.8
	    	 GOVERNING LAW; WAIVER OF TRIAL BY JURY.
	  	 	6	  
	 Section 1.9
	    	 Legal Holidays.
	  	 	6	  
	 Section 1.10
	    	 Execution in Counterparts.
	  	 	7	  
	 Section 1.11
	    	 Inspection.
	  	 	7	  
	 Section 1.12
	    	 Survival of Representations and Warranties.
	  	 	7	  
		
	 ARTICLE II THE NOTES
	  	 	7	  
	 Section 2.1
	    	 General Provisions.
	  	 	7	  
	 Section 2.2
	    	 Reserved.
	  	 	8	  
	 Section 2.3
	    	 Definitive Notes.
	  	 	8	  
	 Section 2.4
	    	 Registration, Transfer and Exchange of Notes.
	  	 	8	  
	 Section 2.5
	    	 Mutilated, Destroyed, Lost and Stolen Notes.
	  	 	10	  
	 Section 2.6
	    	 Payment of Interest and Principal; Rights Preserved.
	  	 	11	  
	 Section 2.7
	    	 Persons Deemed Owners.
	  	 	12	  
	 Section 2.8
	    	 Cancellation.
	  	 	12	  
	 Section 2.9
	    	 Noteholder Lists.
	  	 	12	  
	 Section 2.10
	    	 Treasury Notes.
	  	 	12	  
	 Section 2.11
	    	 [Reserved].
	  	 	13	  
	 Section 2.12
	    	 Confidentiality.
	  	 	13	  
		
	 ARTICLE III ACCOUNTS; COLLECTION AND APPLICATION OF MONEYS; REPORTS
	  	 	13	  
	 Section 3.1
	    	 Trust Accounts; Investments by Indenture Trustee.
	  	 	13	  
	 Section 3.2
	    	 Establishment and Administration of the Trust Accounts.
	  	 	15	  
	 Section 3.3
	    	 Reserved.
	  	 	19	  
	 Section 3.4
	    	 Distributions.
	  	 	19	  
	 Section 3.5
	    	 Reports to Noteholders.
	  	 	20	  
	 Section 3.6
	    	 Withholding Taxes.
	  	 	21	  
		
	 ARTICLE IV THE TRUST ESTATE
	  	 	21	  
	 Section 4.1
	    	 Acceptance by Indenture Trustee.
	  	 	21	  
	 Section 4.2
	    	 Subsequent Timeshare Loans.
	  	 	22	  
	 Section 4.3
	    	 Grant of Security Interest, Tax Treatment.
	  	 	23	  
	 Section 4.4
	    	 Further Action Evidencing Assignments.
	  	 	23	  
	 Section 4.5
	    	 Substitution and Repurchase of Timeshare Loans.
	  	 	24	  

  
 i 

							
	 Section 4.6
	    	 Release of Lien.
	  	 	25	  
	 Section 4.7
	    	 Appointment of Custodian and Paying Agent.
	  	 	26	  
	 Section 4.8
	    	 Sale of Timeshare Loans.
	  	 	26	  
		
	 ARTICLE V SERVICING OF TIMESHARE LOANS
	  	 	26	  
	 Section 5.1
	    	 Appointment of Servicer and Backup Servicer; Servicing Standard.
	  	 	26	  
	 Section 5.2
	    	 Payments on the Timeshare Loans.
	  	 	26	  
	 Section 5.3
	    	 Duties and Responsibilities of the Servicer.
	  	 	27	  
	 Section 5.4
	    	 Servicer Events of Default.
	  	 	31	  
	 Section 5.5
	    	 Accountings; Statements and Reports.
	  	 	35	  
	 Section 5.6
	    	 Records.
	  	 	37	  
	 Section 5.7
	    	 Fidelity Bond and Errors and Omissions Insurance.
	  	 	37	  
	 Section 5.8
	    	 Merger or Consolidation of the Servicer.
	  	 	37	  
	 Section 5.9
	    	 Sub-Servicing.
	  	 	38	  
	 Section 5.10
	    	 Servicer Resignation.
	  	 	38	  
	 Section 5.11
	    	 Fees and Expenses.
	  	 	38	  
	 Section 5.12
	    	 Access to Certain Documentation.
	  	 	39	  
	 Section 5.13
	    	 No Offset.
	  	 	39	  
	 Section 5.14
	    	 Account Statements.
	  	 	39	  
	 Section 5.15
	    	 Indemnification; Third Party Claim.
	  	 	39	  
	 Section 5.16
	    	 Backup Servicer.
	  	 	40	  
	 Section 5.17
	    	 Reserved.
	  	 	41	  
	 Section 5.18
	    	 Recordation.
	  	 	41	  
		
	ARTICLE VI EVENTS OF DEFAULT; REMEDIES	  	 	41	  
	 Section 6.1
	    	 Events of Default.
	  	 	41	  
	 Section 6.2
	    	 Acceleration of Maturity; Rescission and Annulment.
	  	 	43	  
	 Section 6.3
	    	 Remedies.
	  	 	44	  
	 Section 6.4
	    	 Indenture Trustee May File Proofs of Claim.
	  	 	45	  
	 Section 6.5
	    	 Indenture Trustee May Enforce Claims Without Possession of Notes.
	  	 	46	  
	 Section 6.6
	    	 Application of Money Collected.
	  	 	46	  
	 Section 6.7
	    	 Limitation on Suits.
	  	 	47	  
	 Section 6.8
	    	 Unconditional Right of Noteholders to Receive Principal and Interest.
	  	 	48	  
	 Section 6.9
	    	 Restoration of Rights and Remedies.
	  	 	48	  
	 Section 6.10
	    	 Rights and Remedies Cumulative.
	  	 	48	  
	 Section 6.11
	    	 Delay or Omission Not Waiver.
	  	 	48	  
	 Section 6.12
	    	 Control by Noteholders.
	  	 	49	  
	 Section 6.13
	    	 Waiver of Events of Default.
	  	 	49	  
	 Section 6.14
	    	 Undertaking for Costs.
	  	 	49	  
	 Section 6.15
	    	 Reserved.
	  	 	50	  
	 Section 6.16
	    	 Trust Estate.
	  	 	50	  
	 Section 6.17
	    	 Action on Notes.
	  	 	51	  
	 Section 6.18
	    	 Performance and Enforcement of Certain Obligations.
	  	 	51	  

  
 ii 

							
	 ARTICLE VII THE INDENTURE TRUSTEE
	  	 	51	  
	 Section 7.1
	    	 Certain Duties.
	  	 	51	  
	 Section 7.2
	    	 Notice of Events of Default.
	  	 	53	  
	 Section 7.3
	    	 Certain Matters Affecting the Indenture Trustee.
	  	 	53	  
	 Section 7.4
	    	 Indenture Trustee Not Liable for Notes or Timeshare Loans.
	  	 	54	  
	 Section 7.5
	    	 Indenture Trustee May Own Notes.
	  	 	55	  
	 Section 7.6
	    	 Indenture Trustee’s Fees and Expenses.
	  	 	55	  
	 Section 7.7
	    	 Eligibility Requirements for Indenture Trustee.
	  	 	55	  
	 Section 7.8
	    	 Resignation or Removal of Indenture Trustee.
	  	 	55	  
	 Section 7.9
	    	 Successor Indenture Trustee.
	  	 	56	  
	 Section 7.10
	    	 Merger or Consolidation of Indenture Trustee.
	  	 	57	  
	 Section 7.11
	    	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
	  	 	58	  
	 Section 7.12
	    	 Paying Agent and Note Registrar Rights.
	  	 	59	  
	 Section 7.13
	    	 Authorization.
	  	 	59	  
	 Section 7.14
	    	 Maintenance of Office or Agency.
	  	 	60	  
		
	 ARTICLE VIII COVENANTS OF THE ISSUER
	  	 	60	  
	 Section 8.1
	    	 Payment of Principal and Interest.
	  	 	60	  
	 Section 8.2
	    	 Reserved.
	  	 	60	  
	 Section 8.3
	    	 Money for Payments to Noteholders to Be Held in Trust.
	  	 	60	  
	 Section 8.4
	    	 Existence; Merger; Consolidation, etc.
	  	 	62	  
	 Section 8.5
	    	 Protection of Trust Estate; Further Assurances.
	  	 	62	  
	 Section 8.6
	    	 Additional Covenants.
	  	 	64	  
	 Section 8.7
	    	 Taxes.
	  	 	65	  
	 Section 8.8
	    	 Restricted Payments.
	  	 	66	  
	 Section 8.9
	    	 Treatment of Notes as Debt for Tax Purposes.
	  	 	66	  
	 Section 8.10
	    	 Further Instruments and Acts.
	  	 	66	  
	 Section 8.11
	    	 Compliance with Limited Liability Company Agreement
	  	 	66	  
	 Section 8.12
	    	 Separateness Covenants
	  	 	66	  
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	68	  
	 Section 9.1
	    	 Supplemental Indentures.
	  	 	68	  
	 Section 9.2
	    	 Supplemental Indentures with Consent of Noteholders.
	  	 	68	  
	 Section 9.3
	    	 Execution of Supplemental Indentures.
	  	 	69	  
	 Section 9.4
	    	 Effect of Supplemental Indentures.
	  	 	69	  
	 Section 9.5
	    	 Reference in Notes to Supplemental Indentures.
	  	 	70	  
		
	ARTICLE X REDEMPTION OF NOTES	  	 	70	  
	 Section 10.1
	    	 Optional Redemption; Election to Redeem.
	  	 	70	  
	 Section 10.2
	    	 Notice to Indenture Trustee.
	  	 	70	  
	 Section 10.3
	    	 Notice of Redemption by the Servicer.
	  	 	70	  
	 Section 10.4
	    	 Deposit of Redemption Price.
	  	 	70	  
	 Section 10.5
	    	 Notes Payable on Redemption Date.
	  	 	71	  
		
	ARTICLE XI SATISFACTION AND DISCHARGE	  	 	71	  
	 Section 11.1
	    	 Satisfaction and Discharge of Indenture.
	  	 	71	  

  
 iii

							
	 Section 11.2
	    	 Application of Trust Money; Repayment of Money Held by Paying Agent.
	  	 	72	  
	 Section 11.3
	    	 Termination Date.
	  	 	72	  
		
	 ARTICLE XII REPRESENTATIONS AND WARRANTIES AND COVENANTS
	  	 	73	  
	 Section 12.1
	    	 Representations, Warranties and Covenants of the Issuer.
	  	 	73	  
	 Section 12.2
	    	 Representations and Warranties of the Servicer.
	  	 	74	  
	 Section 12.3
	    	 Representations and Warranties of the Indenture Trustee.
	  	 	77	  
	 Section 12.4
	    	 Multiple Roles.
	  	 	78	  
	 Section 12.5
	    	 Representations and Warranties of the Backup Servicer.
	  	 	78	  
		
	ARTICLE XIII MISCELLANEOUS	  	 	79	  
	 Section 13.1
	    	 Officer’s Certificate and Opinion of Counsel as to Conditions Precedent.
	  	 	79	  
	 Section 13.2
	    	 Statements Required in Certificate or Opinion.
	  	 	80	  
	 Section 13.3
	    	 Notices.
	  	 	80	  
	 Section 13.4
	    	 No Proceedings.
	  	 	82	  

  

			
	 Exhibit A
	  	 Form of Notes

		
	 Exhibit B
	  	 Form of Investor Representation Letter

		
	 Exhibit C
	  	 Reserved

		
	 Exhibit D
	  	 Form of Monthly Servicer Report

		
	 Exhibit E
	  	 Servicing Officer’s Certificate

		
	 Annex A
	  	 Standard Definitions

		
	 Schedule I
	  	 Schedule of Timeshare Loans

  
 iv 

 INDENTURE 

This INDENTURE, dated as of May 1, 2011 (the “Indenture”), is among SILVERLEAF FINANCE X, LLC, a
limited liability company formed under the laws of the State of Delaware, as issuer (the “Issuer”), SILVERLEAF RESORTS, INC. (“Silverleaf”), a Texas corporation, in its capacity as servicer (the
“Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”), as paying agent (the “Paying Agent”), as custodian (the
“Custodian”), as backup servicer (the “Backup Servicer”) and as a securities intermediary with respect to the Trust Accounts (in such capacity, the “Account Intermediary”). 

RECITALS OF THE ISSUER 
 WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of its $23,786,000 9.00% Timeshare Loan-Backed Notes, Series 2011-A (the
“Notes”); 
 WHEREAS, all things necessary to make the Notes, when executed by the Issuer and
authenticated and delivered by the Indenture Trustee hereunder, the valid non-recourse obligations of the Issuer, and to make this Indenture a valid agreement of the Issuer, in accordance with its terms, have been done; and 

WHEREAS, the Servicer has agreed to service and administer the Timeshare Loans securing the Notes and the Backup Servicer
has agreed to perform certain servicing duties pursuant to the Backup Servicing Agreement; 
 NOW, THEREFORE,
THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Notes by the
holders thereof, it is mutually covenanted and agreed, for the benefit of the Noteholders, as follows: 
 GRANTING CLAUSE

 To secure the payment of the principal of and interest on the Notes in accordance with their terms, the
payment of all of the sums payable under this Indenture and the performance of the covenants contained in this Indenture, the Issuer hereby Grants to the Indenture Trustee, for the benefit of the Noteholders, all of the Issuer’s right, title
and interest in and to the following whether now owned or hereafter acquired and any and all benefits accruing to the Issuer from, (i) the Initial Timeshare Loans specified on Schedule I hereto, (ii) any Qualified Substitute Timeshare
Loans, (iii) any Subsequent Timeshare Loans, (iv) the Receivables in respect of each Timeshare Loan due on and after the related Cut-Off Date, (v) the related Timeshare Loan Documents (excluding any rights as developer or declarant
under the Timeshare Declaration, the Timeshare Program Consumer Documents or the Timeshare Program Governing Documents), (vi) all Related Security in respect of each Timeshare Loan, (vii) all rights and remedies under the Guaranty, the
Transfer Agreement, the Lockbox Agreement, the Backup Servicing Agreement and the Custodial Agreement, (viii) all amounts in or to be deposited to the Lockbox Account, the Collection Account, the

  
 1 

 
Prefunding Account, the Capitalized Interest Account and the Reserve Account and (ix) proceeds of the foregoing (including, without limitation, all cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or
part or are included in the proceeds of any of the foregoing) (collectively, the “Trust Estate”). Notwithstanding the foregoing, the Trust Estate shall not include (i) any Timeshare Loan released from the lien of this Indenture
in accordance with the terms hereof and any Related Security, Timeshare Loan Documents, income or proceeds related to such released Timeshare Loan, (ii) any amount distributed pursuant to Section 3.4 or Section 6.6 hereof or
(iii) any Misdirected Deposits. 
 Such Grant is made in trust to secure (i) the payment of all
amounts due on the Notes in accordance with their terms, equally and ratably except as otherwise may be provided in this Indenture, without prejudice, priority, or distinction between any Note and any other Note by reason of differences in time of
issuance or otherwise, and (ii) the payment of all other sums payable under the Notes and this Indenture. 

The Indenture Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and
agrees to perform the duties herein required to the best of its ability and to the end that the interests of the Noteholders may be adequately and effectively protected as hereinafter provided. 

The Custodian shall hold the Timeshare Loan Files in trust, for the use and benefit of the Issuer and all present and
future Noteholders, and shall retain possession thereof. The Custodian further agrees and acknowledges that each other item making up the Trust Estate that is physically delivered to the Custodian will be held by the Custodian in the State of
Minnesota or in any other location acceptable to the Indenture Trustee and the Servicer. 
 The Indenture
Trustee further acknowledges that in the event a court of competent jurisdiction were to determine that the conveyance of the Timeshare Loans by Silverleaf to the Issuer pursuant to the Transfer Agreement constitutes a loan and not a sale as it is
intended by all the parties hereto, the Custodian will be holding each of the Timeshare Loans as bailee of the Issuer; provided, however, that with respect to the Timeshare Loans, the Custodian shall not act at the direction of the Issuer without
the prior written consent of the Indenture Trustee. 

  
 2 

 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 

Section 1.1 General Definitions. 

In addition to the terms defined elsewhere in this Indenture, capitalized terms shall have the meanings given them in the
“Standard Definitions” attached hereto as Annex A. 
 Section 1.2 Compliance Certificates and
Opinions. 
 Upon any written application or request (or oral application with prompt written or telecopied
confirmation) by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, other than any request that (a) the Indenture Trustee authenticate the Notes specified in such request, (b) the Indenture
Trustee invest moneys in any of the Trust Accounts pursuant to the written directions specified in such request or (c) the Indenture Trustee pay moneys due and payable to the Issuer hereunder to the Issuer’s assignee specified in such
request, the Indenture Trustee shall require the Issuer to furnish to the Indenture Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with and that the request otherwise is in accordance with the terms of this Indenture, and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that, in the
case of any such requested action as to which other evidence of satisfaction of the conditions precedent thereto is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Section 1.3 Form of Documents Delivered to Indenture Trustee. 

In any case where several matters are required to be certified by, or covered by, an opinion of any specified Person, it
is not necessary that all such matters be certified by, or covered by, the opinion of only one such Person, or that they be so certified or covered by only one such document, but one such Person may certify or give an opinion with respect to some
matters and one or more other such Persons as to other matters, and any such Person may certify or give opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Issuer delivered to the Indenture Trustee may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such officer knows that
such Opinion of Counsel with respect to the matters upon which his/her certificate or opinion is based are erroneous. Any such officer’s certificate or opinion and any Opinion of Counsel may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Issuer as to such factual matters unless such officer or counsel knows that the certificate or opinion or representations with respect to such matters is
erroneous. Any Opinion of Counsel may be based on the written opinion of other counsel, in which event such Opinion of Counsel shall be accompanied by a copy of such other counsel’s opinion and shall include a statement to

  
 3 

 
the effect that such other counsel believes that such counsel and the Indenture Trustee may reasonably rely upon the opinion of such other counsel. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Wherever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting
of such application, or as evidence of compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to
affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Section 7.1(b) hereof. 

Whenever in this Indenture it is provided that the absence of the occurrence and continuation of a Default, Event of
Default or Servicer Event of Default is a condition precedent to the taking of any action by the Indenture Trustee at the request or direction of the Issuer, then, notwithstanding that the satisfaction of such condition is a condition precedent to
the Issuer’s right to make such request or direction, the Indenture Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence and continuation of such event. For all
purposes of this Indenture, the Indenture Trustee shall not be deemed to have knowledge of any Default, Event of Default or Servicer Event of Default nor shall the Indenture Trustee have any duty to monitor or investigate to determine whether a
default has occurred (other than an Event of Default of the kind described in Section 6.1(a) hereof) or Servicer Event of Default has occurred unless a Responsible Officer of the Indenture Trustee shall have actual knowledge thereof or shall
have been notified in writing thereof by the Issuer, the Servicer or any secured party. 
 Section 1.4 Acts of
Noteholders, etc. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to Section 7.1 hereof) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 1.4. 

  
 4 

 (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Indenture Trustee deems sufficient. 

(c) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the holder of any Note shall
bind every future holder of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefore or in lieu thereof in respect of anything done, omitted or suffered to be done by the Indenture Trustee
or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 (d) By
accepting the Notes issued pursuant to this Indenture, each Noteholder irrevocably appoints the Indenture Trustee hereunder as the special attorney-in-fact for such Noteholder vested with full power on behalf of such Noteholder to effect and enforce
the rights of such Noteholder for the benefit of such Noteholder; provided that nothing contained in this Section 1.4(d) shall be deemed to confer upon the Indenture Trustee any duty or power to vote on behalf of the Noteholders with respect to
any matter on which the Noteholders have a right to vote pursuant to the terms of this Indenture. 
 Section 1.5
Notice to Noteholders, Waiver. 
 (a) Where this Indenture provides for notice to Noteholders of any event, or
the mailing of any report to Noteholders, such notice or report shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, via first class mail, or sent by private courier or confirmable electronic means to
each Noteholder affected by such event or to whom such report is required to be mailed, at its address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such
notice or the mailing of such report. In any case where a notice or report to Noteholders is mailed, neither the failure to mail such notice or report, nor any defect in any notice or report so mailed, to any particular Noteholder shall affect the
sufficiency of such notice or report with respect to other Noteholders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 (b) In case by reason of the suspension of regular mail service or by reason of any other cause it shall be
impracticable to mail or send notice to Noteholders, in accordance with Section 1.5(a) hereof, of any event or any report to Noteholders when such notice or report is required to be delivered pursuant to any provision of this Indenture, then

  
 5 

 
such notification or delivery as shall be made with the approval of the Indenture Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 1.6 Effect of Headings and Table of Contents. 

The Article and Section headings herein and in the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 Section 1.7 Successors and Assigns. 

All covenants and agreements in this Indenture by each of the parties hereto shall bind its respective successors and
permitted assigns, whether so expressed or not. 
 Section 1.8 GOVERNING LAW; WAIVER OF TRIAL BY JURY.

 THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF NEW YORK. UNLESS MADE APPLICABLE IN A SUPPLEMENT HERETO, THIS INDENTURE IS NOT SUBJECT TO THE TRUST INDENTURE ACT OF 1939, AS AMENDED, AND SHALL NOT BE GOVERNED THEREBY AND CONSTRUED IN ACCORDANCE THEREWITH. 

SILVERLEAF, THE ISSUER, THE BACKUP SERVICER AND THE INDENTURE TRUSTEE HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS INDENTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY
SILVERLEAF, THE ISSUER, THE BACKUP SERVICER AND THE INDENTURE TRUSTEE AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE OR EXIST. SILVERLEAF, THE ISSUER, THE BACKUP
SERVICER AND THE INDENTURE TRUSTEE ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY SILVERLEAF, THE ISSUER, THE BACKUP SERVICER AND THE INDENTURE TRUSTEE. 

Section 1.9 Legal Holidays. 
 In any case where any Payment Date or the Stated Maturity or any other date of which principal of or interest on any Note or amounts payable in respect of the Residual Certificate, if any, is proposed to
be paid shall not be a Business Day then (notwithstanding any other provision of this Indenture, of the Notes or of the Residual Certificate) such payment need not be made on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on such Payment Date, Stated Maturity or other date on which principal of or interest on any Note or amounts payable in respect of the Residual Certificate, if any, is proposed to be paid; provided
that, no penalty interest shall 

  
 6 

 
accrue for the period from and after such Payment Date, Stated Maturity, or any other date on which principal of or interest on any Note or amounts payable in respect of the Residual Certificate,
if any, is proposed to be paid, as the case may be, until such next succeeding Business Day. 
 Section 1.10
Execution in Counterparts. 
 This Indenture may be executed in any number of counterparts, each of which such
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 1.11 Inspection. 
 The Issuer agrees that, on ten Business
Days’ prior notice (or one Business Day’s prior notice after the occurrence and during the continuance of an Event of Default or a Servicer Event of Default), it will permit the representatives of the Indenture Trustee or any Noteholder
during the Issuer’s normal business hours, to examine all of the books of account, records, reports and other papers of the Issuer, to make copies thereof and extracts therefrom, and to discuss its affairs, finances and accounts with its
designated officers, employees and independent accountants in the presence of such designated officers and employees (and by this provision the Issuer hereby authorizes its independent accountants to discuss with such representatives such affairs,
finances and accounts), all at such reasonable times and as often as may be reasonably requested for the purpose of reviewing or evaluating the financial condition or affairs of the Issuer or the performance of and compliance with the covenants and
undertakings of the Issuer and the Servicer in this Indenture or any of the other documents referred to herein or therein. Any reasonable expense incident to the exercise by the Indenture Trustee at any time or any Noteholder during the continuance
of any Default or Event of Default, of any right under this Section 1.11 shall be borne by the Issuer. Nothing contained herein shall be construed as a duty of the Indenture Trustee to perform such inspection. 

Section 1.12 Survival of Representations and Warranties. 

The representations, warranties and certifications of the Issuer made in this Indenture or in any certificate or other
writing delivered by the Issuer pursuant hereto shall survive the authentication and delivery of the Notes hereunder. 
 ARTICLE
II 
 THE NOTES 
 Section 2.1 General Provisions. 
 (a) Form of Notes. The
Notes shall be designated as the “Silverleaf Timeshare Loan-Backed Notes, Series 2011-A”. The Notes, together with their certificates of authentication, shall be in substantially in one of the forms set forth in Exhibit A
attached hereto, with such appropriate insertions, omissions, substitutions and other variations as required or are permitted by this Indenture, and may have such letters, numbers or other 

  
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marks of identification and such legends or endorsements placed thereon, as may consistently herewith, be determined by the officer executing such Notes, as evidenced by such officer’s
execution of such Notes. 
 (b) Denominations. The Outstanding Note Balance of the Notes which may be
authenticated and delivered under this Indenture is limited to $23,786,000. The Notes shall be issuable only as registered Notes, without interest coupons, in the denominations of at least $100,000 and in integral multiples of $1,000;
provided, however, that the foregoing shall not restrict or prevent the transfer in accordance with Section 2.4 hereof of any Note with a remaining Outstanding Note Balance of less than $100,000. 

(c) Execution, Authentication, Delivery and Dating. The Notes shall be manually executed by an Authorized Officer
of the Issuer. Any Note bearing the signature of an individual who was at the time of execution thereof an Authorized Officer of the Issuer shall bind the Issuer, notwithstanding that such individual ceases to hold such office prior to the
authentication and delivery of such Note or did not hold such office at the date of such Note. No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of
authentication substantially in the form set forth in Exhibit A hereto, executed by the Indenture Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has
been duly authenticated and delivered hereunder. Each Note shall be dated the date of its authentication. The Notes may from time to time be executed by the Issuer and delivered to the Indenture Trustee for authentication together with an Issuer
Order to the Indenture Trustee directing the authentication and delivery of such Notes and thereupon the same shall be authenticated and delivered by the Indenture Trustee in accordance with such Issuer Order. 

Section 2.2 Reserved. 
 Section 2.3 Definitive Notes. 
 Each of the Notes, upon original
issuance shall be a definitive note (a “Definitive Note”). The Issuer, the Indenture Trustee, the Note Registrar and the Servicer shall recognize Holders of Definitive Notes as Noteholders hereunder. The Notes sold to non-U.S.
persons (as defined in Regulation S) in offshore transactions in reliance on Regulation S will be initially represented by one or more temporary Notes (a “Temporary Regulation S Note”). Upon the expiration of the Restricted
Period, interests in a Temporary Regulation S Note may, at the request of the applicable Noteholder, be exchangeable for interests in permanent Notes (together with a Temporary Regulation S Note, a “Regulation S Note”) with the
applicable legends removed. 
 Section 2.4 Registration, Transfer and Exchange of Notes. 

(a) The Issuer shall cause to be kept at the Corporate Trust Office a register (“Note Register”) for the
registration, transfer and exchange of Notes. The Indenture Trustee is hereby appointed “Note Registrar” for purposes of registering Notes and transfers of Notes as herein provided. The names and addresses of all Noteholders and the

  
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names and addresses of the transferees of any Notes shall be registered in the Note Register. The Person in whose name any Note is so registered shall be deemed and treated as the sole owner and
Noteholder hereof for all purposes of this Indenture and the Note Registrar, the Issuer, the Indenture Trustee, the Servicer and any agent of any of them shall not be affected by any notice or knowledge to the contrary. A Definitive Note is
transferable or exchangeable only upon the surrender of such Note to the Note Registrar at the Corporate Trust Office together with an assignment and transfer (executed by the Holder or his duly authorized attorney), subject to the applicable
requirements of this Section 2.4. Upon request of the Issuer or the Indenture Trustee, the Note Registrar shall provide the Indenture Trustee with the names and addresses of any Noteholders. 

(b) Upon surrender for registration of transfer of any Definitive Note, subject to the applicable requirements of this
Section 2.4, the Issuer shall execute and the Indenture Trustee shall duly authenticate in the name of the designated transferee or transferees, one or more new Notes in denominations of a like aggregate denomination as the Definitive Note
being surrendered. Each Note surrendered for registration of transfer shall be canceled and consequently destroyed by the Note Registrar. Each new Note issued pursuant to this Section 2.4 shall be registered in the name of any Person as the
transferring Holder may request, subject to the applicable provisions of this Section 2.4. All Notes issued upon any registration of transfer or exchange of Notes shall be entitled to the same benefits under this Indenture as the Notes
surrendered upon such registration of transfer or exchange. 
 (c) The Notes will not be registered or qualified
under the Securities Act, under applicable state securities laws or under the laws of any other jurisdiction and may not be offered or sold within the United States or to, or for the account of any U.S. person (as defined in Regulation S under the
Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No sale, resale or transfer of any Note may be made unless such sale, resale or transfer is made in
accordance with this Indenture, in minimum denominations of $100,000 and in integral multiples of $1,000 and only if such resale or transfer is made (i)(A) in the United States to a person whom the seller reasonably believes is an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) (an “IAI”) and a “qualified purchaser” (within the meaning of Section 2(a)(51) of the
Investment Company Act, as amended) (a “QP”), or (B) outside the United States in a transaction complying with the provisions of Rule 904 under the Securities Act to a person that is an IAI and QP, (ii) pursuant to an
exemption from registration under the Securities Act provided by Rule 144 (if available) to a persons that is a QP, or (iii) pursuant to an effective registration statement under the Securities Act to a persons that is a QP, in each of cases
(i) through (iii) in accordance with the applicable securities laws of any State of the United States. Each transferee and each subsequent transferee will be required to notify any subsequent purchaser of such Notes from it of the resale
restrictions described above. Each Person that purchases or otherwise acquires any beneficial interest in a Note shall be required to execute an investor representation letter in the form attached hereto as Exhibit B and shall otherwise be
deemed, by its purchase or other acquisition thereof, to have represented, warranted and agreed as provided in the legends of such Note and shall be deemed to have made the representations, warranties and covenants set forth with respect to the
representation letter attached as Exhibit B. Any purported transfer of a Note not in accordance with this Section 2.4 shall be 

  
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null and void and shall not be given effect for any purpose hereunder. None of the Issuer, the Servicer or the Indenture Trustee is obligated to register or qualify the Notes under the Securities
Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note without registration. 
 (d) No resale or other transfer of any Note may be made to any transferee unless (A) such transferee is not, and will not acquire such Note on behalf or with the assets of, any Benefit Plan or
(B) no non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code will occur by reason of the availability of PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23, all of the conditions of which
will be met or occur in connection with the acquisition, holding or disposition of such Note or, with respect to any other plan or entity subject to Similar Law, such purchase and holding will not be prohibited by reason of an exemption available to
the transaction. 
 (e) No fee or service charge shall be imposed by the Note Registrar for its services in
respect of any registration of transfer or exchange referred to in this Section 2.4. The Note Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with
any such transfer. 
 (f) None of the Issuer, the Indenture Trustee, the Servicer or the Note Registrar is
obligated to register or qualify the Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of such Notes without registration or qualification. Any such
Noteholder desiring to effect such transfer shall, and does hereby agree to, indemnify the Issuer, the Indenture Trustee, the Servicer and the Note Registrar against any loss, liability or expense that may result if the transfer is not so exempt or
is not made in accordance with such federal and state laws. 
 (g) The Servicer agrees to cause the Issuer, and
the Issuer agrees to provide, such information as may be required under Rule 144 under the Securities Act so as to allow resales of Notes in accordance with Rule 144 and in accordance herewith. 

(h) The Notes represent the sole obligation of the Issuer payable from the Trust Estate and do not represent the
obligations of the Originator, the Servicer, the Backup Servicer, the Indenture Trustee or the Custodian. 

Section 2.5 Mutilated, Destroyed, Lost and Stolen Notes. 

(a) If any mutilated Note is surrendered to the Indenture Trustee, the Issuer shall execute and the Indenture Trustee
shall authenticate and deliver in exchange therefor a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

(b) If there shall be delivered to the Issuer and the Indenture Trustee (i) evidence to their satisfaction of the
destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless then, in the absence of actual notice to the Issuer or the Indenture Trustee
that such Note has been acquired by a bona fide purchaser, the Issuer shall execute 

  
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and upon its request the Indenture Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a replacement Note of like tenor and principal amount and bearing a
number not contemporaneously outstanding. 
 (c) In case the final installment of principal on any such
mutilated, destroyed, lost or stolen Note has become or will at the next Payment Date become due and payable, the Issuer, in its discretion, may, instead of issuing a replacement Note, pay such Note. 

(d) Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may
require the payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed as a result of the issuance of such replacement Note. 

(e) Every replacement Note issued pursuant to this Section 2.5 in lieu of any destroyed, lost or stolen Note shall
constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 
 (f) The provisions of this
Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.6 Payment of Interest and Principal; Rights Preserved. 

(a) Any installment of interest or principal, payable on any Note that is punctually paid or duly provided for by or on
behalf of the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note was registered at the close of business on the Record Date for such Payment Date by check mailed to the address specified in the Note Register,
or if a Holder has provided wire transfer instructions to the Indenture Trustee at least 5 Business Days prior to the applicable Payment Date, upon the request of a Holder, by wire transfer of federal funds to the account and number specified in the
Note Register, in each case on such Record Date for such Person (which shall be, as to each original purchaser of the Notes the account and number specified by such purchaser to the Indenture Trustee in writing, or if no such account or number is so
specified, then by check mailed to such Person’s address as it appears in the Note Register on such Record Date). 
 (b) All reductions in the principal amount of a Note effected by payments of principal made on any Payment Date shall be binding upon all Holders of such Note and of any Note issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof whether or not such payment is noted on such Note. All payments on the Notes shall be paid without any requirement of presentment, but each Holder of any Note shall be deemed to agree by
its acceptance of the same, to surrender such Note at the Corporate Trust Office within thirty (30) days after receipt of the final principal payment of such Note. 

  
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 Section 2.7 Persons Deemed Owners. 

Prior to due presentment of a Note for registration of transfer, the Issuer, the Indenture Trustee, and any agent of the
Issuer or the Indenture Trustee may treat the registered Noteholder as the owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not payment on such Note
is overdue, and neither the Issuer, the Indenture Trustee, nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 
 Section 2.8 Cancellation. 
 All Notes surrendered for registration
of transfer or exchange or following final payment shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by it. The Issuer may at any time deliver to the Indenture
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this Indenture. All canceled Notes held by the Indenture Trustee may be disposed of in the normal course of its
business or as directed by an Issuer Order. 
 Section 2.9 Noteholder Lists. 

The Indenture Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to
it of the names and addresses of the Noteholders. In the event the Indenture Trustee no longer serves as the Note Registrar, the Issuer (or any other obligor upon the Notes) shall furnish to the Indenture Trustee at least 5 Business Days before each
Payment Date (and in all events in intervals of not more than 6 months) and at such other times as the Indenture Trustee may request in writing a list in such form and as of such date as the Indenture Trustee may reasonably require of the names and
addresses of the Noteholders. 
 Section 2.10 Treasury Notes. 

In determining whether the Noteholders of the required Outstanding Note Balance have concurred in any direction, waiver
or consent, Notes held or redeemed by the Issuer or any other obligor in respect of the Notes or held by an Affiliate of the Issuer or such other obligor shall be considered as though not Outstanding, except that for the purposes of determining
whether the Indenture Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Responsible Officer of the Indenture Trustee knows are so owned shall be so disregarded. 

  
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 Section 2.11 [Reserved]. 

Section 2.12 Confidentiality. 
 Each Noteholder, by acceptance of a Note, agrees and covenants that it shall hold in confidence all Confidential Information; provided, however, that any Noteholder may deliver or disclose
Confidential Information to (i) its directors, officers, trustees, managers; employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the investment represented by the Notes), (ii) its financial
advisors and other professional advisors who agree to hold confidential such information substantially in accordance with the terms of this Section 2.12, (iii) any other Noteholder, (iv) any institutional investor to which such
Noteholder sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such confidential information to be bound by the provisions of this Section 2.12),
(v) any federal or state regulatory authority having jurisdiction over such Noteholder, (vi) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agencies that requires access
to information about such Noteholder’s investment portfolio, (vii) any person to the extent the information relates to the U.S. Federal income tax treatment of the offering of the Notes and any fact that may be relevant to understanding
the tax treatment (the “Tax Structure”) and all materials of any kind (including opinions or other tax analyses) that are provided to the Issuer, the Placement Agent and each prospective investor relating to such tax treatment and
Tax Structure or (ix) any other person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Noteholder, (x) in response to any
subpoena or other legal process, (y) in connection with any litigation to which such Noteholder is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Noteholder may reasonably determine such delivery
and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Notes and the Transaction Documents. 
 ARTICLE III 
 ACCOUNTS; COLLECTION AND 

APPLICATION OF MONEYS; REPORTS 
 Section 3.1 Trust Accounts; Investments by Indenture Trustee. 

(a) On or before the Closing Date, the Indenture Trustee shall establish in the name of the Indenture Trustee for the
benefit of the Noteholders as provided in this Indenture, the Trust Accounts, which accounts (other than the Lockbox Account) shall be Eligible Bank Accounts maintained at the Corporate Trust Office. 

Subject to the further provisions of this Section 3.1(a), the Indenture Trustee shall, upon receipt or upon transfer
from another account, as the case may be, deposit into such Trust Accounts all amounts received by it which are required to be deposited therein in accordance with the provisions of this Indenture. All such amounts and all investments made with such
amounts, including all income and other gain from such investments, shall be held 

  
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by the Indenture Trustee in such accounts as part of the Trust Estate as herein provided, subject to withdrawal by the Indenture Trustee in accordance with, and for the purposes specified in the
provisions of, this Indenture. 
 (b) The Indenture Trustee shall assume that any amount remitted to it in
respect of the Trust Estate is to be deposited into the Collection Account pursuant to Section 3.2(a) hereof unless a Responsible Officer of the Indenture Trustee receives written instructions from the Servicer to the contrary. 

(c) None of the parties hereto shall have any right of “set-off” with respect to any Trust Account or any
investment therein. 
 (d) So long as no Event of Default shall have occurred and be continuing, all or a
portion of the amounts in any Trust Account (other than the Lockbox Account) shall be invested and reinvested by the Indenture Trustee pursuant to an Issuer Order in one or more Eligible Investments. Subject to the restrictions on the maturity of
investments set forth in Section 3.1(f) below, each such Issuer Order may authorize the Indenture Trustee to make the specific Eligible Investments set forth therein or to make Eligible Investments from time to time consistent with the general
instructions set forth therein, in each case, in such amounts as such Issuer Order shall specify. 
 (e) In the
event that either (i) the Issuer shall have failed to give investment directions to the Indenture Trustee by 9:30 A.M., New York City time on any Business Day on which there may be uninvested cash or (ii) an Event of Default shall be
continuing, the Indenture Trustee shall promptly invest and reinvest the funds then in the designated Trust Account to the fullest extent practicable in those obligations or securities described in clause (d) of the definition of “Eligible
Investments”. All investments made by the Indenture Trustee shall mature no later than the maturity date therefor permitted by Section 3.1(f) hereof. 
 (f) No investment of any amount held in any Trust Account shall mature later than the Business Day immediately preceding the Payment Date which is scheduled to occur immediately following the date of
investment. All income or other gains (net of losses) from the investment of moneys deposited in any Trust Account shall be deposited by the Indenture Trustee in such account immediately upon receipt. 

(g) Subject to Section 3.1(d) hereof, any investment of any funds in any Trust Account shall be made under the
following terms and conditions: 
 (i) each such investment shall be made in the name of the Indenture Trustee,
in each case in such manner as shall be necessary to maintain the identity of such investments part of the Trust Estate; and 
 (ii) any certificate or other instrument evidencing such investment shall be delivered directly to the Indenture Trustee, and the Indenture Trustee shall have sole possession of such instrument, and all
income on such investment. 

  
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 (h) The Indenture Trustee shall not in any way be held liable by reason of
any insufficiency in any Trust Account resulting from losses on investments made in accordance with the provisions of this Section 3.1 including, but not limited to, losses resulting from the sale or depreciation in the market value of such
investments (but the institution serving as Indenture Trustee shall at all times remain liable for its own obligations, if any, constituting part of such investments). The Indenture Trustee shall not be liable for any investment or liquidation of an
investment made by it in accordance with this Section 3.1 on the grounds that it could have made a more favorable investment or a more favorable selection for sale of an investment. 

(i) The parties agree that each Trust Account (other than the Lockbox Account) is a “securities account” within
the meaning of Article 8 of the UCC and that all property (including without limitation all uninvested funds, securities and other investment property) at any time deposited or carried in or credited to the Trust Accounts (other than the Lockbox
Account) shall be treated as “financial assets” within the meaning of Article 8 of the UCC. The Account Intermediary agrees that (A) it is a “securities intermediary” within the meaning of Article 8 of the UCC and will at
all times act in such capacity with respect to the Trust Accounts and (B) the Indenture Trustee is the entitlement holder of the Trust Accounts (other than the Lockbox Account). The parties agree that the Account Intermediary shall follow all
“entitlement orders” (as such term is defined in Article 8 of the UCC) originated by the Indenture Trustee with respect to the Trust Accounts (other than the Lockbox Account) and all financial assets deposited or carried in or credited to
any Trust Account (other than the Lockbox Account). The parties agree that the “securities intermediary’s jurisdiction”, within the meaning of Section 8-110 of the UCC, with respect to security entitlements to financial assets
credited to the Trust Accounts (other than the Lockbox Account) shall be the State of New York. 
 Section 3.2
Establishment and Administration of the Trust Accounts. 
 (a) Collection Account. The Issuer hereby
directs and the Indenture Trustee hereby agrees to cause to be established and maintained an account (the “Collection Account”) for the benefit of the Noteholders. The Collection Account shall be an Eligible Bank Account initially
established at the corporate trust department of the Indenture Trustee, bearing the following designation “Silverleaf Timeshare Loan-Backed Notes, Series 2011-A—Collection Account, Wells Fargo Bank, National Association, as Indenture
Trustee for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the Collection Account and in all proceeds thereof. The
Collection Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear in the Trust Estate. If, at any time, the Collection Account ceases to be an Eligible Bank Account,
the Indenture Trustee shall within two (2) Business Days establish a new Collection Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Collection Account, and from the date such new Collection
Account is established, it shall be the “Collection Account”. The Indenture Trustee agrees to immediately deposit any amounts received by it into the Collection Account. Amounts on deposit in the Collection Account shall be invested in
accordance with Section 3.1 hereof. Withdrawals and payments from the Collection Account will be made on each Payment Date 

  
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as provided in Section 3.4 or Section 6.6 hereof, as applicable. The Indenture Trustee, at the written direction of the Servicer, shall withdraw (no more than once per calendar week)
from the Collection Account and return to the Servicer or as directed by the Servicer, any amounts which (i) were mistakenly deposited by the Lockbox Bank in the Collection Account, including, without limitation, amounts representing
Misdirected Payments and (ii) represent Additional Servicing Compensation. The Indenture Trustee may conclusively rely on such written direction. 
 (b) Reserve Account. The Issuer hereby directs and the Indenture Trustee hereby agrees to cause to be established and maintained an account (the “Reserve Account”) for the benefit
of the Noteholders. On the Closing Date, the Indenture Trustee shall deposit, from the proceeds from the sale of the Notes, an amount equal to the Reserve Account Initial Deposit. The Reserve Account shall be an Eligible Bank Account initially
established at the corporate trust department of the Indenture Trustee, bearing the following designation “Silverleaf Timeshare Loan-Backed Notes, Series 2011-A—Reserve Account, Wells Fargo Bank, National Association, as Indenture Trustee
for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the Reserve Account and in all proceeds thereof. The Reserve
Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear in the Trust Estate. If, at any time, the Reserve Account ceases to be an Eligible Bank Account, the Indenture
Trustee shall within two (2) Business Days establish a new Reserve Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Reserve Account and from the date such new Reserve Account is established,
it shall be the “Reserve Account”. Amounts on deposit in the Reserve Account shall be invested in accordance with Section 3.1 hereof. Deposits to the Reserve Account shall be made in accordance with Section 3.4 hereof.
Withdrawals and payments from the Reserve Account shall be made in the following manner: 
 (i) Deposits
into Reserve Account. On or before the Closing Date, the Issuer will cause the Indenture Trustee to deposit from proceeds of the sale of the Notes an amount equal to the Reserve Account Initial Deposit. 

(ii) Withdrawals. Subject to Sections 3.2(b)(iii) and (iv) below, if on any Payment Date, Available
Funds (without giving effect to any deposit from the Reserve Account) would be insufficient to pay any portion of the Required Payments on such Payment Date, the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw from the
Reserve Account an amount equal to the lesser of such insufficiency and the amount on deposit in the Reserve Account and deposit such amount in the Collection Account. 

(iii) Acceleration Event. Upon the occurrence of an Acceleration Event, the Indenture Trustee shall withdraw all
amounts on deposit in the Reserve Account and shall deposit such amounts to the Collection Account for distribution in accordance with Section 6.6 hereof. 

(iv) Guaranty Default Event. Upon the occurrence of a Guaranty Default Event, the Indenture Trustee shall
withdraw all amounts on deposit in the Reserve 

  
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Account and shall deposit such amounts into the Collection Account for distribution on the immediately following Payment Date. 

(v) Stated Maturity or Payment in Full. On the Stated Maturity, the Indenture Trustee shall withdraw all amounts
on deposit in the Reserve Account and shall deposit such amounts to the Collection Account. If, on any Determination Date, the amounts on deposit in the Reserve Account is equal to or greater than the Outstanding Note Balance, all accrued and unpaid
interest on the Notes, and any amounts due to the Indenture Trustee, the Servicer, the Backup Servicer and the Custodian pursuant to the Transaction Documents, the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw all amounts
on deposit in the Reserve Account and shall deposit such amounts to the Collection Account for distribution on the related Payment Date. 
 (vi) Amounts in Excess of Reserve Account Required Balance. Except if an Acceleration Event or Event of Default shall have occurred and is continuing, on any Payment Date, if amounts on deposit in
the Reserve Account are greater than the Reserve Account Required Balance (after giving effect to all other distributions and disbursements on such Payment Date), the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw funds in
excess of the Reserve Account Required Balance from the Reserve Account and disburse such amounts to or at the direction of the Issuer. 
 (c) Prefunding Account. The Issuer hereby directs and the Indenture Trustee hereby agrees to cause to be established and maintained an account (the “Prefunding Account”) for the
benefit of the Noteholders. On the Closing Date, the Indenture Trustee shall deposit in the Prefunding Account, from the proceeds from the sale of the Notes, an amount equal to the Prefunding Account Initial Deposit. The Prefunding Account shall be
an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “Silverleaf Timeshare Loan-Backed Notes, Series 2011-A—Prefunding Account, Wells Fargo Bank,
National Association, as Indenture Trustee for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the Prefunding Account
and in all proceeds thereof. The Prefunding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear in the Trust Estate. If, at any time, the Prefunding Account
ceases to be an Eligible Bank Account, the Indenture Trustee shall within two (2) Business Days establish a new Prefunding Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Prefunding Account
and from the date such new Prefunding Account is established, it shall be the “Prefunding Account”. Amounts on deposit in the Prefunding Account shall be invested in accordance with Section 3.1 hereof. Withdrawals and payments from
the Prefunding Account shall be made in the following manner: 
 (i) Withdrawal of Cash Portion of Timeshare
Loan Acquisition Price. At or before 10:00 AM New York City time, on each Transfer Date for a transfer of Subsequent Timeshare Loans, upon satisfaction of the conditions specified in Section 4.2 hereof, the Indenture Trustee shall, in
accordance with the written instructions of the Servicer, withdraw from the Prefunding Account an amount equal to the product of (x) 70% 

  
 17 

 
and (y) the aggregate Timeshare Loan Acquisition Price of such Subsequent Timeshare Loans and shall distribute such amounts to, or at the direction of, the Issuer. 

(ii) Withdrawal of Investment Earnings. On each Payment Date during the Prefunding Period and on the Payment Date
following the Prefunding Termination Date, the Indenture Trustee shall withdraw from the Prefunding Account and deposit in the Collection Account for distribution on such Payment Date in accordance with Section 3.4 hereof, the net investment
earnings from funds on deposit in the Prefunding Account since the prior Payment Date or the Closing Date, as applicable. 
 (iii) Withdrawal on Prefunding Termination Date. On the Prefunding Termination Date, the Indenture Trustee shall withdraw all amounts remaining in the Prefunding Account (other than investment
earnings related thereto) and deposit such amounts into the Collection Account for distribution on the immediately following Payment Date as a distribution of principal in accordance with Section 3.4 hereof. Upon distribution of the amounts
specified in this clause (iii), the Indenture Trustee shall cause the Prefunding Account to be closed. 
 (d)
Capitalized Interest Account. The Issuer hereby directs and the Indenture Trustee hereby agrees to cause to be established and maintained an account (the “Capitalized Interest Account”) for the benefit of the Noteholders. On
the Closing Date, the Indenture Trustee shall deposit in the Capitalized Interest Account, from the proceeds from the sale of the Notes, an amount equal to the Capitalized Interest Amount. The Capitalized Interest Account shall be an Eligible Bank
Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “Silverleaf Timeshare Loan-Backed Notes, Series 2011-A—Capitalized Interest Account, Wells Fargo Bank, National
Association, as Indenture Trustee for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the Capitalized Interest Account
and in all proceeds thereof. The Capitalized Interest Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear in the Trust Estate. If, at any time, the Capitalized
Interest Account ceases to be an Eligible Bank Account, the Indenture Trustee shall within two (2) Business Days establish a new Capitalized Interest Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to
such new Capitalized Interest Account and from the date such new Capitalized Interest Account is established, it shall be the “Capitalized Interest Account”. Amounts on deposit in the Capitalized Interest Account shall be invested in
accordance with Section 3.1 hereof. Withdrawals and payments from the Capitalized Interest Account shall be made in the following manner: 
 (i) Withdrawal of Carrying Charges. At or before 11:00 AM New York City time, on the second Business Day prior to each Payment Date prior to the Prefunding Termination Date, the Servicer shall
determine the Carrying Charges in respect of the upcoming Payment Date and provide notice thereof, and the direction referenced in the immediately following sentence, to the Indenture Trustee. The Indenture Trustee shall transfer into the Collection
Account on each Payment Date, in accordance with the written 

  
 18 

 
direction of the Servicer, an amount equal to such Carrying Charges from the Capitalized Interest Account (solely to the extent of the amount then on deposit therein). 

(ii) Limitation on Withdrawals. No withdrawals may be made of funds in the Capitalized Interest Account except as
provided in clause (i) above and clause (iii) below. Except as specifically provided, funds in the Capitalized Interest Account shall not be commingled with funds in any other account established with respect to the Notes or with any other
monies. 
 (iii) Withdrawal after the Prefunding Termination Date. On the Payment Date following the
Prefunding Termination Date, the Indenture Trustee shall withdraw all amounts remaining in the Capitalized Interest Account and deposit such amounts in the Collection Account. Such amounts will be distributed on such Payment Date in accordance with
Section 3.4 hereof. Upon distribution of the amounts specified in this clause (iii), the Indenture Trustee shall cause the Capitalized Interest Account to be closed. 

Section 3.3 Reserved. 
 Section 3.4 Distributions. 
 (a) So long as no Acceleration Event has occurred, on
each Payment Date, to the extent of Available Funds, and, except as provided for in Section 3.4(b), based on the Monthly Servicer Report, the Indenture Trustee shall withdraw funds from the Collection Account to make the following disbursements
and distributions to the following parties, in the following order of priority: 
 (i) to the Indenture
Trustee, the Indenture Trustee Fee, plus any accrued and unpaid Indenture Trustee Fees with respect to prior Payment Dates, and any out-of-pocket expenses of the Indenture Trustee (up to $10,000 per Payment Date) incurred and not reimbursed in
connection with its obligations and duties under this Indenture; 
 (ii) to the payment of the Texas franchise
tax, interest and penalties, if any, imposed on the Issuer, to the extent not paid by Silverleaf when due; 

(iii) to the Servicer, the Servicing Fee, plus any accrued and unpaid Servicing Fees with respect to prior Payment Dates
and to the successor servicer, if any, the Servicer Termination Costs, if any (up to a cumulative total of Servicer transition expenses of $100,000); 
 (iv) to the Backup Servicer, to the extent not previously paid, the Backup Servicing Fee, plus any accrued and unpaid Backup Servicing Fees with respect to prior Payment Dates; 

(v) to the Noteholders, the Interest Distribution Amount; 

(vi) unless a Guaranty Default Event exists, to the Reserve Account, all remaining Available Funds until the amounts on
deposit in the Reserve Account shall be equal the Reserve Account Required Balance; 

  
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 (vii) to the Noteholders, all remaining Available Funds until the
Outstanding Note Balance of the Notes has been reduced to zero; 
 (viii) to the Indenture Trustee, any
out-of-pocket expenses of the Indenture Trustee not paid in accordance with (i) above; and 
 (ix) any
remaining Available Funds to the holder of the Residual Certificate. 
 (b) If the Indenture Trustee shall have
knowledge that a Guaranty Default Event exists and the Servicer has not delivered a revised Monthly Servicer Report for a Payment Date reflecting the occurrence of such Guaranty Default Event, the Indenture Trustee shall disregard the erroneous
Monthly Servicer Report and shall make distributions pursuant to Section 3.4(a) based on the existence of such Guaranty Default Event. For the avoidance of doubt, if the Indenture Trustee has not received Aggregate Defaulted Timeshare Loan
Make-Whole Amounts or interest shortfall amounts by 1:00 p.m. Eastern Time the Business Day prior to a Payment Date, the Indenture Trustee shall be deemed to have knowledge of a Guaranty Default Event. 

Section 3.5 Reports to Noteholders. 

On each Payment Date, the Indenture Trustee shall make available via the Indenture Trustee’s internet website the
Monthly Servicer Report to the Placement Agent, the Noteholders, the Backup Servicer, the holder of the Residual Certificate and the Issuer; provided, however, the Indenture Trustee shall have no obligation to provide such information
described in this Section 3.5 until it has received the requisite information from the Issuer or the Servicer. The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will assume
no responsibility therefore. On or before the fifth day prior to the final Payment Date, the Indenture Trustee shall send notice of such Payment Date to the Placement Agent and the Noteholders. Such notice shall include a statement that if such
Notes are paid in full on the final Payment Date, interest shall cease to accrue as of the day immediately preceding such final Payment Date. In addition, the Indenture Trustee shall deliver to the Note Owners and the holder of the Residual
Certificate, all notices, compliance reports and other certificates delivered by the Servicer or the Issuer pursuant to Sections 4.5, 5.3(g), 5.5, 5.7, 5.8 and 11.1 of this Indenture. At a Note Owner’s or the holder of the Residual
Certificate’s request, the Indenture Trustee agrees to provide such Note Owner an accounting of the balance in the Reserve Account, the Prefunding Account and the Capitalized Interest Account. 

The Indenture Trustee shall promptly provide notice to the Guarantor, the Noteholders and the Placement Agent (i) if
it has knowledge of a Guaranty Default Event, (ii) if the circumstances described forth in Section 3.4(b) have occurred and the Indenture Trustee has made distributions as required therein and (iii) if the Guarantor has cured any
Guaranty Default Event. 
 The Indenture Trustee’s internet website shall be initially located at
“www.CTSLink.com” or at another address as shall be specified by the Indenture Trustee 

  
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from time to time in writing to the Issuer, the Servicer, the Noteholders, the holder of the Residual Certificate. For assistance with this service, Noteholders and the holder of the Residual
Certificate may call the customer service desk at (866) 846-4526. In connection with providing access to the Indenture Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The
Indenture Trustee shall not be liable for the dissemination of information in accordance with this Indenture. 

The Indenture Trustee shall have the right to change the way Monthly Servicer Reports are distributed in order to make
such distribution more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding any such changes. 

Annually (and more often, if required by applicable law), the Indenture Trustee shall distribute to Noteholders any Form
1099 or similar information returns required by applicable tax law to be distributed to the Noteholders. The Servicer shall prepare or cause to be prepared all such forms and returns for distribution by the Indenture Trustee to the Noteholders.

 Section 3.6 Withholding Taxes. 

The Indenture Trustee, on behalf of the Issuer, shall comply with all requirements of the Code and applicable Treasury
Regulations and applicable state and local law with respect to the withholding from any distributions made by it to any Noteholder or the holder of the Residual Certificate of any applicable withholding taxes imposed thereon and with respect to any
applicable reporting requirements in connection therewith. 
 ARTICLE IV 

THE TRUST ESTATE 
 Section 4.1 Acceptance by Indenture Trustee. 
 (a) Concurrently
with the execution and delivery of this Indenture, the Indenture Trustee does hereby acknowledge and accept the conveyance by the Issuer of the assets included in the Trust Estate. The Indenture Trustee shall hold the Trust Estate in trust for the
benefit of the Noteholders, subject to the terms and provisions hereof. In connection with the conveyance of the Trust Estate to the Indenture Trustee, the Issuer has delivered or has caused the Originator to deliver (i) to the Custodian, the
Timeshare Loan Files, and (ii) to the Servicer the Timeshare Loan Servicing Files for each Timeshare Loan conveyed on the Closing Date. On or prior to each Transfer Date, the Issuer will deliver or cause to be delivered (i) to the
Custodian, the Timeshare Loan Files, and (ii) to the Servicer, the Timeshare Loan Servicing Files, for each Qualified Substitute Timeshare Loan or Subsequent Timeshare Loan to be conveyed on such Transfer Date. 

(b) The Indenture Trustee shall perform its duties under this Section 4.1 for the benefit of the Noteholders in
accordance with the terms of this Indenture and applicable law and, in each case, taking into account its other obligations hereunder, but without regard to: 

  
 21 

 (i) any relationship that the Indenture Trustee or any Affiliate of the
Indenture Trustee may have with an Obligor; 
 (ii) the ownership of any Note by the Indenture Trustee or any
Affiliate of the Indenture Trustee; 
 (iii) the Indenture Trustee’s right to receive compensation for its
service hereunder or with respect to any particular transaction; or 
 (iv) the ownership, or holding in trust
for others, by the Indenture Trustee of any other assets or property. 
 Section 4.2 Subsequent Timeshare Loans.

 (a) On each Transfer Date during the Prefunding Period on which Subsequent Timeshare Loans are pledged by the
Issuer to the Indenture Trustee hereunder, subject to the satisfaction of the following conditions, the Indenture Trustee shall transfer on such Transfer Date, upon the order of the Issuer, from the Prefunding Account to an account designated by the
Issuer, the 70% of the Timeshare Loan Acquisition Price for each such Subsequent Timeshare Loan. Prior to the acceptance by the Indenture Trustee of any Subsequent Timeshare Loan or the release of any funds therefor, the following conditions must be
satisfied on or prior to the related Transfer Date: 
 (i) the Issuer shall have delivered to the Indenture
Trustee a Schedule of Timeshare Loans listing the Subsequent Loans to be conveyed on such Transfer Date, and confirmed the satisfaction of each condition precedent specified in the Transfer Agreement, not less than three (3) Business Days prior
to such Transfer Date; 
 (ii) the Issuer shall have deposited or caused to be deposited in the Collection
Account all principal and interest collected after the related Cut-Off Date in respect of such Subsequent Timeshare Loans; 
 (iii) the Custodian shall have received the Timeshare Loan Files related to such Subsequent Timeshare Loans and shall have given the Indenture Trustee a written certification and receipt in accordance
with the Custodial Agreement; 
 (iv) the Prefunding Termination Date shall not have occurred; and 

(v) no Responsible Officer of the Indenture Trustee has actual knowledge or has actually received notice that any
conditions to such transfer have not been fulfilled and the Indenture Trustee shall have received such other documents, opinions, certificates and instruments as the Indenture Trustee may request. 

(b) No transfer or pledge of a Subsequent Timeshare Loan shall be effective unless the (1) the Timeshare Loan Files
for such Subsequent Timeshare Loan have been delivered to the Custodian and (2) the Timeshare Loan Servicing Files for such Subsequent Timeshare Loan have been delivered to the Servicer. 

  
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 Section 4.3 Grant of Security Interest, Tax Treatment. 

(a) The conveyance by the Issuer of the Timeshare Loans to the Indenture Trustee shall not constitute and is not intended
to result in an assumption by the Indenture Trustee or any Noteholder of any obligation of the Issuer or the Servicer to the Obligors, to insurers under any insurance policies, or any other Person in connection with the Timeshare Loans. 

(b) It is the intention of the parties hereto that, with respect to all taxes, the Notes will be treated as indebtedness
secured by the Timeshare Loans (the “Intended Tax Characterization”). The provisions of this Indenture shall be construed in furtherance of the Intended Tax Characterization. Each of the Issuer, the Servicer, the Indenture Trustee
and the Backup Servicer, by entering into this Indenture, and each Noteholder, by the purchase of a Note, agree to treat the Notes in accordance with the Intended Tax Characterization and to report all payments and transactions with respect to the
Notes for purposes of all taxes in a manner consistent with the Intended Tax Characterization, unless otherwise required by applicable law. 
 (c) None of the Issuer, the Servicer or the Backup Servicer shall take any action inconsistent with the Indenture Trustee’s interest in the Timeshare Loans and each party shall indicate or shall
cause to be indicated in its books and records held on its behalf that each Timeshare Loan constituting the Trust Estate has been assigned to the Indenture Trustee on behalf of the Noteholders. 

Section 4.4 Further Action Evidencing Assignments. 

(a) The Issuer and the Indenture Trustee each agrees that, from time to time, it shall promptly execute and deliver all
further instruments and documents, and take all further action, that may be necessary or appropriate, or that the Holders representing at least 66-2/3% of the Outstanding Note Balance may reasonably request, in order to perfect, protect or more
fully evidence the security interest in the Timeshare Loans or to enable the Indenture Trustee to exercise or enforce any of its rights hereunder. Without limiting the generality of the foregoing, the Issuer will, without the necessity of a request
and upon the request of the Indenture Trustee, execute and file or record (or cause to be executed and filed or recorded) such Assignments of Mortgage, financing or continuation statements, or amendments hereto or assignments thereof, and such other
instruments or notices, as may be necessary or appropriate to create and maintain in the Indenture Trustee a first priority perfected security interest, at all times, in the Trust Estate, including, without limitation, recording and filing UCC-1
financing statements, amendments or continuation statements prior to the effective date of any change of the name, identity or structure or relocation of its chief executive office or its jurisdiction of formation or any change that would or could
affect the perfection pursuant to any financing statement or continuation statement or assignment previously filed or make any UCC-1 financing statement or continuation statement previously filed pursuant to this Indenture seriously misleading
within the meaning of applicable provisions of the UCC (and the Issuer shall give the Indenture Trustee at least thirty (30) Business Days prior notice of the expected occurrence of any such circumstance). The Issuer shall promptly deliver to
the Indenture Trustee file-stamped copies of any such filings. 

  
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 (b) (i) The Issuer hereby grants to each of the Servicer and the Indenture
Trustee a power of attorney to execute and file all documents including, but not limited to, Assignments of Mortgage, UCC-l financing statements, amendments or continuation statements, on behalf of the Issuer as may be necessary or desirable to
effectuate the foregoing and (ii) the Servicer hereby grants to the Indenture Trustee a power of attorney to execute and file all documents on behalf of the Servicer as may be necessary or desirable to effectuate the foregoing; provided,
however, that such grant shall not create a duty on the part of the Indenture Trustee or the Servicer to file, prepare, record or monitor, or any responsibility for the contents or adequacy of, any such documents. 

Section 4.5 Substitution and Repurchase of Timeshare Loans. 

(a) Mandatory Substitution and Repurchase of Timeshare Loans for Breach of Representation or Warranty. If at any
time, any party hereto obtains knowledge, discovers, or is notified by any other party hereto, that any of the representations and warranties of the Originator in the Transfer Agreement were incorrect at the time such representations and warranties
were made, then the party discovering such defect, omission, or circumstance shall promptly notify the other parties to this Indenture and the Originator. In the event any such representation or warranty of the Originator is incorrect and materially
and adversely affects the value of a Timeshare Loan or the interests of the Noteholders therein, then the Issuer and the Indenture Trustee shall require the Originator within 60 days after the date it is first notified, or otherwise obtains
Knowledge, of such breach to eliminate or otherwise cure in all material respects the circumstance or condition which has caused such representation or warranty to be incorrect or if the breach relates to a particular Timeshare Loan and is not cured
in all material respects (such Timeshare Loan, a “Defective Timeshare Loan”), either (a) purchase the Issuer’s interest in such Defective Timeshare Loan at the Repurchase Price or (b) provide one or more Qualified
Substitute Timeshare Loans and pay the Substitution Shortfall Amounts, if any; provided, that the aggregate Loan Balances of the Qualified Substitute Timeshare Loans replacing Defective Timeshare Loans (measured as of the related Transfer Dates) may
not exceed 5% of the aggregate Cut-Off Date Loan Balances of the Timeshare Loans on the Prefunding Termination Date. The Indenture Trustee is hereby appointed attorney-in-fact, which appointment is coupled with an interest and is therefore
irrevocable, to act on behalf and in the name of the Issuer to enforce the Originator’s purchase or substitution obligations if the Originator has not complied with its purchase or substitution obligations under the Transfer Agreement, within
30 days after the end of the aforementioned 60-day period. 
 (b) Reserved. 

(c) Reserved. 
 (d) Reserved. 
 (e) Payment of Repurchase Prices and
Substitution Shortfall Amounts. The Issuer and the Indenture Trustee shall direct that the Originator remit or cause to be remitted all amounts in respect of Repurchase Prices and Substitution Shortfall Amounts

  
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payable during the related Due Period in immediately available funds to the Indenture Trustee for deposit in the Collection Account. 

(f) Schedule of Timeshare Loans. The Issuer and Indenture Trustee shall direct the Originator to provide or cause
to be provided to the Indenture Trustee on any date on which a Timeshare Loan is purchased, repurchased, substituted, or otherwise added with an electronic supplement to the Schedule of Timeshare Loans reflecting the removal, substitution and/or
other addition of Timeshare Loans and subjecting any Qualified Substitute Timeshare Loans and Subsequent Timeshare Loans to the provisions of the Transaction Documents. 

(g) Officer’s Certificate. No substitution of a Timeshare Loan shall be effective unless the Issuer and the
Indenture Trustee shall have received an Officer’s Certificate of the Originator indicating that (1) the new Timeshare Loan meets all the criteria of the definition of “Qualified Substitute Timeshare Loan”, (2) the Timeshare
Loan Files for such Qualified Substitute Timeshare Loan have been delivered to the Custodian, and (3) the Timeshare Loan Servicing Files for such Qualified Substitute Timeshare Loan have been delivered to the Servicer. 

(h) Qualified Substitute Timeshare Loans. With respect to each Transfer Date, the Issuer and the Indenture Trustee
shall direct the Originator to deliver or cause the delivery of the Timeshare Loan Files of the related Qualified Substitute Timeshare Loans to the Custodian in accordance with the provisions of this Indenture and the Custodial Agreement.

 (i) Subsequent Timeshare Loans. With respect to each Transfer Date, the Issuer and the Indenture
Trustee shall direct the Originator to deliver or cause the delivery of the Timeshare Loan Files of the related Subsequent Timeshare Loans to the Custodian in accordance with the provisions of this Indenture and the Custodial Agreement. 

Section 4.6 Release of Lien. 
 (a) The Lien of the Indenture shall be automatically released with respect to any Timeshare Loan purchased, repurchased or substituted under Section 4.5 hereof, (i) upon satisfaction of each of
the applicable provisions of Section 4.5 hereof, (ii) in the case of any purchase or repurchase, after a payment by the Originator of the Repurchase Price of the Timeshare Loan, and (iii) in the case of any substitution, after payment
by the Originator of the applicable Substitution Shortfall Amounts, if any, pursuant to Section 4.5 hereof. 
 (b) The Lien of the Indenture shall be automatically released with respect to any Timeshare Loan which has been paid in full. 

(c) Reserved. 
 (d) In connection with (a) and (b) above, the Issuer and Indenture Trustee will execute and deliver such releases, endorsements and assignments as are provided to it by the Originator without
recourse, representation or warranty, as shall be necessary to vest in the Originator or its designee (or to evidence the vesting in such Person of), the legal and 

  
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beneficial ownership of each Timeshare Loan released pursuant to this Section 4.6. The Servicer shall deliver a Request for Release to the Custodian with respect to the related Timeshare
Loan Files and Timeshare Loan Servicing Files released pursuant to this Section 4.6, and such files shall be transferred to the Originator or its designee. 

Section 4.7 Appointment of Custodian and Paying Agent. 

(a) The Indenture Trustee may appoint a custodian to hold all or a portion of the Timeshare Loan Files as agent for the
Indenture Trustee. Each custodian shall be a depository institution supervised and regulated by a federal or state banking authority, shall have combined capital and surplus of at least $10,000,000, shall be qualified to do business in the
jurisdiction, in which it holds any Timeshare Loan File and shall not be the Issuer or an Affiliate of the Issuer. The initial Custodian shall be Wells Fargo Bank, National Association. The Indenture Trustee shall not be responsible for paying the
Custodian Fee or any other amounts owed to the Custodian. 
 (b) The Issuer hereby appoints the Indenture
Trustee as a Paying Agent. The Issuer may appoint other Paying Agents from time to time. Any such other Paying Agent shall be appointed by Issuer Order with written notice thereof to the Indenture Trustee. Any Paying Agent appointed by the Issuer
shall be a Person who would be eligible to be Indenture Trustee hereunder as provided in Section 7.7 hereof. 
 Section 4.8 Sale of Timeshare Loans. 
 The parties hereto agree
that none of the Timeshare Loans in the Trust Estate shall be sold or disposed of in any manner except as expressly provided for herein. 
 ARTICLE V 
 SERVICING OF TIMESHARE LOANS 

Section 5.1 Appointment of Servicer and Backup Servicer; Servicing Standard. 

(a) Subject to the terms and conditions herein, the Issuer and the Indenture Trustee hereby appoint Silverleaf as the
initial Servicer hereunder. The Servicer shall service and administer the Timeshare Loans and perform all of its duties hereunder in accordance with the Servicing Standard. 

(b) Subject to the terms and conditions herein and in the Backup Servicing Agreement, the Issuer hereby appoints Wells
Fargo Bank, National Association to act as the initial Backup Servicer hereunder. The Backup Servicer shall perform all of its duties hereunder and under the Backup Servicing Agreement in accordance with the standard set forth in Section 4 of
the Backup Servicing Agreement. 
 Section 5.2 Payments on the Timeshare Loans. 

(a) The Servicer shall, in a manner consistent with the Servicing Standard, reflect all payments made under each
Timeshare Loan and direct each Obligor to timely 

  
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make all payments in respect of his or her Timeshare Loan to the Lockbox Account maintained at the Lockbox Bank. 

(b) On the Closing Date, the Servicer shall cause to be deposited to the Collection Account all amounts collected and
received in respect of the Timeshare Loans after the related Cut-Off Date (without deduction for any Liquidation Expenses). 
 (c) Subject to subsection (d) below, on each Monday, Wednesday, Friday (or if such day is not a Business Day, then on the next Business Day) and the last Business Day of that related calendar month,
all collections in respect of the Timeshare Loans on deposit in the Lockbox Account in excess of $25,000 will be remitted to the Collection Account. 
 (d) Liquidation Expenses shall be reimbursed to the Servicer in accordance with Section 3.2(a) hereof. To the extent that the Servicer has received any Liquidation Expenses as Additional Servicing
Compensation and shall subsequently recover any portion of such Liquidation Expenses from the related Obligor, the Servicer shall deposit such amounts into Collection Account. 

(e) The Servicer agrees that to the extent it receives any amounts in respect of any insurance policies which are not
payable to the Obligor or any other collections relating to the Trust Estate, it shall deposit such amounts to the Collection Account within two (2) Business days of receipt thereof (unless otherwise expressly provided herein). 

Section 5.3 Duties and Responsibilities of the Servicer. 

(a) In addition to any other customary services which the Servicer may perform or may be required to perform hereunder,
the Servicer shall perform or cause to be performed through sub-servicers, the following servicing and collection activities in accordance with the Servicing Standard: 

(i) perform standard accounting services and general record keeping services with respect to the Timeshare Loans;

 (ii) respond to telephone or written inquiries of Obligors concerning the Timeshare Loans; 

(iii) keep Obligors informed of the proper place and method for making payment with respect to the Timeshare Loans;

 (iv) contact Obligors to effect collections and to discourage delinquencies in the payment of amounts owed
under the Timeshare Loans and doing so by any lawful means; 
 (v) report tax information to Obligors and
taxing authorities to the extent required by law; 

  
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 (vi) take such other action as may be necessary or appropriate in the
discretion of the Servicer for the purpose of collecting and transferring to the Indenture Trustee for deposit into the Collection Account all payments received by the Servicer or remitted to the Lockbox Account in respect of the Timeshare Loans
(except as otherwise expressly provided herein), and to carry out the duties and obligations imposed upon the Servicer pursuant to the terms of this Indenture; 

(vii) arrange for Liquidations of Timeshare Properties related to Defaulted Timeshare Loans and the remarketing of such
Timeshare Properties as provided in Section 5.3(b) below; 
 (viii) use reasonable best efforts to enforce
the repurchase and substitution obligations under the Transfer Agreement; 
 (ix) refrain from modifying,
waiving or amending the terms of any Timeshare Loan; provided, however, the Servicer may modify, waive or amend a Timeshare Loan for which a default on such Timeshare Loan has occurred or is imminent and such modification, amendment or waiver will
not (i) materially alter the interest rate on or the principal balance of such Timeshare Loan, (ii) shorten the final maturity of, lengthen the timing of payments of either principal or interest, or any other terms of, such Timeshare Loan
in any manner which would have a material adverse affect on the Noteholders, (iii) adversely affect the Timeshare Property underlying such Timeshare Loan or (iv) reduce materially the likelihood that payments of interest and principal on
such Timeshare Loan shall be made when due; provided, further, the Servicer may grant a single extension of the final maturity of a Timeshare Loan if the Servicer, in its reasonable discretion, determines that (A) such Timeshare Loan is in
default or a default on such Timeshare Loan is likely to occur in the foreseeable future and (B) the value of such Timeshare Loan will be enhanced by such extension; provided, further, the Servicer shall not be permitted to modify, waive or
amend the terms of any Timeshare Loan if the sum of the Cut-Off Date Loan Balance of such Timeshare Loan and the Cut-Off Date Loan Balances of all other Timeshare Loans for which the Servicer has modified, waived or amended the terms thereof exceeds
5% of the sum of the aggregate Cut-Off Date Loan Balances of the Initial Timeshare Loans and the amounts on deposit in the Prefunding Account on the Closing Date; 

(x) work with Obligors in connection with any transfer of ownership of a Timeshare Property by an Obligor to another
Person (to the extent permitted), whereby the Servicer may consent to the assumption by such Person of the Timeshare Loan related to such Timeshare Property (to the extent permitted); provided, however, in connection with any such assumption, the
rate of interest borne by, the maturity date of, the principal amount of, the timing of payments of principal and interest in respect of, and all other material terms of, the related Timeshare Loan shall not be changed other than as permitted in
(ix) above; 
 (xi) to the extent that the Custodian Fees or the Lockbox Fees are, in the Servicer’s
reasonable business judgment, no longer commercially reasonable, use commercially reasonable efforts to exercise its rights under the Custodial Agreement or the 

  
 28 

 
Lockbox Agreement to replace the Custodian or Lockbox Bank, as applicable. Any such successor shall be reasonably acceptable to the Indenture Trustee; 

(xii) deliver such information and data to the Backup Servicer as is required under the Backup Servicing Agreement;

 (xiii) deliver electronically (and partially encrypted) any new or amended ACH instructions executed by an
Obligor to the Backup Servicer (and upon the Backup Servicer’s request, the Servicer shall deliver an unencrypted, secure file with all ACH instructions); and 

(xiv) (A) cause each Resort to be insured in the event of fire, earthquake, or other casualty for the full replacement
value thereof and if the Resort is located in a designated flood plain, to maintain flood insurance in an amount not less than the maximum level available under the National Flood Insurance Act of 1968, as amended; (B) in respect of each
Resort, maintain general liability insurance in such amounts generally acceptable in the industry; (C) cause each Resort’s insurance policies to remain in full force and effect with a generally acceptable insurance carrier; and
(D) monitor the maintenance of the insurance coverage described in (A), (B), and (C) above with respect to each Resort and promptly obtain notice and otherwise acquire Knowledge of any lapse, cessation, decrease or other change in any such
insurance coverage. 
 (b) In the event that a Defaulted Timeshare Loan is not or cannot be released from the
Lien of the Indenture pursuant to Section 4.6 hereof, the Servicer shall, in accordance with the Servicing Standard, promptly institute collection procedures, which may include, but are not limited to, cancellation, forfeiture, termination or
foreclosure proceedings or obtaining a deed-in-lieu of foreclosure (each, a “Foreclosure Property”). Upon the Timeshare Property becoming a Foreclosure Property, the Servicer shall promptly attempt to liquidate such foreclosure
Property. The Servicer shall select the liquidation option reasonably anticipated to produce the highest Net Liquidation Proceeds, giving effect to the gross price obtainable, broker’s commissions, foreclosure costs, fees and marketing expenses
and other factors. The Servicer shall be entitled to reimbursement of Liquidation Expenses out of Liquidation Proceeds. Any Liquidation Expenses later recovered by the Servicer shall be deposited by the Servicer in the Collection Account in
accordance with Section 5.2 hereof. 
 (i) To the extent that the Originator or an Affiliate thereof is
selected to remarket a Foreclosure Property, the Servicer shall cause the Originator or Affiliate thereof to agree that it will remarket such Foreclosure Property in accordance with the Servicing Standard. 

(ii) The Servicer (if Silverleaf or its Affiliate is acting as Servicer) on behalf of the Issuer and the Indenture
Trustee shall take all necessary steps to have the record title of the applicable Timeshare Properties subject to such Defaulted Timeshare Loans continue to be held by the Indenture Trustee. In such event, the Servicer shall direct the Indenture
Trustee, directly or through its agents to exercise the remedies provided for in the Oak N’ Spruce Trust Agreement, in the Mortgage Note or in the other documents with respect to such Defaulted Timeshare Loans and the Obligors thereunder, and
the related 

  
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Timeshare Property shall be remarketed with the purpose of obtaining the maximum Net Liquidation Proceeds in respect of such Defaulted Timeshare Loans. 

(iii) The Servicer shall reserve its rights under the Oak N’ Spruce Trust Agreement and/or the applicable Mortgages
to obtain, at any time, record title and all beneficial interests in respect of the Timeshare Properties related to Defaulted Timeshare Loans. All actions taken by the Servicer in respect of any Defaulted Timeshare Loans shall, at all times, be
carried out in a manner such that none of the Issuer, the Indenture Trustee or the Noteholders shall, under applicable law, be deemed to be the developer or declarant of any Resort. 

(iv) The Servicer may elect to liquidate through a public auction any Defaulted Timeshare Loans or related Timeshare
Properties foreclosed upon or otherwise reacquired on behalf of the Indenture Trustee from the Obligors of the Defaulted Timeshare Loans. In the event the Servicer elects to so liquidate Defaulted Timeshare Loans or the related Timeshare Properties
securing these Defaulted Timeshare Loans, the Originator may bid on such Defaulted Timeshare Loans or related Timeshare Properties and, to the extent it is the highest bidder, may acquire such Defaulted Timeshare Loans or related Timeshare
Properties. Notwithstanding the foregoing, in connection with any liquidation of a Defaulted Timeshare Loan or the related Timeshare Property, the minimum bid the Servicer is permitted to accept, is equal to 15% of the then current retail market
price for the related Timeshare Property, as shown in the Originator’s marketing for the related Unit or a comparable Unit. 
 (v) The Servicer agrees that it shall require that any Liquidation Proceeds be in the form of cash only. 
 (c) The Servicer may not sell any of the Defaulted Timeshare Loans that are included in the Trust Estate except as specifically permitted by this Indenture. 

(d) For so long as Silverleaf or any of its Affiliates controls the Resorts, Servicer shall use commercially reasonable
efforts to maintain or cause the Resorts to be maintained in good repair, working order and condition (ordinary wear and tear excepted). 
 (e) For so long as Silverleaf or any of its Affiliates controls the Association for a Resort, and Silverleaf or an Affiliate thereof is the manager, the related management contract may not be amended or
modified if such amendment or modification is reasonably likely to have a material adverse affect on the interests of the Noteholder, except with the prior written consent of the Holders representing at least 66-2/3% of the Outstanding Note Balance,
which consent shall not be unreasonably withheld or delayed. 
 (f) In the event any Lien (other than a
Permitted Lien) attaches to any Timeshare Loan or related Trust Estate from any Person claiming from and through Silverleaf or one of its Affiliates which materially adversely affects the Issuer’s interest in such Timeshare Loan, Silverleaf
shall, within the earlier to occur of ten (10) Business Days after such attachment or the respective lienholders’ action to foreclose on such lien, either (a) cause such Lien to be released of record, (b) provide the Indenture
Trustee with a bond in 

  
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accordance with the applicable laws of the state in which the Timeshare Property is located, issued by a corporate surety acceptable to the Indenture Trustee, in an amount and in form reasonably
acceptable to the Indenture Trustee or (c) provide the Indenture Trustee with such other security as the Indenture Trustee may reasonably require. 
 (g) The Servicer shall: (a) promptly notify the Indenture Trustee of (i) any claim, action or proceeding which may be reasonably expected to have a material adverse effect on the Trust Estate,
or any material part thereof, and (ii) any action, suit, proceeding, order or injunction of which Servicer becomes aware after the date hereof pending or threatened against or affecting Servicer or any Affiliate which may be reasonably expected
to have a material adverse effect on the Trust Estate or the Servicer’s ability to service the same; (b) at the request of Indenture Trustee with respect to a claim or action or proceeding which arises from or through the Servicer or one
of its Affiliates, appear in and defend, at Servicer’s expense, any such claim, petition or proceeding which would have a material adverse effect on the Timeshare Loans or the Servicer’s ability to service the same; and (c) comply in
all respects, and shall cause all Affiliates to comply in all respects, with the terms of any orders imposed on such Person by any governmental authority the failure to comply with which would have a material adverse effect on the Timeshare Loans or
the Servicer’s ability to service the same. 
 (h) Except as contemplated by the Transaction Documents, the
Servicer (for so long as Silverleaf or any Affiliate thereof is the Servicer hereunder, otherwise Silverleaf in its individual capacity) shall not, and shall not permit the Managing Entity or the Orlando Breeze Resort Club to, encumber, pledge or
otherwise grant a lien or security interest in and to the Reservation System (including, without limitation, all hardware, software and data in respect thereof) and furthermore agrees, and shall cause the Managing Entity and the Orlando Breeze
Resort Club, to use commercially reasonable efforts to keep the Reservation System operational, not to dispose of the same and to allow the members of each Association the use of, and access to, the Reservation System in accordance with the terms of
the Management Agreement and the Orlando Breeze Management Agreement, as applicable. 
 (i) For so long as
Silverleaf or any Affiliate thereof is the Servicer, it shall comply in all material respects with the Collection Policy in effect on the Closing Date (or as amended from time to time with the consent of the Holders representing at least 66-2/3% of
the Outstanding Note Balance, if such amendment is reasonably likely to have material adverse affect on the interests of the Noteholders) and with the terms of the Timeshare Loans. 

Section 5.4 Servicer Events of Default. 

(a) A “Servicer Event of Default” means, the occurrence and continuance of any of the following events:

 (i) any failure by the Servicer to make any required payment, transfer or deposit when due hereunder and the
continuance of such default for a period of five (5) Business Days; 

  
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 (ii) any failure by the Servicer to provide any required report within five
(5) Business Days of when such report is required to be delivered hereunder; 
 (iii) any failure by the
Servicer to observe or perform in any material respect the covenant set forth in Section 5.3(a)(xiv) hereof, which failure in respect of clause (A), (B) or (C) of such Section 5.3(a)(xiv) is not remedied within two
(2) Business Days after the Servicer first acquires Knowledge thereof; 
 (iv) any failure by the Servicer
to observe or perform in any material respect any other covenant or agreement in any Transaction Document to which it is a party (other than as set forth in clause (iii) above), which has a material adverse effect on the Noteholders and such
failure is not remedied within 30 days (or if the Servicer shall have provided evidence satisfactory to the Indenture Trustee that such covenant cannot be cured in the 30-day period and that it is diligently pursuing a cure, 60 days), after the
earlier of (x) the Servicer first acquiring Knowledge thereof and (y) the Indenture Trustee’s giving written notice thereof to the Servicer; 
 (v) any representation or warranty made by the Servicer in this Indenture shall prove to be incorrect in any material respect as of the time when the same shall have been made, and such breach is not
remedied within 30 days (or if the Servicer shall have provided evidence satisfactory to the Indenture Trustee that such breach cannot be cured in the 30-day period and that it is diligently pursuing a cure, 60 days) after the earlier of
(x) the Servicer first acquiring Knowledge thereof and (y) the Indenture Trustee’s giving written notice thereof to the Servicer; 
 (vi) the entry by a court having competent jurisdiction in respect of the Servicer of (i) a decree or order for relief in respect of the Servicer in an involuntary case or proceeding under any
applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or (ii) a decree or order adjudging the Servicer a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment, or composition of or in respect of the Servicer under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Servicer, or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 

(vii) the commencement by the Servicer of a voluntary case or proceeding; under any applicable federal or state
bankruptcy, insolvency, reorganization, or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by either to the entry of a decree or order for relief in respect of the Servicer in an
involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee,
trustee, sequestrator, or similar official of the Servicer or of any substantial part of its property, or the making by it of an assignment for the 

  
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benefit of creditors, or the Servicer’s failure to pay its debts generally as they become due, or the taking of corporate action by the Servicer in furtherance of any such action; or

 (viii) (A) any default by the Guarantor under the Guaranty; provided, that with respect to the first
instance only of a default in the payment of the Aggregate Defaulted Timeshare Loan Make-Whole Amount, such payment default shall not constitute an Servicer Event of Default unless such default shall have continued for a period of 3 Business Days or
(B) or any event of the kind specified in clause (vi) or (vii) above occurs with respect to the Guarantor. 
 If any Servicer Event of Default shall have occurred and not been waived hereunder, the Indenture Trustee may, and upon notice from Holders representing at least 66-2/3% of the Outstanding Note Balance,
shall, terminate on behalf of the Noteholders by notice in writing to the Servicer, all of the rights and obligations of the Servicer, as Servicer under this Indenture. 

Unless consented to by the Holders representing at least 66-2/3% of the Outstanding Note Balance, the Issuer may not
waive any Servicer Event of Default. 
 (b) Replacement of Servicer. From and after the receipt by the
Servicer of such written termination notice or the resignation of the Servicer pursuant to Section 5.10 hereof, all authority and power of the Servicer under this Indenture, whether with respect to the Timeshare Loans or otherwise, shall, pass
to and be vested in the Indenture Trustee, and the Indenture Trustee shall terminate the Backup Servicing Agreement and be the successor Servicer hereunder and the duties and obligations of the Servicer shall terminate. The Servicer shall perform
such actions as are reasonably necessary to assist the Indenture Trustee and the Backup Servicer in such transfer. If the Servicer fails to undertake such action as is reasonably necessary to effectuate such a transfer, the Indenture Trustee is
hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things reasonably
necessary to effect the purposes of such notice of termination. The Servicer agrees that if it is terminated pursuant to this Section 5.4, it shall promptly (and, in any event, no later than five (5) Business Days subsequent to its receipt
of the notice of termination from the Indenture Trustee) provide the Indenture Trustee, the Backup Servicer or their respective designees (with reasonable costs being borne by the Servicer) with all documents and records (including, without
limitation, those in electronic form) reasonably requested by it to enable the Indenture Trustee to assume the Servicer’s functions hereunder, and the Servicer shall cooperate with the Indenture Trustee in affecting the termination of the
Servicer’s responsibilities and rights hereunder and the assumption by a successor of the Servicer’s obligations hereunder, including, without limitation, the transfer within one (1) Business Day to the Indenture Trustee or its
designee for administration by it of all cash amounts which shall at the time or thereafter be received by it with respect to the Timeshare Loans (provided, however, that the Servicer shall continue to be entitled to receive all amounts accrued or
owing to it under this Indenture on or prior to the date of such termination). The Indenture Trustee shall be entitled to renegotiate the Servicing Fee; provided, however, no change to the Servicing Fee may be made unless the Indenture
Trustee shall have received the written consent of Holders 

  
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representing at least 66-2/3% of the Outstanding Note Balance. Notwithstanding anything herein to the contrary, in no event shall the Indenture Trustee or Silverleaf be liable for any Servicing
Fee or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any successor Servicer to assume the obligations of Servicer under this Indenture. 

The successor servicer shall be entitled to be reimbursed by the Servicer, (or from the Trust Estate to the extent set
forth in Section 3.4(a)(iii), or Section 6.6 hereof) if the Servicer is unable to fulfill its obligations hereunder for all Servicer Termination Costs. 

The successor Servicer shall have (i) no liability with respect to any obligation which was required to be performed
by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer, (ii) no obligation to perform any repurchase
obligations, if any, of the Servicer, (iii) no obligation to pay any taxes required to be paid by the Servicer, (iv) no obligation to pay any of the fees and expenses of any other party involved in this transaction that were incurred by
the prior Servicer and (v) no liability or obligation with respect to any Servicer indemnification obligations of any prior Servicer including the original Servicer. 

Notwithstanding anything contained in this Indenture to the contrary, any successor Servicer is authorized to accept and
rely on all of the accounting, records (including computer records) and work of the prior Servicer relating to the Timeshare Loans (collectively, the “Predecessor Servicer Work Product”), without any audit or other examination
thereof, and such successor Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively,
“Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the successor Servicer making or continuing any Errors (collectively,
“Continued Errors”), the successor Servicer shall have no duty, responsibility, obligation or liability for such Continued Errors; provided, however, that each successor Servicer shall agree to use its best efforts to prevent
further Continued Errors. In the event that the successor Servicer becomes aware of Errors or Continued Errors, the successor Servicer shall, with the prior consent of the Indenture Trustee, use its best efforts to reconstruct and reconcile such
data as is commercially reasonable to correct such Errors and Continued Errors and to prevent future Continued Errors and to recover its costs thereby. 
 The Indenture Trustee may appoint an Affiliate as the successor Servicer and the provisions of this Section 5.4(b) related to the Indenture Trustee shall apply to such Affiliate. 

(c) Any successor Servicer, including the Indenture Trustee, shall not be deemed to be in default or to have breached its
duties as successor Servicer hereunder if the predecessor Servicer shall fail to deliver any required deposit to the Collection Account or otherwise fail to cooperate with, or take any actions required by such successor Servicer related to the
transfer of servicing hereunder. 

  
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 Section 5.5 Accountings; Statements and Reports. 

(a) Monthly Servicer Report. Not later than four (4) Business Days prior to each Payment Date, the Servicer
shall deliver to the Issuer, the Indenture Trustee, the Backup Servicer and the Placement Agent, a report (the “Monthly Servicer Report”) substantially in the form of Exhibit D hereto, detailing certain activity relating to
the Timeshare Loans. The Monthly Servicer Report shall be completed with the information specified therein for the related Due Period and shall contain such other information as may be reasonably requested by the Issuer, the Indenture Trustee or the
Placement Agent in writing at least five (5) Business Days prior to the related Determination Date. Each such Monthly Servicer Report shall be accompanied by an Officer’s Certificate of the Servicer in the form of Exhibit E hereto,
certifying the accuracy of the computations reflected in such Monthly Servicer Report. If a Guaranty Default Event shall occur, the Servicer shall immediately deliver a revised Monthly Servicer Report to the Indenture Trustee, the Backup Servicer
and the Placement Agent. 
 (b) Certification as to Compliance. The Servicer shall deliver to the Issuer,
the Indenture Trustee and the Placement Agent, an Officer’s Certificate on or before April 30 of each year commencing in 2012: (x) to the effect that a review of the activities of the Servicer during the preceding calendar year, and
of its performance under this Indenture during such period has been made under the supervision of the officers executing such Officer’s Certificate with a view to determining whether during such period, to the best of such officer’s
knowledge, the Servicer had performed and observed all of its obligations under this Indenture, and either (A) stating that based on such review, no Servicer Event of Default is known to have occurred and is continuing, or (B) if such a
Servicer Event of Default is known to have occurred and is continuing, specifying such Servicer Event of Default and the nature and status thereof. 
 (c) Annual Accountants’ Reports. On or before each April 30 of each year commencing in 2012, the Servicer (unless the Indenture Trustee is the Servicer) shall (i) cause a firm of
independent public accountants to furnish a certificate or statement (and the Servicer shall provide a copy of such certificate or statement to the Issuer, the Indenture Trustee and the Placement Agent), to the effect that (1) such firm has
examined and audited the Servicer’s servicing controls and procedures for the previous calendar year and that such independent public accountants have examined certain documents and records (including computer records) and servicing procedures
of the Servicer relating to the Timeshare Loans, (2) they have examined the most recent Monthly Servicer Report prepared by the Servicer and three other Monthly Servicer Reports chosen at random by such firm and compared such Monthly Servicer
Reports with the information contained in such documents and records, (3) their examination included such tests and procedures as they considered necessary in the circumstances, (4) their examinations and comparisons described under
clauses (1) and (2) above disclosed no exceptions which, in their opinion, were material, relating to such Timeshare Loans or such Monthly Servicer Reports, or if any such exceptions were disclosed thereby, setting forth such exceptions
which, in their opinion, were material, (5) on the basis of such examinations and comparison, such firm is of the opinion that the Servicer has, during the relevant period, serviced the Timeshare Loans in compliance with this Indenture and the
other Transaction Documents in all material respects and that such documents and 

  
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records have been maintained in accordance with this Indenture and the other Transaction Documents in all material respects, except in each case for (A) such exceptions as such firm shall
believe to be immaterial and (B) such other exceptions as shall be set forth in such written report. The report will also indicate that such firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants. In the event such independent public accountants require the Indenture Trustee to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this
Section 5.5(c), the Servicer shall direct the Indenture Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer,
and the Indenture Trustee has not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 

(d) Report on Proceedings and Servicer Event of Default. (i) Promptly upon a Responsible Officer of the
Servicer’s obtaining Knowledge of any proposed or pending investigation of it by any Governmental Authority or any court or administrative proceeding which involves or is reasonably likely to involve the possibility of materially and adversely
affecting the properties, business, prospects, profits or conditions (financial or otherwise) of the Servicer and its subsidiaries, as a whole, the Servicer shall send written notice specifying the nature of such investigation or proceeding and what
action the Servicer is taking or proposes to take with respect thereto and evaluating its merits, or (ii) immediately upon obtaining Knowledge of the existence of any condition or event which constitutes a Servicer Event of Default, the
Servicer shall send written notice to the Issuer, the Indenture Trustee and the Placement Agent describing its nature and period of existence and what action the Servicer is taking or proposes to take with respect thereto. 

(e) Financial Statements. If the initial Servicer ceases to be a public company or its financial statements are no
longer publicly available, it shall furnish or cause to be furnished to the Placement Agent and the Indenture Trustee on behalf of the Noteholders: 
  

	 	(i)	 Annual Reporting. Within 100 days after the close of its fiscal year, audited, unqualified financial statements (which shall include balance
sheets, statements of income and retained earnings and a statement of cash flows) for such fiscal year certified by independent public accountants. 

  

	 	(ii)	 Quarterly Reporting. Within 55 days after the close of the first three (3) quarterly periods of its fiscal year, balance sheets as at
the close of each such period and statements of income and retained earnings and a statement of cash flows for the period from the beginning of such fiscal year to the end of such quarter, all certified by its chief financial officer.

  
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 Section 5.6 Records. 

The Servicer shall maintain all data for which it is responsible (including, without limitation, computerized tapes or
disks) relating directly to or maintained in connection with the servicing of the Timeshare Loans (which data and records shall be clearly marked to reflect that the Timeshare Loans have been Granted to the Indenture Trustee on behalf of the
Noteholders and constitute part of the Trust Estate) at the address specified in Section 13.3 hereof or, upon fifteen (15) days’ notice to the Issuer and the Indenture Trustee, at such other place where any Servicing Officer of the
Servicer is located (or upon 24 hours’ written notice if an Event of Default or Servicer Event of Default shall have occurred). 
 Section 5.7 Fidelity Bond and Errors and Omissions Insurance. 

The Servicer shall maintain or cause to be maintained fidelity bond and errors and omissions insurance with respect to
the Servicer in such form and in amounts as is customary for institutions acting as custodian of funds in respect of timeshare loans or receivables on behalf of institutional investors; provided that such insurance shall be in a minimum amount of
$1,000,000 per policy and shall name the Indenture Trustee as an additional insured. No provision of this Section 5.7 requiring such fidelity bond or errors and omissions insurance shall diminish or relieve the Servicer from its duties and
obligations as set forth in this Indenture. The Servicer shall be deemed to have complied with this provision if one of its respective Affiliates has such fidelity bond or errors and omissions insurance coverage and, by the terms of such fidelity
bond or errors and omissions insurance policy, the coverage afforded thereunder extends to the Servicer. Upon a request of the Indenture Trustee, the Servicer shall deliver to the Indenture Trustee, a certification evidencing coverage under such
fidelity bond and the errors and omissions insurance. Any such fidelity bond or errors and omissions insurance policy shall not be canceled or modified in a materially adverse manner without ten (10) Business Days’ prior written notice to
the Indenture Trustee. 
 Section 5.8 Merger or Consolidation of the Servicer. 

(a) The Servicer shall promptly provide written notice to the Indenture Trustee of any merger or consolidation of the
Servicer. The Servicer shall keep in full effect its existence, rights and franchise as a corporation under the laws of the state of its incorporation except as permitted herein, and shall obtain and preserve its qualification to do business as a
foreign corporation in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture or any of the Timeshare Loans and to perform its duties under this Indenture. 

(b) Any Person into which the Servicer may be merged or consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to the business of the Servicer, shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the
part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person (i) is a company 

  
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whose business includes the servicing of assets similar to the Timeshare Loans and shall be authorized to lawfully transact business in the state or states in which the related Timeshare
Properties it is to service are situated; (ii) is a U.S. Person, and (iii) delivers to the Indenture Trustee (1) an agreement, in form and substance reasonably satisfactory to the Indenture Trustee, which contains an assumption by
such successor entity of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Servicer under this Indenture and the other Transaction Documents to which the Servicer is a party and
(2) an opinion of counsel as to the enforceability of such agreement. 
 Section 5.9 Sub-Servicing.

 (a) The Servicer may enter into one or more sub-servicing agreements with a sub-servicer upon such terms and
conditions as the Servicer may reasonably agree and as are not inconsistent with this Indenture. References herein to actions taken or to be taken by the Servicer in servicing the Timeshare Loans include actions taken or to be taken by a
sub-servicer on behalf of the Servicer. The Servicer shall be solely responsible for any sub-servicing fees due and payable to such sub-servicer. 
 (b) Notwithstanding any sub-servicing agreement, the Servicer shall remain obligated and liable for the servicing and administering of the Timeshare Loans in accordance with this Indenture, without
diminution of such obligation or liability by virtue of such sub-servicing agreement, and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Timeshare Loans. 

Section 5.10 Servicer Resignation. 

The Servicer shall not resign from the duties and obligations hereby imposed on it under this Indenture unless and until
a successor servicer, acceptable to the Issuer, the Indenture Trustee and the Holders representing at least 66-2/3% of the Outstanding Note Balance, enters into an agreement in form and substance satisfactory to the Indenture Trustee, which contains
an assumption by such successor servicer of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Servicer under this Indenture from and after the date of assumption. Upon such resignation,
the Servicer shall comply with Section 5.4(b) hereunder. 
 Except as provided in the immediately preceding
paragraph or elsewhere in this Indenture, or as provided with respect to the survival of indemnifications herein, the duties and obligations of the Servicer under this Indenture shall continue until this Indenture shall have been terminated as
provided herein. The duties and obligations of the Servicer hereunder shall survive the exercise by the Indenture Trustee of any right or remedy under this Indenture or the enforcement by the Indenture Trustee of any provision of this Indenture.

 Section 5.11 Fees and Expenses. 

As compensation for the performance of its obligations under this Indenture, the Servicer shall be entitled to receive on
each Payment Date, from amounts on deposit in the Collection Account and in the priorities described in Section 3.4 and Section 6.6 hereof, the Servicing Fee and any Additional Servicing Compensation. Other than Liquidation

  
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Expenses, the Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder. 

Section 5.12 Access to Certain Documentation. 

Upon ten (10) Business Days’ prior written notice (or one Business Day’s prior written notice after the
occurrence and during the continuance of an Event of Default or a Servicer Event of Default), the Servicer will, from time to time during regular business hours, as requested by the Issuer, the Indenture Trustee or any Noteholder and, prior to the
occurrence of a Servicer Event of Default, at the expense of the Issuer or such Noteholder and upon the occurrence and continuance of a Servicer Event of Default, at the expense of the Servicer, permit the Issuer, the Indenture Trustee or any
Noteholder or its agents or representatives (i) to examine and make copies of and abstracts from all books, records and documents (including, without limitation, computer tapes and disks) in the possession or under the control of the Servicer
relating to the servicing of the Timeshare Loans serviced by it and (ii) to visit the offices and properties of the Servicer for the purpose of examining such materials described in clause (i) above, and to discuss matters relating to the
Timeshare Loans with any of the officers, employees or accountants of the Servicer having knowledge of such matters. Nothing in this Section 5.12 shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure
of information regarding the Obligors, and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section 5.12. 

Section 5.13 No Offset. 
 Prior to the termination of this Indenture, the obligations of the Servicer under this Indenture shall not be subject to any defense, counterclaim or right of offset which the Servicer has or may have
against the Issuer, the Indenture Trustee or any Noteholder, whether in respect of this Indenture, any Timeshare Loan or otherwise. 
 Section 5.14 Account Statements. 
 In connection with the
Servicer’s preparation of the Monthly Servicer Reports, the Indenture Trustee agrees to deliver to the Servicer via electronic delivery a monthly statement providing account balances of each of the Trust Accounts. 

Section 5.15 Indemnification; Third Party Claim. 

The Servicer agrees to indemnify the Issuer, the Indenture Trustee, the Backup Servicer, the Custodian and the
Noteholders from and against any and all actual damages (excluding economic losses related to the collectability of any Timeshare Loan), claims, reasonable attorneys’ fees and related costs, judgments, and any other costs, fees and expenses
that each may sustain because of the failure of the Servicer to service the Timeshare Loans in accordance with the Servicing Standard or otherwise perform its obligations and duties hereunder in compliance with the terms of this Indenture, or
because of any act or omission by the Servicer due to its negligence or willful misconduct in connection with its maintenance and custody of any funds, documents and records under this Indenture, or its release thereof except as contemplated by this
Indenture; provided, however, the Servicer 

  
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shall not be obligated to indemnify any party hereunder to the extent the related liability results from such party’s gross negligence or willful misconduct. The Servicer shall immediately
notify the Issuer and the Indenture Trustee if it has Knowledge of a claim made by a third party with respect to the Timeshare Loans, and, if such claim relates to the servicing of the Timeshare Loans by the Servicer, the Servicer shall assume, with
the consent of the Indenture Trustee, the defense of any such claim and pay all expenses in connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against it. In
addition, so long as Silverleaf or any Affiliate thereof acts as Servicer, the Servicer hereby agrees to indemnify the Indenture Trustee and its officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or
expense, including any loss, liability or expense directly or indirectly incurred (regardless of negligence or bad faith on the part of the Indenture Trustee or the Servicer) to the extent that such loss, liability or expense arose of out of or was
imposed on the Indenture Trustee as a result of any penalty or other cost imposed by the Internal Revenue Service or other taxing authority. This Section 5.15 shall survive the termination of this Indenture or the resignation or removal of the
Servicer hereunder. 
 Section 5.16 Backup Servicer. 

(a) Backup Servicing Agreement. The Issuer, the Indenture Trustee, the Servicer and the Backup Servicer hereby
agree to execute the Backup Servicing Agreement. The Backup Servicer shall be responsible for each of the duties and obligations imposed upon it by the provisions of the Backup Servicing Agreement and shall have no duties or obligations under any
Transaction Document to which it is not a party. 
 (b) Termination of Servicer; Cooperation. In the
event that the Servicer is terminated or resigns in accordance with the terms of this Indenture, the Backup Servicer agrees that the Backup Servicing Agreement will be terminated. The Backup Servicer agrees to cooperate in good faith with any
successor Servicer to effect a transition of the servicing obligations by the Servicer and the Backup Servicer to any successor Servicer. 
 (c) Reserved. 
 (d) Backup Servicing Fee. The Backup
Servicer shall receive its Backup Servicing Fee in accordance with Sections 3.4 or 6.6, as applicable. 

(e) Termination of Backup Servicer. Notwithstanding anything to the contrary herein, the Indenture Trustee shall
have the right to remove the Backup Servicer with or without cause at any time and replace the Backup Servicer pursuant to the provisions of the Backup Servicing Agreement. In the event that the Indenture Trustee shall exercise its rights to remove
and replace Wells Fargo Bank, National Association as Backup Servicer, Wells Fargo Bank, National Association shall have no further obligation to perform the duties of the Backup Servicer under this Indenture. In the event of a termination of the
Backup Servicing Agreement prior to the termination or resignation of Silverleaf as the Servicer hereunder, the Indenture Trustee shall appoint a successor Backup Servicer reasonably acceptable to the Indenture Trustee. Upon the termination or
resignation of the Backup Servicer, the Indenture Trustee shall be deemed to represent, warrant and covenant 

  
 40 

 
that it will service or engage a subservicer to perform each of the servicing duties and responsibilities described in this Indenture. 

Section 5.17 Reserved. 
 Section 5.18 Recordation. 
 As soon as practicable after the
Closing Date or Transfer Date, as applicable (but in no event later than 10 Business Days or 60 days with respect to Timeshare Loans for which the original Mortgages are still at the related recording office) after such date, the Servicer shall
cause all Assignments of Mortgage in respect of the Timeshare Loans to be recorded in the appropriate offices. The Servicer agrees to cause all evidences of recordation to be delivered to the Custodian to be held as part of the Timeshare Loan Files.

 ARTICLE VI 
 EVENTS OF DEFAULT; REMEDIES 
 Section 6.1 Events of Default.

 “Event of Default” wherever used herein with respect to Notes, means any one of the
following events: 
 (a) a default in the payment of Interest Distribution Amounts to any Noteholder on any
Payment Date, the then Outstanding Note Balance to the Noteholders at Stated Maturity or any other payments in respect of any Note, within five (5) Business Days after such payment becomes due and payable; or 

(b) a failure by Silverleaf, in its capacity as the Originator to repurchase any Defective Timeshare Loan or substitute a
Qualified Substitute Loan for a Defective Timeshare Loan within the time period specified in the Transfer Agreement; or 
 (c) a non-monetary default in the performance, or breach, of any covenant of the Issuer in this Indenture (other than a covenant dealing with a default in the performance of which or the breach of which
is specifically dealt with elsewhere in this Section 6.1), the continuance of such default or breach for a period of 30 days (or if the Issuer shall have provided evidence satisfactory to the Indenture Trustee that such default or breach cannot
be cured in the 30-day period and that it is diligently pursuing a cure, 60 days) after the earlier of (x) the Issuer first acquiring Knowledge thereof, and (y) the Indenture Trustee’s giving written notice thereof to the Issuer; or

 (d) if any representation or warranty of the Issuer made in this Indenture shall prove to be incorrect in any
material respect as of the time when the same shall have been made, and such breach is not remedied within 30 days (or if the Issuer shall have provided evidence satisfactory to the Indenture Trustee that such breach cannot be cured in the 30-day
period and that it is diligently pursuing a cure, 60 days) after the earlier of (x) the Issuer first acquiring Knowledge thereof, and (y) the Indenture Trustee’s giving written notice thereof to the Issuer; 

  
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 (e) the entry by a court having jurisdiction over the Issuer of (i) a
decree or order for relief in respect of the Issuer in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or (ii) a decree or order adjudging the Issuer as
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Issuer under any applicable federal or state law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator, or other similar official of the Issuer, or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (f) the
commencement by the Issuer of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the
consent by either to the entry of a decree or order for relief in respect of the Issuer in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization, or other similar law or to the commencement of
any bankruptcy or insolvency case or proceeding against it, or the filing by the Issuer of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by the Issuer to the filing of such
petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator, or similar official of the Issuer or of any substantial part of its property, or the making by the Issuer of an assignment
for the benefit of creditors, or the Issuer’s failure to pay its debts generally as they become due, or the taking of corporate action by the Issuer in furtherance of any such action; or 

(g) the Issuer becoming subject to registration as an “investment company” under the Investment Company Act of
1940, as amended; or 
 (h) the impairment of the validity of any security interest of the Indenture Trustee in
the Trust Estate in any material respect, except as expressly permitted hereunder, or the creation of any material encumbrance on or with respect to the Trust Estate or any portion thereof not otherwise permitted, which is not stayed or released
within ten (10) days of the Issuer having Knowledge of its creation; or 
 (i) (A) the occurrence and
continuance of the Servicer Event of Default set forth under Section 5.4(a)(iii) hereof or (B) the occurrence and continuance of a Servicer Event of Default (other than as described in the immediately preceding clause (A)) that is uncured
for two consecutive Due Periods; or 
 (j) on any Payment Date, after application of all Available Funds,
(1) the sum of the Aggregate Loan Balance and the aggregate amounts on deposit in the Reserve Account and the Prefunding Account being less than (2) the Outstanding Note Balance; or 

(k) a failure by the Originator as the Servicer to maintain a perfected, first priority ownership interest (and backup
security interest) in the Timeshare Loans in favor of the Issuer; or 

  
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 (l) (1) any default by the Guarantor under the Guaranty; provided, that with
respect to the first instance only of a default in the payment of the Aggregate Defaulted Timeshare Loan Make-Whole Amount, such payment default shall not constitute an Event of Default unless such default shall have continued for a period of 3
Business Days or (2) the occurrence of an event of the kind described in clauses (e) or (f) above with respect to the Guarantor; or 
 (m) a failure by the Guarantor to pay any principal of or premium or interest on any senior receivable indebtedness of the Guarantor or any other default under any agreement or instrument relating to such
indebtedness which has resulted in the acceleration of such indebtedness; or 
 (n) one or more judgments having
been rendered against the Issuer, which are not being appealed in good faith, for the payment of money in an aggregate amount in excess of $1,000,000. 
 For the avoidance of doubt, the amount of principal required to be paid to Noteholders pursuant to this Indenture is generally limited to the Available Funds in the Collection Account. Therefore, the
failure to pay principal on the Notes generally will not result in the occurrence of an Event of Default until the Stated Maturity. 
 Section 6.2 Acceleration of Maturity; Rescission and Annulment. 

(a) Upon the occurrence and continuance of an Event of Default of the kind specified in Section 6.1(e) or
Section 6.1(f), the Notes shall automatically become due and payable at the Outstanding Note Balance together with all accrued and unpaid interest thereon. 

(b) Upon the occurrence and continuance of an Event of Default, other than as described in Section 6.2(a), the
Indenture Trustee shall, upon notice from Holders representing at least 66-2/3% of the Outstanding Note Balance, declare the Notes to be immediately due and payable at the Outstanding Note Balance plus all accrued and unpaid interest thereon.

 (c) Reserved 
 (d) Upon any such declaration or automatic acceleration, the Outstanding Note Balance of the Notes together with all accrued and unpaid interest thereon shall become immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Issuer. 
 (e)
At any time after such a declaration of acceleration has been made but before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article provided, the Holders representing at least
66-2/3% of the Outstanding Note Balance of the Notes by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if- 

  
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 (i) the Issuer has paid or deposited with the Indenture Trustee a sum
sufficient to pay: 
  

	 	(A)	 all principal due on the Notes which has become due otherwise than by such declaration of acceleration and interest thereon from the date when the
same first became due until the date of payment or deposit, 

  

	 	(B)	 all interest due with respect to the Notes and, to the extent that payment of such interest is lawful, interest upon overdue interest from the date
when the same first became due until the date of payment or deposit at a rate per annum equal to the Note Rate, and 

  

	 	(C)	 all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements, and advances of each of the
Indenture Trustee and the Servicer, its agents and counsel; 

 and 

(ii) all Events of Default with respect to the Notes, other than the non-payment of the Outstanding Note Balance of the
Notes which became due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13 hereof. 
 (f) An automatic acceleration under Section 6.2(a) may only be rescinded and annulled by Holders representing at least 66-2/3% of the Outstanding Note Balance of the Notes. 

(g) Notwithstanding Section 6.2(d) and (e) above, (i) if the Indenture Trustee shall have commenced making
payments as described in Section 6.6, no acceleration may be rescinded or annulled and (ii) no rescission shall affect any subsequent Events of Default or impair any rights consequent thereon. 

Section 6.3 Remedies. 
 (a) If an Event of Default with respect to the Notes occurs and is continuing of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall immediately give notice to
each Noteholder as set forth in Section 7.2 and shall solicit such Noteholders for advice. The Indenture Trustee shall then take such action as so directed by the Holders representing at least 66-2/3% of the Outstanding Note Balance, subject to
the provisions of this Indenture. 
 (b) Following any acceleration of the Notes, the Indenture Trustee shall
have all of the rights, powers and remedies with respect to the Trust Estate as are available to secured parties under the UCC or other applicable law, subject to the limitations set forth in subsection (d) below and provided such action is not
inconsistent with any other provision of 

  
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this Indenture. Such rights, powers and remedies may be exercised by the Indenture Trustee in its own name as trustee under this Indenture. 

(c) (i) If an Event of Default of the kind specified in Section 6.1(a) occurs and is continuing, the Indenture
Trustee is authorized to recover judgment in its own name and as trustee under this Indenture against the Issuer for the Outstanding Note Balance and interest remaining unpaid with respect to the Notes. 

(ii) Subject to the provisions set forth herein, if an Event of Default occurs and is continuing, the Indenture Trustee
may, in its discretion, and at the instruction of the Holders representing at least 66-2/3% of the Outstanding Note Balance, shall, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate judicial or other
proceedings as the Indenture Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy. The Indenture Trustee shall notify the Issuer, the Servicer and the Noteholders of any such action. 
 (d) If the Indenture Trustee shall have received instructions, within 45 days from the date notice pursuant to Section 6.3(a) is first given, from Holders representing at least 66-2/3% of the
Outstanding Note Balance, that such Persons approve of or request the liquidation of all of the Timeshare Loans, the Indenture Trustee shall to the extent lawful, promptly sell, dispose of or otherwise liquidate all of the Timeshare Loans in a
commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids from third parties including any Noteholder (other than Silverleaf or any Affiliates thereof), such bids to be approved by
the Holders representing at least 66-2/3% of the Outstanding Note Balance. The Indenture Trustee may obtain a prior determination from any conservator, receiver or liquidator of the Issuer that the terms and manner of any proposed sale, disposition
or liquidation are commercially reasonable. 
 Section 6.4 Indenture Trustee May File Proofs of Claim.

 (a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding related to the Issuer, or any other obligor in respect of the Notes, or the property of the Issuer, or such other obligor or their creditors, the Indenture Trustee (irrespective of
whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand on the Issuer for the payment of overdue principal or
interest) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (i) to file and
prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee and any
predecessor Indenture Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and any predecessor 

  
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Indenture Trustee, their agents and counsel) and of the Noteholders allowed in such judicial proceeding; 
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and 

(iii) to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matter;

 and any custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Noteholder to make such payments to the Indenture Trustee and to pay to the Indenture Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee
and any predecessor Indenture Trustee, their agents and counsel, and any other amounts due the Indenture Trustee and any predecessor Indenture Trustee under Section 7.6 hereof. 

(b) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize, consent to, accept or adopt
on behalf of any Noteholder any plan of reorganization, agreement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof or affecting the Timeshare Loans or the other assets included in the Trust Estate or to
authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding. 

Section 6.5 Indenture Trustee May Enforce Claims Without Possession of Notes. 

All rights of action and claims under this Indenture, the Notes, the Timeshare Loans or the other assets included in the
Trust Estate may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture Trustee shall be
brought in its own name as trustee under this Indenture, and any recovery of judgment shall, after provisions for the payment of reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and any predecessor Indenture
Trustee, their agents and counsel, be for the benefit of the Noteholders in respect of which such judgment has been recovered, and distributed pursuant to the priorities contemplated by Section 3.4 and Section 6.6 hereof, as applicable.

 Section 6.6 Application of Money Collected. 

(a) If an Acceleration Event shall have occurred, any money collected by the Indenture Trustee in respect of the Trust
Estate and any other money that may be held thereafter by the Indenture Trustee as security for the Notes, including, without limitation, the amounts on deposit in the Reserve Account, the Prefunding Account and the Capitalized Interest Account,
shall be applied in the following order on each Payment Date: 
 (i) to the Indenture Trustee, the Indenture
Trustee Fee, plus any accrued and unpaid Indenture Trustee Fees with respect to prior Payment Dates, and any out-of-pocket expenses of the Indenture Trustee incurred and not reimbursed in connection with its obligations and duties under the
Indenture; 

  
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 (ii) to the payment of the Texas franchise tax, if any, imposed on the
Issuer, to the extent not paid by Silverleaf; 
 (iii) to the Servicer, the Servicing Fee, plus any accrued and
unpaid Servicing Fees with respect to prior Payment Dates and to the successor Servicer, if any, the Servicer Transition Expenses, if any (up to a cumulative total of Servicer transition expenses of $100,000); 

(iv) to the Backup Servicer, to the extent not previously paid, the Backup Servicing Fee, plus any accrued and unpaid
Backup Servicing Fees; 
 (v) to the Noteholders, the Interest Distribution Amount; 

(vi) to the Noteholders, as a distribution of principal, all remaining Available Funds, until the Outstanding Note
Balance of the Notes is reduced to zero; and 
 (vii) any remaining Available Funds to the holder of the
Residual Certificate. 
 (b) Notwithstanding the occurrence and continuation of an Event of Default, prior to
the occurrence of an Acceleration Event, Noteholders shall continue to be paid in the manner and priorities described in Section 3.4(a) hereof. 
 Section 6.7 Limitation on Suits. 
 No Noteholder shall have any
right to institute any proceeding, judicial or otherwise, with respect to this Indenture or for any other remedy hereunder, unless: 
 (a) there is a continuing Event of Default and such Noteholder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

(i) such Noteholder or Noteholders have offered to the Indenture Trustee reasonable indemnity (which may be in the form
of written assurances) against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (ii) the Indenture Trustee, for 30 days after its receipt of such notice, request and offer of indemnity, has failed to institute any such proceeding; and 

(iii) no direction inconsistent with such written request has been given to the Indenture Trustee during such 30-day
period by the Holders representing at least 66-2/3% of the Outstanding Note Balance; 
 (iv) it being
understood and intended that no one or more of such Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders, or to
obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner herein provided and for the ratable benefit of all such Noteholders. It is further understood and
intended that so long as 

  
 47 

 
any portion of the Notes remains Outstanding, the Servicer shall not have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture (other than for the
enforcement of Section 3.4 hereof) or for the appointment of a receiver or trustee (including without limitation a proceeding under the Bankruptcy Code), or for any other remedy hereunder. Nothing in this Section 6.7 shall be construed as
limiting the rights of otherwise qualified Noteholders to petition a court for the removal of a Indenture Trustee pursuant to Section 7.8 hereof. 
 Section 6.8 Unconditional Right of Noteholders to Receive Principal and Interest. 
 Notwithstanding any other provision in this Indenture, other than the provisions hereof limiting the right to recover amounts due on the Notes to recoveries from the property comprising the Trust Estate,
the Holder of any Note shall have the absolute and unconditional right to receive payment of the principal of, and interest on, such Note as such payments of principal and interest become due, including on the Stated Maturity, and such right shall
not be impaired without the consent of such Noteholder. 
 Section 6.9 Restoration of Rights and Remedies.

 If the Indenture Trustee or any Noteholder has instituted any proceeding to enforce any right or remedy under
this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Indenture Trustee or to such noteholder, then and, in every such case, subject to any determination in such proceeding, the
Issuer, the Indenture Trustee and the Noteholders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Indenture Trustee and the Noteholders continue as though no such
proceeding had been instituted. 
 Section 6.10 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Notes in
Section 2.5(f) hereof, no right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.11 Delay or Omission
Not Waiver. 
 No delay or omission of the Indenture Trustee or of any Holder of any Note to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VI or by law to the Indenture Trustee or
to the Noteholders may be exercised from time to time, and’ as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

  
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 Section 6.12 Control by Noteholders. 

Except as may otherwise be provided in this Indenture, until such time as the conditions specified in
Sections 11.1(a)(i) and (ii) hereof have been satisfied in full, the Holders representing at least 66-2/3% of the Outstanding Note Balance shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee; with respect to the Notes. Notwithstanding the foregoing: 

(i) no such direction shall be in conflict with any rule of law or with this Indenture; 

(ii) the Indenture Trustee shall not be required to follow any such direction which the Indenture Trustee reasonably
believes might result in any personal liability on the part of the Indenture Trustee for which the Indenture Trustee is not adequately indemnified; and 
 (iii) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee which is not inconsistent with any such direction; provided that the Indenture Trustee shall give notice of any
such action to each Noteholder. 
 Section 6.13 Waiver of Events of Default. 

(a) Unless an Acceleration Event shall have occurred, the Holders representing at least 66-2/3% of the then Outstanding
Note Balance may, by one or more instruments in writing, waive any Event of Default hereunder and its consequences, except a continuing Event of Default: 
 (i) in respect of the payment of the principal of or interest on any Note (which may only be waived by the Holder of such Note), or 

(ii) in respect of a covenant or provision hereof which under Article IX hereof cannot be modified or amended without
the consent of the Holder of each Outstanding Note affected (which only may be waived by the Holders of all Outstanding Notes affected). 
 (b) A copy of each waiver pursuant to Section 6.13(a) hereof shall be furnished by the Indenture Trustee to each Noteholder. Upon any such waiver, such Event of Default shall cease to exist and shall
be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. 

Section 6.14 Undertaking for Costs. 

All parties to this Indenture agree (and each Holder of any Note by its acceptance thereof shall be deemed to have
agreed) that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture

  
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Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (i) any suit instituted
by the Indenture Trustee, (ii) to any suit instituted by any Noteholder, or group of Holders representing at least 66-2/3% of the Outstanding Note Balance, or (iii) to any suit instituted by any Noteholder for the enforcement of the
payment of the principal of or interest on any Note on or after the maturities for such payments, including the Stated Maturity, as applicable. 
 Section 6.15 Reserved. 
 Section 6.16 Trust Estate. 

(a) The power to effect the sale of the Trust Estate pursuant to Section 6.3 hereof shall continue unimpaired until
all the Trust Estate shall have been sold or all amounts payable on the Notes shall have been paid or losses allocated thereto and borne thereby. The Indenture Trustee may from time to time, upon directions in accordance with Section 6.12
hereof, postpone any public sale by public announcement made at the time and place of such sale. 
 (b) Unless
required by applicable law, the Indenture Trustee shall not sell to a third party the Trust Estate, or any portion thereof except as permitted under Section 6.3(d) hereof. 

(c) In connection with a sale of the Trust Estate: 

(i) any one or more Noteholders may bid for and purchase the property offered for sale, and upon compliance with the
terms of sale may hold, retain, and possess and dispose of such property, without further accountability, and any Noteholder may, in paying the purchase money therefor, deliver in lieu of cash any Outstanding Notes or claims for interest thereon for
credit in the amount that shall, upon distribution of the net proceeds of such sale, be payable thereon, and the Notes, in case the amounts so payable thereon shall be less than the amount due thereon, shall be returned to the Noteholders after
being appropriately stamped to show such partial payment; 
 (ii) the Indenture Trustee shall execute and
deliver an appropriate instrument of conveyance prepared by the Servicer transferring the Issuer’s interest in the Trust Estate without recourse, representation or warranty in any portion of the Trust Estate in connection with a sale thereof;

 (iii) the Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer to
transfer and convey the Issuer’s interest in any portion of the Trust Estate in connection with a sale thereof, and to take all action necessary to effect such sale; 

  
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 (iv) no purchaser or transferee at such a sale shall be bound to ascertain
the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys; and 
 (v) the method, manner, time, place and terms of any sale of the Trust Estate shall be commercially reasonable; and 

(vi) except as set forth in Section 5.3(b)(iv), none of Silverleaf or its Affiliates may bid for and purchase the
Timeshare Loans offered for sale by the Indenture Trustee pursuant to Section 6.16(c)(i). 
 Section 6.17
Action on Notes. 
 The Indenture Trustee’s right to seek and recover judgment on the Notes or under this
Indenture or any other Transaction Document shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture or any other Transaction Document. Neither the Lien of this Indenture nor any
rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or
upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with the provisions of this Indenture. 

Section 6.18 Performance and Enforcement of Certain Obligations. 

Promptly following a request from the Indenture Trustee, the Issuer shall take all such lawful action as the Indenture
Trustee may request to compel or secure the performance and observance by the Originator of its respective obligations to the Issuer under or in connection with the Transfer Agreement and any other Transaction Document and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Transfer Agreement or any other Transaction Document to the extent, and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Originator thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Originator of its obligations under the Transfer Agreement and
the other Transaction Documents. 
 ARTICLE VII 
 THE INDENTURE TRUSTEE 
 Section 7.1 Certain Duties. 

(a) The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee. Except as expressly set forth herein, the Indenture Trustee shall have no obligation to monitor the performance of the Servicer under
the Transaction Documents. 

  
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 (b) In the absence of bad faith on its part, the Indenture Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed herein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any
such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture; provided, however, the Indenture Trustee shall not be required to verify or recalculate the contents thereof. 
 (c) In case an Event of Default or a Servicer Event of Default (resulting in the appointment of the Indenture Trustee as successor Servicer) has occurred and is continuing, the Indenture Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs;
provided, however, that no provision in this Indenture shall be construed to limit the obligations of the Indenture Trustee to provide notices under Section 7.2 hereof. 

(d) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity acceptable to the Indenture Trustee (which may be in the
form of written assurances) against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
 (e) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct or bad
faith, except that: 
 (i) this Section shall not be construed to limit the effect of
Section 7.1(a) and (b) hereof; 
 (ii) the Indenture Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it shall be proved that the Indenture Trustee shall have been negligent in ascertaining the pertinent facts; and 

(iii) the Indenture Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good
faith in accordance with the written direction of the holders of the requisite principal amount of the outstanding Notes, or in accordance with any written direction delivered to it under Sections 6.2(a), (b) or (c) hereof relating to
the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture. 

(f) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 7.1. 

  
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 (g) The Indenture Trustee makes no representations or warranties with
respect to the Timeshare Loans or the Notes or the validity or sufficiency of any assignment of the Timeshare Loans to the Issuer or their pledge to the Indenture Trustee under this Indenture. 

(h) Notwithstanding anything to the contrary herein, the Indenture Trustee is not required to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. 
 Section 7.2 Notice of Events of Default.

 The Indenture Trustee shall promptly (but, in any event, within three (3) Business Days) notify the
Issuer, the Servicer, the Noteholders and the holder of the Residual Certificate upon a Responsible Officer obtaining actual knowledge of any event which constitutes an Event of Default or a Servicer Event of Default or would constitute an Event of
Default or a Servicer Event of Default but for the requirement that notice be given or time elapse or both. 

Section 7.3 Certain Matters Affecting the Indenture Trustee. 

Subject to the provisions of Section 7.1 hereof: 

(a) The Indenture Trustee may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
 (b) Any request or direction of any Noteholders, the Issuer, or the Servicer
mentioned herein shall be in writing; 
 (c) Whenever in the performance of its duties hereunder the Indenture
Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on
its part, rely upon an Officer’s Certificate or an Opinion of Counsel; 
 (d) The Indenture Trustee may
consult with counsel, and the advice of such counsel or any Opinion of Counsel shall be deemed authorization in respect of any action taken, suffered, or omitted by it hereunder in good faith and in reliance thereon; 

(e) Prior to the occurrence of an Event of Default or after the curing of all Events of Default which may have occurred,
the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper document,
unless requested in writing so to do by Holders representing at least 66-2/3% 

  
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of the Outstanding Note Balance; provided, however, that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the reasonable opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require
reasonable indemnity against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Servicer or, if paid by the Indenture Trustee, shall be reimbursed by the Servicer
upon demand; 
 (f) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or a custodian (which may be an Affiliate of the Indenture Trustee), and the Indenture Trustee shall not be liable for any acts or omissions of such agents, attorneys or
custodians appointed with due care by it hereunder; and 
 (g) Delivery of any reports, information and
documents to the Indenture Trustee provided for herein or any other Transaction Document is for informational purposes only (unless otherwise expressly stated), and the Indenture Trustee’s receipt of such shall not constitute constructive
knowledge of any information contained therein or determinable from information contained therein, including the Servicer’s or the Issuer’s compliance with any of its representations, warranties or covenants hereunder (as to which the
Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 7.4 Indenture
Trustee Not Liable for Notes or Timeshare Loans. 
 (a) The Indenture Trustee makes no representations as to the
validity or sufficiency of this Indenture or any Transaction Document, the Notes (other than the authentication thereof) or of any Timeshare Loan. The Indenture Trustee shall not be accountable for the use or application by the Issuer of funds paid
to the Issuer in consideration of conveyance of the Timeshare Loans and related assets to the Indenture Trustee on behalf of the Noteholders. 
 (b) The Indenture Trustee (in its capacity as Indenture Trustee) shall have no responsibility or liability for or with respect to the validity of any security interest in any property securing a Timeshare
Loan, the existence or validity of any Timeshare Loan, the validity of the assignment of any Timeshare Loan to the Indenture Trustee on behalf of the Noteholders or of any intervening assignment, the review of any Timeshare Loan, any Timeshare Loan
File, the completeness of any Timeshare Loan File, the receipt by the Custodian of any Timeshare Loan or Timeshare Loan File (it being understood that the Indenture Trustee has not reviewed and does not intend to review such matters), the
performance or enforcement of any Timeshare Loan, the compliance by the Servicer or the Issuer with any covenant or the breach by the Servicer or the Issuer of any warranty or representation made hereunder or in any Transaction Document or the
accuracy of any such warranty or representation, the acts or omissions of the Servicer, the Issuer or any Obligor, or any action of the Servicer or the Issuer taken in the name of the Indenture Trustee. 

  
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 Section 7.5 Indenture Trustee May Own Notes. 

The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes with the same
rights as it would have if it were not the Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may become the owner or pledgee of Notes with the same rights as it would have if it were not the Paying Agent, Note
Registrar, co-registrar or co-paying agent. 
 Section 7.6 Indenture Trustee’s Fees and Expenses.

 On each Payment Date, the Indenture Trustee shall be entitled to the Indenture Trustee Fee and reimbursement
of out-of-pocket expenses incurred by it in connection with its responsibilities hereunder in the priorities provided in Sections 3.4 or 6.6 hereof, as applicable. 

Section 7.7 Eligibility Requirements for Indenture Trustee. 

Other than the initial Indenture Trustee, the Indenture Trustee hereunder shall at all times (a) be a corporation,
national banking association, depository institution, or trust company organized and doing business under the laws of the United States of America or any state thereof authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $100,000,000, (b) be subject to supervision or examination by federal or state authority, (c) be capable of maintaining an Eligible Bank Account, (d) have a long-term unsecured debt rating of not less
than “Baa1” from Moody’s and “BBB” from S&P, and (e) shall be acceptable to Holders representing at least 66-2/3% of the Outstanding Note Balance. If such institution publishes reports of condition at least
annually, pursuant to or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 7.7, the combined capital and surplus of such institution shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In case at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of this Section 7.7, the Indenture Trustee shall resign in the
manner and with the effect specified in Section 7.8 hereof. 
 Section 7.8 Resignation or Removal of
Indenture Trustee. 
 (a) The Indenture Trustee may at any time resign and be discharged with respect to the
Notes by giving 60 days’ prior written notice thereof to the Servicer, the Issuer and the Noteholders. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor Indenture Trustee not objected to by Holders
representing more than 66-2/3% of the Outstanding Note Balance within 30 days after prior written notice, by written instrument, in sextuplicate, one counterpart of which instrument shall be delivered to each of the Issuer, the Servicer, the
Noteholders, the holder of the Residual Certificate, the successor Indenture Trustee and the predecessor Indenture Trustee. If no successor Indenture Trustee shall have been so appointed and have accepted appointment within 60 days after the giving
of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 

  
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 (b) If at any time the Indenture Trustee shall cease to be eligible in
accordance with the provisions of Section 7.7 hereof and shall fail to resign after written request therefor by the Issuer, or if at any time the Indenture Trustee shall be legally unable to act, fails to perform in any material respect its
obligations under this Indenture, or shall be adjudged a bankrupt or insolvent, or a receiver of the Indenture Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Issuer or Holders representing at least 66-2/3% of the Outstanding Note Balance, may direct the Issuer to remove the Indenture Trustee. If it removes the
Indenture Trustee under the authority of the immediately preceding sentence, the Issuer shall promptly appoint a successor Indenture Trustee not objected to by Holders representing at least 66-2/3% of the Outstanding Note Balance within 30 days
after prior written notice, by written instrument, in sextuplicate, one counterpart of which instrument shall be delivered to each of the Issuer, the Servicer, the Noteholders, the holder of the Residual Certificate, the successor Indenture Trustee
and the predecessor Indenture Trustee. 
 (c) Any resignation or removal of the Indenture Trustee and
appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section 7.8 shall not become effective until acceptance of appointment by the successor Indenture Trustee as provided in Section 7.9 hereof. 

Section 7.9 Successor Indenture Trustee. 

(a) Any successor Indenture Trustee appointed as provided in Section 7.8 hereof shall execute, acknowledge and
deliver to each of the Servicer, the Issuer, the Noteholders, the holder of the Residual Certificate and to its predecessor Indenture Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor Indenture Trustee shall become effective and such successor Indenture Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor Indenture
Trustee hereunder with like effect as if originally named Indenture Trustee. The predecessor Indenture Trustee shall deliver or cause to be delivered to the successor Indenture Trustee or its custodian any Transaction Documents and statements held
by it or its custodian hereunder; and the Servicer and the Issuer and the predecessor Indenture Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for the full and certain vesting and
confirmation in the successor Indenture Trustee of all such rights, powers, duties and obligations. 
 (b) In
case of the appointment hereunder of a successor Indenture Trustee with respect to the Notes, the Issuer, the retiring Indenture Trustee and each successor Indenture Trustee with respect to the Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Indenture
Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes to which the appointment of such successor Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not retiring with
respect to all Notes, shall contain such provisions as shall be deemed necessary or 

  
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desirable to confirm that all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes as to which the retiring Indenture Trustee is not retiring shall
continue to be vested in the retiring Indenture Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the Trust Estate hereunder by more than
one Indenture Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same allocated trust and that each such Indenture Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Indenture Trustee
shall become effective to the extent provided therein and each such successor Indenture Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Indenture Trustee with
respect to the Notes to which the appointment of such successor Indenture Trustee relates; but, on request of the Issuer or any successor Indenture Trustee, such retiring Indenture Trustee shall duly assign, transfer and deliver to such successor
Indenture Trustee all property and money held by such retiring Indenture Trustee hereunder with respect to the Notes of that or those to which the appointment of such successor Indenture Trustee relates. 

Upon request of any such successor Indenture Trustee, the Issuer shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in the preceding paragraph. 
 (c) No successor Indenture Trustee shall accept appointment as provided in this Section 7.9 unless at the time of such acceptance such successor Indenture Trustee shall be eligible under the
provisions of Section 7.7 hereof. 
 (d) Upon acceptance of appointment by a successor Indenture Trustee as
provided in this Section 7.9, the Servicer shall mail notice of the succession of such Indenture Trustee hereunder to each Noteholder at its address as shown in the Note Register and to the holder of the Residual Certificate. If the Servicer
fails to mail such notice within ten (10) days after acceptance of appointment by the successor Indenture Trustee, the successor Indenture Trustee shall cause such notice to be mailed at the expense of the Issuer and the Servicer. 

Section 7.10 Merger or Consolidation of Indenture Trustee. 

Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture
Trustee hereunder, provided such corporation shall be eligible under the provisions of Section. 7.7 hereof, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. 

  
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 Section 7.11 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. 
 (a) At any time or times for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located or in which any action of the Indenture Trustee may be required to be performed or taken, the Indenture Trustee, the Servicer or the Holders representing at least 66-2/3% of the
Outstanding Note Balance, by an instrument in writing signed by it or them, may appoint, at the reasonable expense of the Issuer and the Servicer, one or more individuals or corporations to act as separate trustee or separate trustees or co-trustee,
acting jointly with the Indenture Trustee, of all or any part of the Trust Estate, to the full extent that local law makes it necessary for such separate trustee or separate trustees or co-trustee acting jointly with the Indenture Trustee to act.
Notwithstanding the appointment of any separate or co-trustee, the Indenture Trustee shall remain obligated and liable for the obligations of the Indenture Trustee under this Indenture. 

(b) The Indenture Trustee and, at the request of the Indenture Trustee, the Issuer shall execute, acknowledge and deliver
all such instruments as may be required by the legal requirements of any jurisdiction or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully confirming such title, rights, or duties to such separate trustee
or separate trustees or co-trustee. Upon the acceptance in writing of such appointment by any such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to the Trust Estate or any part thereof, and
with such rights, powers, duties and obligations as shall be specified in the instrument of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by the Indenture Trustee, or the
Indenture Trustee and such separate trustee or separate trustees or co-trustees jointly with the Indenture Trustee subject to all the terms of this Indenture, except to the extent that under any law of any jurisdiction in which any particular act or
acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate trustee or separate trustees
or co-trustee, as the case may be. Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the Indenture Trustee its attorney-in-fact and agent with full power and authority to do all acts and
things and to exercise all discretion on its behalf and in its name. In any case, if any such separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, the title to the Trust Estate and all assets, property, rights,
power duties and obligations and duties of such separate trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Indenture Trustee, without the appointment of a successor to such separate trustee or co-trustee unless
and until a successor is appointed. 
 (c) All provisions of this Indenture which are for the benefit of the
Indenture Trustee shall extend to and apply to each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 7.11. 
 (d) Every additional trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Indenture Trustee shall act, subject to the following provisions and
conditions: (i) all powers, duties and obligations and rights 

  
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conferred upon the Indenture Trustee in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Indenture Trustee; (ii) all other rights, powers,
duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed and exercised or performed by the Indenture Trustee and such additional trustee or trustees and separate trustee or trustees jointly except to the
extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Timeshare Properties in any such jurisdiction) shall be exercised and performed by such additional trustee or trustees or separate trustee or trustees; (iii) no power hereby given to, or exercisable by,
any such additional trustee or separate trustee shall be exercised hereunder by such trustee except jointly with, or with the consent of, the Indenture Trustee; and (iv) no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder. 
 If at any time, the Indenture Trustee shall deem it no longer
necessary or prudent in order to conform to such law, the Indenture Trustee shall execute and deliver all instruments and agreements necessary or proper to remove any additional trustee or separate trustee. 

(e) Any request, approval or consent in writing by the Indenture Trustee to any additional trustee or separate trustee
shall be sufficient warrant to such additional trustee or separate trustee, as the case may be, to take such action as may be so requested, approved or consented to. 

(f) Notwithstanding any other provision of this Section 7.11, the powers of any additional trustee or separate
trustee shall not exceed those of the Indenture Trustee hereunder. 
 Section 7.12 Paying Agent and Note
Registrar Rights. 
 So long as the Indenture Trustee is the Paying Agent and Note Registrar, the Paying Agent
and Note Registrar shall be entitled to the rights, benefits and immunities of the Indenture Trustee as set forth in this Article VII to the same extent and as fully as though named in place of the Indenture Trustee herein. The Paying Agent shall be
compensated out of the Indenture Trustee Fee. 
 Section 7.13 Authorization. 

The Issuer hereby authorizes and directs the Indenture Trustee to enter into the Lockbox Agreement. Pursuant to the
Lockbox Agreement, the Indenture Trustee agrees to cause to be established and maintained an account (the “Lockbox Account”) for the benefit of the Noteholders. The Lockbox Account will be titled as follows “Silverleaf Timeshare
Loan-Backed Notes, Series 2011-A—Blocked Account, Wells Fargo Bank, National Association, as Indenture Trustee for the benefit of the Noteholders”. The Indenture Trustee is authorized and directed to act as titleholder of the Lockbox
Account in accordance with the terms of the Lockbox Agreement for the benefit of the Noteholders with interests in the funds 

  
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on deposit in such accounts. In addition, the Indenture Trustee is hereby authorized to enter into, execute, deliver and perform under, each of the applicable Transaction Documents. The Lockbox
Bank will be required to transfer and will be permitted to withdraw funds from the Lockbox Account in accordance with the Lockbox Agreement. 
 Section 7.14 Maintenance of Office or Agency. 
 The Indenture
Trustee will maintain in the City of Minneapolis, Minnesota, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Indenture Trustee in respect of the Notes and this
Indenture may be served. The Indenture Trustee will give prompt written notice to the Issuer, the Servicer and the Noteholders of the location, and of any change in the location, of any such office or agency or shall fail to furnish the Issuer or
the Servicer with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

 ARTICLE VIII 
 COVENANTS OF THE ISSUER 
 Section 8.1 Payment of Principal and
Interest. 
 The Issuer will cause the due and punctual payment of the principal of, and interest on, the Notes
in accordance with the terms of the Notes and this Indenture. 
 Section 8.2 Reserved. 

Section 8.3 Money for Payments to Noteholders to Be Held in Trust. 

(a) All payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the
Trust Accounts pursuant to Sections 3.4 or 6.6 hereof shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so withdrawn from the Collection Account for payments of Notes shall be paid over to the Issuer under any
circumstances, except as provided in this Section 8.3, in Section 3.4 or Section 6.6, as the case may be. 
 (b) In making payments hereunder, the Indenture Trustee will hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided. 
 (c) Except as required by applicable law, any money held by the Indenture Trustee or the Paying Agent in trust for the payment of any amount due with respect to any Note shall not bear interest and if
remaining unclaimed for two (2) years after such amount has become due and payable to the Noteholder shall be discharged from such trust and, subject to applicable escheat laws, and so long as no Event of Default has occurred and is

  
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continuing, paid to the Issuer upon request; otherwise, such amounts shall be redeposited in the Collection Account as Available Funds, and such Noteholder shall thereafter, as an unsecured
general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or the Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that the Indenture Trustee or the Paying Agent, before being required to make any such repayment, shall cause to be published once, at the expense and direction of the Issuer, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee or the Paying Agent shall also adopt and employ, at the expense and direction of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to Noteholders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is
determinable) from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Noteholder. 
 (d) The Issuer will cause each Paying Agent to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee is
the Paying Agent, it hereby so agrees), subject to the provisions of this Section 8.3, that such Paying Agent will: 
 (i) give the Indenture Trustee notice of any occurrence that is, or with notice or with the lapse of time or both would become, an Event of Default by the Issuer of which it has actual knowledge in the
making of any payment required to be made with respect to the Notes; 
 (ii) at any time during the continuance
of any such occurrence described in clause (i) above, upon the written request of the Indenture Trustee, pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iii) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for
the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 
 (iv) comply with all requirements of the Code or any applicable state law with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and
with respect to any applicable reporting requirements in connection therewith. 
 The Issuer may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Indenture Trustee upon the same trusts as those upon which the sums were held 

  
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by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such monies. 

Section 8.4 Existence; Merger; Consolidation, etc. 

(a) The Issuer will keep in full effect its existence, rights and franchises as a limited liability company under the
laws of the State of Delaware, and will obtain and preserve its qualification to do business as a foreign entity in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture,
the Notes or any of the Timeshare Loans. 
 (b) The Issuer shall at all times observe and comply in all material
respects with (i) all laws applicable to it, (ii) all requirements of law in the declaration and payment of distributions, and (iii) all requisite and appropriate formalities in the management of its business and affairs and the
conduct of the transactions contemplated hereby. 
 (c) The Issuer shall not (i) consolidate or merge with
or into any other Person or convey or transfer its properties and assets substantially as an entirety to any other Person or (ii) commingle its assets with those of any other Person. 

(d) The Issuer shall not become an “investment company” or under the “control” of an “investment
company” as such terms are defined in the Investment Company Act of 1940, as amended (or any successor or amendatory statute), and the rules and regulations thereunder (taking into account not only the general definition of the term
“investment company” but also any available exceptions to such general definition); provided, however, that the Issuer shall be in compliance with this Section 8.4 if it shall have obtained an order exempting it from regulation as an
“investment company” so long as it is in compliance with the conditions imposed in such order. 

Section 8.5 Protection of Trust Estate; Further Assurances. 

(a) The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance, and other instruments, and will take such other action as may be necessary or advisable to: 

(i) Grant more effectively the assets comprising all or any portion of the Trust Estate; 

(ii) maintain or preserve the Lien of this Indenture or carry out more effectively the purposes hereof; 

(iii) publish notice of, or protect the validity of, any Grant made or to be made by this Indenture and perfect the
security interest contemplated hereby in favor of the Indenture Trustee in each of the Timeshare Loans and all other property included in the Trust Estate; provided, that the Issuer shall not be required to cause the recordation of the

  
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Indenture Trustee’s name as Lien holder on the related title documents for the Timeshare Properties so long as no Event of Default has occurred and is continuing; 

(iv) enforce or cause the Servicer to enforce any of the Timeshare Loans in accordance with the Servicing Standard,
provided, however, the Issuer will not cause the Servicer to obtain on behalf of the Indenture Trustee or the Noteholders, any Timeshare Property or to take any actions with respect to any property the result of which would adversely affect the
interests of the Indenture Trustee or the Noteholders (including, but not limited to, actions which would cause the Indenture Trustee or the related Noteholders to be considered a holder of title, mortgagee-in-possession, or otherwise, or an
“owner” or “operator” of Property not in compliance with applicable environmental statutes); and 
 (v) preserve and defend title to the Timeshare Loans (including the right to receive all payments due or to become due thereunder), the interests in the Timeshare Properties, or other property included in
the Trust Estate and preserve and defend the rights of the Indenture Trustee in the Trust Estate (including the right to receive all payments due or to become due thereunder) against the claims of all Persons and parties other than as permitted
hereunder. 
 (b) The Issuer will not take any action and will use its commercially reasonable efforts not to
permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture or the Custodial Agreement or such other instrument or agreement.

 (c) The Issuer may contract with or otherwise obtain the assistance of other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer, provided, however that no
appointment of such Person shall relieve the Issuer of its duties and obligations hereunder. Initially, the Issuer has contracted with the Servicer, Indenture Trustee and the Custodian pursuant to this Indenture to assist the Issuer in performing
its duties under this Indenture and the other Transaction Documents. 
 (d) The Issuer will punctually perform
and observe all of its obligations and agreements contained in this Indenture, the Transaction Documents and in the instruments and agreements included in the Trust Estate. 

(e) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture
or the rights of the Indenture Trustee hereunder, the Issuer agrees (i) that it will not, without the prior written consent of the Indenture Trustee and the Holders representing at least 66-2/3% of the Outstanding Note Balance, amend, modify,
waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Timeshare 

  
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Loan (except to the extent otherwise provided in this Indenture or in the Timeshare Loan Documents) or the Transaction Documents, or waive timely performance or observance by the Servicer, the
Indenture Trustee, the Custodian or the Paying Agent under this Indenture; and (ii) that any such amendment shall not (A) reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders or (B) reduce the aforesaid percentages of the Notes that is required to consent to any such amendment, without the consent of the Noteholders of all the Outstanding Notes. If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee and the Noteholders, the Issuer agrees, promptly following a request by the Indenture Trustee, to execute and deliver, at its own expense, such agreements, instruments, consents
and other documents as the Indenture may deem necessary or appropriate in the circumstances. 
 The Issuer, upon
the Issuer’s failure to do so, hereby irrevocably designates the Indenture Trustee and the Servicer, severally, its agents and attorneys-in-fact to execute any financing statement or continuation statement or Assignment of Mortgage required
pursuant to this Section 8.5; provided, however, that such designation shall not be deemed to create a duty in the Indenture Trustee to monitor the compliance of the Issuer with the foregoing covenants, and provided, further, that the duty of
the Indenture Trustee or the Servicer to execute any instrument required pursuant to this Section 8.5 shall arise only if a Responsible Officer of the Indenture Trustee or the Servicer, as applicable, has Knowledge of any failure of the Issuer
to comply with the provisions of this Section 8.5. 
 Section 8.6 Additional Covenants. 

(a) The Issuer will not: 
 (i) sell, transfer, exchange or otherwise dispose of any portion of the Trust Estate except as expressly permitted by this Indenture; 

(ii) claim any credit on, or make any deduction from, the principal of, or interest on, any of the Notes (other than
amounts properly withheld from such payments under the Code or any applicable state law); or 
 (iii) engage in
any business or activity other than as permitted by the Limited Liability Company Agreement, this Indenture and the other Transaction Documents and any activities incidental thereto; 

(iv) issue debt of obligations under any indenture other than this Indenture; 

(v) incur or assume, directly or indirectly, any indebtedness, except for such indebtedness as may be incurred by the
Issuer pursuant to this Indenture, or guaranty any indebtedness or other obligations of any Person (other than the Timeshare Loans), or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or
securities of, or any other interest in, or make any capital contribution to, any other Person (other than the Timeshare Loans); 

  
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 (vi) dissolve or liquidate in whole or in part or merge or consolidate with
any other Person; 
 (vii) permit the validity or effectiveness of this Indenture or any Grant hereby to be
impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations under this Indenture, except as may be expressly permitted
hereby, (B) permit any lien, charge, security interest, mortgage or other encumbrance to be created on or to extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other
than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Resort interests and arising solely as a result of an act or omission of the related Obligor) other than the Lien of this Indenture or
(C) except as otherwise contemplated in this Indenture, permit the Lien of this Indenture (other than with respect to any Permitted Liens or such tax, mechanics’ or other lien) not to constitute a valid first priority security interest in
the Trust Estate; 
 (viii) take any action or fail to take any action which may cause the Issuer to be treated
as (a) an association taxable as a corporation pursuant to Section 7701 of the Code, (b) a publicly traded partnership taxable as a corporation pursuant to Section 7704 of the Code or (c) a taxable mortgage pool taxable as a
corporation pursuant to Section 7701(i) of the Code; or 
 (ix) change the location of its principal place
of business without prior notice to the Indenture Trustee and the Noteholders. 
 (b) Reserved. 

(c) Notice of Events of Defaults. Immediately upon the Issuer having Knowledge of the existence of any condition
or event which constitutes a Default or an Event of Default or a Servicer Event of Default, the Issuer shall deliver to the Indenture Trustee a written notice describing its nature and period of existence and what action the Issuer is taking or
proposes to take with respect thereto. 
 (d) Report on Proceedings. Promptly upon the Issuer’s
becoming aware of (i) any proposed or pending investigation of it by any governmental authority or agency; or (ii) any pending or proposed court or administrative proceeding which involves or is reasonably likely to involve the possibility
of materially and adversely affecting the properties, business, prospects, profits or condition (financial or otherwise) of the Issuer, the Issuer shall deliver to the Indenture Trustee a written notice specifying the nature of such investigation or
proceeding and what action the Issuer is taking or proposes to take with respect thereto and evaluating its merits. 
 Section 8.7 Taxes. 
 The Issuer shall pay all taxes when due and
payable or levied against its assets, properties or income, including any property that is part of the Trust Estate, except to the extent the Issuer is contesting the same in good faith and has set aside adequate reserves in accordance with GAAP for
the payment thereof. 

  
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 Section 8.8 Restricted Payments. 

Except as otherwise permitted under the Transaction Documents, the Issuer shall not, directly or indirectly, (i) pay
any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to any owner of an interest in the Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer, the Originator or the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any ownership or equity interest or security in or of the Issuer, the Originator or the Servicer or (iii) set aside
or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, payments and distributions to or on behalf of the Servicer, the Originator, the Indenture Trustee and the Noteholders as
contemplated by, and to the extent funds are available for such purpose under, this Indenture or the other Transaction Documents; and, provided, further, that the Issuer may make cash distributions to its member from funds available pursuant to
Section 3.4(a)(xvi), 6.6(a)(x) or 6.6(b)(ix) if such member is the holder of the Residual Certificate. The Issuer will not, directly or indirectly, make or cause to be made payments to or distributions from the Collection Account except in
accordance with this Indenture and the other Transaction Documents. 
 Section 8.9 Reserved. 

Section 8.10 Further Instruments and Acts. 

Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 8.11 Compliance with Limited Liability Company Agreement 

The Issuer shall comply with the Limited Liability Company Agreement and shall not amend the Limited Liability Company
Agreement without the consent of the Holders representing at least 66-2/3% of the Outstanding Note Balance, if such amendment would have a material adverse effect on the rights of the Noteholders. 

Section 8.12 Separateness Covenants 

(a) The Issuer shall: 
 (i) Maintain its own deposit and other account or accounts, separate from those of any Affiliate. The funds of the Issuer will not be diverted to any other Person or for other than the use of the Issuer,
and, except as may be expressly permitted by this Indenture or the other Transaction Documents, the funds of the Issuer shall not be commingled with those of any Affiliate of the Issuer. 

(ii) Ensure that, to the extent that it shares the same officers or other employees as any of its members or Affiliates
the salaries of and the expenses related to providing benefits to such officers and other employees shall be fairly allocated among such 

  
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entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such common officers and employees. 

(iii) Ensure that, to the extent that it jointly contracts with any of its members or Affiliates to do business with
vendors or service providers or to share overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that the Issuer contracts or does
business with vendors or service providers where the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and
services are provided, and each such entity shall bear its fair share of such costs. Except as otherwise contemplated by the Transaction Documents, all material transactions between the Issuer and any of its Affiliates shall be only on an
arm’s-length basis. 
 (iv) Maintain an office and a telephone number separate from those of each of its
members and Affiliates other than Affiliates that are bankruptcy remote entities. To the extent that the Issuer and any of its members or Affiliates have offices in contiguous space, there shall be fair and appropriate allocation of overhead costs
(including rent) among them, and each such entity shall bear its fair share of such expenses. 
 (v) Ensure
that decisions with respect to its business and daily operations shall be independently made by the Issuer and shall not be dictated by any Affiliate of the Issuer. 

(vi) Act solely in its own name and through its own authorized officers and agents. The Issuer shall at all times use
its own stationery. 
 (vii) Other than organizational expenses and as contemplated by the Transaction
Documents, pay all expenses, indebtedness and other obligations incurred by it using its own funds. 
 (viii)
Not enter into any guaranty, or otherwise become liable, with respect to any obligation of any Affiliate nor make any loans to any Person. 
 (ix) Ensure that any financial reports required by it shall comply with GAAP and shall be issued separately from, but may be consolidated with, any reports prepared for any of its Affiliates so long as
such consolidated reports contain footnotes describing the effect of the transactions on the Issuer and such Affiliate and also state that the assets of the Issuer are not available to pay creditors of the Affiliate. 

(x) Ensure that at all times it is adequately capitalized to engage in the transactions contemplated in the Limited
Liability Company Agreement and in the Transaction Documents. 

  
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 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 Section 9.1 Supplemental Indentures.

 (a) The Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Indenture Trustee, without the consent of any Noteholder for any of the following purposes: 

(i) to correct or amplify the description of any property at any time subject to the Lien of this Indenture, or to
better assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; provided, such action pursuant to this clause (i) shall not adversely affect the interests of the
Noteholders in any respect; or 
 (ii) to evidence and provide for the acceptance of appointment hereunder by a
successor Indenture Trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee,
pursuant to the requirements of Section 7.9 hereof; or 
 (iii) to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any other provision herein or to conform the provisions herein to the descriptions set forth in the Private Placement Memorandum, or to make any other provisions with
respect to matters or questions arising under this Indenture; provided that such action pursuant to this clause (iii) shall not adversely affect the interests of any of the Holders of Notes. 

(b) Reserved. 
 (c) The Indenture Trustee shall promptly deliver, at least five (5) Business Days prior to the effectiveness thereof, to each Noteholder and the holder of the Residual Certificate, a copy of any
supplemental indenture entered into pursuant to Section 9.1(a). 
 Section 9.2 Supplemental Indentures with
Consent of Noteholders. 
 (a) With the consent of Holders representing at least 66-2/3% of the then Outstanding
Note Balance, and by Act of said Noteholders delivered to the Issuer and the Indenture Trustee, the Issuer and the Indenture Trustee may, pursuant to an Issuer Order, enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, that no supplemental indenture shall, without the
consent of the Holder of each Outstanding Note affected thereby, 

  
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 (i) change the Stated Maturity of any Note or the due date of any
installment of principal or any installment of interest on any Note, or the amount of principal payments or interest payments due or to become due on any Payment Date with respect to any Note, or change the priority of payment thereof as set forth
herein, or reduce the principal amount thereof or the Note Rate thereon, or change the place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity; or 
 (ii) reduce the required percentage of the
Outstanding Note Balance that must be represented by the Noteholders voting on whether to approve any supplemental indenture or to waive compliance with provisions of this Indenture or Events of Default and their consequences; or 

(iii) modify any of the provisions of this Section 9.2 or Section 6.13 hereof except to increase any
percentage of Noteholders required for any modification or waiver or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 

(iv) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; or 

(v) permit the creation of any lien ranking prior to or on a parity with the Lien of this Indenture with respect to any
part of the Trust Estate or terminate the Lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security afforded by the Lien of this Indenture. 

(b) The Indenture Trustee shall promptly deliver, at least five (5) Business Days prior to the effectiveness thereof
to each Noteholder and the holder of the Residual Certificate, a copy of any supplemental indenture entered into pursuant to Section 9.2(a) above. 
 Section 9.3 Execution of Supplemental Indentures. 
 In executing,
or accepting the additional trusts created by, any supplemental indenture (a) pursuant to Section 9.1 hereof or (b) pursuant to Section 9.2 of this Indenture without the consent of each Holder of the Notes to the execution of the
same, or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and (subject to Section 7.1 hereof) shall be, fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any supplemental indenture which affects the Indenture Trustee’s own rights, duties,
obligations, or immunities under this Indenture or otherwise. 
 Section 9.4 Effect of Supplemental Indentures.

 Upon the execution of any supplemental indenture under this Article IX, this Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore or 

  
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thereafter authenticated and delivered hereunder and the holder of the Residual Certificate shall be bound thereby. 

Section 9.5 Reference in Notes to Supplemental Indentures. 

Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and
shall if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. New Notes so modified as to conform, in the opinion of the Indenture Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

ARTICLE X 

REDEMPTION OF NOTES 
 Section 10.1 Optional Redemption; Election to Redeem. 
 The Issuer
shall have the option to redeem all, but not less than all, of the Notes and thereby cause the early repayment of the Notes on any date after the Optional Redemption Date by payment of an amount equal to the Redemption Price and any amounts, fees
and expenses that are required to be paid pursuant to Section 6.6(b) hereof (unless amounts in the Trust Accounts are sufficient to make such payments). 
 Section 10.2 Notice to Indenture Trustee. 
 The Servicer shall
give written notice of its intention to redeem the Notes to the Indenture Trustee at least fifteen (15) days prior to the Redemption Date (unless a shorter period shall be satisfactory to the Indenture Trustee). 

Section 10.3 Notice of Redemption by the Servicer. 

Notices of redemption shall be given by the Servicer by first class mail, postage prepaid, mailed not less than fifteen
(15) days prior to the Redemption Date to each Noteholder, at the address listed in the Note Register. All notices of redemption shall state (a) the Redemption Date, (b) the Redemption Price, (c) that on the Redemption Date, the
Redemption Price will become due and payable in respect of each Note, and that interest thereon shall cease to accrue if payment is made on the Redemption Date and (d) the office of the Indenture Trustee where the Notes are to be surrendered
for payment of the Redemption Price. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 

Section 10.4 Deposit of Redemption Price. 

On or before the Business Day immediately preceding the Redemption Date, the Servicer shall deposit with the Indenture
Trustee an amount equal to the Redemption 

  
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Price and any amounts, fees and expenses that are required to be paid hereunder (less any portion of such payment to be made from funds held in any of the Trust Accounts). 

Section 10.5 Notes Payable on Redemption Date. 

Notice of redemption having been given as provided in Section 10.3 hereof and deposit of the Redemption Price with
the Indenture Trustee having been made as provided in Section 10.4 hereof, the Notes shall on the Redemption Date, become due and payable at the Redemption Price, and, on such Redemption Date, such Notes shall cease to accrue interest. The
Indenture Trustee shall apply all available funds in accordance with Section 6.6(b) hereof and the Noteholders shall be paid the Redemption Price by the Indenture Trustee on behalf of the Servicer upon presentment and surrender of their Notes
at the office of the Indenture Trustee. If the Servicer shall have failed to deposit the Redemption Price with the Indenture Trustee, the principal and interest with respect to the Notes shall, until paid, continue to accrue interest at the Note
Rate. The Servicer’s failure to deposit the Redemption Price shall not constitute an Event of Default hereunder. 
 ARTICLE
XI 
 SATISFACTION AND DISCHARGE 
 Section 11.1 Satisfaction and Discharge of Indenture. 
 (a) This
Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for), and the Indenture Trustee, on demand of, and at the expense of, the Issuer, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 
  

	 	(i)	 either: 

  

	 	(A)	 all Notes theretofore authenticated and delivered (other than (X) Notes which have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section 2.5 hereof and (Y) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 8.3(c) hereof) have been delivered to the Indenture Trustee for cancellation; or 

  

	 	(B)	 the final installments of principal on all such Notes not theretofore delivered to the Indenture Trustee for cancellation (x) have become due
and payable, or (y) will become due and payable at their Stated Maturity, as applicable within one year, and the Issuer has irrevocably deposited or caused to be deposited with the Indenture Trustee in trust an amount sufficient to pay and
discharge the entire indebtedness on such 

  
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Notes not theretofore delivered to the Indenture Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable) or to
the Stated Maturity thereof; 

 (ii) the Issuer and the Servicer have paid or caused to be
paid all other sums payable hereunder by the Issuer and the Servicer for the benefit of the Noteholders and the Indenture Trustee; and 
 (iii) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with. 
 At such time, the Indenture Trustee shall deliver to the Issuer all
cash, securities and other property held by it as part of the Trust Estate other than funds deposited with the Indenture Trustee pursuant to Section 11.1(a)(i) above, for the payment and discharge of the Notes. 

(b) Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Indenture
Trustee under Section 7.6 hereof and, if money shall have been deposited with the Indenture Trustee pursuant to Section 11.1(a)(i) above, the obligations of the Indenture Trustee under Sections 11.2 and 8.3(c) hereof shall survive.

 Section 11.2 Application of Trust Money; Repayment of Money Held by Paying Agent. 

Subject to the provisions of Section 8.3(c) hereof, all money deposited with the Indenture Trustee pursuant to
Sections 11.1 and 8.3 hereof shall be held in trust and applied by the Indenture Trustee in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through a Paying Agent, as the Indenture Trustee may
determine, to the Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with the Indenture Trustee. 
 In connection with the satisfaction and discharge of this Indenture, all moneys than held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to the
Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.2 hereof and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

 Section 11.3 Termination Date. 

Upon the full application of (a) moneys deposited pursuant to this Article 11 or (b) proceeds of the Timeshare
Loans pursuant to Sections 3.4 or 6.6 hereof, and all Liens granted hereunder shall be released. 

  
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 ARTICLE XII 
 REPRESENTATIONS AND WARRANTIES AND COVENANTS 
 Section 12.1
Representations, Warranties and Covenants of the Issuer. 
 The Issuer represents and warrants to, and covenants
with, the Indenture Trustee, the Servicer, the Backup Servicer and the Noteholders as of the Closing Date, as follows: 
 (a) Organization and Good Standing. The Issuer has been duly formed and is validly existing and in good standing as a limited liability company under the laws of the State of Delaware, with power
and authority to own its properties and to conduct its business as presently conducted and has the power and authority to own and convey all of its properties and to execute and deliver this Indenture and the other Transaction Documents and to
perform the transactions contemplated hereby and thereby; 
 (b) Binding Obligation. This Indenture and
the other Transaction Documents to which it is a party have each been duly executed and delivered on behalf of the Issuer and this Indenture and each other Transaction Document to which it is a party constitutes a legal, valid and binding obligation
of the Issuer enforceable in accordance with its terms except as may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights and by general principles of equity; 

(c) No Consents Required. No consent of, or other action by, and no notice to or filing with, any Governmental
Authority or any other party, is required for the due execution, delivery and performance by the Issuer of this Indenture or any of the other Transaction Documents or for the perfection of or the exercise by the Indenture Trustee or the Noteholders
of any of their rights or remedies thereunder which have not been duly obtained; 
 (d) No Violation. The
consummation of the transaction contemplated by this Indenture and the fulfillment of the terms hereof shall not conflict with, result in any material breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of
time) a default under, the organizational documents of the Issuer, or any indenture, agreement or other instrument to which the Issuer is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument (other than this Indenture); 
 (e) No Proceedings. There is no pending or, to the Issuer’s Knowledge, threatened action, suit or proceeding, nor any injunction, writ, restraining order or other order of any nature against
or affecting the Issuer, its officers or directors, or the property of the Issuer, in any court or tribunal, or before any arbitrator of any kind or before or by any Governmental Authority (i) asserting the invalidity of this Indenture or any
of the other Transaction Documents, (ii) seeking to prevent the sale and assignment of any Timeshare Loan or the consummation of any of the transactions contemplated thereby, or (iii) seeking any determination or ruling that would be
reasonably expected to materially and adversely 

  
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affect (A) the performance by the Issuer of this Indenture or any of the other Transaction Documents or the interests of the Noteholders, (B) the validity or enforceability of this
Indenture or any of the other Transaction Documents, or (C) the Intended Tax Characterization; 
 (f)
Issuer Not Insolvent. The Issuer is solvent and will not become insolvent after giving effect to the transactions contemplated by this Indenture and each of the other Transaction Documents; 

(g) Name. The legal name of the Issuer is as set forth in the signature page of this Indenture and the Issuer does
not have any trade names, fictitious names, assumed names or “doing business as” names; and 
 (h)
Performance. The Issuer will perform all of its obligations under this Indenture and the other Transaction Documents in accordance with its terms and will enforce its rights thereunder. 

Section 12.2 Representations and Warranties of the Servicer. 

The initial Servicer hereby represents and warrants to the Indenture Trustee, the Issuer, the Backup Servicer and the
Noteholders, as of the Closing Date, the following: 
 (a) Organization and Authority. The Servicer:

 (i) is a corporation duly organized, validly existing and in good standing under the laws of the State of
Texas; 
 (ii) has all requisite power and authority to own and operate its properties and to conduct its
business as currently conducted and as proposed to be conducted as contemplated by the Transaction Documents to which it is a party, to enter into the Transaction Documents to which it is a party and to perform its obligations under the Transaction
Documents to which it is a party; and 
 (iii) has made all filings and holds all material franchises,
licenses, permits and registrations which are required under the laws of each jurisdiction in which the properties owned (or held under lease) by it or the nature of its activities makes such filings, franchises, licenses, permits or registrations
necessary, except where the failure to make such filing will not have a material adverse effect on the Servicer activities or its ability to perform its obligations under the Transaction Documents. 

(b) Place of Business. The address of the principal place of business and chief executive office of the Servicer
is 1221 River Bend Drive, Suite 120, Dallas, Texas 75247 and there have been no other such locations during the immediately preceding four months. 
 (c) Compliance with Other Instruments, etc. The Servicer is not in violation of any term of its certificate of incorporation or by-laws. The execution, delivery and performance by the Servicer of
the Transaction Documents to which it is a party do not 

  
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and will not (i) conflict with or violate the organizational documents of the Servicer, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of, or
constitute a default under, or result in the creation of any Lien on any of the properties or assets of the Servicer pursuant to the terms of any instrument or agreement to which the Servicer is a party or by which it is bound where such conflict
would have a material adverse effect on the Servicer’s activities or its ability to perform its obligations under the Transaction Documents or (iii) require any consent of or other action by any trustee or any creditor of, any lessor to or
any investor in the Servicer. 
 (d) Compliance with Law. The Servicer is in material compliance with all
statutes, laws and ordinances and all governmental rules and regulations to which it is subject, the violation of which, either individually or in the aggregate, could materially adversely affect its business, earnings, properties or condition
(financial or other). The internal policies and procedures employed by the Servicer are in material compliance with all applicable statutes, laws and ordinances and all governmental rules and regulations. The execution, delivery and performance of
the Transaction Documents to which it is a party do not and will not cause the Servicer to be in violation of any law or ordinance, or any order, rule or regulation, of any federal, state, municipal or other governmental or public authority or
agency where such violation would, either individually or in the aggregate, materially adversely affect its business, earnings, properties or condition (financial or other). 

(e) Pending Litigation or Other Proceedings. Except as specified in “RISK FACTORS” in the Private
Placement Memorandum, there is no pending or, to the best of the Servicer’s Knowledge, threatened action, suit, proceeding or investigation before any court, administrative agency, arbitrator or governmental body against or affecting the
Servicer which, if decided adversely, would materially and adversely affect (i) the condition (financial or otherwise), business or operations of the Servicer or (ii) the ability of the Servicer to perform its obligations under, or the
validity or enforceability of this Indenture or any other documents or transactions contemplated under this Indenture, including, without limitation, its ability to foreclose or otherwise enforce the Liens of the Timeshare Loans. 

(f) Taxes. The Servicer has timely filed all tax returns (federal, state and local) which are required to be filed
and has paid all taxes that have become due and payable, other than those which are being contested in good faith or where the failure to file or pay would not have a material adverse effect on the Servicer’s activities or its ability to
perform its obligations under the Transaction Documents. 
 (g) Binding Obligation. This Indenture and
the other Transaction Documents to which it is a party have each been duly executed and delivered on behalf of the Servicer and this Indenture and each other Transaction Document to which it is a party constitutes a legal, valid and binding
obligation of the Servicer enforceable in accordance with its terms except as may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting creditors’ rights and by general principles of equity. 

(h) Securities Laws. The Servicer is not an “investment company” or a company “controlled” by
an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

  
 75 

 (i) Proceedings. The Servicer has taken all action necessary to
authorize the execution and delivery by it of the Transaction Documents to which it is a party and the performance of all obligations to be performed by it under the Transaction Documents. 

(j) Defaults. The Servicer is not in default under any material agreement, contract, instrument or indenture to
which it is a party or by which it or its properties is or are bound, or with respect to any order of any court, administrative agency, arbitrator or governmental body, which default would have a material adverse effect on the transactions
contemplated hereunder; and to the Servicer’s Knowledge, no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to
any such order of any court, administrative agency, arbitrator or governmental body. 
 (k) Insolvency.
The Servicer is solvent. Prior to the date hereof, the Servicer did not, and is not about to, engage in any business or transaction for which any property remaining with the Servicer would constitute an unreasonably small amount of capital. In
addition, the Servicer has not incurred debts that would be beyond the Servicer’s ability to pay as such debts matured. 
 (l) No Consents. No prior consent, approval or authorization of, registration, qualification, designation, declaration or filing with, or notice to any federal, state or local governmental or
public authority or agency, is, was or will be required for the valid execution, delivery and performance by the Servicer of the Transaction Documents to which it is a party. The Servicer has obtained all consents, approvals or authorizations of,
made all declarations or filings with, or given all notices to, all federal, state or local governmental or public authorities or agencies which are necessary for the continued conduct by the Servicer of its respective businesses as now conducted,
other than such consents, approvals, authorizations, declarations, filings and notices which, neither individually nor in the aggregate, materially and adversely affect, or in the future will materially and adversely affect, the business, earnings,
prospects, properties or condition (financial or other) of the Servicer. 
 (m) Reserved. 

(n) Information. No document, certificate or report furnished by the Servicer, in writing, pursuant to this
Indenture or in connection with the transactions contemplated hereby, contains or will contain when furnished any untrue statement of a material fact or fails or will fail to state a material fact necessary in order to make the statements contained
therein, in light of the circumstances under which they were made, not misleading. There are no facts relating to the Servicer as of the Closing Date which when taken as a whole, materially adversely affect the financial condition or assets or
business of the Servicer, or which may impair the ability of the Servicer to perform its obligations under this Indenture, which have not been disclosed herein or in the certificates and other documents furnished by or on behalf of the Servicer
pursuant hereto or thereto specifically for use in connection with the transactions contemplated hereby or thereby. 
 (o) Reserved. 

  
 76 

 (p) ACH Form. The Servicer has delivered a form of the ACH Form
attached to the Transfer Agreement to the Backup Servicer for its review. 
 Section 12.3 Representations and
Warranties of the Indenture Trustee. 
 The Indenture Trustee hereby represents and warrants to the Servicer,
the Issuer, the Backup Servicer and the Noteholders as of the Closing Date, the following: 
 (a) The Indenture
Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the United States. 
 (b) The execution and delivery of this Indenture and the other Transaction Documents to which the Indenture Trustee is a party, and the performance and compliance with the terms of this Indenture and the
other Transaction Documents to which the Indenture Trustee is a party by the Indenture Trustee, will not violate the Indenture Trustee’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both,
would constitute a default) under, or result in a breach of, any material agreement or other material instrument to which it is a party or by which it is bound. 

(c) Except to the extent that the laws of certain jurisdictions in which any part of the Trust Estate may be located
require that a co-trustee or separate trustee be appointed to act with respect to such property as contemplated herein, the Indenture Trustee has the full power and authority to carry on its business as now being conducted and to enter into and
consummate all transactions contemplated by this Indenture and the other Transaction Documents, has duly authorized the execution, delivery and performance of this Indenture and the other Transaction Documents to which it is a party, and has duly
executed and delivered this Indenture and the other Transaction Documents to which it is a party. 
 (d) This
Indenture, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and binding obligation of the Indenture Trustee, enforceable against the Indenture Trustee in accordance with the terms hereof, subject to
(A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and the rights of creditors of banks and (B) general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law. 
 (e) The Indenture Trustee is not in
violation of, and its execution and delivery of this Indenture and the other Transaction Documents to which it is a party and its performance and compliance with the terms of this Indenture and the other Transaction Documents to which it is a party
will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Indenture Trustee’s good
faith and reasonable judgment, is likely to affect materially and adversely the ability of the Indenture Trustee to perform its obligations under any Transaction Document to which it is a party. 

(f) No litigation is pending or, to the best of the Indenture Trustee’s knowledge, threatened against the Indenture
Trustee that, if determined adversely to the 

  
 77 

 
Indenture Trustee, would prohibit the Indenture Trustee from entering into any Transaction Document to which it is a party or, in the Indenture Trustee’s good faith and reasonable judgment,
is likely to materially and adversely affect the ability of the Indenture Trustee to perform its obligations under any Transaction Document to which it is a party. 

(g) Any consent, approval, authorization or order of any court or governmental agency or body required for the execution,
delivery and performance by the Indenture Trustee of or compliance by the Indenture Trustee with the Transaction Documents to which it is a party or the consummation of the transactions contemplated by the Transaction Documents has been obtained and
is effective. 
 Section 12.4 Multiple Roles. 

The parties expressly acknowledge and consent to Wells Fargo Bank, National Association, acting in the multiple roles of
Indenture Trustee, the Paying Agent, the successor Servicer, the Backup Servicer and the Custodian. Wells Fargo Bank, National Association may, in such capacities, discharge its separate functions fully, without hindrance or regard to conflict of
interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent that any such conflict or breach arises from the performance by Wells Fargo Bank, National Association of express duties set forth in this Indenture in
any of such capacities, all of which defenses, claims or assertions are hereby expressly waived by the other parties hereto, except in the case of negligence (other than errors in judgment) and willful misconduct by Wells Fargo Bank, National
Association. 
 Section 12.5 Representations and Warranties of the Backup Servicer. 

The Backup Servicer hereby represents and warrants to the Indenture Trustee, the Issuer, the Servicer and the
Noteholders, as of the Closing Date, the following: 
 (a) The Backup Servicer is a national banking association
duly organized, validly existing and in good standing under the laws of the United States. 
 (b) The execution
and delivery of this Indenture and the other Transaction Documents to which the Backup Servicer is a party, and the performance and compliance with the terms of this Indenture and the other Transaction Documents to which the Backup Servicer is a
party by the Backup Servicer, will not violate the Backup Servicer’s organizational documents or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in a breach of, any
material agreement or other material instrument to which it is a party or by which it is bound. 
 (c) The
Backup Servicer has the full power and authority to carry on its business as now being conducted and to enter into and consummate all transactions contemplated by this Indenture and the other Transaction Documents to which it is a party, has duly
authorized the execution, delivery and performance of this Indenture and the other Transaction Documents to which it is a party, and has duly executed and delivered this Indenture and the other Transaction Documents to which it is a party.

  
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 (d) This Indenture and the other Transaction Documents to which it is a
party, assuming due authorization, execution and delivery by the other parties hereto, constitute the valid and binding obligations of the Backup Servicer, enforceable against the Backup Servicer in accordance with the terms hereof and thereof,
subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and the rights of creditors of banks and (B) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law. 
 (e) The Backup Servicer is not
in violation of, and its execution and delivery of this Indenture and the other Transaction Documents to which it is a party and its performance and compliance with the terms of this Indenture and the other Transaction Documents to which it is a
party will not constitute a violation of, any law, any order or decree of any court or arbiter, or any order, regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Backup Servicer’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Backup Servicer to perform its obligations under any Transaction Document to which it is a party. 

(f) No litigation is pending or, to the best of the Backup Servicer’s knowledge, threatened against the Backup
Servicer that, if determined adversely to the Backup Servicer, would prohibit the Backup Servicer from entering into any Transaction Document to which it is a party or, in the Backup Servicer’s good faith and reasonable judgment, is likely to
materially and adversely affect the ability of the Backup Servicer to perform its obligations under any Transaction Document to which it is a party. 
 (g) Any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and performance by the Backup Servicer of or compliance by the Backup
Servicer with the Transaction Documents to which it is a party or the consummation of the transactions contemplated by the Transaction Documents has been obtained and is effective. 

ARTICLE XIII 

MISCELLANEOUS 
 Section 13.1 Officer’s Certificate and Opinion of Counsel as to Conditions Precedent. 
 Upon any request or application by the Issuer (or any other obligor in respect of the Notes) to the Indenture Trustee to take any action under this Indenture, the Issuer (or such other obligor) shall
furnish to the Indenture Trustee: 
 (a) an Officer’s Certificate (which shall include the statements set
forth in Section 13.2 hereof) stating that all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
 79 

 (b) at the request of the Indenture Trustee, an Opinion of Counsel (which
shall include the statements set forth in Section 13.2 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with. 

Section 13.2 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall
include: 
 (a) a statement that the Person making such certificate or opinion has read such covenant or
condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the
opinion of such Person, he or she has made such examination or investigation as is necessary to enable him/her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 Section 13.3 Notices. 

(a) All communications, instructions, directions and notices to the parties thereto shall be (i) in writing (which
may be by facsimile transmission (or, if permitted hereunder, via electronic mail), followed by delivery of original documentation within one Business Day), (ii) effective when received and (iii) delivered or mailed first class mail,
postage prepaid to it at the following address: 
 If to the Issuer: 

Silverleaf Finance X, LLC 
 1221 River Bend Drive, Suite 272 
 Dallas, Texas 75247 

Attention: Harry J. White, Jr., Chief Financial Officer 

Facsimile No.: (214) 631-4981 

with a copy to: 
 Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P. 

901 Main Street, Suite 3700 
 Dallas, Texas 75202 
 Attention: David N. Reed, Esq. 

Facsimile No.: (214) 747-3732 

  
 80 

 If to the Servicer: 

Silverleaf Resorts, Inc. 
 1221 River Bend Drive, Suite 120 
 Dallas, Texas 75247 

Attention: Harry J. White, Jr. Chief Financial Officer 

Facsimile No.: (214) 631-4981 

with a copy to: 
 Meadows, Collier, Reed, Cousins, Crouch & Ungerman, L.L.P. 

901 Main Street, Suite 3700 
 Dallas, Texas 75202 
 Attention: David N. Reed, Esq. 

Facsimile No.: (214) 747-3732 

If to the Indenture Trustee, Paying Agent and Backup Servicer: 

Wells Fargo Bank, National Association 

Sixth and Marquette Avenue 
 MAC N9311-161 
 Minneapolis, Minnesota 55479 

Attention: Corporate Trust Services/Asset-Backed Administration 

Facsimile Number: (612) 667-3464 

Telephone Number: (612) 667-8058 

If to the Custodian: 
 Wells Fargo Bank, National Association 
 ABS Custody Vault

 1055 10th Avenue SE 
 MAC N9401-011 
 Minneapolis, Minnesota 55414 

Attention: Corporate Trust Services/Securities Vault 

Facsimile Number: (612) 667-1080 

If to the holder of the Residual Certificate, unless otherwise directed by the Issuer: 

c/o Silverleaf Finance X, LLC 
 1221 River Bend Drive, Suite 272 
 Dallas, Texas 75247 

Attention: Harry J. White, Jr., Chief Financial Officer 

Facsimile No.: (214) 631-4981 
 or at such other address as the party may designate by notice to the other parties hereto, which shall be effective when received. 

  
 81 

 (b) All communications and notices described hereunder to a Noteholder or
the holder of the Residual Certificate shall be in writing and delivered or mailed first class mail, postage prepaid or overnight courier at the address shown in the Note Register or the address of the holder of the Residual Certificate provided to
the sending party in writing. The Indenture Trustee agrees to deliver or mail to each Noteholder upon receipt, all notices and reports that the Indenture Trustee may receive hereunder and under any Transaction Documents. Unless otherwise provided
herein, the Indenture Trustee may consent to any requests received under such documents or, at its option, follow the directions of Holders representing at least 66-2/3% of the Outstanding Note Balance, within 30 days after prior written notice to
the Noteholders. All notices to Noteholders shall be sent simultaneously. Expenses for such communications and notices shall be borne by the Servicer. 
 Section 13.4 No Proceedings. 
 The Noteholders, the Servicer, the
Indenture Trustee, the Custodian, and the Backup Servicer each hereby agrees that it will not, directly or indirectly institute, or cause to be instituted, against the Issuer or the Trust Estate any proceeding of the type referred to in
Sections 6.1(e) and (f) hereof, so long as there shall not have elapsed one year plus one day after payment in full of the Notes. 
 [Signature Page Follows] 

  
 82 

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

							
	SILVERLEAF FINANCE X, LLC,
			
		 	By:	 	 /s/ HARRY J. WHITE, JR.

		 		 	Name:	 	Harry J. White, Jr.
		 		 	Title:	 	 Chief Financial Officer and

Treasurer

	
	SILVERLEAF RESORTS, INC.,
		 	as Servicer
			
		 	By:	 	 /s/ HARRY J. WHITE, JR.

		 		 	Name:	 	Harry J. White, Jr.
		 		 	Title:	 	Chief Financial Officer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	as Backup Servicer
			
		 	By:	 	 /s/ BENJAMIN F. JORDAN

		 		 	Name:	 	Benjamin F. Jordan
		 		 	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	as Indenture Trustee
			
		 	By:	 	 /s/ BENJAMIN F. JORDAN

		 		 	Name:	 	Benjamin F. Jordan
		 		 	Title:	 	Vice President

 
							
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	as Custodian
			
		 	By:	 	 /s/ BENJAMIN F. JORDAN

		 		 	Name:	 	Benjamin F. Jordan
		 		 	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	as Account Intermediary
			
		 	By:	 	 /s/ BENJAMIN F. JORDAN

		 		 	Name:	 	Benjamin F. Jordan
		 		 	Title:	 	Vice President

 ANNEX A 
 STANDARD DEFINITIONS 

 EXHIBIT A 
 FORM OF NOTES 

  
 A-1

 EXHIBIT B 
 FORM OF INVESTOR REPRESENTATION LETTER 

  
 B-1

 EXHIBIT C  
 RESERVED 

  
 C-1

 EXHIBIT D 
 FORM OF MONTHLY SERVICER REPORT 

  
 D-1

 EXHIBIT E 
 SERVICING OFFICER’S CERTIFICATE 
 The undersigned, an
officer of Silverleaf Resorts, Inc. (the “Servicer”), based on the information available on the date of this Certificate, does hereby certify as follows: 

1. I am an officer of the Servicer who has been authorized to issue this officer’s certificate on behalf of the
Servicer. 
 2. I have reviewed the data contained in the Monthly Servicer Report for the Due Period ended
                                        ,
                                        
and the computations reflected in such Monthly Servicer Report are true, correct and complete. 
 All
capitalized terms used herein but not defined herein shall have the meaning ascribed to them in the “Standard Definitions” found in Annex A of the Indenture. 

 

					
	 SILVERLEAF RESORTS, INC.

			
		 	 By:
	 	  

		 		 	 Name:

		 		 	 Title:

			
		 	 Date:

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