Document:

Agreement of Limited Partnership of HHR EURO CV

 Exhibit 10.38 
 [Execution Copy] 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS. THE CONFIDENTIAL REDACTED PORTIONS
HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH REDACTIONS. 
  

 Agreement of Limited Partnership 
 of 
 HHR EURO CV 
 Dated as of March 24, 2006 
  

 TABLE OF CONTENTS 
  

  

			
	 	  	PAGE
	ARTICLE 1	  	
	GENERAL PROVISIONS	  	
		
	 Section 1.01. Definitions; Interpretation
	  	1
	 Section 1.02. Partnership Name
	  	2
	 Section 1.03. Seat
	  	2
	 Section 1.04. Formation of the Partnership
	  	2
	 Section 1.05. Purposes of the Partnership
	  	2
	 Section 1.06. Liability of the Partners Generally
	  	3
	 Section 1.07. Admission of Limited Partners; Additional Limited Partners; Increase of Capital Commitments
	  	4
	 Section 1.08. Transparency
	  	5
		
	ARTICLE 2	  	
	MANAGEMENT AND OPERATIONS OF THE PARTNERSHIP	  	
		
	 Section 2.01. Management Generally
	  	6
	 Section 2.02. Authority and Duties of the General Partner
	  	6
	 Section 2.03. Other Authority; Major Decisions, Etc
	  	10
	 Section 2.04. Exclusivity
	  	14
	 Section 2.05. Books and Records; Fiscal Year
	  	16
	 Section 2.06. Partnership Tax Returns
	  	17
	 Section 2.07. Confidentiality; Press Release
	  	18
	 Section 2.08. Meetings of the Partners
	  	18
	 Section 2.09. Reliance by Third Parties
	  	19
	 Section 2.10. Temporary Investment of Funds
	  	19
	 Section 2.11. Removal of the General Partner
	  	19
	 Section 2.12. Business Plan and Budgets
	  	20
	 Section 2.13. Credit Facility
	  	22
		
	ARTICLE 3	  	
	INVESTMENTS	  	
		
	 Section 3.01. Partnership Investments Generally; Initial Hotel Properties
	  	23
	 Section 3.02. Investment and Leverage Limitations
	  	23
	 Section 3.03. Structuring of Investments Generally
	  	24
	 Section 3.04. Parallel Investments Generally
	  	24

  

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	 	  	PAGE
	ARTICLE 4	  	
	EXPENSES	  	
		
	 Section 4.01. Definition and Payment of General Partner Expenses
	  	25
	 Section 4.02. Definition and Payment of Partnership Expenses
	  	25
	 Section 4.03. Responsibility for Partnership Expenses Among the Partners
	  	28
	 Section 4.04. Sources of Funds for Funding by the Partners of Partnership Expenses
	  	29
		
	ARTICLE 5	  	
	CAPITAL COMMITMENTS AND CAPITAL CONTRIBUTIONS	  	
		
	 Section 5.01. Capital Commitments
	  	29
	 Section 5.02. Drawdown Procedures
	  	31
	 Section 5.03. Default by Limited Partners
	  	34
	 Section 5.04. ********
	  	39
	 Section 5.05. Extraordinary Loans
	  	40
		
	ARTICLE 6	  	
	DISTRIBUTIONS; ALLOCATIONS; CAPITAL ACCOUNTS	  	
		
	 Section 6.01. Distributions Generally
	  	41
	 Section 6.02. Distributions of Proceeds of Partnership Investments
	  	42
	 Section 6.03. Early Promote
	  	43
	 Section 6.04. Other Distributions
	  	45
	 Section 6.05. Other General Principles of Distribution
	  	45
	 Section 6.06. Capital Accounts
	  	47
	 Section 6.07. Allocations of Income and Loss.
	  	48
	 Section 6.08. Tax Allocations
	  	51
	 Section 6.09. U.S. Taxation of Limited Partners
	  	52
		
	ARTICLE 7	  	
	REPORTS TO LIMITED PARTNERS; OPERATIONAL AUDIT	  	
		
	 Section 7.01. Reports
	  	52
	 Section 7.02. Operational Audit
	  	54
		
	ARTICLE 8	  	
	INDEMNIFICATION	  	
		
	 Section 8.01. Indemnification
	  	55

  

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	 	  	PAGE
	ARTICLE 9	  	
	DURATION AND DISSOLUTION OF THE PARTNERSHIP	  	
		
	 Section 9.01. Duration
	  	57
	 Section 9.02. Dissolution
	  	57
	 Section 9.03. Liquidation of Partnership
	  	58
	 Section 9.04. Distribution Upon Dissolution of the Partnership
	  	58
		
	ARTICLE 10	  	
	TRANSFERABILITY OF A PARTNER’S INTEREST; WITHDRAWAL BY
A PARTNER	  	
		
	 Section 10.01. Transferability of General Partner’s Interest
	  	59
	 Section 10.02. Transferability of a Limited Partner’s Interest
	  	60
	 Section 10.03. ******
	  	60
	 Section 10.04. Expenses of Transfer; Indemnification
	  	62
	 Section 10.05. Recognition of Transfer; Substituted Limited Partners
	  	63
	 Section 10.06. Transfers During a Fiscal Year
	  	64
	 Section 10.07. Withdrawal of a Limited Partner
	  	64
	 Section 10.08. Transfer and Admission Restrictions
	  	64
		
	ARTICLE 11	  	
	MISCELLANEOUS	  	
		
	 Section 11.01. Amendments; Waivers
	  	65
	 Section 11.02. Appraisal; Appraisal Procedure; Arbitration Procedure.
	  	66
	 Section 11.03. Successors; Counterparts; Beneficiaries.
	  	66
	 Section 11.04. Governing Law; Severability; Jurisdiction; Jury Trial
	  	66
	 Section 11.05. Certain Matters Relating to Partners
	  	67
	 Section 11.06. Further Assurance
	  	67
	 Section 11.07. Power of Attorney
	  	68
	 Section 11.08. Goodwill
	  	68
	 Section 11.09. Notices
	  	68
	 Section 11.10. Headings
	  	68
	 Section 11.11. Tax Election
	  	68
	 Section 11.12. Interest
	  	69
	 Section 11.13. Liquidation Value Safe Harbor Election
	  	69
	 Section 11.14. Follow-on Ventures
	  	69
		
	Appendix A – Definitions	  	A-1
	Appendix B – Approved Accountants	  	B-1
	Appendix C – Approved Appraisers	  	C-1
	Appendix D – Approved Industry Consultants	  	D-1
	Appendix E – Approved Investment Banks	  	E-1
	Appendix F – Certain Representations and Warranties	  	F-1

  

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	 	  	PAGE
	Appendix G – Form of Limited Partner Questionnaire	  	
		
	Schedule A – Initial Capital Commitments	  	
	Schedule B – Initial Hotel Properties	  	
	Schedule C – Addresses for Notices	  	

  

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 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 HHR EURO CV 
 AGREEMENT OF LIMITED PARTNERSHIP dated as of March 24, 2006 (this “Agreement”) of HHR Euro CV (the “Partnership”).

 W I T N E S S E T H : 
 WHEREAS, the parties desire to enter into this Agreement to form the Partnership and to govern the operations of the Partnership; and 
 WHEREAS, HST GP Euro B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with its corporate seat in Amsterdam, The Netherlands, is the general partner of the Partnership. 

NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE 1 
 GENERAL PROVISIONS 
 Section 1.01. Definitions; Interpretation. (a) Capitalized terms used herein without definition have the meanings assigned to them in
Appendix A hereto. 
 (b) In construing this Agreement, unless otherwise specified: 
 (i) references to sections, parties, schedules and recitals are to sections of, and the parties, schedules and
recitals to, this Agreement; 
 (ii) use of any gender includes the other genders; 
 (iii) words denoting the singular include the plural and vice versa; 
 (iv) a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time
to time be, amended, modified or re-enacted; 
 (v) a reference to a date which is not a Business Day is to be construed as a
reference to the next succeeding Business Day; 
 (vi) a reference to an agreement or other document is a reference to that
agreement or document as supplemented, amended or novated from time to time; 

 (vii) headings and titles are for convenience only and do not affect the interpretation
of this Agreement; 
 (viii) the rule known as the ejusdem generis rule shall not apply and accordingly general words
introduced by the word “other” shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things; 
 (ix) general words shall not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended
to be embraced by the general words (and accordingly “including” means including without limitation); and 
 (x)
references to “writing” include fax transmission and, include email and similar electronic means of communication. 
 Section 1.02. Partnership Name. The name of the Partnership is HHR Euro CV. 
 Section 1.03. Seat.
(a) The seat of the Partnership will be located in Amsterdam, The Netherlands. To the extent necessary, the parties declare that when the Partnership was formed, the center of its external activities (centrum van optreden naar
buiten) was located in the Netherlands. 
 (b) The address of the Partnership and of the General Partner shall be Rokin 55, 1012 KK
Amsterdam, The Netherlands, or such other place in The Netherlands as the General Partner shall determine in its discretion. If the General Partner shall determine to change its business address, it shall notify the Limited Partners in advance in
writing. 
 Section 1.04. Formation of the Partnership. The parties hereby agree to form the Partnership as a limited partnership
(commanditaire vennootschap) under and pursuant to Dutch law. Legal title to assets of the Partnership shall be formally held (goederenrechtelijk) by the General Partner for the benefit of all the Partners. All Partners are
beneficially entitled to the assets. This Agreement is to be construed such that the Partnership does not qualify as an open limited partnership (open commanditaire vennootschap) as defined in article 2, paragraph 3, sub c of the General Tax
Act (Algemene wet inzake rijksbelastingen). The Partnership is a closed limited partnership (besloten commanditaire vennootschap) for Dutch tax purposes. 
 Section 1.05. Purposes of the Partnership. The purposes of the Partnership are (a) to identify potential Partnership Investments, (b) to acquire, improve, maintain, hold, operate, manage,
supervise, lease, finance, mortgage, pledge, exchange, divide, combine, sell, transfer, convey, assign, grant options 
  

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 with respect to, dispose of or otherwise deal in and transact business with respect to Partnership Investments,
(c) pending utilization or disbursement of funds, to invest such funds in accordance with the terms of this Agreement, (d) to participate in and to otherwise acquire or maintain an interest in the management of other business enterprises
that deal in and transact business with respect to Real Estate Assets, (e) to provide financing to affiliates and third parties in connection with Real Estate Assets, (f) to provide security, guaranty or otherwise undertake the obligations
of third parties in connection with Real Estate Assets, and (g) to conduct all activities which are incidental to any of the foregoing. The Partnership shall have the power to do any and all acts necessary, appropriate, desirable, incidental or
convenient to or for the furtherance of the purposes described in this Section 1.05, including any and all of the powers that may be exercised on behalf of the Partnership by the General Partner pursuant to this Agreement. 
 Section 1.06. Liability of the Partners Generally. (a) The General Partner shall have unlimited liability to third parties for any and
all liabilities of the Partnership as its general partner (beherend vennoot). All obligations of the Partnership to third parties shall be in the General Partner’s name. 
 (b) Except as otherwise provided in this Agreement or under the CV Law, no Limited Partner (or former Limited Partner) shall be obligated to make any
contribution to the Partnership or have any liability for the debts and obligations of the Partnership. 
 (c) The General Partner shall at
all times act in good faith and in the best interests of the Partnership. In managing the affairs of the Partnership, subject to the rights of the Limited Partners, and in its dealing with the Limited Partners, the General Partner shall be subject
to the standard of care a general partner is required to use with respect to a limited partnership and its limited partners under the CV Law, which standard of care shall include: (a) a duty of loyalty, which requires the General Partner to
carry out its responsibilities with loyalty, honesty, good faith and fairness toward the Partnership and the Limited Partners and (b) a duty of care, which requires the General Partner to discharge its duties with the diligence, care and skill
that a general partner would be required under the CV Law to exercise under similar circumstances, including actions with respect to the safekeeping of and use of all funds, assets and records of the Partnership. Unless expressly stated otherwise,
the standard of performance applicable to the General Partner as set forth in this Section 1.06(c) shall be applicable to the General Partner in performing its obligations under each provision of this Agreement. The General Partner has not
engaged and will not engage in any activities unrelated to the Partnership or the Partnership Investments. 
  

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 Section 1.07. Admission of Limited Partners; Additional Limited Partners; Increase of Capital
Commitments. (a) On the date of this Agreement, each of HST LP Euro B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with its corporate seat in Amsterdam, The Netherlands
(“Host”), Stichting Pensioenfonds ABP, a Dutch foundation (stichting) (“ABP”), and Jasmine Hotels Pte Ltd, a Singapore private company limited by shares (“GIC RE”), in each case whose
subscription for a limited partner interest in the Partnership has been accepted by the General Partner and approved by the Limited Partners, shall become a Limited Partner (and shall be shown as such on the books and records of the Partnership)
upon execution and delivery by (or, pursuant to a power of attorney, on behalf of) each of them and the General Partner of counterparts of this Agreement. 
 (b) At any time, subject to the prior written unanimous consent of the Partners, the General Partner may cause the Partnership to admit additional Limited Partners or to allow any existing Limited Partner to increase its original Capital
Commitment, and in connection therewith, shall cause the value of the assets of the Partnership to be determined pursuant to Section 11.02. The General Partner shall deliver to each Limited Partner a notice (a “NCP Notice”)
setting forth (i) the value of the Partnership’s assets giving effect to the admission of the New Commitment Partner or increase in Capital Commitment of an existing Limited Partner, minus the Partnership’s liabilities (the
“Partnership Net Asset Value”), (ii) the amount of the Capital Contribution to be made by the New Commitment Partner, and (iii) giving effect to the proposed admission of an additional Limited Partner (or an increase in
any existing Limited Partner’s Capital Commitment), the resulting Capital Commitment, Investment Percentages, Commitment Percentages, Available Commitment Percentages, Capital Commitments and Capital Contributions. The resulting Investment
Percentage for the New Commitment Partner (defined below) is herein referred to as the “NCP Investment Percentage”. ********************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 ***********************************************************************************************************. A Person shall become an additional Limited Partner (and shall be shown as such on the books and records of the Partnership) upon
execution and delivery by (or, pursuant to a power of attorney, on behalf of) such Person and the General Partner of counterparts of this Agreement, subject to the terms of this Section 1.07. 
  

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 (c) Any Limited Partner admitted to the Partnership pursuant to Section 1.07(b) on any Closing Date
other than the First Closing Date (and, including, other than in the case of a pro rata increase by all Limited Partners in their Commitments, any Limited Partner so increasing its Capital Commitment to the extent of any increase in its Capital
Commitment on any such subsequent Closing Date) (each such Limited Partner, a “New Commitment Partner”) shall: 
 (i) make a Capital Contribution in the amount set forth in the NCP Notice; 
 (ii) make a Capital Contribution in an
amount equal to the aggregate amount of Capital Contributions that would have been made by such New Commitment Partner pursuant to Section 4.02(a) in respect of Organizational Expenses had such New Commitment Partner been admitted to the
Partnership on the First Closing Date ******** ****************** ******* ********* ********* ********** ************************; 
 (iii) make a Capital Commitment equal to the Capital Commitment set forth in the NCP Notice; 
 provided that, with respect to any New
Commitment Partner that is a Limited Partner increasing its Capital Commitment on such Closing Date, the amount payable by such New Commitment Partner pursuant to Section 1.07(c)(i) or 1.07(c)(ii) shall be decreased by the aggregate amount of
Capital Contributions theretofore made by such New Commitment Partner. 
 (d) The amount contributed by each New Commitment Partner pursuant
to Section 1.07(c)(i) on any Closing Date other than the First Closing Date shall not be available for distribution to the Partners until the second anniversary of such subsequent Closing Date but shall be available to the General Partner for
application to Partnership Expenses and investment in Partnership Investments. 
 (e) As promptly as practicable after any Closing Date after
the First Closing Date, the Partnership shall distribute to the Limited Partners their pro rata share of the aggregate amounts contributed by the New Commitment Partners pursuant to Section 1.07(c)(ii) on such subsequent Closing Date.

 (f) It is a condition to the admission of any New Commitment Partner that such New Commitment Partner shall be simultaneously admitted to
the TRS CV pursuant to the Corresponding Provision. 
 Section 1.08. Transparency. Notwithstanding anything in this Agreement to
the contrary, each Partner represents, as of the date hereof, that it is not an entity which is transparent for Dutch corporate income and dividend tax purposes and covenants that it will not transfer any interest to such an entity, it being

  

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 agreed that no partner in this Partnership may be an entity which is transparent for Dutch corporate income and dividend
tax purposes. Each Partner agrees that in the event that, if, as a result of any change in Dutch tax law or otherwise, it may become or becomes an entity that is transparent for Dutch corporate income and dividend tax purposes, it shall promptly
take all necessary action to continue to be or become again non-transparent, including a transfer of its interest in the Partnership to a wholly-owned entity that is non-transparent from a Dutch tax perspective. Prior to such transfer, the Partner
shall consult with the General Partner and external Dutch tax counsel to review and confirm that this transfer does not cause the Partnership to become non-transparent from a Dutch tax perspective, it being understood that such transfer is subject
to the transfer restrictions set forth in this Agreement. 
 ARTICLE 2 
 MANAGEMENT AND OPERATIONS OF THE PARTNERSHIP 
 Section 2.01. Management Generally. (a) The management and control of the Partnership shall be vested in the General Partner; however,
the Limited Partners shall have certain rights with respect to certain matters of the Partnership as described in this Agreement. The Limited Partners shall have no authority or right to act on behalf of the Partnership in connection with any matter
and shall not engage in any way in the day-to-day business of the Partnership. 
 (b) The General Partner shall have the right to delegate
certain management and administrative responsibilities set forth in Section 2.02 to one or more of its Affiliates, which in no event shall be a Limited Partner. Any delegation of management and administrative responsibilities by the General
Partner to a Person who is not an Affiliate of the General Partner shall be subject to the unanimous consent of the Limited Partners. 
 Section 2.02. Authority and Duties of the General Partner. The General Partner shall have the power and, to the extent the following are necessary or advisable to further the purposes of the Partnership described in
Section 1.05, the duty, on behalf of and in the name of the Partnership, subject to the limitations contained in this Agreement, to: 
 (a) identify, acquire, improve, maintain, renovate, rehabilitate, reposition, own, hold, operate, manage, lease, finance, mortgage, pledge, exchange, divide, combine, sell, transfer, convey, assign, grant options with respect to, dispose of
or otherwise deal in and transact business with respect to Partnership Investments; 
 (b) borrow money, issue (or guarantee) evidences of
recourse and non-recourse indebtedness and obtain lines of credit, loan commitments and letters of credit for the account of the Partnership, or any Person in which it has a direct or 
  

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 indirect ownership interest; provided the indebtedness incurred by the General Partner for the benefit of the
Partnership, by any Portfolio Company or by any Partnership Investment Vehicle may be secured by pledges, mortgages or other liens on any and all of the assets (excluding a pledge by the General Partner of all or a portion of the aggregate Available
Capital Commitments of the Limited Partners, other than in connection with a Credit Facility) held by the General Partner for the benefit of the Partners, by any Portfolio Company or by any Partnership Investment Vehicle, and may be supported by
guarantees made by the General Partner for the benefit of the Partners in accordance with this Agreement; 
 (c) prepay in whole or in part,
refinance, recast, increase, modify or extend any existing liabilities affecting any Partnership Investment (or any underlying assets) and in connection therewith execute any extensions or renewals of encumbrances on any or all of the Partnership
Investments (or any underlying assets); 
 (d) negotiate, execute and take any action under any deed, lease, easement, mortgage, deed of
trust, mortgage note, promissory note, bill of sale, contract, certificate or other instrument or undertaking in connection with the acquisition, holding, financing, management, maintenance, operation, lease, pledge, sale or other disposition of a
Partnership Investment (or any underlying assets) or as the General Partner shall determine, in its discretion, to be necessary or desirable to further the purposes of the Partnership, including granting or refraining from granting any waivers,
consents and approvals with respect to any of the foregoing and any matters incident thereto; 
 (e) subsequent to the Partnership’s
initial investment in any Partnership Investment, make additional investments in the assets comprising such Partnership Investment (including investments for capital improvements or other improvements or alterations to any property constituting a
Partnership Investment or otherwise to protect the Partnership’s investment in any Partnership Investment or to provide working capital for any Partnership Investment) (the “Follow-On Investments”); 
 (f) hold Partnership Investments in its name for the benefit of the Partnership and its Partners; 
 (g) obtain representation in the management of Portfolio Companies (and otherwise, if applicable, in connection with other Partnership Investments),
which may involve, without limitation, securing representation on boards of directors of Portfolio Companies, creditors’ committees, management committees of partnerships, property owners’ associations or other entities or other similar
boards, committees or other governing bodies in respect of such companies or investments, or the employment on behalf of the Partnership of experts to render managerial assistance to such companies or investments; 
  

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 (h) lend money or other assets of the Partnership upon such terms and with (or without) such security as
the General Partner shall deem appropriate to any Portfolio Company or Partnership Investment Vehicle; 
 (i) use the services of any and all
persons providing legal, accounting, engineering, brokerage, consulting, appraisal, investment advisory, financial advisory, property management, leasing brokers, artisan, construction, repair or custodian services to the Partnership, or such other
Persons as the General Partner deems necessary or desirable for the management and operation of the Partnership and its Partnership Investments (and any underlying assets), including the General Partner and the Affiliates of the General Partner and
Persons who are also otherwise employed or hired by any Affiliate of the General Partner; provided, however, this shall not include the power to employ or hire persons for or on behalf of the Partnership; 
 (j) incur and pay all expenses, fees and obligations incident to the operation and management of the Partnership, any Portfolio Company or Partnership
Investment Vehicle or that may be applicable in connection with any transactions entered into by or on behalf of the Partnership, any Portfolio Company or Partnership Investment Vehicle, including the services referred to in clause (i), taxes,
interest, travel, rent, insurance and supplies; 
 (k) make interim investments (which may be made through an agent) of cash reserves and
other liquid assets of the Partnership as provided in Section 2.10 prior to their use for Partnership purposes or distribution to the Partners; 
 (l) acquire and enter into any contract of insurance necessary or desirable for the protection or conservation of the Partnership and its assets or otherwise in the interest of the Partnership as the General Partner
shall determine, in respect of any liabilities for which the General Partner or any other Indemnified Person would be entitled to indemnification under this Agreement; 
 (m) open and close accounts and deposit, maintain and withdraw funds in the name of the Partnership, any Portfolio Company and any Partnership Investment Vehicle in banks, savings and loan associations, brokerage
firms or other financial institutions and draw checks or other orders for the payment of monies; 
 (n) distribute funds to the General
Partner and the Limited Partners by way of cash or otherwise, all in accordance with the provisions of this Agreement; 
 (o) bring and
defend actions and proceedings at law or equity before any court or governmental, administrative or other regulatory agency, body or commission or otherwise; 
  

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 (p) prepare and cause to be prepared reports, statements and other relevant information for distribution
to the General Partner and the Limited Partners; 
 (q) prepare and file all necessary tax returns, elections and statements and pay all
taxes, assessments and other impositions applicable to the assets of the Partnership and withhold amounts with respect thereto from funds otherwise distributable to the General Partner or any Limited Partner; 
 (r) effect a dissolution of the Partnership and carry out the liquidation of the Partnership following such dissolution; 
 (s) make all elections, investigations, evaluations and decisions, binding the Partnership thereby, that may, in the discretion of the General Partner,
be necessary or desirable for the acquisition, management of disposition of investments by the Partnership; 
 (t) maintain records and
accounts of all operations and expenditures of the Partnership; 
 (u) determine the accounting methods and conventions to be used in the
preparation of any accounting or financial records of the Partnership, provided that such records shall be maintained in Euros and in accordance with international financial reporting standards (“IFRS”); 
 (v) convene meetings of the Limited Partners for any purpose; 
 (w) form and structure Partnership Investments through Partnership Investment Vehicles pursuant to Section 3.03; 
 (x) enter into any hedging transaction for interest rate risk as the General Partner shall determine to be necessary or desirable to further the purposes of the Partnership; 
 (y) enter into any hedging transaction, including any forward contracts, for currency risk as is necessary or desirable to further the purposes of the
Partnership; 
 (z) assume liabilities on behalf of the Partnership in respect of Real Estate Assets; 
 (aa) enforce the Asset Management Agreement on behalf of the Partners; and 
 (bb) act for and on behalf of the Partnership in all matters incidental to the foregoing. 
  

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 Section 2.03. Other Authority; Major Decisions, Etc. (a) The General Partner agrees to
use its commercially reasonable efforts to operate the Partnership in such a way that (i) the Partnership will not be an “investment company” within the meaning of the Investment Company Act (except for purposes of Sections
12(d)(1)(A)(i) and (B)(i) thereunder), (ii) the General Partner will be in compliance with the Advisers Act, (iii) none of the Partnership’s assets would be deemed “plan assets” for purposes of ERISA, and (iv) each of
the Partnership and the General Partner will be in compliance with any applicable law, regulation or guideline, issued by a regulatory authority, government body or recognized securities exchange, in each case a violation of which would have a
material adverse effect on the Partnership. The General Partner is hereby authorized to take any action it has determined to be necessary or desirable in order for (i) the Partnership not to be in violation of the Investment Company Act,
(ii) the General Partner not to be in violation of the Advisers Act, (iii) the Partnership’s assets not to be deemed “plan assets” for purposes of ERISA, or (iv) each of the Partnership and the General Partner not to be
in violation of any applicable material law, regulation or guideline, issued by a regulatory authority, government body or recognized securities exchange, including (A) making structural, operating or other changes in the Partnership by
amending this Agreement or otherwise, (B) requiring the sale in whole or in part of any Partnership Investment or other asset or (C) dissolving the Partnership (provided that any such amendment to cure any violation of such law,
regulation or guideline, such sale of any Partnership Investment or such dissolution of the Partnership may only be made if such amendment, sale of any Partnership Investment or dissolution of the Partnership is necessary or advisable to cure such
violation and such amendment, sale of Partnership Investment or dissolution of the Partnership does not (x) increase or lead to violation of the obligations (including regulatory obligations) or liabilities (including with respect to tax
exposure) of any Limited Partner, (y) adversely affect any Limited Partner’s economic rights hereunder or (z) adversely affect its status as a tax-exempt entity or pension fund (if appropriate); provided further, that the
General Partner shall consult with the Limited Partners (other than any Host Limited Partner) to determine if the consequences described in the foregoing clauses (x)-(z) would result). The General Partner shall notify the Limited Partners of
any action taken pursuant to this Section 2.03(a). 
 (b) In addition to any other matters for which the Partners are provided with
voting rights under this Agreement, the following powers of the Partnership shall be exercised by the General Partner only with the required vote of the Partners: 
 (i) the following decisions, which decisions shall require the prior written unanimous consent of the Partners: 
 (A) the recapitalization of the Partnership; 
  

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 (B) a financing transaction that is either (1) a “cash-out” financing
(i.e., the loan proceeds realized are in an aggregate amount in excess of the principal amount of the debt being refinanced) but is not entered into as part of the acquisition of a Real Estate Asset or contemplated by the relevant approved
Partnership Budget, or (2) as described in Section 3.02, with respect to any Real Estate Asset that is not incurred in connection with the acquisition of such Real Estate Asset and is not a refinancing of any such acquisition financing;

 (C) causing the merger of the Partnership with or into another entity, or otherwise reorganizing or restructuring the
Partnership; 
 (D) causing an initial public offering of interest in the Partnership; 
 (E) causing in one or more transactions a Disposition of all or substantially all of the Partnership Investments (including shares of any
Portfolio Company or Partnership Investment Vehicle); 
 (F) the General Partner commencing (on its own behalf or on behalf of
the Partnership) a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the General Partner, the Partnership or debts of the General Partner or the Partnership under any bankruptcy, insolvency,
reorganization or other similar law; or the appointment of a trustee, administrator, receiver or other entity for the purpose of disposing of the Partnership Investments for the benefit of creditors; or any other transfer of Partnership Investments,
whether voluntary or involuntary, for the benefit of creditors; 
 (G) transfers of limited partnership interests as described
in Section 5.03, Section 5.04, Section 10.01, Section 10.02 and Section 10.05 of this Agreement (it being understood that any admission or substitution, whether in full or in part, absolute or relative, of a limited
partnership interest requires the prior written consent of all Partners (except for the consent of a Defaulting Limited Partner pursuant to Section 5.03), and transactions not compliant with this approval requirement are void); 
 (H) the admission of New Commitment Partners as described in Section 1.07(b) (it being understood that any such 
  

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 admission requires the prior written consent of all Partners (except for the consent of a Defaulting
Limited Partner pursuant to Section 5.03), and transactions not compliant with this approval requirement are void); 
 (I) the acquisition of real property that is not a Real Estate Asset; 
 (J) confessing, consenting to or appealing
against a judgment against the Partnership in connection with any threatened or pending Proceeding; or commencing or settling any Proceeding in the name of the Partnership or with respect to the Partnership Investments, in each case if the amount in
dispute is in excess *****; 
 (K) the extension of the Commitment Period as described in Section 5.01(d); 
 (L) any amendment or waiver of provisions in the Asset Management Agreement; 
 (M) the extension of the term of this Agreement as described in Section 9.01; 
 (N) any amendment of this Agreement, except as provided in Section 11.01(a); 
 (O) the payment of the early promote to the General Partner from capital contributions pursuant to 
Section 6.03(c)(i); and

 (P) other than in connection with a Credit Facility, any agreement pursuant to which all or a portion of the aggregate
Available Capital Commitments of all Limited Partners is pledged, assigned or otherwise provided as security by the General Partner. 
 (ii) the following decisions, which decisions shall require the consent or approval of the Required Limited Partners: 
 (A) approval or disapproval of an Approved Accountant, Approved Appraiser, Approved Industry Consultant or Approved Investment Bank, (it being agreed that the Approved Accountant, Approved Appraiser, Approved Industry Consultant and
Approved Investment Bank listed on Appendices A-E, 
  

 12 

 respectively, have been approved by the Required Limited Partners); and 
 (B) the dissolution of the Partnership as described in Section 9.02(a), provided if a Consolidation Event shall occur, the
dissolution of the Partnership shall require the prior written unanimous consent of the Partners pursuant to clause (i) above; and 
 (C) any currency hedging transaction, other than as required by a third-party lender to (1) the Partnership, (2) any Portfolio Company or (3) any Partnership Investment Vehicle. 
 (c) In this Agreement, the words “approval” and “consent” shall mean the prior written consent or approval of the Partners having the
right to consent or approve, which consent or approval shall not be, other than as provided in this Agreement, unreasonably withheld or delayed, unless in connection with any transfer of limited partnership interest, (relative or absolute)
substitution of a limited partner, deemed capital contribution or forced sale of a limited partnership interest or admission of a New Commitment Partner or Substituted Limited Partner. It is understood that in determining whether to withhold or
delay its consent or approval, a Limited Partner shall be entitled to consider its own interest as a partner in the Partnership. 
 (d) The
General Partner shall cause the Manager to employ a managing director, or an individual in such capacity, **********. In event the employment of the managing director ends or terminates, the General Partner shall cause the Manager to engage a
replacement managing director within ninety (90) days of such time. 
 (e) The Partners acknowledge that each of Host and the General
Partner is an indirect subsidiary or Affiliate of Host Euro Business Trust, Sheraton Holding Corporation and Host Marriott Corporation (each, a “Host REIT”), each a “real estate investment trust” under the Code (a
“REIT”). The Partnership will conduct its activities in a manner consistent with each Host REIT’s status as a REIT and so as to permit such Host REIT (i) to maintain continuous compliance with the requirements of REIT
status and (ii) to minimize any U.S. federal income or excise tax in respect of operations. Without limiting the generality of the foregoing, it is understood that the Partnership’s hotel properties will generally be leased to separate
entities that will constitute “taxable REIT subsidiaries” for purposes of the REIT requirements (each, a “TRS” and collectively, the “TRS”) and will be operated in a manner consistent with those
requirements. 
 (f) As between the General Partner, on the one hand, and the Partnership, on the other hand, the General Partner shall be
solely responsible for and shall pay any and all expenses incurred by Host or by the General Partner 
  

 13 

 (whether or not on behalf of the Partnership) to maintain the REIT status of any Host REIT. 
 (g) In the event of a change in law, regulation or other form of binding guidance with respect to REITs, issued by a regulatory authority or governmental
body, the General Partner shall have the right to restructure the Partnership and any Partnership Investment consistent with the purposes of the Partnership described in Section 1.05, provided such restructuring does not
(i) increase or lead to violation of the obligations (including regulatory obligations) or liabilities (including with respect to tax exposure) of any Limited Partner, (ii) adversely affect any Limited Partner’s economic rights
hereunder, (iii) adversely affect its status as a tax-exempt entity or pension fund (if appropriate) or (iv) lead to the involuntary substitution or removal of any Limited Partner. The Limited Partners agree to cooperate reasonably with
the General Partner in effecting such a restructuring. The General Partner shall pay any expenses incurred by the Partnership or the Limited Partners in connection with such a restructuring. To the extent such restructuring entails the (absolute or
relative) substitution of a Limited Partner or the admission of a New Commitment Partner or Substituted Limited Partner, the unanimous prior written consent of all Partners is required. 
 Section 2.04. Exclusivity. (a) The General Partner shall devote such time and attention to the business or affairs of the Partnership as
is necessary effectively to carry out the operations of the Partnership and perform its duties to the Partnership. 
 (b) The General Partner
and each Limited Partner acknowledge and agree that: 
 ************************************************************************************************** 
 ****************************************************************************************************** 
 ****************************************************************************************************** 
 ****************************************************************************************************** 
 **************************************************************************: 
 ********************************************************************************************** 
 ********************* *******************; 
 ***********************************************; 
 ********************************************************************************************** 
 ************************************************************************************************** 
  

 14 

 ************** ********* ******************* *********** ************ ****** ***************
*************** ********** *********** ********* ******** ************ ************* *********** ** ********* ***************** ***************** ********** ******; 
 ************************************************ ******************************** ********************* *******
*************************** ************* ******* ********************************; 
 *****************************
***************** *********** *********************************** *********** ** ************************** ********************** ********* ***************** ********** ******************* ************* ***************************************;

 *********************** ******************* ******* ************** ********************** **************** ***********
***************** *************** *******; 
 *********************** ***************** *********** *************
********************* *************** **************** ***************; 
 *********************** ****************
*******************************************; 
 **************************************** ******************
**************************************** ****************** ******************************** ********************** *********** *********************** *********************** ************************ ********************* *************
********************************* ********************* *************** ********************** ***************** ********** ********************** **************** ********* **************** ************** *********** *********** **** ***********
******************** ******************* ********* ****************** ************************ ******** **************************. (ii) except in connection with the transactions contemplated by the Implementation Agreement, the Asset Management
Agreement or in 

  

 15 

 
connection with the acquisition of the Initial Hotel Properties pursuant to the Master Agreement, without the unanimous consent of the Partners, the
Partnership and the General Partner shall not purchase property or obtain services from, sell property or provide services to, or otherwise enter into any transaction, with the General Partner, any Affiliate of the General Partner, any Limited
Partner, any Portfolio Company, or any Affiliate of any of the foregoing Persons. 
 ******************************************************************************************************** ********************** ********************** ********************* ****************** *********************** ****************
********** ************* ****************** *********************** ********** *************** **************** ***************** ************* *********** ************** *********************** ************* ** ********** **********. 
 (c) Nothing contained in this Agreement shall be deemed to limit in any respect the ability of any Limited Partner (or Affiliate thereof), in its
individual capacity, from making investments in any Portfolio Company or in any Person in which Investments are proposed to be made or in any Affiliate of any such Person or from providing financing thereto, in addition to such Limited
Partner’s Capital Contributions, if any, pursuant to this Agreement. 
 (d) Each of the parties to this Agreement shall use commercially
reasonable efforts to advise each other on all potential transactions covered by Section 2.04(b)(i)(A), Section 2.04(b)(i)(C), Section 2.04(b)(i)(D), Section 2.04(b)(i)(E) and
 Section 2.04(b)(i)(F) subject to any confidentiality requirements
then binding on such party. 
 Section 2.05. Books and Records; Fiscal Year. (a) The General Partner shall keep or cause to
be kept at the address of the General Partner (or at such other place as the General Partner shall advise the other Partners in writing) the books and records of the Partnership. Each Limited Partner shall be shown as a limited partner of the
Partnership on such books and records. Such books and records shall be available, upon five (5) Business Days’ notice to the General Partner, for inspection at the offices of the General Partner (or such other location designated by the
General Partner, in its reasonable discretion) at reasonable times during business hours on any Business Day by each Limited Partner for a purpose reasonably related to such Limited Partner’s interest in the Partnership. Each Limited Partner
agrees that such books and records contain confidential information relating to the Partnership and its affairs and the affairs of each Limited Partner. 
  

 16 

 (b) Unless otherwise required by law, the taxable year of the Partnership shall end on
December 31st. Except as otherwise determined by the General Partner in its reasonable discretion, the fiscal year of the Partnership (the “Fiscal Year”) for purposes of its financial statements shall be the same as the taxable
year of the Partnership. 
 Section 2.06. Partnership Tax Returns. (a) The General Partner shall cause to be prepared and
filed on a timely basis all tax returns required to be filed for the Partnership. The General Partner shall send such information as a Limited Partner may reasonably request for the filing of any required tax returns or reports in respect of such
Limited Partner’s interest in the Partnership and the Partnership Investments, including the French three percent (3%) annual tax imposed pursuant to Sections 990D et seq. of the French General Tax Code. As part of its investigation of any
proposed Partnership Investment, the General Partner shall investigate with reasonable diligence any tax filing requirements imposed on the Partners solely as a result of investing in such proposed Partnership Investment and shall furnish to the
Limited Partners any such information acquired. 
 (b) The Limited Partners agree to cooperate reasonably with the General Partner regarding
the filing of forms (including, without limitation, Form 8832) and U.S. partnership returns with the Internal Revenue Service, provided that, in connection with the foregoing, (i) the General Partner shall bear all out-of-pocket costs of
preparing and filing such documents and (ii) no Limited Partner will be required to disclose any proprietary information (provided that the Limited Partners’ name, address, and other identifying information shall not be considered
proprietary for purposes of this Section 2.06(b)). 
 (c) Each Partner shall cause to be prepared and filed on a timely basis all tax
returns required by law to be filed by such Partner. Each Partner shall, to the fullest extent permitted by applicable law, indemnify and hold harmless the other Partners against any losses, claims, damages or liabilities arising from, related to or
in connection with such Partner’s failure to make such filings. 
 (d) The General Partner is hereby designated as the
Partnership’s “tax matters partner.” The General Partner is specifically directed and authorized to take whatever steps the General Partner, in its discretion, deems necessary or desirable to perfect such designation, including filing
any forms or documents and taking such other action as may from time to time be required under applicable tax law. Expenses of any administrative proceedings undertaken by the Tax Matters Partner shall be Partnership Expenses. Each Limited Partner
who elects to participate in such proceedings shall be responsible for any expenses incurred by such Limited Partner in connection with such participation. The cost of any resulting audits or adjustments of a Limited Partner’s tax return shall
be borne solely by the affected Limited Partner. Notwithstanding the foregoing, the General Partner shall not bind any Limited Partner to an extension of such Limited Partner’s statute of limitations or to a closing agreement or settlement
agreement for tax purposes without such Limited Partner’s prior written consent. 
  

 17 

 Section 2.07. Confidentiality; Press Release. (a) Each Partner agrees to keep
confidential, and not to make any use of (other than for purposes reasonably related to its interest in the Partnership or for purposes of filing such Partner’s tax returns or for other routine matters required by law) nor to disclose to or
discuss with any Person (including any co-venturers or managers of other investments in real property but other than Affiliates of such Partner), any information or matter relating to the Partnership, the TRS CV, the Partners and their affairs, or
any information obtained in relation to the other Partners, and any information or matter related to any Partnership Investment, including, among other things, the estimated value or terms and conditions of any potential transaction which the
Partnership is actively pursuing (other than disclosure to such Partner’s employees, agents, accountants, advisors (including financial advisors) or representatives responsible for matters relating to the Partnership (each such Person being
hereinafter referred to as an “Authorized Representative”)); provided that such Partner and its Authorized Representatives may make such disclosure to the extent that (i) the information being disclosed is publicly known
at the time of proposed disclosure by such Partner or Authorized Representative, (ii) such disclosure is required by law or regulation or (iii) such disclosure is required by any regulatory authority or self-regulatory organization having
jurisdiction over such Partner, including filings with the trade register at the Chamber of Commerce and Industry in Amsterdam, the Netherlands (the “Chamber of Commerce”). Prior to making any disclosure required by law, regulation,
regulatory authority or self-regulatory organization, each Partner shall (to the extent permitted by applicable law) use its commercially reasonable efforts to promptly notify the General Partner of such disclosure. Prior to any disclosure to any
Authorized Representative, each Partner shall advise such Authorized Representative of the obligations set forth in this Section 2.07. Each Partner shall be liable for any breach of such obligations by an Authorized Representative, unless such
Authorized Representative has executed an agreement, for the benefit of the General Partner, to be bound by the terms of such obligations. 
 (b) Without obtaining the consent of the other Partners, a Partner will not issue any press release or make any public statement relating to any of the matters provided for or referred to in this Agreement or any ancillary matter, unless
required by law or by any regulatory authority, government body or recognized securities exchange. 
 Section 2.08. Meetings of the
Partners. (a) The General Partner shall meet with the Limited Partners at least twice annually on dates convenient to the Limited Partners. This meeting shall take place in Amsterdam or such other place as unanimously agreed by the
Partners. For any meeting of the Partners, the General Partner shall cause a written notice to be sent to the Partners at least ten (10) Business Days prior to the meeting. Such notice shall contain a detailed list 
  

 18 

 of the items on the agenda. The General Partner shall cause to be delivered to the other Partners any materials material
to the discussion of the items on the agenda at least five (5) Business Days prior to the meeting. 
 (b) Meetings of the Partners to
vote upon any matters which the Partners are authorized to vote on under this Agreement may be called at any time by a Partner by delivering written notice to the General Partner. Within ten (10) days following receipt of such request, the
General Partner shall cause a written notice of a meeting to be given to the Partners entitled to vote, such meeting to be held at a place and time fixed by the General Partner on a date convenient to the Limited Partners. This meeting shall take
place in Amsterdam or such other place as unanimously agreed to by the Partners. Any Partner may participate in any meeting called in accordance with this Section 2.08(b) by telephone or other form of telephonic communication. A detailed
statement of the proposed action, including a verbatim statement of the wording of any resolution proposed for adoption by the Partners, shall be included with the notice of a meeting. 
 (c) In lieu of a meeting called in accordance with Section 2.08(b) to vote on any matter which the Partners are authorized to vote under this
Agreement, the General Partner shall submit the proposed action in writing to each of the Partners entitled to vote. Each such Partner shall give its written response to the proposed action to the General Partner within fifteen (15) days of the
date of the giving of the General Partner’s notice to such Partner of such proposal. Any such notice shall specify the date upon which such fifteen (15)-day period for response ends. Any Partner failing to respond within such fifteen (15)-day
period shall be deemed to have disapproved such proposed action. 
 Section 2.09. Reliance by Third Parties. Persons dealing with
the Partnership are entitled to rely conclusively upon the power and authority of the General Partner as set forth in this Agreement and as a summary of such power and authority is registered with the trade register of the Chamber of Commerce.

 Section 2.10. Temporary Investment of Funds. Subject to a determination by the General Partner in its discretion as to the
amount of cash required in connection with the conduct of the Partnership’s business, the General Partner shall invest all cash held by the Partnership in interest bearing instruments or accounts as contemplated by the Budget or as otherwise
reasonably selected by the General Partner. Cash held by the Partnership includes all amounts being held by the Partnership for future investment in Partnership Investments, payment of Partnership Expenses or distribution to the Partners.

 Section 2.11. Removal of the General Partner. (a) The Required Limited Partners (other than any Defaulting Limited
Partner and any Limited Partner that is an Affiliate of the General Partner) may remove the General Partner if a final order of a court of competent jurisdiction has been entered determining that a Cause Event has occurred and is continuing by
delivering written notice to the 
  

 19 

 General Partner of their election pursuant to this Section 2.11(a). The General Partner shall notify the Limited
Partners of any removal notice it receives pursuant to this Section 2.11(a). In connection with the removal of the General Partner pursuant to this Section 2.11(a), the Required Limited Partners (other than any Defaulting Limited Partner
or Limited Partner that is an Affiliate of the General Partner) shall appoint a replacement general partner of the Partnership. Such replacement general partner shall be admitted as a general partner of the Partnership prior to the effective date of
the removal of the General Partner upon its execution of a counterpart to this Agreement and shall continue the Partnership without dissolution. ******************************************* *********** ****************************. 
 (b) In the event that the General Partner is removed pursuant to Section 2.11(a), the removed General Partner shall cease to have any rights,
powers, obligations or duties provided to it under this Agreement (except for its rights, powers, obligations and duties under Article 8) and under applicable law after the effective date of such removal. In connection with the removal of the
General Partner, the Limited Partners shall have the right to either (A) purchase the partnership interest of the General Partner at a price equal to *************** *********** of the General Partner as of the effective date of such removal,
such *********************** ************* ************* ******** ***************, and from and after the effective date of its removal as the General Partner and following the admission of the replacement general partner as described above, the
General Partner shall no longer be a Partner in the Partnership, or (B) following the admission of the replacement general partner as described above, convert the General Partner’s interest in the Partnership into a limited partner
interest in the Partnership with a Capital Account equal to the value set forth in clause (A) above. It is understood that the unanimous written consent of the Partners is required in the event the purchase of the partnership interest of the
General Partner causes a relative substitution among the Limited Partners. It is moreover understood that the unanimous written consent of the Partners is required in respect of the conversion of the general partner’s interest into a limited
partner interest and the admission of the general partner as a Limited Partner. It shall be a condition to any purchase of the General Partner’s interest that the entire interest of the general partner under the TRS CV Agreement shall have been
simultaneously purchased under the Corresponding Provision. Any amount paid to the General Partner pursuant to clause (A) above shall be paid in cash. In the event the General Partner’s interest is converted into a limited partner
interest, the General Partner shall be treated for all purposes as a Limited Partner from the date of conversion with respect to future distributions made by the Partnership and all other rights to which the Limited Partners are entitled under this
Agreement. 
 Section 2.12. Business Plan and Budgets. (a) The General Partner will provide to the Limited Partners for
informational purposes only a business plan 
  

 20 

 for the operation of the Hotel Properties no later than sixty (60) days after the First Closing Date. No later than
December 15 of each Fiscal Year the General Partner shall provide to the Limited Partners for informational purposes only a revised and updated business plan for the period ending on the last day of the next succeeding Fiscal Year. The business plan
will include the following: 
 ******** ******* *************** ******************** **************** ****************
***************** ******** **************************; 
 (ii) a report of potential acquisition and disposition transactions;

 ******** ********************************* ******** ***** ******************************* ************** ****** *******
*************; 
 ******** ***************************** ********* ********* ****************** *******************
*************** **************** ***************** ************** ************** *************************** *********** *************** *********************** ************ (clauses (i)-(iv) collectively, the “Business Plan”).

 (b) The General Partner shall prepare and present to the Limited Partners for informational purposes only for each Fiscal Year the
following budgets: (i) a consolidated capital budget for the Partnership, any Partnership Investment Vehicle, any Portfolio Company and any TRS, setting forth in reasonable detail the estimated Capital Expenses with respect to each Partnership
Investment for such Fiscal Year (the “Partnership Capital Budget”) and (ii) a consolidated operating budget for the Partnership, any Partnership Investment Vehicle, any Portfolio Company and any TRS, setting forth in reasonable
detail the estimated operating costs and expenses with respect to each Partnership Investment, including estimated Partnership Investment Expenses and Partnership Administrative Expenses (the “Partnership Operating Budget”; together
with the Partnership Capital Budget, each a “Budget” and collectively, the “Budgets”). The draft of each Budget for the balance of the 2006 Fiscal Year Fiscal Year shall be delivered to the Limited Partners prior
sixty (60) days after the First Closing Date. Each Budget for each subsequent Fiscal Year shall be in the form of the Budget for the prior Fiscal Year. A first draft of each Budget for the subsequent years shall be presented to the Limited Partners
prior to ******** *** of such Fiscal Year and a final draft shall be presented to the Limited Partners prior to February 15 of such Fiscal Year. 
  

 21 

 (c) The Partners agree that any Business Plan or Budget required to be delivered by the General Partner
under this Agreement may be combined with the business plan and budgets required to be delivered pursuant to the TRS CV Agreement. The Partnership Capital Budget and the Partnership Operating Budget shall each be updated by the General Partner and
presented to the Limited Partner in accordance with the above provisions of Section 2.12(b) within **** ********* of the acquisition of a Partnership Investment. 
 Section 2.13. Credit Facility. (a) The General Partner is authorized to enter into one or more credit facilities (each, a “Credit Facility”) to pay expenses and fees, to finance the
acquisition and ownership of Partnership Investments, including, without limitation, in lieu of, in advance of, or contemporaneously with Capital Contributions and otherwise to carry out the business and activities permitted under this Agreement.
Such Credit Facilities may be secured by an assignment and pledge by the General Partner of all or a portion of the aggregate Available Capital Commitments of all Limited Partners, including upon the continuance of an event of default (as defined in
a Credit Facility), the right of the lender to deliver Drawdown Notices and enforce all remedies against any Limited Partner that fails to fund their respective Capital Commitments pursuant to Drawdown Notices and in accordance with the terms of
this Agreement. In connection with any such Credit Facility, all such Capital Contributions shall be payable to the account designated by the lender. 
 (b) Each Limited Partner understands, acknowledges and agrees, in connection with any Credit Facility and for the benefit of any lender thereunder, (i) that the General Partner may from time to time request
delivery, within ninety (90) days after the end of such Limited Partner’s fiscal year, of a copy of such Limited Partner’s annual report, if publicly available, or such Limited Partner’s balance sheet as of the end of such fiscal
year and the related statements of operations for such fiscal year, in each case to the extent publicly available, prepared or reviewed by independent public accountants in connection with such Limited Partner’s annual reporting requirements;
(ii) that the General Partner may from time to time request a certificate confirming (x) the remaining amount of such Limited Partner’s Available Capital Commitment and/or (y) that the Limited Partner has not and will not pledge,
collaterally assign, encumber or otherwise grant a security interest in its rights and obligations against the General Partner or the Partnership; and (iii) that such Limited Partner’s obligation to fund its Available Capital Commitment is
without defense, counterclaim or offset of any kind, other than any rights or claims available to such Limited Partner under this Agreement. In addition, each Limited Partner agrees (A) to deliver to the lender under any Credit Facility an
acknowledgement of such Limited Partner’s Capital Commitment in such lender’s customary form as may be negotiated between such lender and such Limited Partner, and (B) to deliver, upon the request of the General Partner or lender, an
opinion of counsel (or appropriate corporate or similar resolution authorizing such Limited Partner’s investment in the Partnership) to the effect that this Agreement is a valid and binding agreement of such Limited Partner. 
  

 22 

 ARTICLE 3 
 INVESTMENTS 
 Section 3.01. Partnership Investments Generally; Initial Hotel
Properties. (a) Subject to Section 3.02 and Article 6, the General Partner may cause the Partnership to invest, directly or indirectly, in such Partnership Investments as the General Partner shall identify based on an objective that at
the termination of the Commitment Period, the Partnership shall not have invested ********* 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 ************************************************. 
 (b) The Limited Partners acknowledge and agree that an Affiliate of the General
Partner has entered into an agreement to acquire certain hotel properties, including those properties identified on Schedule B (the “Initial Hotel Properties”), and that such properties are suitable Partnership Investments for the
Partnership and acceptable to the Limited Partners notwithstanding any investment limitations or parameters set forth in this Agreement. The General Partner shall have the right to, or cause its Affiliate or a third-party seller (as applicable) to,
transfer the Initial Hotel Properties to the General Partner for the benefit of the Partners at the respective prices set forth in Schedule B (each such price, the “Initial Hotel Property Price”); provided that the Poland
Hotel Property shall be contributed to the Partnership pursuant to Section 5.01(b); provided further, the Initial Hotel Properties shall not be transferred to the General Partner for the benefit of the Partners or contributed until
the earlier of the date on which (i) the APA/ATR team of the Dutch Tax Authorities has issued an advance tax ruling confirming that the Partnership is transparent for Dutch corporate income and dividend tax purposes, and (ii) the
General Partner shall have received an opinion of special Dutch counsel to the General Partner, subject to reasonable assumptions and qualifications determined in consultation with the Limited Partners, to the effect that the Partnership is a closed
limited partnership (besloten commanditaire vennootschap) for Dutch tax purposes. 
 Section 3.02. Investment and Leverage
Limitations. (a) The Partnership or any Partnership Investment Vehicle or Portfolio Company may incur debt in connection with and in order to finance the acquisition of Partnership Investments (as well as to refinance such debt), including
the assumption of debt and all associated rights to receive payment in respect of such debt to be held by the Partnership or any Partnership Investment Vehicle or Portfolio Company (as applicable). The Partnership may incur any other debt with
respect to Partnership Investments. 
 (b) The aggregate amount of debt incurred by the Partnership, any Partnership Investment Vehicle and
any Portfolio Company attributable to a single Investment shall not exceed 75% of the fair market value on the date of 
  

 23 

 such Partnership Investment based on an appraisal by an independent third party; provided the intent of the
Partners is that the amount of debt incurred by the Partnership, any Partnership Investment Vehicle and any Portfolio Company to finance, operate or own Partnership Investments shall not exceed, as of the last day of the Commitment Period and
thereafter, 65% of the aggregate fair market value of the Partnership Investments taken as a whole (without deduction for any debt to which such Investments are subject) based on the last annual appraisal; provided further, if such 65% limit
is exceeded, the Partners shall confer and agree on the course of action with respect to such debt. 
 (c) With respect to a Partnership
Investment in a single asset, the minimum gross asset value of such Partnership Investment shall not be less than ******. With respect to a Partnership Investment consisting of a portfolio of assets, the minimum gross asset value of such portfolio
shall not be less than ******* (with no minimum gross asset value required for any single asset within such portfolio). 
 (d) The
Partnership shall not invest in Real Estate Assets with (i) a projected stabilized Yield of less than *** per annum or (ii) a projected IRR of less than *************************************************************************************

 ************************************************************************ in each case as reasonably projected by the General Partner. For the purpose of
this Section 3.02(d), a Hotel Property shall be considered operating on a “stabilized” basis when the cash flow from operations (on a pro forma basis) is projected to increase at an annual rate that is not materially greater than the
applicable rate of inflation. ****************** ****************************************************************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 ***********************************************. 
 Section 3.03. Structuring of Investments Generally. Except as
expressly provided otherwise in this Agreement, any Partnership Investment under this Agreement pursuant to any investment opportunity shall be made by the Partnership directly or through one or more Partnership Investment Vehicles. 
 Section 3.04. Parallel Investments Generally. With the unanimous consent of the Limited Partners, the General Partner may structure an
investment outside the Partnership as a parallel or co-investment either directly or indirectly through any entity formed for such purpose (a “Parallel Investment Vehicle”). The specific terms applicable to each parallel investment
shall be set forth in an agreement or agreements among the Partnership, the General Partner and any investors participating in such parallel investment. 
  

 24 

 ARTICLE 4 
 EXPENSES 
 Section 4.01. Definition and Payment of General Partner Expenses. As
between the General Partner, on the one hand, and the Partnership, on the other hand, the General Partner shall be solely responsible for and shall pay all General Partner Expenses pursuant to this Agreement. As used herein, the term
“General Partner Expenses” means: 
 (a) all Organizational Expenses and Partnership Investment Expenses in excess of the
amount payable by the Partnership pursuant to Section 4.02(a)(i) and Section 4.02(a)(ii), respectively; 
 (b) all salaries and
employee benefit expenses of employees caused by the General Partner to be hired by the Manager and related overhead expenses (including rent, utilities, office equipment, necessary administrative and clerical functions and other similar overhead
expenses, including internal costs associated with the preparation of reports required hereunder) and travel expenses (excluding travel expenses described in Section 4.02(b)(i)) resulting from the activities of such employees on behalf of the
Partnership or in connection with this Agreement; 
 (c) costs payable by the General Partner pursuant to Section 7.02(b); 

(d) any expenses to be paid by the General Partner pursuant to Section 2.03(f) and Section 2.03(g); 
 (e) with respect to any contemplated financing, to the extent required by a lender to the Partnership, any Partnership Investment Vehicle or any
Portfolio Company, any currency hedging costs in connection with any hedge relating to the currency exchange risk due to the fact that such loan would be denominated in Euros but the cash to be received from hotel operations will be in the currency
of the country in which such Hotel Property is located; and 
 (f) Partnership Investment Expenses to the extent directly attributable to the
Initial Hotel Properties and incurred by the General Partner or any Affiliate of the General Partner prior to the date hereof. 
 Section 4.02. Definition and Payment of Partnership Expenses. (a) The Partnership shall be responsible for and shall pay all Partnership Expenses. As used herein, the term “Partnership Expenses” means all
expenses or obligations of the Partnership or otherwise reasonably incurred by the General Partner in connection with this Agreement (other than General Partner Expenses and the obligation of the Partnership to pay the purchase price for any
Partnership Investment), including: 
 (i) all expenses of organizing, registering, qualifying, exempting and otherwise in
connection with the Partnership, the General Partner, any Partnership Investment Vehicle and any Portfolio Company (the “Organizational Expenses”), ****************** (aggregated with any expenses under any Corresponding Provision);

  

 25 

 (ii) all expenses directly attributable to, and reasonably incurred in respect of,
(A) any Partnership Investment and (B) any proposed Partnership Investment that is ultimately not made by the Partnership, including, in each case, all expenses incurred in connection with the making (including sales commissions, brokerage
fees and legal and diligence costs), holding, managing, financing, refinancing, pledging, hedging, sale or other disposition or proposed financing, refinancing, pledging, hedging, sale or other disposition of all or any portion of such Partnership
Investment, and any Borrowing Costs, Partnership Investment Vehicle Expenses, and Indemnification Obligations arising with respect to such Partnership Investment (collectively, “Partnership Investment Expenses”), not to exceed,
***************************** ******* ********************************** ************************* ************************************ ***************************************** *************************************************** ********
**************** ************************** ******************************************************** *** ******************; 
 (iii) all other expenses of the Partnership reasonably incurred in connection with the ongoing operation and administration of the Partnership (collectively, “Partnership Administrative Expenses”), including
(A) expenses reasonably incurred in connection with the maintenance of the Partnership’s books and records; the preparation and delivery to the Limited Partners of financial reports and other information pursuant to this Agreement; and the
holding of annual meetings of the Partnership, (B) expenses reasonably incurred in connection with the dissolution and liquidation of the Partnership, (C) any Indemnification Obligation arising other than with respect to any Partnership
Investment, (D) the Management Fee, (E) Borrowing Costs that do not constitute Partnership Investment Expenses, (F) amounts of principal and other amounts, if any, due and owing under any loan to the Partnership, any Portfolio Company
or any Partnership Investment Vehicle, including under a Credit Facility, (G) subject to approval by the Required Limited Partners any extraordinary expenses that would not otherwise be Partnership Investment Expenses, (H) expenses
consisting of salaries of employees of any Portfolio Company as may be necessary or recommended pursuant to the applicable laws of any jurisdiction in which such Portfolio Company is a resident, as approved by the Required Limited Partners or
as contemplated in the Budgets, and (I) any expense identified as a Partnership Expense in a Budget approved by the Limited Partners in accordance with Section 2.12; and 
  

 26 

 (iv) any costs payable by the Partnership pursuant to Section 7.02(b). 

(b) The parties agree that all of the following constitute Partnership Expenses, and are some, but not necessarily all, of the types of expenses that
may constitute Partnership Investment Expenses, Partnership Administrative Expenses or Organizational Expenses, depending upon the context in which such expenses are incurred: 
 (i) reasonable travel expenses directly attributable to (A) any Partnership Investment and (B) any proposed Partnership
Investment that is ultimately not made by the Partnership, it ****************************************************** 
 *****************************************************************************************; 
 (ii) expenses
reasonably incurred in connection with obtaining legal, tax, and accounting advice and the advice of other consultants and experts on behalf of the Partnership; 
 (iii) out-of-pocket expenses reasonably incurred in connection with the collection of amounts due to the Partnership from any Person;

 (iv) expenses reasonably incurred in connection with the preparation of amendments or waivers to this Agreement;

 (v) any taxes imposed on the Partnership, excluding the taxes described in Section 6.02(c), but including any taxes
imposed on the Partnership or the General Partner in the capacity of withholding agent with respect to a Limited Partner (and any interest, penalties or expenses relating to any such taxes), but only to the extent such Limited Partner has not paid
such amounts pursuant to Section 8.01 and the General Partner has been unable to withhold such amounts pursuant to Section 6.05(c) and any expenses incurred in connection with tax proceedings that are characterized as Partnership Expenses
pursuant to Section 2.06(b); 
 (vi) expenses reasonably incurred in connection with any Proceeding involving the
Partnership (including the cost of any investigation and preparation) and the amount of any judgment or settlement paid in connection therewith; provided that any such expenses which, if incurred by any Indemnified Person, would not be
indemnifiable under Article 8, shall not constitute Partnership Expenses; 
  

 27 

 (vii) any Indemnification Obligation and any other indemnity, contribution, or
reimbursement obligations of the Partnership with respect to any Person, whether payable in connection with a Proceeding involving the Partnership or otherwise, unless such Indemnification Obligation arises as a result of the willful misconduct or
gross negligence of any Indemnified Persons or the occurrence of an Uncured Breach or an Uncured Material Violation of Law; and 
 (viii) ********************************************************************************************** 
 ******************************************************************************************************* 
 ******************************************************************************************************* 
 *******************************************************************************************; 
 (c) If an audit is conducted
pursuant to Section 7.02 and such audit determines that there has been an overcharge and/or overallocation of costs to the Partnership, the General Partner shall pay or cause to be paid such overcharge and/or overallocation in accordance with
Section 7.02(c). If such audit determines that there has been an undercharge and/or underallocation of costs to the Partnership, each Limited Partner shall pay to the General Partner or its designee its pro rata share of such undercharge and/or
underallocation in accordance with Section 7.02(c). 
 (d) The Partnership shall be responsible for any post-closing working capital
adjustment amount required to be paid in connection with any Partnership Investment, including with respect to the Initial Hotel Properties. 
 Section 4.03. Responsibility for Partnership Expenses Among the Partners. The Partners agree that, as among the Partners, responsibility for Partnership Expenses shall be determined as set forth in this Section 4.03 and
shall be paid out of the funds set forth in Section 4.04 at such time after such Partnership Expenses arise as the General Partner determines in its discretion: 
 (a) General Rule for Funding of Partnership Expenses. Except as set forth in Section 4.03(b), any Partnership Expense shall be funded by the Partners pro rata in accordance with their respective
Commitment Percentages. 
 (b) Exceptions to the General Rule for Funding of Partnership Expenses. Notwithstanding
Section 4.03(a): 
 (i) subject to clause (iv) below, any Partnership Investment Expense with respect to any
proposed Partnership Investment that is ultimately not made by the Partnership shall be funded by the Partners, pro rata in accordance with their respective Commitment Percentages; 
  

 28 

 (ii) in the event that any Limited Partner initiates any Proceeding against the
Partnership or any Indemnified Person and a judgment or order not subject to further appeal or discretionary review is rendered in respect of such Proceeding in favor of the Partnership or such Indemnified Person, as the case may be, such Limited
Partner shall be solely liable for all reasonable legal fees and expenses of the Partnership or such Indemnified Person, as the case may be, attributable thereto; 
 (iii) subject to clause (iv), the Partners’ respective shares of Partnership Expenses shall be adjusted to reflect the share of
Partnership Expenses of any New Commitment Partner pursuant to Section 1.07(c); and 
 (iv) with the unanimous consent of
the Limited Partners, the Limited Partners may agree that any Partnership Expense shall be funded by the Partners on a basis other than that set forth in the foregoing provisions of this Section 4.03, ****************
******************************************************************************************************* *******************************************************************************************************
***************************************************************************. 
 Section 4.04. Sources of Funds for Funding by the
Partners of Partnership Expenses. The Partners acknowledge that Partnership Expenses shall be funded by or for the account of the Partners, to the extent provided in Section 4.03, through any one or more of the following sources of funds of
the Partnership, determined by the General Partner in its discretion: 
 (i) Capital Contributions by the Partners in
accordance with Article 5; 
 (ii) the withholding, pursuant to Section 6.05, of amounts (whether realized through the
sale of Partnership assets or otherwise) distributable to the Partners; 
 (iii) reserves set aside pursuant to
Section 6.05(e); and 
 (iv) amounts borrowed by the General Partner for the benefit of the Partners pursuant to a Credit
Facility in accordance with Section 2.13. 
 ARTICLE 5 
 CAPITAL COMMITMENTS AND CAPITAL CONTRIBUTIONS 
 Section 5.01. Capital Commitments. (a) Each Limited Partner hereby agrees to make Capital Contributions required to be made in respect of Partnership Investments and Partnership Expenses from time to
time as hereinafter set forth in this Article 5; provided  
  

 29 

 that the applicable Drawdown Notice with respect to any Capital Contribution by a Limited Partner in respect of a
Partnership Investment is delivered to such Limited Partner prior to the termination of the Commitment Period, except that such Drawdown Notice may be delivered to such Limited Partner after the termination of the Commitment Period if such Drawdown
Notice (A) relates to a Partnership Investment that the Partnership committed to make prior to the termination of the Commitment Period as evidenced by a letter of intent, agreement in principle or definitive agreement to invest or
(B) relates to Follow-On Investments to the extent such Follow-On Investments have been disclosed to and approved by the Limited Partners prior to the last day of the Commitment Period. The General Partner shall not deliver any Drawdown Notice
until the First Closing Date other than with respect to the payment of Organizational Expenses described in Section 4.02(a)(i). 
 (b)
On the First Closing Date, Host shall contribute to the Partnership all of its interest in and to the Poland Hotel Property, which contribution shall be effected through a transfer of the beneficial interest in HHR Warsaw B.V. and receive in
exchange therefore a limited partner interest with a Capital Account equal to the Initial Hotel Property Price for the Poland Hotel Property. Each of the General Partner and each Limited Partner hereby consents to the admission of Host as Limited
Partner. 
 (c) Notwithstanding anything contained in this Agreement, no Limited Partner shall be required to make any Capital Contribution
if, at the time such Capital Contribution is to be made, such Capital Contribution exceeds such Limited Partner’s then Available Capital Commitment. 
 (d) Subject to the unanimous consent of the Partners, the General Partner may extend the Commitment Period for ******** period, provided it shall be a condition to any extension by a Limited Partner of the
Commitment Period that such Limited Partner shall have simultaneously extended the commitment period under the Corresponding Provision. Subject to Section 10.03, a Limited Partner may terminate the Commitment Period with respect to its Capital
Commitment, (i) ********************************** ***** ************************************************************ ************ or (ii) if five (5) of the Initial Hotel Properties have not been transferred to the General Partner
for the benefit of the Partners within one hundred and eighty (180) days of the First Closing Date, in each case by notice to the General Partner (the “Commitment Period Termination Notice”), provided it shall be a
condition to any termination by a Limited Partner of the Commitment Period as described above that such Limited Partner shall have simultaneously terminated the commitment period under the Corresponding Provision. 
  

 30 

 (e) The General Partner hereby agrees to contribute to the Partnership the economic interests in the
Dutch Subsidiary Shares. The Capital Commitment of the General Partner at any time shall be equal to 0.1% of the aggregate amount of the Capital Commitments of the Partners at such time plus the economic value of the Dutch Subsidiary Shares.

 (f) The initial Capital Commitment of each Limited Partner as of the date hereof is set forth on Schedule A. 
 (g) Host shall be permitted to reduce its initial Capital Commitment in accordance with Section 5.04. 
 Section 5.02. Drawdown Procedures. (a) Generally. Each Limited Partner shall make Capital Contributions in such amounts and at
such times as the General Partner shall specify in notices (“Drawdown Notices”) delivered from time to time to such Limited Partner. All Capital Contributions shall be paid to the Partnership in immediately available funds in Euros
(and/or U.S. Dollars with respect to the Initial Hotel Properties, as specifically set forth in Schedule A) by noon (Amsterdam time) on the date specified in the applicable Drawdown Notice (the “Drawdown Date”) which date shall be
at least ten (10) Business Days from and including the date of delivery of the Drawdown Notice. If any Limited Partner fails to pay by the Drawdown Date the required Capital Contribution to be made by such Limited Partner, the General Partner
shall provide notice of such failure to such Limited Partner on the Drawdown Date. Capital Contributions may include amounts that the General Partner determines, in its reasonable discretion, are necessary or desirable to establish reserves in
respect of Partnership Investments or Partnership Expenses. To the extent a Capital Contribution made under this Article 5 will cause a relative change (relative substitution) in the amount credited on the Limited Partners’ Capital Accounts,
the unanimous prior written consent of all Partners is required. 
 The Partners acknowledge and agree that a portion of their respective
Capital Commitments as set forth on Schedule A are denominated in U.S. Dollars and will be funded to the General Partner in U.S. Dollars, provided that ABP may, at its option elect to contribute its cash contribution in Euros notwithstanding that
all or a portion of ABP’s Capital Commitment is denominated in U.S. Dollars (any such actual contribution of Euros, being referred to as an “ABP Euro Exchanged Contribution”). With respect to any ABP Euro Exchanged
Contribution, ABP agrees that it shall contribute an amount of Euros sufficient for the General Partner to immediately exchange on such Drawdown Date for U.S. Dollars in the amount of the Drawdown for ABP (the “U.S. Dollar Equivalent
Contribution Amount”) . To the extent any Drawdown Notice requires a Drawdown of a portion of a Limited Partner’s Available Capital Commitment that is denominated in U.S. Dollars, the Capital Contribution of U.S. Dollars by any Partner
other than ABP and the U.S. Dollar Equivalent Contribution Amount for ABP shall be deemed converted to Euros upon contribution to the Partnership, 

  

 31 

 
using the foreign exchange currency exchange rate applicable to the forward sale of Euros agreement entered into by the General Partner as required by the
Implementation Agreement (the “Deemed Euro Capital Contribution”) and the books of the Partnership shall reflect a contribution of the Deemed Euro Capital Contribution. 
 The General Partner shall make Capital Contributions in such amounts as hereinafter set forth in this Article 5 and at the same times and in the same
manner as the Limited Partner who are required to make related Capital Contributions. 
 (b) Regular Drawdowns. 
 (i) Drawdown Notices. Except as otherwise provided in Section 5.02(c), each Drawdown Notice for a Drawdown shall specify:

 (A) the manner in which, and the expected date on which, such Drawdown is to be applied; 
 (B) if all or any portion of such Drawdown is to be applied to make one or more Partnership Investments, with respect to each proposed
Partnership Investment, (w) the name and business description of the Person (if any) that is, directly or indirectly, the subject of such proposed Investment, (x) the Investment Drawdown Amount in respect of such Partnership Investment,
and, as provided in Section 5.02(a) whether such Capital Contribution shall be made in U.S. Dollars or Euros (y) a description of the Real Estate Assets that are the subject of such Investment and (z) the purpose of such Drawdown;

 (C) if all or any portion of such Drawdown is to be applied in respect of any Partnership Expenses, the Expenses Drawdown
Amount; 
 (D) the required Capital Contribution to be made by such Limited Partner; 
 (E) the Drawdown Date; and 
 (F) the Person and the account to which such Capital Contribution shall be paid. 
 (ii)
Amount of Required Capital Contribution in Respect of Investments. 
 (A) With respect to each Partnership Investment
covered by any Drawdown, the General Partner and each Limited Partner shall be required to make a Capital Contribution equal to the product of (x) such Person’s Available Commitment Percentage and (y) the Investment Drawdown Amount.

  

 32 

 (B) With respect to each Follow-On Investment covered by any Drawdown, each Partner in
the original Partnership Investment to which such Follow-On Investment relates shall be required to make a Capital Contribution equal to the product of (x) such Partner’s Commitment Percentage in respect of such original Investment
and (y) the Investment Drawdown Amount in respect of such Follow-On Investment. 
 (iii) Amount of Required
Capital Contributions in Respect of Expenses. With respect to the portion of the Expenses Drawdown Amount to be applied to pay Partnership Expenses, each Partner (including the General Partner) shall be required to make a Capital Contribution
equal to the amount of such Partnership Expenses payable by such Partner as determined pursuant to Section 4.03. 
 (c) Special
Drawdowns. If, in connection with the making of any Partnership Investment or the payment of any Partnership Investment Expense in respect of which a Drawdown Notice has been delivered, the General Partner shall determine, in its discretion,
that it is necessary or desirable to increase the required Capital Contribution to be made by any Limited Partner in connection therewith, the General Partner shall deliver an additional Drawdown Notice to such Limited Partner amending the original
Drawdown Notice and specifying: 
 (i) the amount of any increase in any Investment Drawdown Amount or in the Expenses
Drawdown Amount, as the case may be; 
 (ii) the amount of the increase in the required Capital Contribution to be made by
such Limited Partner; 
 (iii) the Drawdown Date with respect to the amount of the increase in the required Capital
Contribution if different from the Drawdown Date specified in the original Drawdown Notice; provided that the Drawdown Date with respect to the amount of such increase shall be at least ten Business Days after delivery of such additional
Drawdown Notice; and 
 (iv) the reason for such increase. 
 For the avoidance of doubt, the Partners agree that a Limited Partner shall never be required to make Capital Contributions pursuant to this
Section 5.02(c) in excess of its then Available Capital Commitment. Any increase in the required Capital Contribution of any Limited Partner pursuant to Section 5.03 shall be calculated in the manner set forth therein. Any increase in the
required Capital 
  

 33 

 Contribution of the General Partner and each Limited Partner due to an increase in any Investment Drawdown Amount or the
Expenses Drawdown Amount, as the case may be, specified in the original Drawdown Notice shall be calculated in accordance with Section 5.02(b)(ii) and Section 5.02(b)(iii) (after giving effect to Section 5.03, as appropriate) with
respect to the amount of such increase. 
 Section 5.03. Default by Limited Partners. (a) Each of the General Partner and
each Limited Partner agrees that time is of the essence as to the payment of its required Capital Contributions, that any Default by any Limited Partner would cause injury to the Partnership and to the General Partner and the Limited Partners and
that the amount of damages caused by any such injury would be extremely difficult to calculate. Accordingly, the amount of such Default (the “Default Amount”) shall accrue interest commencing on the Drawdown Date at the Default Rate
and ending on the date paid or contributed as a Default Contribution or loaned as a Total Drawdown Default Loan or Default Loan. Upon the occurrence of any Default, the General Partner shall promptly notify the Limited Partner who has committed such
Default (the “Defaulting Limited Partner”) of the occurrence of such Default. Upon the occurrence of any Event of Default, the General Partner shall promptly notify all Limited Partners other than the Defaulting Limited Partner (the
“Non-Defaulting Limited Partners”) of the occurrence of such Event of Default and of the course or courses of action it is electing to take as provided below. 
 (b) Upon the occurrence of an Event of Default, the General Partner, in its sole discretion, may elect to exercise one or more of the following remedies:

 (i) cause the Defaulting Limited Partner to forfeit all or any portion of distributions from the Partnership made or to be
made after such Event of Default that relate to any Partnership Investments in respect of which such Limited Partner made Capital Contributions prior to such Event of Default; 
 (ii) request the Non-Defaulting Limited Partners to provide a loan to the Partnership (each, a “Total Drawdown Default
Loan”) in the aggregate amount of the Drawdown required in the applicable Drawdown Notice (the “Total Drawdown Amount”), with interest at the Default Rate; provided that notwithstanding Article 6, Proceeds shall be
utilized first to pay any outstanding Total Drawdown Default Loans (and any accrued interest thereon) and there shall be no distributions to the Partners pursuant to Article 6 until the principal of and interest on all outstanding Total Drawdown
Default Loans have been paid in full by the Partnership; provided further, to the extent a Non-Defaulting Limited Partner has made a Capital Contribution prior to making a Total Drawdown Default Loan, such Capital Contribution shall be deemed
to be its pro rata share of funding such Total Drawdown Default Loan. For the avoidance of doubt, the Partners agree that a Limited Partner shall never be required to make a loan to the Partnership; 
  

 34 

 (iii) request the Non-Defaulting Limited Partners to provide a loan to the Partnership
(the “Default Loan”) to fund the Default Amount, with interest at the Default Rate; provided that: 
 (A) subject to the prior written unanimous consent of the Partners (other than the Defaulting Limited Partner), such Non-Defaulting Limited Partners shall be deemed to have purchased for their respective accounts (as provided in
Section 5.03(d)), a percentage of the Defaulting Limited Partner’s partnership interest equal to the percentage derived by dividing an amount equal to ***********************(and any accrued and unpaid interest thereon) by the aggregate
********** ********* made by the Defaulting Limited Partner as of such date plus the *************; provided that in no instance shall the Defaulting Limited Partner be deemed to have sold more than all of its partnership interest. For
illustrative purposes only, if a ************************************************************************ 
 *************************************************************************************************** 
 *************************************************************************************************** 
 *************************************************************************************************** 
 *************************************************************************************************** 
 *************************************************************************************************** 
 *************************************************************************************************** 
 *************************************************************************************************** 
 *************************************************************************************************** 
 ************************* ************************************************************************* 
 ************************* ********** sale, provided that in the event that there are more than one Non-Defaulting Limited Partners making Default Loans, the purchased Commitment Percentage shall be allocated among such Limited
Partners in proportion to loans made by such Limited Partners as further described below in Section 5.03(d); 
 (B)
******************************************************************************************* 
 ******************************;

  

 35 

 (C) notwithstanding Article 6, Proceeds shall be utilized first to pay any outstanding
Default Loans (and any accrued interest thereon) and there shall be no distributions to the Partners pursuant to Article 6 until the principal of and interest on all outstanding Default Loans have been paid in full by the Partnership; 
 For the avoidance of doubt, the Partners agree that a Limited Partner shall never be required to make a Default Loan; 
 (iv) request additional contributions of capital from the Non-Defaulting Limited Partners (pro rata based on their respective Commitment
Percentages) in an amount equal to the ************* (the “Default Contribution”), in which event, subject to Section 10.02 and the prior written unanimous consent of all Partners (other than the Defaulting Limited Partner), the
Defaulting Limited Partner shall be deemed to have sold, and the contributing Non-Defaulting Limited Partners shall be deemed to have purchased for their respective accounts (as provided in Section 5.03(d)), a percentage of the Defaulting
Limited Partner’s partnership interest equal to the percentage derived by dividing an amount equal to ************************************ ******************************************************************************************************
******************************************************************************************************* *******************************************************************************************************
******************************************************************************************************* *******************************************************************************************************
******************************************************************************************************* *******************************************************************************************************
******************************************************************************************************* ********************************************************* ******************************; 
 (v) cause distributions that would otherwise be made to the Defaulting Limited Partner to be credited against the Default Amount, as
applicable (and any interest accruing thereon) pursuant to Section 6.05(c); 
 (vi) cause the Defaulting Limited Partner
to forfeit its right to participate in any Partnership Investments made after such Event of Default; 
 (vii) in the event
Non-Defaulting Limited Partners are not willing to make Default Contributions, Total Drawdown Default Loans or Default Loans in an aggregate amount equal to the Default Amount or Total Drawdown Default Amount (as applicable), with respect to any
Defaulting Limited Partner, subject to the prior written unanimous consent of all the Partners (other than the Defaulting Limited Partner), 
  

 36 

 cause a forced sale of the Defaulting Limited Partner’s interest in the Partnership to any Person,
at such price as the General Partner, in its sole discretion, shall determine to be fair and reasonable under the circumstances; and 
 (viii) institute proceedings to recover the Defaulting Limited Partner’s share of the Total Drawdown Default Amount or Default Amount, as applicable (and any interest accruing thereon). 
 It is a condition to any Non-Defaulting Limited Partner making a Total Drawdown Default Loan, Default Loan or a Default Contribution that such loan or contribution be
made under the Corresponding Provision in the same percentage of the Total Default Amount or Default Amount (as applicable), unless otherwise agreed by the Non-Defaulting Partners. A transfer of the Defaulting Limited Partner’s interest
(including, for the avoidance of doubt, all rights and obligations of such Defaulting Limited Partner under this Agreement) pursuant to a forced sale shall be effectuated by way of assumption of contract (contractsoverneming) within the
meaning of Section 6:159 of the Dutch Civil Code. The Defaulting Limited Partner hereby gives its cooperation in advance to such assumption of contract and agrees that its cooperation cannot be revoked. 
 (c) The General Partner may take either or both of the following actions in respect of the Available Capital Commitment of any Defaulting Limited
Partner: 
 (i) seek commitments of capital from existing Limited Partners up to the amount of the Defaulting Limited
Partner’s Available Capital Commitment and, if existing Limited Partners do not increase their Capital Commitments up to the full amount of the Defaulting Limited Partner’s Available Capital Commitment, from additional investors. If any
such commitment is received from any existing Limited Partner, subject to the prior written unanimous consent of the Partners (other than the Defaulting Limited Partner), such Limited Partner’s Capital Commitment and Available Capital
Commitment shall be increased accordingly. If any such commitment is received from an investor that is not an existing Limited Partner, such investor shall, after executing such instruments and delivering such opinions and other documents as are in
form and substance satisfactory to the General Partner and subject to the prior written unanimous consent of the Partners (other than the Defaulting Limited Partner), be admitted to the Partnership as a Substituted Limited Partner and shown as such
on the books and records of the Partnership and shall be deemed to have a Capital Commitment and an Available Capital Commitment equal to the commitment for which such investor has subscribed. After the appropriate adjustment of the Capital
Commitment and the Available Capital Commitment of the Limited Partner or admission of the Substituted Limited Partner, the Capital Commitment and Available Capital Commitment of the Defaulting Limited Partner shall be decreased accordingly; and

  

 37 

 (ii) subject to the prior written unanimous consent of the Partners (other than the
Defaulting Limited Partner), reduce or cancel the Available Capital Commitment of the Defaulting Limited Partner on such terms as the General Partner determines in its discretion (which may include leaving such Defaulting Limited Partner obligated
to make Capital Contributions with respect to Partnership Expenses). 
 (d) If the aggregate amount of the Total Drawdown Default Loan,
Default Loan or Default Contribution, as the case may be (and any accrued interest thereon), committed by the Non-Defaulting Limited Partners pursuant to the Default notice is: (i) equal to or less than one hundred percent (100%) of the
Total Drawdown Default Amount or Default Amount, as applicable (and any accrued interest thereon), then each such Non-Defaulting Limited Partners shall make a Total Drawdown Default Loan, Default Loan or Default Contribution (as the case may be) in
an amount committed to in its Default Election Notice, or (ii) in excess of one hundred percent (100%) of the Total Drawdown Default Amount or Default Amount, as applicable, then, subject to the prior written unanimous consent of the
Partners (other than the Defaulting Limited Partner), each such Non-Defaulting Limited Partner shall make a Total Drawdown Default Loan, Default Loan or Default Contribution (as the case may be) in an amount equal to the sum of (A) the lesser
of (y) the amount committed in the Default Election Notice or (z) the product of the Total Drawdown Default Amount or Default Amount, as applicable (and any accrued interest thereon) and the Commitment Percentage of each electing
Non-Defaulting Limited Partner, plus (B) the Total Drawdown Default Amount or Default Amount, as applicable (and any accrued interest thereon) not lent or contributed under clause (A) above multiplied by a fraction, the numerator of which
is the amount requested in the Default Election Notice by each Non-Defaulting Limited Partner that such Limited Partner did not loan or contributed under clause (A) above, and the denominator of which is the aggregate amounts requested in the
Default Election Notices by all Non-Defaulting Limited Partners that such Limited Partners did not loan or contribute under clause (A) above. The amount of any Default Contribution shall reduce the Commitment of a Defaulting Limited Partner and
shall not reduce the Commitment of the contributing Non Defaulting Limited Partners. In no event shall a Total Drawdown Default Loan, Default Loan or Default Contribution release the Defaulting Limited Partner from its obligations to fund the
remainder of its Commitment. 
 (e) The rights and remedies referred to in this Section 5.03 shall be in addition to, and not in
limitation of, any other rights available to the General Partner or the Partnership under this Agreement or at law or in equity. An Event of Default by any Limited Partner in respect of any Capital Contribution shall not relieve any other Limited
Partner of its obligation to make Capital Contributions 
  

 38 

 under this Agreement. In addition, unless the Available Capital Commitment of any Defaulting Limited Partner is decreased
to zero pursuant to Section 5.03(c), an Event of Default by such Defaulting Limited Partner shall not relieve such Limited Partner of its obligation to make Capital Contributions subsequent to such Event of Default. 
 (f) Any Non-Defaulting Limited Partner who has or is deemed to have acquired any or all of the partnership interest of a Defaulting Partner pursuant to
this Section 5.03 shall be deemed a Substituted Limited Partner with respect to such acquired interest. 
 Section 5.04 ********************************************************************************************* 
 *******************
**************************************************************************************** 
 ********************************************
************************. ************************************** 
 *******************
**************************************************************************************** 
 ************************************************************************************************************ ********************. 
 ******************************************************************************************************** 
 ************************************************************************************************************ 
 ************************************************************************************************************ 
 *************************.

 ******************************************************************************************************** 
 ************************************************************************************************************ 
 ************************************. 
 ******************************************************************************************************** 
 ************************************************************************************************************ 
 ************************************************************************************************************ 
 ************************************************************************************************************ 
 ************************************************************************************************************ 
 ************************************************************************************************************ 
 *********************************

  

 39 

 *********************************************************************************************************** 

*********************************************************************************************************** 
 *********************************************************************************************************** 
 ********************************************** *************************************. 
 ******************************************************************************************************* 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 ************************************.

 ******************************************************************************************************* 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 ****************************************. 
 ******************************************************************************************************* 
 *********************************************************************************************************** 
 ****
******************************************************** ********************. 
 ******************************************************************************************************* 
 **************************. 
 Section 5.05. Extraordinary Loans. (a) At any time that a Drawdown would exceed the aggregate Available Capital Commitment of the
Limited Partners but the General Partner has determined in its good faith judgment that additional funds are necessary in connection with operating shortfalls or emergency repairs, the General Partner may deliver to the Limited Partners a
notice (an “Extraordinary Drawdown Notice”) setting forth the information generally required to be included in a Drawdown Notice, including 
  

 40 

 the aggregate amount of the operating or capital shortfall (the “Total Extraordinary Drawdown Amount”)
and requesting that each Limited Partner make a loan with interest at a rate per annum equal to ****************** ******************************* as approved unanimously by the Limited Partners, but absent such approval, ************* (an
“Extraordinary Loan”) to the Partnership. Each Limited Partner shall deliver a notice (the “Extraordinary LP Response”) to the General Partner within ten (10) days of its receipt of the Extraordinary Drawdown
Notice indicating whether it will elect to make such Extraordinary Loan and, if applicable, the amount of the Extraordinary Loan to be committed. For the avoidance of doubt, no Limited Partner shall be obligated to make any Extraordinary
Loans and nothing in this Section 5.05 is intended to detract from the limitations set forth in the proviso in Section 5.01(a) and Section 5.01(c). Proceeds shall be utilized first to pay any outstanding Extraordinary Loans
(after the repayment of any outstanding Default Loans) (and any accrued interest thereon) and there shall be no distributions to the Partners pursuant to Article 6 until the principal of and interest on all outstanding Extraordinary Loans have been
paid in full by the Partnership. 
 (b) If the aggregate amount of the Extraordinary Loan, as the case may be (and any accrued interest
thereon), committed by the Limited Partners pursuant to their Extraordinary LP Responses is: (i) equal to or less than one hundred percent (100%) of the Total Extraordinary Drawdown Default Amount (and any accrued interest thereon), then
each such electing Limited Partners shall make an Extraordinary Loan in an amount committed to in its Extraordinary LP Response, or (ii) in excess of one hundred percent (100%) of the Total Extraordinary Drawdown Default Amount, then, each
such electing Limited Partner shall make an Extraordinary Loan (as the case may be) in an amount equal to the sum of (A) the lesser of (y) the amount committed in the Extraordinary LP Response or (z) the product of the Total
Extraordinary Drawdown Default Amount (and any accrued interest thereon) and the Commitment Percentage of each electing Limited Partner, plus (B) the Total Extraordinary Drawdown Default Amount (and any accrued interest thereon) not lent or
contributed under clause (A) above multiplied by a fraction, the numerator of which is the amount requested in the Extraordinary Drawdown Notice that such Limited Partner did not loan or contributed under clause (A) above, and the
denominator of which is the aggregate amounts requested in the Extraordinary Drawdown Notices that such Limited Partners did not loan or contribute under clause (A) above. 
 ARTICLE 6 
 DISTRIBUTIONS; ALLOCATIONS;
CAPITAL ACCOUNTS 
 Section 6.01. Distributions Generally. (a) Subject to the provisions of,
Sections 5.03, Section 5.05 and 9.04, distributions of Proceeds shall be made in accordance with this Article 6. 
  

 41 

 Section 6.02. Distributions of Proceeds of Partnership Investments. (a) Subject to
Sections 5.03(b)(iii)(C), Section 5.05, Section 6.03. and 6.05, the Investment Percentage of any Proceeds from any Partnership Investment attributable to any Limited Partner shall be distributed as follows: 
 (i) ************************************************************************************************ 
 ******************************************************************************************************* 
 ************************************; 
 (ii) *********************************************************************************************** 
 ************************;

 (iii) *********************************************************************************************** 
 ****************************************************************************; 
 (iv) *********************************************************************************************** 
 ******************************************************************************************************* 
 ***************; 
 (v)
********************************************************************. 
 For purposes of the foregoing determinations, and of allocations to the General
Partner pursuant to Section 6.07, distributions pursuant to Section 9.04 shall be deemed to be made under the applicable clauses of this Section 6.02(a). Any value-added tax incurred by the Partnership with respect to Carried Interest
shall be credited against distributions of Carried Interest that the General Partner would otherwise have received pursuant to this Section 6.02(a). 
 (b) For purposes of determining under Section 6.02(a) how the Proceeds of any Partnership Investment are distributed among the Partners: 
 (i) References to a Limited Partner’s Capital Contributions shall include such amounts contributed pursuant to any Corresponding
Provisions, except in the case of any Host Limited Partner (unless a REIT Event shall have occurred, in which case such amount contributed by such Host Limited Partner pursuant to any Corresponding Provisions shall be included); and 
  

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 (ii) References to amounts of cumulative distributions received by a Limited Partner
pursuant to Section 6.02(a) shall include such amounts received under any Corresponding Provisions, except in the case of any Host Limited Partner (unless a REIT Event shall have occurred, in which case such amount received by such Host Limited
Partner pursuant to any Corresponding Provisions shall be included). 
 For the avoidance of doubt, it is understood that Proceeds realized
by the Partnership are distributed among the Partners pursuant to this Article 6 and net cash flow realized by the TRS CV shall be distributed pursuant to the Corresponding Provision. 
 (c) Subject to Sections 6.03 and 6.05, the Investment Percentage of such Proceeds attributable to the General Partner shall be distributed 100% to the
General Partner. The General Partner may, at its discretion, cause the Partnership to retain any such amount or any other amount otherwise distributable to the General Partner under this Agreement for distribution at such later date as the General
Partner shall determine, provided that (i) all income received as a result of the investment of such retained amounts and all taxes on that income shall be for the account of the General Partner, (ii) the Partnership shall make such
special allocations and distributions as necessary to give effect to this proviso, and (iii) such retained amounts shall be considered to have been received by the General Partner for purposes of Section 6.07. 
 Section 6.03. Early Promote. ****************************************************************************** 
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 Section 6.04 Other Distributions. All distributable amounts that are not
distributed pursuant to any other provision of this Article 6 shall be distributed to the Partners pro rata in accordance with their Commitment Percentages. 
 Section 6.05. Other General Principles of Distribution. (a) Distributions of Cash. Subject to Section 9.04 and the remaining provisions of this Section 6.05, (i) distributions of
Proceeds from Disposition of Partnership Investments shall be made as soon as reasonably practicable after their receipt by the Partnership, and (ii) distributions of Proceeds received by the Partnership, other than from Dispositions of
Partnership Investments, and distributions of income earned pursuant to Section 2.10 shall be distributed as deemed appropriate by the General Partner to Partners. All distributions pursuant to this Section 6.05(a) shall be made in
immediately available funds in Euros. 
 (b) Distributions in Kind. (i) The General Partner shall not make any distribution in
kind to any Limited Partner (other than any Host Limited Partner) without the written consent of such Limited Partner. Upon the request of the General Partner or a Host Limited Partner, the Limited Partners shall cooperate with the General Partner
to effect a distribution in kind to the General Partner or such Host Limited Partner. 
 (ii) For purposes of this Article 6,
the amount of any distribution in kind shall be the fair market value of such distribution as determined by the appraisal procedure set forth in Section 11.02, and for purposes of determining Net Income or Net Loss, such property shall be
deemed to have been sold by the Partnership for such fair market value. 
 (iii) If there is a distribution in kind to a
Limited Partner, such Limited Partner may designate any other Person to receive such distribution. 
  

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 (c) Withholding of Certain Amounts. Notwithstanding anything else contained in this Agreement,
prior to making a distribution pursuant to Section 6.02, the General Partner may, in its discretion, withhold from any such distribution of cash or property in kind to any Limited Partner pursuant to this Agreement, the following amounts:

 (i) any amounts due from such Limited Partner to the Partnership, the General Partner pursuant to this Agreement to the
extent not otherwise paid (including any Total Drawdown Default Amount or Default Amount, as applicable, plus any accrued interest thereon); 
 (ii) any amounts required to pay or to reimburse (on a net after-tax basis) any Indemnified Person for the payment of any taxes and related expenses that the General Partner in good faith determines to be properly
attributable to such Limited Partner; and 
 (iii) Partnership Expenses. 
 Any amounts so withheld pursuant to this Section 6.05(c) shall be applied by the General Partner to discharge the obligation in respect of which
such amounts were withheld. 
 (d) Treatment of Certain Amounts Withheld. Notwithstanding anything else in this Agreement, all amounts
withheld by the General Partner pursuant to Section 6.05(c) and all amounts that the General Partner determines in good faith to be properly withheld or otherwise paid by any Person on behalf of any Partner pursuant to any provision of
applicable law, shall be treated as if such amounts were realized and recognized by the Partnership and distributed to such Partner pursuant to Section 6.02. 
 (e) Amounts Held in Reserve. In addition to the rights set forth in Section 6.05(c), the General Partner shall have the right, in its discretion, to establish or modify the amount of any reserves prior to
making any distributions to the Partners by withholding amounts otherwise distributable by the Partnership to the Partners in order to maintain the Partnership in a sound financial and cash position and to make such provision as the General Partner
in its discretion deems necessary or advisable for any and all liabilities and obligations, contingent or otherwise, of the Partnership (including in respect of any anticipated capital requirements in accordance with the Budget). 
 (f) Reinvestment. Notwithstanding the foregoing provisions of this Article 6, during the Commitment Period, the General Partner, in its sole
discretion, may cause the Partnership to retain (and not to distribute to Limited Partners and, accordingly, such amounts shall continue to be considered unreturned capital until distributed) or recall all or any portion of any Proceeds constituting
a return of the amounts of any Capital Contributions made by the 
  

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 Limited Partner, and to reinvest such Proceeds in accordance with this Agreement. After the Commitment Period, subject to
the restrictions provided herein, any such retained Proceeds may only be (i) reinvested by the General Partner, in its discretion, in a Partnership Investment that the Partnership committed to make prior to the termination of the Commitment
Period as evidenced by a letter of intent, agreement in principle or definitive agreement to invest and (ii) used to pay Partnership Expenses. 
 (g) CV Law. Notwithstanding anything in this Agreement to the contrary, the Partnership shall not make any distributions except to the extent permitted under the CV Law. 
 (h) Loans and Withdrawal of Capital. No Partner shall be permitted to borrow, or to make an early withdrawal of, any portion of its Capital
Account. 
 (i) Tax Payments. Each Partner covenants for itself and its successors, assigns, heirs and personal representatives that
such Person will, to the fullest extent permitted by law, at any time prior to or after dissolution of the Partnership, whether before or after such Person’s withdrawal from the Partnership, pay to the Partnership or the General Partner on
demand any amount that the Partnership or the General Partner, as the case may be, pays in respect of taxes (including withholding taxes) imposed upon income of, or distributions in respect of Partnership Investments made to, such Partner.

 Section 6.06. Capital Accounts. (a) In general, there shall be established for each Partner on the books and records of
the Partnership a capital account (a “Capital Account”), which shall initially be zero. The Capital Account of each Partner shall be: 
 (i) credited with any Capital Contributions made by such Partner; 
 (ii) credited with any
allocations of income, profit or gain of the Partnership to such Partner; 
 (iii) debited by the amount of cash (or the fair
market value of other property as determined by the General Partner pursuant to Section 6.05(b)) distributed by the Partnership to such Partner; and 
 (iv) debited by any allocations of expense (other than any expense that should properly be included in the basis of any asset of the Partnership), deduction or loss of the Partnership to such Partner. 
 (b) The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with applicable Regulations under Code
Section 704 and to provide for allocations that have “substantial economic effect” 
  

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 within the meaning of those Regulations or, in the case of allocations attributable to nonrecourse indebtedness, that are
deemed pursuant to those Regulations to be in accordance with the “partners’ interests in the partnership”. The provisions of this Agreement shall be interpreted and applied in a manner consistent with this intention. Moreover, in
determining the amount of any liability for purposes hereof, Code Section 752 and the Regulations thereunder shall be applied insofar as relevant. In the event the General Partner shall determine that it is prudent to modify the manner in which
the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such Regulations, the General Partner may make such modification, provided that no such modification that has a material adverse effect upon any
Partner shall be made without that Partner’s consent. Without limiting the generality of the foregoing, in accordance with Regulations Section 1.704-1(b)(2)(iv)(f) the Partnership may adjust the Capital Accounts to reflect a revaluation of
its properties in connection with any of the events specified in Regulations Section 1.704-1(b)(2)(iv)(f)(5). 
 Section 6.07.
Allocations of Income and Loss. (a) In General. The Investment Percentage of Net Income and Net Loss for each Fiscal Year attributable to the General Partner shall be allocated 100% to the General Partner. Each Limited
Partner’s Investment Percentage of Net Income and Net Loss shall be allocated 100% to such Limited Partner to the extent that the General Partner has not received distributions of Carried Interest pursuant to Section 6.02(a) with respect
to such Limited Partner. Thereafter, allocations of such Net Income and Net Loss, and, to the extent necessary, allocations of items of gross income, gain, loss, deduction and expense, shall be made between such Limited Partner and the General
Partner in such a manner that if, immediately after such allocation, the Partnership liquidated pursuant to Article 9, distributions pursuant to Section 9.04(a) would, as nearly as possible, be equal to the distributions that would be made
pursuant to this Article 6. To the extent that the allocation provisions of this Article 6 would fail to produce such final Capital Account balances, items of Net Income and Net Loss of the Partnership for prior open Fiscal Years (or income,
expense, gain and loss of the Partnership comprising Net Income or Net Loss of the Partnership for such Fiscal Years) shall be reallocated by the General Partner among the Partners to the extent it is not possible to achieve such result with
allocations of items of Net Income and Net Loss of the Partnership for the current Fiscal Year or future Fiscal Years (or income, expense, gain and loss of the Partnership comprising Net Income or Net Loss of the Partnership for such Fiscal Years);
provided that such allocations for prior open Fiscal Years that result in any additional items of income or gain being allocated to the General Partner or the Host Limited Partner shall be made only at the sole discretion of the General
Partner. 
 (b) Other Items. (i) Interest expense with respect to any Default Loans shall be allocated pursuant to Section
5.03(b)(ii)(B). 
  

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 (ii) Any expense incurred by the Partnership for value-added taxes with respect to
Carried Interest shall be allocated to the General Partner. 
 (iii) All items of income, gain, loss and expense of the
Partnership that are not allocated pursuant to the foregoing provisions of this Section 6.07 shall be allocated to the Partners pro rata in accordance with their Commitment Percentages. 
 (c) Regulatory Allocations. The following special allocations shall be made in the following order: 
 (i) Notwithstanding any other provision of Article 6 if there is a net decrease in “partnership minimum gain” or “partner
nonrecourse debt minimum gain” (as defined in applicable Regulations under Code Section 704) for any Fiscal Year, then items of Partnership income and gain for such year (and, if necessary, subsequent years) shall be specially allocated
among the Partners in accordance with requirements of Regulations Section 1.704-2(f) and (i). This Section 6.07(c)(i) is intended to comply with the “minimum gain chargeback” requirements of such Regulations and shall be
interpreted consistently therewith. 
 (ii) If any Partner unexpectedly receives any adjustments, allocations or distributions
described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner in accordance with the requirements of Regulation Section 1.704-1(b)(2)(ii)(d).
This Section 6.07(c)(ii) is intended to comply with the “qualified income offset” provision of such Regulations and shall be interpreted consistent therewith. 
 (iii) If and to the extent that the allocation of any “nonrecourse deductions” (within the meaning of Regulations
Section 1.704-2(b)(1)) with respect to a Partnership Investment for any Fiscal Year would not otherwise satisfy the requirements of Regulations Section 1.704-2(e), then such nonrecourse deductions shall be specially allocated to the
Partners in proportion to their respective Capital Contributions in respect of such Investment or as otherwise required by Regulations under Code Section 704. 
 (d) Reversal of Regulatory Allocations. The allocations required pursuant to Section 6.07(c) (“Regulatory Allocations”) shall be taken into account in allocating other items of income,
gain, loss, deduction and credit for the same year and/or subsequent years among the Partners so that, to the extent possible without violating the statutory or regulatory requirements that gave rise to the Regulatory Allocations, the cumulative net
amount of such allocations of other items and the Regulatory Allocations to each Partner shall be equal to the net amount that would have been allocated to each such Partner if such Regulatory Allocations had not occurred. 
  

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 (e) Section 706. If additional Partners are admitted to the Partnership on different dates
during any Fiscal Year (in accordance with the provisions of this Agreement), the Net Income (or Net Loss) shall be allocated to the Partners with respect to the interests each held from time to time during such Fiscal Year in accordance with Code
Section 706, using any convention permitted by law as determined by the General Partner in its discretion. 
 (f) Section 704(c)
Value of Assets. To the extent required by Code Section 704 and the Regulations thereunder, Net Income and Net Loss shall be adjusted as follows: 
 (A) In the event that the 704(c) Value of any asset is adjusted, the amount of such adjustment shall be treated as gain or loss from the Disposition of such asset for purposes of computing Net Income or Net Loss;

 (B) Gain or loss resulting from any Disposition of any asset with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the 704(c) Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from such Value; and 
 (C) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such Fiscal Year, computed as defined herein. 
 As used in this
Section 6.07(f), the following terms have the following meaning: 
 “Depreciation” means, for each Fiscal Year, an
amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the 704(c) Value of an asset differs from its adjusted basis for federal income tax
purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning 704(c) Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or
other period bears to such beginning adjusted tax basis. 
  

	
	“704(c)Value” means, with respect to any Partnership asset, the adjusted basis for federal income tax purposes of such asset, adjusted as of the following times to equal its
gross fair market

  

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	value (as determined by the General Partner in its discretion): (a) the acquisition of an additional Interest by any new or existing Partner in exchange for more than a de minimis (as
that term is used in Regulations Section 1.704-1(b)(2)(iv)(f)) Capital Contribution; (b) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property or money if the General Partner determines in
its discretion that such adjustment is necessary or appropriate to reflect the economic interests of the Partners in the Partnership; and (c) the liquidation of the Partnership for federal income tax purposes within the meaning of Regulations
Section 1.704-1(b)(2)(ii). If the 704(c) Value of an asset has been determined or adjusted pursuant hereto, such 704(c) Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes for computing
Net Income and Net Loss.

 (g) Distributions during the course of any Fiscal Year shall be on account of the Net Income for
that Fiscal Year to the extent of such Net Income. 
 (h) Tax Expenses. Items of tax expense in respect of taxes imposed on the
Partnership or withheld on income payable, directly or indirectly, to the Partnership (including any withholding taxes imposed on payments of interest or dividends by any Portfolio Company or Partnership Investment Vehicle) shall be included in the
computation of Net Income and Net Loss and allocated pursuant to this Section 6.07; provided that where an item of tax expense payable by the Partnership or where a direct or indirect withholding tax on income or payments to the
Partnership is calculated, under applicable law, at different rates or on a different basis with respect to income allocable to some (but not all) of the Partners, such tax expense or withholding tax shall be allocated to, and such expense or
withholding tax shall reduce the amount distributable to, the Partners pursuant to Section 6.02 as reasonably determined by the General Partner, in a manner which reflects the rate or basis of taxation which is applicable to each such Partner
(and the amount withheld shall be treated as having been received by such Partner for purposes of Section 6.02, but shall not be deemed to be a Capital Contribution by such Partner or otherwise reduce such Partner’s unfunded Capital
Commitment). 
 Section 6.08. Tax Allocations. (a) For income tax purposes, each item of income, gain, loss, deduction and
credit of the Partnership shall be allocated among the Partners as nearly as possible in the same manner as the corresponding item of income, expense, gain or loss is allocated pursuant to the other provisions 
  

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 of this Article 6. Allocations pursuant to this Section 6.08 are solely for purposes of income taxes and shall not
affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of Net Income or Net Loss, distributions or other Partnership items pursuant to any provision of this Agreement. 
 (b) All items of income, gain, loss and deduction with respect to any Partnership asset that has a book value that differs from its adjusted tax basis
for U.S. federal income tax purposes shall be allocated so as to take into account the variation between the book value and the adjusted tax basis in accordance with the principles of Section 704(c) of the Code and the Regulations thereunder.
Any elections or other decisions relating to such allocation shall be made by the General Partner in its reasonable discretion. 
 Section 6.09. U.S. Taxation of Limited Partners. The General Partner agrees not to cause the Partnership to make any investments or take any other action that (i) would cause the Partnership or any Limited Partner to
realize “effectively connected income” within the meaning of the Code or any other income subject to U.S. federal income tax (including withholding tax), or (ii) would cause any Limited Partner to be required to file U.S. federal
income tax returns solely by reason of being a Partner in the Partnership. 
 ARTICLE 7 
 REPORTS TO LIMITED PARTNERS; OPERATIONAL AUDIT 
 Section 7.01. Reports. (a) The books of account and records of the Partnership shall be audited as of the end of each Fiscal Year by the
Partnership’s Approved Accountant. All reports provided to the Limited Partners pursuant to this Section 7.01 shall be prepared in accordance with IFRS. 
 (b) Not later than forty-five (45) days after the end of each fiscal quarter (other than the fourth quarter), the General Partner shall prepare and mail to each Person who was a Partner during such fiscal quarter an
unaudited written report setting forth as of the end of such fiscal quarter: 
 (i) a combined consolidated balance sheet of
the Partnership, any Partnership Investment Vehicles or Portfolio Companies and their respective assets as of the end of such fiscal quarter; 
 (ii) a combined consolidated statement of cash flow for the Partnership, any Partnership Investment Vehicles or Portfolio Companies; and 
  

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 (iii) a combined consolidated profit and loss statement of the Partnership, any
Partnership Investment Vehicles or Portfolio Companies for such fiscal quarter. 
 Any unaudited financial statements shall be certified by
the General Partner as being accurate to the best of the General Partner’s knowledge and belief in all material respects. 
 (c) Not
later than ninety (90) days after the end of each Fiscal Year, the General Partner shall cause the Approved Accountant to prepare, and shall mail to each Partner who was a Partner during such fiscal year, an audited written report signed by the
Approved Accountant setting forth as of the end of such Fiscal Year: 
 (i) a combined consolidated balance sheet of the
Partnership, any Partnership Investment Vehicles or Portfolio Companies and their assets as of the end of such Fiscal Year; 
 (ii) a combined consolidated statement of Partnership cash flow for the Partnership, any Partnership Investment Vehicles or Portfolio Companies for such Fiscal Year; and 
 (iii) a combined consolidated income statement of the Partnership, any Partnership Investment Vehicles or Portfolio Companies for such
Fiscal Year. 
 (d) Not later than ************** prior to the end of each fiscal quarter, the General Partner shall prepare and mail to each
Person who was a Partner during such fiscal quarter the following as of the end of such fiscal quarter (except for the fourth quarter, which shall be on a consolidated annual basis, if applicable): 
 (i) a written report setting forth an unaudited estimate of the ******************* of the Partnership as of the end of such fiscal
quarter and a description of the valuation method used; 
 (ii) a description of the status of the implementation of the
General Partner’s strategy and major projects as set out in the Business Plan; 
 (iii) a summary of new acquisitions and
dispositions of Partnership Investments for such fiscal quarter; 
 (iv) an overview of all Capital Contributions, all
distributions and the Available Capital Commitment for each Limited Partner; and 
  

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 (v) a forecast of cash flow for the Partnership, any Partnership Investment Vehicle or
any Portfolio Company for the next fiscal quarter. 
 (e) Not later than ****** ************************, the General Partner shall prepare
and mail to each Person who was a Partner during such month an unaudited written report setting forth an estimate of each of the anticipated amounts of Drawdowns and the distributions of Proceeds for the next ********** months. 
 (f) The General Partner shall provide the Limited Partners with all other relevant information in the General Partner’s possession and reasonably
requested by any Limited Partner, including any such information with respect to GIC RE’s fiscal year end reporting requirements. 
 (g)
The General Partner agrees to reasonably cooperate with ABP with respect to the delivery of any reports described in this Section 7.01 after the dates set forth in the same. 
 (h) Any reports prepared by the General Partner pursuant to this Section 7.01 may be combined with the corresponding reports required under the TRS
CV Agreement. 
 Section 7.02. Operational Audit. (a) Upon prior written notice to the General Partner, the Required Limited
Partners (other than any Limited Partner that is an Affiliate of Host) may elect to have an audit of the operations of the Partnership made by such independent certified public accountant as such Limited Partners determine to select, including, in
particular, but without limitation, an audit as to the costs and expenses charged or otherwise allocated to the Partnership by the General Partner or any of its Affiliates. Any such election may be made no more than once annually. 
 (b) The costs of any such audit shall be borne by the Partnership unless such audit determines that the Partnership has been overcharged and/or
overallocated costs and expenses by the General Partner and/or its Affiliates by an aggregate amount equal to at least **% on an annual basis, in which event the costs of such audit shall be borne by the General Partner. 
 (c) If such audit determines that there has been an overcharge and/or overallocation to the Partnership, then the General Partner shall, within ********
** days after the delivery of any such audit repay or cause to be repaid to the Partnership any such overcharge and/or overallocation. If such audit determines that there has been an undercharge and/or underallocation to the Partnership, then each
Limited Partner shall, within ****** ** days after the delivery of any such audit pay or cause to be paid to the General Partner its pro rata share of any such undercharge and/or underallocation. 
  

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 ARTICLE 8 
 INDEMNIFICATION 
 Section 8.01. Indemnification. (a) No Indemnified Person
shall be liable to the Partnership or to the Partners for any losses, claims, damages or liabilities arising from, related to, or in connection with this Agreement or the Partnership’s business or affairs (including any act or omission by any
Indemnified Person and any activity of the type or character disclosed or contemplated in Section 2.04, and no such activity will in and of itself constitute a breach of any duty owed by any Indemnified Person to any Limited Partner or the
Partnership hereunder or under applicable law), except, as to Indemnified Parties, for any such losses, claims, damages or liabilities resulting from such Indemnified Person’s gross negligence or willful misconduct or from the occurrence of an
Uncured Breach or Uncured Material Violation of Law. 
 (b) The Partnership shall, to the fullest extent permitted by applicable law,
indemnify and hold harmless each Indemnified Person against any losses, claims, damages or liabilities arising from, related to or in connection with this Agreement or the Partnership’s business or affairs (including any act or omission by any
Indemnified Person and any activity of the type or character disclosed or contemplated in Section 2.04, and no such activity will in and of itself constitute a breach of any duty owed by any Indemnified Person to any Limited Partner or to the
Partnership hereunder or under applicable law), except for any such losses, claims, damages or liabilities resulting from such Indemnified Person’s gross negligence or willful misconduct or from the occurrence of an Uncured Breach or Uncured
Material Violation of Law. Subject to the immediately succeeding sentence, the Partnership will periodically reimburse each Indemnified Person for all expenses (including reasonable fees and expenses of counsel) as such expenses are incurred in
connection with investigating, preparing, pursuing or defending any Proceeding related to, arising from or in connection with this Agreement or the Partnership’s business or affairs whether or not pending or threatened and whether or not any
Indemnified Person is a party thereto. If for any reason (other than the gross negligence or willful misconduct or from the occurrence of an Uncured Breach or Uncured Material Violation of Law of such Indemnified Person), the foregoing
indemnification is unavailable to any Indemnified Person, or insufficient to hold it harmless, then the Partnership shall contribute to the amount paid or payable by such Indemnified Person as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect the relative benefits received by the Partnership, on the one hand, and such Indemnified Person, on the other hand, or, if such allocation is not permitted by applicable law, to reflect not only the
relative benefits referred to above but also any other relevant equitable considerations. 
 (c) The General Partner shall use commercially
reasonable efforts to obtain the funds needed to satisfy the Partnership’s indemnification obligations under Section 8.01 from Persons other than the Partners or the Partnership (for 
  

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 example, pursuant to insurance policies that provide primary coverage or Portfolio Company indemnification arrangements)
before causing the Partnership to make payments pursuant to Section 8.01. 
 (d) Notwithstanding anything else contained in this
Agreement, the reimbursement, indemnity and contribution obligations of the Partnership under Section 8.01 (the “Indemnification Obligations”) shall: 
 (i) with respect to taxes imposed on a Partner, be in addition to any liability which the Partnership may otherwise have; 
 (ii) be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of each Indemnified Person;
and 
 (iii) be limited to the sum of (x) the assets of the Partnership, plus (y) prior to the completion of the
winding up of the Partnership pursuant to Article 9, the amount of all Partners’ aggregate Available Capital Commitments, provided that if such sum is insufficient to fulfill the Partnership’s obligations under this Article 8, the
General Partner may, in its discretion, seek to satisfy such obligation out of the assets of a Partnership Investment. 
 (e) To the extent
that, at law or in equity, any Indemnified Person has duties (including fiduciary duties) and liabilities relating thereto to the Partnership or to any Partner, the General Partner and any other Indemnified Person acting in connection with the
Partnership’s affairs shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties and
liabilities or rights and powers of any Indemnified Person otherwise existing at law or in equity, are agreed by the Partners to replace such other duties, liabilities, rights and powers of such Indemnified Person. 
 (f) To the fullest extent permitted by law and notwithstanding any other provision of this Agreement, or in any agreement contemplated herein or
applicable provisions of law or equity or otherwise, whenever in this Agreement a Limited Partner is permitted or required to make a determination or decision in its “discretion,” or under a grant of similar authority or latitude, a
Limited Partner shall be entitled to consider, including its own interests, only such interests and factors as it desires to consider and shall have no duty or obligation to give any consideration to any interest of or factors affecting any other
Limited Partner, the General Partner or the Partnership. Any determination or decision made pursuant to this Agreement by the General Partner shall be final, binding and conclusive for all purposes and binding upon all Partners and their respective
successors, assigns, heirs and personal representatives. 
  

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 (g) The Partnership shall acquire and maintain adequate liability insurance at the Partnership’s
expense with customary limits and deductibles covering the General Partner and its Affiliates. The Partnership shall not incur the cost of that portion of any insurance which insures any party against any liability the indemnification of which is
prohibited pursuant to this Article 8. Any Person entitled to indemnification from the Partnership pursuant to this Article 8 shall first use its reasonable best efforts to seek recovery under any other indemnity or any insurance policies by which
such Person is indemnified or covered, but if such recovery or advancement is not promptly forthcoming, the Partnership shall provide the indemnification and shall be subrogated to the right of the Indemnified Party to recover from such other
sources. 
 ARTICLE 9 
 DURATION AND DISSOLUTION OF THE PARTNERSHIP 
 Section 9.01. Duration. The term of the Partnership shall continue in existence until the earlier of (x) the tenth anniversary of the First Closing Date and (y) the conclusion of the liquidation of all Partnership
Investments (the “Initial Term”), unless the Partnership is sooner dissolved pursuant to Section 9.02; provided that, subject to Section 9.02, the General Partner, with the unanimous consent of the Limited Partners,
may extend the term of the Partnership for up to two additional successive one-year terms following the expiration of the Initial Term or for the period determined pursuant to Section 6.03(c). For the avoidance of doubt, it is a condition to the
extension of the term of the Partnership that the term of the TRS CV shall have been extended. 
 Section 9.02. Dissolution.
(a) The Partners agree that Section 7A:1683 Dutch Civil Code shall not apply and that the Partnership shall be dissolved and its affairs shall be wound up upon the earliest of: 
 (i) the expiration of the term of the Partnership provided in Section 9.01; 
 (ii) a decision made by the General Partner, after consultation with counsel, to dissolve the Partnership following its good faith
determination that (A) changes in any applicable law or regulation would have a material adverse effect on the continuation of the Partnership or (B) such action is necessary or desirable as provided in Section 2.03(a); 
 (iii) an event of withdrawal of the General Partner under Dutch law unless, if there is no remaining general partner of the Partnership,
the Required Limited Partners agree in writing within 90 days of such event of withdrawal to continue the business of the Partnership and to the appointment of a successor general partner of the Partnership, effective as of the date of such event;

  

 57 

 (iv) the entry of a decree of judicial dissolution under Dutch law, including for serious
cause pursuant to Article 7A:1684 Dutch Civil Code (gewichtige redenen); 
 (v) at any time there are no limited
partners of the Partnership, unless the business of the Partnership is continued in accordance with Dutch law; and 
 (vi)
consent by the Required Limited Partners, to dissolve the Partnership in the event that no transactions are completed within ** months of the commencement of the Commitment Period; or 
 (vii) the Disposition of all Partnership Investments pursuant to Section 5.04(g), Section 6.03(b) and Section 10.03(h). 
 Notwithstanding the foregoing and any other provisions in this Agreement, the Limited Partners (other than the Host Limited Partner) can at any time and
for any reason dissolve the Partnership by an affirmative vote of a simple majority of the Limited Partners (other than the Host Limited Partner). It shall be a condition to the dissolution of the Partnership pursuant to this paragraph that the
Limited Partners (other than the Host Limited Partner) shall have voted for the dissolution of the TRS CV pursuant to the Corresponding Provision. 
 (b) Except as otherwise provided in this Agreement, the death, dissolution and winding-up, bankruptcy or insolvency, or the appointment of a guardian over a Partner shall not, in and of itself, cause the Partnership to be dissolved except
with respect to the Partner involved, provided that the Partnership continues to have at least two Partners, including at least one general partner. 
 Section 9.03. Liquidation of Partnership. Upon dissolution, the Partnership’s business shall be liquidated in an orderly manner. Except as provided in the immediately succeeding sentence, the General
Partner shall be the liquidator to wind up the affairs of the Partnership pursuant to this Agreement. If there shall be no General Partner or if the Partnership shall be dissolved pursuant to Section 9.02(a)(iii), the Limited Partners, upon the
approval of the Required Limited Partners, may approve one or more liquidators to act as the liquidator in carrying out such liquidation. In performing its duties, subject to applicable law, the liquidator is authorized to sell, distribute, exchange
or otherwise dispose of the assets of the Partnership in any reasonable manner that the liquidator shall determine to be in the best interest of the Partners. 
 Section 9.04. Distribution Upon Dissolution of the Partnership. (a) Upon dissolution of the Partnership, the liquidator winding up the affairs of the Partnership shall determine in its discretion
which assets of the Partnership shall be sold and which assets of the Partnership shall be retained for distribution in 
  

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 kind to the Partners in accordance with Section 6.05(b). Subject to Section 6.05(b), assets to be distributed
in kind shall be valued by the liquidator in its discretion. Subject to Dutch law, after all liabilities of the Partnership have been satisfied or duly provided for, the remaining assets of the Partnership shall be distributed to the Partners in
accordance with their positive Capital Account balances to the extent thereof, and thereafter in accordance with Section 6.02. 
 (b) In
the reasonable discretion of the liquidator, and subject to Dutch law, a portion of the distributions that would otherwise be made to the General Partner and the Limited Partners pursuant to Section 9.04(a) may be distributed to a trust
established for the benefit of the Partners for purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any liabilities or obligations of the Partnership or the General Partner arising out of, or in
connection with, this Agreement or the Partnership’s affairs. 
 The assets of any trust established in connection with the foregoing
paragraph shall be distributed to the Partners from time to time, in the discretion of the liquidator, in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the Partners pursuant
to this Agreement. 
 (c) Each Partner shall look solely to the assets of the Partnership for the return of such Partner’s aggregate
Capital Contributions, and no Partner shall have priority over any other Partner as to the return of such Capital Contributions. 
 ARTICLE 10

 TRANSFERABILITY OF A PARTNER’S INTEREST;
WITHDRAWAL BY A PARTNER 
 Section 10.01. Transferability of General
Partner’s Interest. (a) Except as otherwise provided herein, the General Partner may not, directly or indirectly, sell, exchange, transfer, assign, pledge, hypothecate or otherwise dispose of all or any portion of its interest in the
Partnership (any such direct or indirect sale, exchange, transfer, assignment, pledge, hypothecation, swap or other disposition being herein collectively called “Transfers”) to any Person without the prior unanimous written consent
of the Partners at such time. If the General Partner so determines, and any such prior consent of the Limited Partners under this Article 10 so provides, the General Partner may admit any Person to whom the General Partner proposes to make such a
Transfer as a substitute general partner of the Partnership, and such transferee shall be deemed admitted to the Partnership as a general partner of the Partnership immediately prior to such Transfer and shall continue the business of the
Partnership without dissolution. 
 (b) A transfer of the General Partner’s interest (including, for the avoidance of doubt, all rights
and obligations of the General Partner under this Agreement) pursuant to Section 2.11 or this Section 10.01 shall be effectuated by 
  

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 way of assumption of contract (contractsoverneming) within the meaning of Section 6:159 of the Dutch Civil
Code. The Partners hereby give their cooperation in advance to such assumption of contract and agree that this cooperation cannot be revoked. 
 (c) Except as otherwise provided in Section 10.01(a), the General Partner shall not assign any of its rights or duties hereunder except with such approval of the Required Limited Partners. 
 (d) Except as otherwise provided in Article 2 or this Article 10, the General Partner may not withdraw from the Partnership or be removed as general
partner of the Partnership. 
 (e) It shall be a condition to any transfer of any partnership interest by the General Partner pursuant to
this Agreement that the General Partner transfer the same percentage of its percentage interest in the TRS CV pursuant to the Corresponding Provision. 
 Section 10.02. Transferability of a Limited Partner’s Interest. (a) Subject to Section 10.07 and Section 10.08, other than as expressly set forth in Section 5.03, no Transfer of
all or any part of a Limited Partner’s interest in the Partnership (including to an Affiliate of such Limited Partner) may be made without (x) the prior written unanimous consent of the Partners, and (y) satisfying the provisions of
Sections 10.02(b), 0 and Section 10.05. 
 (b) Notwithstanding the provisions of Section 10.07, in no event may a Limited Partner
Transfer any portion of its interest in the Partnership nor may a Substituted Limited Partner be admitted to the Partnership if such Transfer or such admission would, in the judgment of the General Partner, cause the Partnership’s assets to be
deemed “plan assets” for purposes of ERISA or cause the Partnership or the General Partner to be in violation of the Investment Law, the Securities Law or any other applicable law or regulation. 
 (c) It shall be a condition to any transfer of any partnership interest by any Limited Partner pursuant to this Agreement that such Limited Partner
transfer the same percentage of its percentage interest in the TRS CV pursuant to the Corresponding Provision. 
 Section 10.03.
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 Section 10.04. Expenses of
Transfer; Indemnification. All expenses, including attorneys’ fees and expenses, incurred by the General Partner or the Partnership in connection with any Transfer (whether or not such Transfer is consummated) shall, unless otherwise
determined by the General Partner, acting in good faith, be borne by the transferring Limited Partner or such Limited Partner’s transferee (any such transferee, when admitted and shown as such on the books and records of the Partnership, a
“Substituted Limited Partner”). In addition, the transferring Limited Partner or the Substituted Limited Partner shall 
  

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 indemnify the Partnership and the General Partner in a manner satisfactory to the General Partner against any losses,
claims, damages or liabilities to which the Partnership or the General Partner may become subject arising out of, related to or in connection with any false representation or warranty made by, or breach or failure to comply with any covenant or
agreement of, such transferring Limited Partner or such Substituted Limited Partner. 
 Section 10.05. Recognition of Transfer;
Substituted Limited Partners. (a) No purchaser, assignee, or other recipient of all or any portion of a Limited Partner’s interest in the Partnership may be admitted to the Partnership or increase its limited partner interest (as
applicable) as a Substituted Limited Partner without the prior unanimous written consent of the Partners. Such Person, as a condition to its admission as a Limited Partner or increase of its limited partner interest (as applicable), shall execute
and acknowledge such instruments (including a counterpart of this Agreement), in form and substance satisfactory to the General Partner, as the General Partner reasonably deems necessary or desirable to effectuate such admission and to confirm the
agreement of such Person to be bound by all the terms and provisions of this Agreement with respect to the interest in the Partnership acquired by such Person. 
 (b) The Partnership shall not (subject to Section 10.07) recognize for any purpose any purported Transfer of all or any part of a Limited Partner’s interest in the Partnership and no purchaser, assignee,
transferee or other recipient of all or any part of such interest shall become a Substituted Limited Partner hereunder unless: 
 (i) the provisions of Section 10.02, Section 10.04 and Section 10.05(a) shall have been complied with; 
 (ii) the General Partner shall have been furnished with the documents effecting such Transfer (including an assumption of contract (contractsoverneming) within the meaning of Section 6:159 of the Dutch Civil Code), in form
reasonably satisfactory to the General Partner, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee, transferee or other recipient; 
 (iii) such purchaser, assignee, transferee or other recipient shall have represented that such Transfer was made in accordance with all
applicable laws and regulations; 
 (iv) all necessary governmental consents shall have been obtained in respect of such
Transfer; 
 (v) the books and records of the Partnership shall have been changed (which change shall be made as promptly as
practicable) to reflect the admission of such Substituted Limited Partner; and 
  

 63 

 (vi) all necessary instruments reflecting such admission shall have been filed in each
jurisdiction in which such filing is necessary in order to qualify the Partnership to conduct business or to preserve the limited liability of the Limited Partners. 
 Upon the satisfaction of the conditions set forth in this Section 10.04 any such purchaser, assignee, or other recipient shall become a Substituted Limited Partner. The Partners hereby give their cooperation in
advance to the assumption of contract described in this Section 10.05(b)(ii) and agree that this cooperation cannot be revoked. 
 Section 10.06. Transfers During a Fiscal Year. If any Transfer of a Partner’s interest in the Partnership shall occur at any time other than the last day of the Partnership’s Fiscal Year, the distributive shares of the
various items of Partnership income, gain, loss, and expense as computed for tax purposes and the related cash distributions shall be allocated between the transferor and the transferee in accordance with the applicable requirements of Code
Section 706. 
 Section 10.07. Withdrawal of a Limited Partner. Except as otherwise provided in this Agreement, a Limited
Partner may not withdraw from the Partnership prior to its dissolution and winding up. Upon the death, dissolution and winding up, bankruptcy or insolvency or the appointment of a guardian over a Limited Partner (the “Withdrawing Limited
Partner”), the other Partners shall continue the business of the Partnership under the same name and for the account of such Partners and the beneficial interest corresponding to such partners’ interest in all assets that are legally
owned by the General Partner for the benefit of the Partnership shall be deemed to be allotted to such other Partners; provided that at the time there is at least one remaining general partner of the Partnership. The Partnership shall not be
obligated to make any payments or distributions to a Withdrawing Limited Partner. Except as expressly provided in this Agreement, no other event affecting a Limited Partner shall, in and of itself, affect its obligations under this Agreement or
affect the Partnership. 
 Section 10.08. Transfer and Admission Restrictions. Notwithstanding anything to the contrary herein,
the interests in the Partnership are and shall not be offered, directly or indirectly, other than: 
 (a) in the Netherlands, to persons who:

 (i) trade or invest in investment products in the conduct of their profession or trade within the meaning of the Exemption
Regulation issued pursuant to Section 14 of the Dutch Act on the Supervision of Investment Institutions (Vrijstellingsregeling Wet toezicht beleggingsinstellingen) (the “Investment Institutions Exemption Regulation”);
and 
  

 64 

 (ii) are qualified investors (professionele marktpartijen) within the meaning of
the Exemption Regulation issued pursuant to Section 4 of the Dutch 1995 Act on the Supervision of the Securities Trade (Vrijstellingsregeling Wet toezicht effectenverkeer 1995) which includes (among others): 
 (A) legal entities which are authorised or regulated to operate in the financial markets and entities which are not so authorised or
regulated but whose corporate purpose is solely to invest in securities; 
 (B) national and regional governments, central
banks and international and supranational organisations such as the IMF, the ECB and the EIB; 
 (C) legal entities which have
two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in their last
annual or consolidated accounts; and 
 (D) companies which do not qualify under paragraph (C) above but which, and
natural persons who, have registered with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) as a qualified investor; 
 (b) from within the Netherlands, solely to persons anywhere in the world who trade or invest in investment products in the conduct of their profession or trade within the meaning of the Investment Institutions
Exemption Regulation; 
 (c) to the public in a state where the number of persons to whom the offer of the interests in the Partnership is
made is less than 100; or 
 (d) if the interest in the Partnership has a denomination of at least €50,000 (or its foreign currency
equivalent). 
 ARTICLE 11 
 MISCELLANEOUS 
 Section 11.01. Amendments; Waivers. (a) Except as otherwise provided in
Section 11.01, any provision of this Agreement may be amended or waived with the unanimous consent of all the Partners (other than any Defaulting Limited Partners). 
  

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 (b) The General Partner may, without the approval of any Limited Partner, amend or waive any provision of
this Agreement (i) to cure any ambiguity, (ii) to correct or supplement any provision of this Agreement, (iii) to make any other provision with respect to matters or questions arising under this Agreement that are not inconsistent
with the provisions of this Agreement or (iv) to ensure that the Partnership remains a closed limited partnership (besloten commanditaire vennootschap) for Dutch tax purposes; provided that such amendment or waiver does not
increase the obligations or liabilities of any Limited Partner or adversely affect any Limited Partner’s economic rights hereunder. The General Partner shall give prompt notice to each Limited Partner of any amendment of this Agreement pursuant
to the preceding sentence. 
 Section 11.02. Appraisal; Appraisal Procedure; Arbitration Procedure. (a) The General Partner
shall cause any Partnership Investment to be appraised ******************** by an Approved Appraiser. 
 (b) With respect to any provision of
this Agreement requiring that the assets of the Partnership be valued, the following procedure shall be utilized. The Partners agree to meet and confer in order to agree on such value. If the parties are not able to agree on the value of the assets,
********************** and, if applicable, such Deemed Carry Distribution shall be determined by an Approved Investment Bank, an Approved Appraiser or combination thereof, provided that in the event an appraisal was performed within the
previous *********** such value be used to determine the value of the assets of the Partnership, and if applicable, the Deemed Carried Distribution. 
 (c) The Limited Partners hereby approve the accountants listed in Appendix B, the appraisal firms listed in Appendix C, the industry consultants listed in Appendix D and the investment banks listed in Appendix E.

 Section 11.03. Successors; Counterparts; Beneficiaries. This Agreement (i) shall be binding as to the executors,
administrators, estates, heirs and legal successors of the Partners and (ii) may be executed in several counterparts with the same effect as if the parties executing the several counterparts had all executed one counterpart. Except as otherwise
set forth in Section 8.01(a), no provision of this Agreement is intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. 
 Section 11.04. Governing Law; Severability; Jurisdiction; Jury Trial. (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE NETHERLANDS. If it shall be
determined by a court of competent jurisdiction that any provision or wording of this Agreement shall be invalid or unenforceable under Dutch law, such invalidity or unenforceability shall not invalidate the entire Agreement, in which case this
Agreement shall be construed so as to limit any term or provision so as to make it enforceable or valid within the requirements of applicable law, and, in the event such term or provision cannot be so limited, this Agreement shall be construed to
omit such invalid or unenforceable provisions. 
  

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 (b) Each of the parties hereto irrevocably agrees that the courts of The Netherlands shall have
non-exclusive jurisdiction to hear and determine any suit, action or proceedings, and to settle any disputes which may arise out of or in connection with this Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts.
Each of the parties irrevocably waives any objection which it might now or hereafter have to the courts of The Netherlands being nominated as the forum to hear and determine any such suit, action or proceedings and to settle any such disputes and
agrees not to claim that any such court is not a convenient or appropriate forum. 
 (c) Nothing contained in this clause shall affect the
right of the Partners to serve process in any manner permitted by law or to bring proceedings in any other jurisdiction for the purpose of the enforcement of any judgment or settlement. 
 (d) EACH PARTNER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 11.05. Certain Matters Relating to Partners. (a) Each Partner represents
and warrants that (i) such Partner has been duly formed, and is validly existing under the laws of its jurisdiction of organization, (ii) the execution and performance by such Partner of this Agreement and the consummation of the
transactions contemplated hereby are within such Partner’s powers and have been duly authorized by all necessary action on the part of such Partner, (iii) this Agreement constitutes a valid and binding agreement of such
Partner, (iv) the execution and performance by such Partner of this Agreement require no action by or in respect of, or filing with, any governmental authority, (v) the execution and performance by such Partner of this
Agreement will not violate the organizational documents of such Partner or violate applicable law. 
 (b) Each Limited Partner
represents and warrants that the statements set forth in Appendix F are true as of the date hereof. 
 (c) Each Limited Partner shall have
delivered an investor questionnaire in the form attached hereto as Appendix G. 
 Section 11.06. Further Assurance. Each Limited
Partner, upon the request of the General Partner, agrees to perform all further acts and to execute, acknowledge and deliver any documents that may reasonably be necessary to carry out the provisions of this Agreement. 
  

 67 

 Section 11.07. Power of Attorney. (a) Each Limited Partner does hereby irrevocably
constitute and appoint the General Partner and its officers as its true and lawful representative and attorney-in-fact, in its name, place and stead to make, execute, sign, deliver and file all such other instruments, documents and certificates
which may from time to time be required by the laws of the Netherlands and any other jurisdiction, to effectuate, implement and continue the valid and subsisting existence of the Partnership or to dissolve the Partnership as contemplated in this
Agreement. Such representatives and attorneys-in-fact shall not have any right, power or authority to amend or modify this Agreement or consent to any matters requiring consent pursuant to this Agreement including as contemplated by
Section 10.02 when acting in such capacities. 
 (b) Section 3:68 of the Dutch Civil Code does not apply. 
 (c) The power of attorney granted pursuant to this Section 11.07 is coupled with an interest and shall (i) survive and not be affected by the
subsequent dissolution or termination of the Limited Partner granting such power of attorney or the transfer of all or any portion of such Limited Partner’s interest in the Partnership, and (ii) extend to such Limited Partner’s
successors, assigns and legal representatives. 
 Section 11.08. Goodwill. No value shall be placed on the name or goodwill of
the Partnership. 
 Section 11.09. Notices. All notices, requests and other communications to any party hereunder shall be in
writing and shall be given to such party at its address (including electronic address or facsimile number) set forth in Schedule C or such other address (including electronic address or facsimile number) as such party may hereafter specify for the
purpose by notice in like manner to the General Partner (if such party is a Limited Partner) or to all the Limited Partners (if such party is the General Partner). Each such notice, request or other communication shall be effective (i) if given
by facsimile, when such facsimile is transmitted to the facsimile number specified pursuant to this Section 11.09 and the appropriate confirmation is received or (ii) if given by other means, when delivered at the address specified
pursuant to this Section 11.09. 
 Section 11.10. Headings. Section and other headings contained in this Agreement are for
reference only and are not intended to describe, interpret, define or limit the scope or intent of this Agreement or any provision hereof. 
 Section 11.11. Tax Election. The Partners agree that neither the Partnership nor the General Partner shall take any action pursuant to Regulations under Code Section 7701 or otherwise that is inconsistent with the treatment
of the Partnership as a partnership for U.S. federal income tax purposes. No Limited Partner shall be authorized to make any election pursuant to Regulations under Code Section 7701. 
  

 68 

 Section 11.12. Interest. Unless explicitly provided otherwise, any interest accruing on
amounts due to the Partnership under this Agreement shall accrue at the EURIBOR and shall compound quarterly. 
 Section 11.13.
Liquidation Value Safe Harbor Election. Each Partner, by executing this Agreement, agrees that: 
 (i) When and if
Proposed Treasury Regulations Section 1.83-3(1) and the proposed revenue procedure contained in Notice 2005-43, 2005-24 I.R.B. 1, (together, the “Proposed Guidance”) or any substantially similar successor rules become
effective, the Partnership is authorized and directed to elect the safe harbor described therein, under which the fair market value of any interest in the Partnership that is transferred in connection with the performance of services will be treated
as being equal to the liquidation value of that interest (the “Safe Harbor”); 
 (ii) While the election
described in clause (i) remains effective, the Partnership and each of the Partners (including any Person to whom an interest in the Partnership is transferred in connection with the performance of services) shall use reasonable efforts to
comply with all requirements of the Safe Harbor described in the Proposed Guidance (or any substantially similar successor rules) with respect to all interests in the Partnership that are transferred in connection with the performance of services.

 Section 11.14. Follow-on Ventures. The General Partner shall offer to the Limited Partners, the right to
participate in any follow-on venture to be formed by the General Partner for the purpose of investing in Real Estate Assets consistent with the Partnership’s investment strategy and objectives set forth in this Agreement,
provided that nothing shall preclude the General Partner from simultaneously offering such opportunity to third-party investors. 
 [Signature Page Follows.] 
  

 69 

 IN WITNESS WHEREOF, the undersigned have hereto set their hands as of the day and year first above
written. 
  

			
	HST GP EURO B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with its corporate seat in Amsterdam, The Netherlands, as
General Partner
		
	By:	 	 /s/ Y. M. Wimmers-Theuns

	Name:	 	Y.M. Wimmers-Theuns
	Title:	 	Managing Director
		
	By:	 	 /s/ L.F.M. Heine

	Name:	 	L.F.M. Heine
	Title:	 	Managing Director
	
	HST LP EURO B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with its corporate seat in Amsterdam, The Netherlands, as a
Limited Partner
		
	By:	 	 /s/ Y. M. Wimmers-Theuns

	Name:	 	Y.M. Wimmers-Theuns
	Title:	 	Managing Director
		
	By:	 	 /s/ L.F.M. Heine

	Name:	 	L.F.M. Heine
	Title:	 	Managing Director

			
	 STICHTING PENSIOENFONDS ABP, a Dutch foundation (stichting), as a Limited Partner

		
	 By:
	 	 /s/ P. Kanters

	 Name:
	 	 P. Kanters

	 Title:
	 	 authorized signatory

		
	 By:
	 	 /s/ F. H. Asselbergs

	 Name:
	 	 F. H. Asselbergs

	 Title:
	 	 authorized signatory

			
	JASMINE HOTELS PTE LTD, a Singapore private company limited by shares, as a Limited Partner
		
	By:	 	 /s/ Chris Morrish

	Name:	 	Chris Morrish
	Title:	 	Executive Vice President

 APPENDIX A 
 DEFINITIONS 
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 A-1 

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 “ABP” has the meaning set forth in Section 1.07(a). 
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 “Advisers Act” means the
United States Investment Advisers Act of 1940, as amended from time to time. 
 “Affiliate” of any Person means any other
Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person. The term “control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has the meaning set forth in the recitals. 
 “Approved Accountant” means an
accounting firm listed on Appendix B, or such other accounting firm as the Required Limited Partners may approve from time to time. 
  

 Appendix A-2 

 “Approved Appraiser” means an appraisal firm listed on Appendix C, or such other
appraisal firm as the Required Limited Partners may approve from time to time. 
 “Approved Industry Consultant” means a
consultant listed on Appendix D, or such other consultant as the Required Limited Partners may approve from time to time. 
 “Approved Investment Bank” means an investment bank listed on Appendix E, or such other investment bank as the Required Limited Partners may approve from time to time. 
 “Asset Management Agreement” means the Asset Management Agreement dated as of the date hereof among the Partnership, the TRS CV,
Rockledge Hotel Properties Inc. and the Manager. 
 “Authorized Representative” has the meaning set forth in
Section 2.07. 
 “Available Capital Commitment” means, with respect to the General Partner or any Limited Partner at
any time, the excess, if any, of (i) such Person’s Capital Commitment at such time over (ii) the aggregate Capital Contributions made by such Person prior to such time, subject to adjustment as provided in this Agreement. For
purposes of this definition, any Person’s aggregate Capital Contributions at any time shall be reduced by the aggregate amount theretofore repaid (as a distribution or otherwise) to such Person as a return during the Commitment Period of
Capital Contributions previously made by such Limited Partner, pursuant to Section 6.02(a)(i) or otherwise. 
 “Available
Commitment Percentage” means, with respect to the General Partner or any Limited Partner at any time, the percentage derived by dividing such Person’s Available Capital Commitment at such time by the aggregate amount of
the Available Capital Commitments of the General Partner and all Limited Partners (except as otherwise provided in this Agreement) at such time. 
 “Base Amount” has the meaning set forth in Section 6.02(a)(i). 
 “Borrowing Costs” means,
with respect to any borrowing, any interest, fees or other expenses attributable to such borrowing, but shall not include any repayment of the principal amount of such borrowing. 
 “Budget” and “Budgets” has the meaning set forth in Section 2.12(b). 
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in Amsterdam are authorized by law to
close. 
 “Business Plan” has the meaning set forth in Section 2.12(a). 
 “Capital Account” has the meaning set forth in Section 6.06. 
  

 Appendix A-3 

 “Capital Commitment” means, with respect to any Partner at any time, the amount
specified as such Partner’s capital commitment at the time such Partner was admitted to the Partnership (as adjusted as provided in the Agreement), which amount shall be set forth on the books and records of the Partnership and is initially set
forth on Schedule A. 
 “Capital Contribution” means with respect to any Partner, (i) a cash contribution, and/or, in
the case of Host, a contribution of property, in respect of any Partnership Investment or Partnership Expenses made by such Partner to the Partnership pursuant to Article 5, or (ii) a cash contribution made by a Limited Partner pursuant to
Section 1.07(c)(i) or Section 1.07(c)(ii). For the avoidance of doubt, it is understood that all funds contributed by a Limited Partner to the Partnership in accordance with Article 5 shall be deemed to be a Capital Contribution (other
than interest paid on any Default Amount). 
 “Capital Expenses” means any cost or expense incurred by the Partnership in
the improvement of any Partnership Investment (including, extraordinary repairs, additions, alterations, modifications or restoration of such Partnership Investment). 
 “Carried Interest” means, as the context requires, either (x) distributions to the General Partner pursuant to Section 6.02(a)(ii) through Section 6.02(a)(iv) (inclusive), or (to the
extent attributable to Section 6.02(a)(ii) through Section 6.02(a)(iv) (inclusive)) Section 9.04 or (y) income allocations to the General Partner pursuant to Section 6.07. 
 “Cause Event” means an event that shall be deemed to have occurred if: (i) the General Partner, or if at such time the Manager is
an Affiliate of the General Partner, the Manager, shall have committed fraud or willful misconduct, and the General Partner or Manager fails to cure or remedy such acts within twenty (20) Business Days of receipt of a written notice to do so,
(ii) the General Partner, or if at such time the Manager is an Affiliate of the General Partner, the Manager, shall have been convicted of a felony, provided that a settlement without admission of liability on the part of such Person
shall not constitute a Cause Event if such settlement is approved by a court of competent jurisdiction and does not involve any other component of a Cause Event,
(iii) ******************************************************************************************************* *** *************************************************************. Any curative actions taken by the General Partner or an Affiliate
of the General Partner in respect of the Cause Event referred to in such clause shall be taken into account in determining whether such Cause Event has been cured. 
 “Chamber of Commerce” has the meaning set forth in Section 2.07. 
  

 Appendix A-4 

 “Closing Date” means any date established by the General Partner for the admission to
the Partnership of a Limited Partner (other than a Substituted Limited Partner) or the increase of a Limited Partner’s Capital Commitment pursuant to Section 1.07. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time. 
 “Commitment Percentage” means, with respect to any Partner at any time, the percentage derived by dividing such Partner’s
Capital Commitment at such time by the aggregate Capital Commitments of all Partners at such time. 
 “Commitment
Period” means the period commencing on the First Closing Date and ending on the close of the Business Day on or immediately following the ********** thereof; provided that if such period is extended by the Partners pursuant to
Section 5.01(d), the “Commitment Period” shall mean, for purposes of any provision of this Agreement, the period commencing on such First Closing Date and ending at the time such period is so extended. 
 “Commitment Period Termination Notice” has the meaning set forth in Section 5.01(d). 
 “Consolidation Event” means that for accounting purposes, the assets, liabilities and results of operations of the Partnership and its
subsidiaries are required by applicable law or accounting principles to be shown on the financial statements and results of the Host Marriott Corporation. 
 “Corresponding Provision” means, with respect to any provision of this Agreement, the corresponding provision applicable to the TRS CV in accordance with the TRS CV Agreement. 
 “Credit Facility” has the meaning set forth in Section 2.13. 
 “CV Law” means such law, including statutes, regulations and case law of The Netherlands generally applicable to the commanditaire
vennootschap (CV). 
 **********************************************************************************. 
 ******************************************************************************************************** 
 ************************************************. 
 **********************************************************************************. 
  

 Appendix A-5 

 “Deemed Liquidation” means a hypothetical series of transactions in which the
Partnership would (i) sell all of its Investments and other assets for cash Proceeds equal to ********************* as determined pursuant to the appraisal procedure under Section 11.02(a) (it being understood that such *******************
shall take into account the matters described in Section 6.03(d).(i) and (ii)), (ii) utilize all or a portion of such Proceeds to satisfy any liabilities of the Partnership (to the extent such Proceeds are subject to such liabilities), and
(iii) distribute all of such net Proceeds pursuant to Section 6.02. 
 “Default” means, except as otherwise
provided in Section 2.04, any failure of a Limited Partner to make all or a portion of its required Capital Contribution no later than ******** Business Days following the applicable Drawdown Date, unless such Limited Partner is excused from
making such Capital Contribution. 
 “Default Amount” has the meaning set forth in Section 5.03(a). 
 “Default Contribution” has the meaning set forth in Section 5.03(a). 
 “Default Loan” has the meaning set forth in Section 5.03(a). 
 “Default Rate” means a rate per annum equal to the lesser of (i) ************************** and (ii) the maximum rate
permitted by applicable law 
 “Defaulting Limited Partner” has the meaning set forth in Section 5.03(a). 

“Disposition” means any sale, exchange, transfer or other disposition of all or any portion of any Partnership Investment, including
a distribution in kind to the General Partner and Limited Partners pursuant to Section 6.05. 
 “Disposition Notice”
has the meaning set forth in Section 10.03(c). 
 “Drawdown” means a drawdown of cash contributions from one or more
Limited Partners pursuant to a Drawdown Notice in accordance with Article 5. 
 “Drawdown Date” has the meaning set forth in
Section 5.02(a). 
 “Drawdown Notice” has the meaning set forth in Section 5.02(a). 
 “Dutch Subsidiary Shares” means all shares in the share capital of HHR Funding B.V., a private company with limited liability
(besloten vennootschap met beperkte aanspraklijkheid) with a corporate seat in Amsterdam, the Netherlands. 
  

 Appendix A-6 

 “Early Promote” means
*************************************************************************** 
 ********************************************************

 “Election Notice” has the meaning set forth in Section 10-3(d). 
 “ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “EURIBOR” means the percentage rate per annum equal to the offered quotation which appears on the page of the Telerate screen which
displays an average rate of the Banking Federation of the European Union for three month Euro (currently being page 248) at or about 11.00 a.m. (London time) on the relevant date or, if such page or such service ceases to be available, such other
page or such other service for the purpose of displaying an average rate of the Banking Federation of the European Union as the General Partner will reasonably select. 
 “Euro” or “€” means the euro, the single currency of the participating member states of the European Union. 
 “European Union” means member states of the European Union. 
 “Event of Default” means any Default that shall not have been (i) cured by the Limited Partner who committed such Default within **
Business Days after the occurrence of such Default or (ii) waived by the General Partner on such terms as determined by the General Partner in good faith before such Default has otherwise become an Event of Default pursuant to clause
(i) hereof. 
 “Expenses Drawdown Amount” means the aggregate Capital Contributions to be made by the Limited Partners
with respect to Partnership Expenses in connection with any Drawdown pursuant to Article 5. 
 *********************************************************** 
 ***********************************************************

 “Extraordinary Drawdown Notice” has the meaning set forth in Section 5.05(a). 
 “Extraordinary Loan” has the meaning set forth in Section 5.05(a). 
 “Extraordinary LP Response” has the meaning set forth in Section 5.05(a). 
  

 Appendix A-7 

 “First Closing Date” means the date on which the first of any of the Initial Hotel
Property is transferred or contributed (as applicable) to the Partnership. 
 “Fiscal Year” has the meaning set forth in
Section 2.05(b)Section 2.05(b). 
 “Follow-On Investment” has meaning set forth in Section 2.02(e). 
 “Full Investment Date” means the date on which the sum of the aggregate amount of Capital Contributions and the aggregate amount of
capital contributions of the partners of the Partnership theretofore made, together with the sum of the aggregate amount of Available Capital Commitments of the Partners reserved for future Investments (other than Follow-On Investments) and, are at
least equal to **% of the Capital Commitments at such time. 
 “General Partner” means HST GP Euro B.V., a private company
with limited liability (besloten vennootschap met beperkte aansprakelijkheid) with its corporate seat in Amsterdam, The Netherlands, in its capacity as general partner of the Partnership. 
 “General Partner Expenses” has the meaning set forth in Section 4.01. 
 “GIC RE” has the meaning set forth in Section 1.07(a). 
 “Host” has the meaning set forth in Section 1.07(a). 
 “Host Limited Partner” means each of Host and any other Limited Partner that is an Affiliate of Host. 
 “Host REIT” has the meaning set forth in Section 2.03(c). 
 “Hotel
Property” means a full service hotel or resort, or other lodging related real estate properties or assets, located in Europe (********************************** *************************), subject to a participating lease or management
agreement, of a Permitted Brand and “Hotel Properties” means, collectively, such hotels, resorts and properties or assets. 
 “IFRS” has the meaning set forth in Section 2.02(s). 
 “Indemnification Obligations” has the
meaning set forth in Section 8.01(d). 
 “Indemnified Person” means each of the General Partner, any Affiliate of the
General Partner, and any director, officer, stockholder, partner, employee or member of the General Partner or any such Affiliate. 
  

 Appendix A-8 

 “Initial Hotel Properties” has the meaning set forth in Section 3.01(b).

 “Initial Hotel Property Price” has the meaning set forth in Section 3.01(b). 
 “Initial Term” has the meaning set forth in Section 9.01. 
 “Implementation Agreement” means the Implementation Agreement dated as of the date hereof among Host Marriott Corporation, Host
Marriott, L.P., the General Partner, Host, ABP and GIC RE. 
 “Investment Company Act” means the United States Investment
Company Act of 1940, as amended from time to time. 
 “Investment Drawdown Amount” means, with respect to any Partnership
Investment covered by a Drawdown, the aggregate Capital Contributions to be made by all of the Limited Partners in respect of such Partnership Investment in connection with such Drawdown pursuant to Article 5. 
 “Investment Law” means the Act on the Supervision of Investment Institutions (Wet toezicht beleggingsinstellingen), the Exemption
Regulation to the Investment Institutions Act (Vrijstellingsregeling Wet toezicht beleggingsinstellingen) and all statutes, regulations, decrees and case law related thereto, as amended and in force from time to time. 
 “Investment Percentage” of any Partner at any time means the percentage derived by dividing the aggregate amount of such Partner’s
Capital Contributions by the aggregate amount of all Partners’ Capital Contributions (except as otherwise provided in this Agreement). 
 “IRR” means the annualized discount rate which when applied to a series of cash flows on a daily basis produces an aggregate net present value of the cash flows as at the date of the first such cash flow equal to zero,
which is expressed algebraically as: 
 IRR equals x when: 
  

							
	 n
	  		  		  	
	 S
	  	Pi/(1+x)^(i/365) = 0	  		  	
	 i=0
	  		  		  	

 and: 
 “Pi” is the amount of a payment or receipt treating payments as positive and receipts as negative on day i; 
  

 Appendix A-9 

 “n” is the number of days between the date of the first payment or receipt and the date
of the last payment or receipt; 
 “i” is the arithmetical number attributable to a day, the number 0 being attributed to
the date of the first payment or receipt, the number 1 being attributed to the following day and so forth until i = n; 
 “/” means divided by; 
 “^” means raised to the power of; and 
  

					
	 n
 S
 i=0
	 	means the sum of the items which follow from day 0 to day n.	 	 
	 	 

 “Limited Partner” means, at any time, any Person who is at such time a limited
partner of the Partnership and shown as such on the books and records of the Partnership, in such Person’s capacity as a limited partner of the Partnership. 
 “LP Units” shall have the meaning set forth in Section 10.03(a). 
 “Management
Fee” means the fee paid pursuant to the Asset Management Agreement. 
 “Manager” means the asset manager under the
Asset Management Agreement. 
 “Master Agreement” means the Master Agreement and Plan of Merger dated November 14, 2005
among Starwood Hotels & Resorts Worldwide, Inc., Starwood Hotels & Resorts, Sheraton Holding Corporation and other parties thereto. 
 “NCP Investment Percentage” has the meaning set forth in Section 1.07(b). 
 “NCP Notice” has the meaning set forth in Section 1.07(b). 
 “Net Income” means, with
respect to any Partnership Investment for any Fiscal Year, the net income of the Partnership for such Fiscal Year attributable to such Partnership Investment (if any), determined by disregarding all items of income, gain, loss and expense that are
specially allocated pursuant to Section 6.07(b) and Section 6.07(c). 
 “Net Loss” means, with respect to any
Partnership Investment, for any Fiscal Year, the net loss of the Partnership for such Fiscal Year attributable to such Partnership Investment (if any), determined by disregarding all items of income, gain, loss and expense that are specially
allocated pursuant to Section 6.07(b) and 6.07(d). 
  

 Appendix A-10 

 “New Commitment Partner” has the meaning set forth in Section 1.07(c). 

“Non-Defaulting Limited Partner” has the meaning set forth in Section 5.03(a). 
 *************************************************** 
 “Organizational Expenses” shall have the meaning set forth in Section 4.02(a)(i). 
 “Parallel
Investment Vehicle” has the meaning set forth in Section 3.04. 
 “Partners” means the General Partner and the
Limited Partners, and “Partner” means any Limited Partner or the General Partner. 
 “Partnership” has the
meaning set forth in the recitals. 
 “Partnership Administrative Expenses” has the meaning set forth in
Section 4.02(a)(iii). 
 “Partnership Budget” has the meaning set forth in Section 2.12. 
 “Partnership Expenses” has the meaning set forth in Section 4.02(a). 
 “Partnership Investment” means an investment by the Partnership in any Real Estate Assets (whether in the form of debt or equity), made
either directly or through any corporation, partnership, trust, limited liability company or other entity, or a group of assets purchased in a single transaction or group of related transactions including Follow-On Investments (whether such
acquisition or investment is made directly or indirectly through a Partnership Investment Vehicle). 
 “Partnership Investment
Expenses” has the meaning set forth in Section 4.02(a)(ii). 
 “Partnership Investment Vehicle” means any
Person formed for the purpose of making any Partnership Investment in accordance with Section 3.03. 
 “Partnership Investment
Vehicle Expenses” means all expenses with respect to the formation, operation or administration of any Partnership Investment Vehicle. 
  

 Appendix A-11 

 “Partnership Net Asset Value” has the meaning set forth in Section 1.07(b).

 “Partnership Capital Budget” has the meaning set forth in Section 2.12(b). 
 “Partnership Operating Budget” has the meaning set forth in Section 2.12(b). 
 “Permitted Brand” means each of the branded full-service hotel chains owned by ************************************ 
 **************************************************** and other branded full-service hotel chains of similar service quality and reputation
******************************************************************* 
 “Person” means any individual, firm, partnership
(whether or not having separate legal personalty), corporation, limited liability company, trust, government, state or agency of a state of any association, or other entity. 
 “Poland Hotel Property” means the Hotel Property located in Warsaw, Poland and described on Schedule B. 
 “Portfolio Company” means, with respect to any Partnership Investment in an entity, any Person that is the issuer of any equity
securities or equity-related securities (including preferred equity, subordinated debt or similar securities) or debt securities that are the subject of such Investment. 
 “Proceeding” means any action, claim, suit, investigation or proceeding by or before any court, arbitrator, governmental body or other agency. 
 “Proceeds” means, with respect to any Partnership Investment, the cash and non-cash proceeds received by the Partnership from any
Disposition of or cash flow from such Partnership Investment, or any dividends, interest or other distributions, or other income or any other payment received in connection with such Partnership Investment, less any expenses incurred by or
appropriate reserves established for liabilities of the Partnership in connection with such receipt. 
 ***********************************************************. 
 “Quarterly Period” means (i) the short period
commencing on the First Closing Date and ending on the last day of the calendar quarter that includes the First Closing Date, (ii) each calendar quarter thereafter prior to the calendar quarter that includes the day on which the final
liquidating distribution is made pursuant to Section 9.04 and (iii) the short period, if any, commencing on the first day of the calendar quarter immediately following the last such full calendar quarter and ending on the day on which the
final liquidating distribution is made pursuant to Section 9.04. 
  

 Appendix A-12 

 “Real Estate Assets” means (i) equity securities or equity-related securities
(including preferred equity, subordinated debt or similar securities) or debt securities, in real estate holding corporations, real estate investment trusts, real estate operating companies, service companies ancillary to the real estate industry or
other entities, in each case involved in the ownership, operation, management or development of existing Hotel Properties or in such other related businesses; (ii) fee interests, leasehold interests or other interests, direct or indirect, in
single or multiple Hotel Properties (including, for all purposes hereunder, land, buildings and other improvements and related personal or intangible property); (iii) interests in pools or portfolios of Hotel Properties; partial interests or
rights in Hotel Properties; and (iv) options, rights of refusal, rights of offer and similar rights in respect Hotel Properties or portions thereof. 
 “Realized Investment” as of any date means any Partnership Investment that has been subject to a complete Disposition prior to such date. 
 “Reduction Purchaser Partner” has the meaning set forth in Section 5.04(d). 
 **********************************************************. 
 “Regulations” means Treasury Regulations promulgated under the Code. 
 “REIT” has the meaning set forth in Section 2.03(e). 
 “REIT Event” means the receipt by
Host of an opinion of independent tax counsel indicating that including capital contributions by any Affiliate of Host to the TRS CV and the cash flow distributed to any such Affiliate pursuant to the TRS CV Agreement in making distributions of
Proceeds pursuant to Article 6 is consistent with maintaining the REIT status of each Host REIT. 
 “Required Limited
Partners” means, at any time, Limited Partners (excluding any Limited Partner recused pursuant to Section 2.04 (b)(i)) representing at least a majority of the aggregate Capital Commitments of all Limited Partners at such time.

 ******************************************************************************************************* 
 *********************************************************************************************************** 
 *********************************************************************************************************** 
 ************************************************. 
  

 Appendix A-13 

 “Securities Law” means the Act on the Supervision of the Securities Trade 1995 (Wet
toezicht effectenverkeer 1995), the Exemption Regulation pursuant to the Securities Act (Vrijstellingsregeling Wte 1995) and all statutes, regulations, decrees and case law related thereto, as amended and in force from time to time.

 “Substituted Limited Partner” has the meaning set forth in Section 10.04. 
 “Total Drawdown Amount” has the meaning set forth in Section 5.03(b). 
 “Total Drawdown Default Loan” has the meaning set forth in Section 5.03(b). 
 “Total Extraordinary Drawdown Amount” has the meaning set forth in Section 5.05(a). 
 “Transfer” has the meaning set forth in Section 10.01(a). 
 “TRS” has the meaning set forth in Section 2.03(c). 
 “TRS CV” means HHR TRS CV, a limited partnership (commanditaire vennootschap) with a seat in The Netherlands and organized under the laws of The Netherlands. 
 “TRS CV Agreement” means the Agreement of Limited Partnership dated as of the date hereof of HHR TRS CV. 
 “Uncured Breach” means if all of the following shall have occurred: (i) the Indemnified Person breaches a covenant or obligation
expressly set forth in this Agreement, (ii) the breach has had, or is likely to have, with the passage of time alone, caused an adverse effect on the Limited Partners, (iii) such Limited Partners notify the Indemnified Person of such
breach in writing, describing it with reasonable specificity, and (iv) if capable of being cured, the Indemnified Person fails to cure such breach within 30 days following receipt of such notice. 
 “Uncured Material Breach” means if all of the following shall have occurred: (i) the General Partner breaches a material covenant
or obligation expressly set forth in this Agreement, (ii) the breach has had, or is likely to have, with the passage of time alone, caused a material adverse effect on the Limited Partners, (iii) such Limited Partners notify the General
Partner of such breach in writing, describing it with reasonable specificity, and (iv) if capable of being cured, the General Partner fails to cure such breach within 30 days following receipt of such notice. 
  

 Appendix A-14 

 “Uncured Material Violation of Law” means if all of the following shall have occurred:
(i) the General Partner violates any law or regulation applicable to the Partnership, (ii) the violation has, or will have, with the passage of time alone, caused a material adverse effect on the Partnership, (iii) the Limited
Partners notify the General Partner of such violation in writing, describing it with reasonable specificity, and (iv) if capable of being cured, the General Partner fails to cure such violation within 30 days following receipt of such notice.

 “Unrealized Investment” as of any date means all or any portion of any Partnership Investment that is not a Realized
Investment as of such date. 
 “U.S. Dollar Equivalent Contribution Amount” has the meaning set forth in
Section 5.02(a). 
 “Withdrawing Limited Partner” has the meaning set forth in Section 10.07. 
 **************************************************************************************************
***************************************************************** 
  

 Appendix A-15 

 APPENDIX B 
 APPROVED ACCOUNTANTS 
 Deloitte & Touche 
 Ernst & Young 
 KPMG 
 Price Waterhouse Coopers 
 Affiliates of the above-listed firms 
  

 Appendix B-1 

 APPENDIX C 
 APPROVED APPRAISERS 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
  

 Appendix C-1 

 APPENDIX D 
 APPROVED INDUSTRY CONSULTANTS 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
  

 Appendix D-1 

 APPENDIX E 
 APPROVED INVESTMENT BANKS 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
 *************************** 
  

 Appendix E-1 

 APPENDIX F 
 CERTAIN REPRESENTATIONS AND WARRANTIES 
 Each Limited Partner (hereinafter referred to as the
“Investor”) represents and warrants as of the date hereof, and covenants and agrees, as follows: 
 1. Either (a) the
Investor’s partnership interests are being acquired solely for its own account, own risk and own beneficial interest, (2) the Investor is not acting as an agent, representative, intermediary, nominee or in a similar capacity for any other
Person, nominee account or beneficial owner, whether a natural person or Entity (as defined below) (each an “Underlying Beneficial Owner”) and no Underlying Beneficial Owner will have a beneficial or economic interest in the
partnership interests being purchased by the Investor (whether directly or indirectly, including without limitation through any option, swap, forward or any other hedging or derivative transaction) and (3) the Investor does not have the
intention or obligation to sell, pledge, distribute, assign or transfer all or a portion of the partnership interests to any Underlying Beneficial Owner or any other Person; or 
 (b) the Investor’s partnership interests are being acquired as a record owner and the Investor will not have a beneficial ownership interest in the
partnership interests, (2) the Investor is acting as an agent, representative, intermediary, nominee or in a similar capacity for one or more Underlying Beneficial Owners, and understands and acknowledges that the representations, warranties
and agreements made herein are made by the Investor with respect to both the Investor and the Underlying Beneficial Owner(s), (3) the Investor has all requisite power and authority from the Underlying Beneficial Owner(s) to execute and perform
the obligations under Agreement of Limited Partnership of HHR Euro CV (the “Partnership Agreement”), (4) the Investor has carried out thorough due diligence as to and established the identities of all Underlying Beneficial
Owners (and, if an Underlying Beneficial Owner is not a natural person, the identities of such Underlying Beneficial Owner’s Related Persons (to the extent applicable)), holds the evidence of such identities, will maintain all such evidence for
at least five years from the date of the Investor’s complete redemption from HHR Euro CV (the “Partnership”) and will make such information available to the Partnership upon its reasonable request, and (5) the Investor
does not have the intention or obligation to sell, pledge, distribute, assign or transfer all or a portion of the partnership interests to any Person other than the Underlying Beneficial Owner(s). 
 A “Related Person” means, with respect to any Entity, any Investor, director, senior officer, trustee, beneficiary or grantor of such
Entity; provided that in the case of an Entity that is a Publicly Traded Company (as defined below) or a Qualified Plan (as defined below), the term “Related Person” shall exclude the investors and beneficiaries of such Publicly
Traded Company or such Qualified Plan. 
 A “Publicly Traded Company” is an Entity whose securities are listed on a national
securities exchange or quoted on an automated quotation system in the United States of America or in Europe or a wholly-owned subsidiary of such an Entity. 
  

 Appendix F-1 

 A “Qualified Plan” means a tax qualified pension or retirement plan in which at least
100 employees participate that is maintained by an employer that is organized in the United States of America or in Europe, or is a U.S. Governmental Entity (as defined below). 
 A “Governmental Entity” is any government or any state, department or other political subdivision thereof, or any governmental body,
agency, authority or instrumentality in any jurisdiction exercising executive, legislative, regulatory or administrative functions of or pertaining to government. 
 2. The Investor represents and warrants that it is not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) subject to Title I of ERISA, (ii) a “governmental plan” as defined in Section 3(32) of ERISA, (iii) a “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of
1986, as amended (“IRC”) that is subject to Section 4975 of the IRC, or (iv) an entity whose underlying assets include the assets of such a plan by reason of the plan’s investment in the Investor under 29 CFR §
2510.3-101. 
 3. The Investor hereby represents and warrants that the proposed investment by the Investor in the Partnership that is being
made on its own behalf or, if applicable, on behalf of any Underlying Beneficial Owners does not directly or indirectly contravene United States federal, state, international or other laws or regulations, including anti-money laundering laws (a
“Prohibited Investment”). The Investor further represents and warrants that the funds invested by the Investor in the Partnership are not derived from illegal or illegitimate activities. 
 4. Federal regulations and Executive Orders administered by the U.S. Treasury Department’s Office of Foreign Assets Control
(“OFAC”) prohibit U.S. persons from, among other things, engaging in transactions with or providing services to certain foreign countries, entities and individuals. The identities of OFAC-prohibited countries, territories and
Persons (“Sanctioned Countries and Persons”) can be found at 31 CFR Chapter V and on the OFAC website at <www.treas.gov/ofac>. The Investor hereby represents and warrants that none of the Investor or any of its Affiliates, or,
if applicable, any Underlying Beneficial Owner or Related Person, is a Sanctioned Country or Person, or a resident of a Sanctioned Country, nor is the Investor or any of its Affiliates, or, if applicable, any Underlying Beneficial Owner or Related
Person, a natural person or Entity with whom dealings by U.S. persons are, unless licensed, prohibited under any Executive Orders or regulations administered by OFAC. 
 5. The Investor hereby represents and warrants that neither the Investor nor, if applicable, any Underlying Beneficial Owner or Related Person, is a foreign bank without a physical presence in any country other than a
foreign bank that (A) is an affiliate of a depositary institution, credit union or foreign bank that maintains a physical presence in the United States or a foreign country, as applicable and (B) is subject to supervision by a banking
authority in the country regulating such affiliated depositary institution, credit union, or foreign bank. A foreign bank described in the preceding clauses (A) and (B) is referred to herein as a “Regulated Affiliate”, and
a foreign bank without a physical presence in any country that is not a Regulated Affiliate is referred to herein as a “Foreign Shell Bank”. 
  

 Appendix F-2 

 6. The Investor hereby represents and warrants that, except as otherwise disclosed to the Partnership in
writing: (A) neither the Investor nor, if applicable, any Underlying Beneficial Owner or Related Person, is resident in, or organized or chartered under the laws of, (1) a jurisdiction that has been designated by the U.S. Secretary of the
Treasury under Section 311 or 312 of the USA PATRIOT Act of 2001 (the “PATRIOT Act”) as warranting special measures due to money laundering concerns or (2) any foreign country that has been designated as non-cooperative
with international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation the
United States representative to the group or organization continues to concur (a “Non-Cooperative Jurisdiction”); (B) the subscription funds of the Investor and, if applicable, any Underlying Beneficial Owner or Related Person,
do not originate from, nor will they be routed through, an account maintained at (1) a Foreign Shell Bank, (2) a foreign bank (other than a Regulated Affiliate) that is barred, pursuant to its banking license, from conducting banking
activities with the citizens of, or with the local currency of, the country that issued the license or (3) a bank organized or chartered under the laws of a Non-Cooperative Jurisdiction. 
 7. The Investor acknowledges and agrees that any distributions paid to it will be paid to the same account from which its investment in the Partnership
was originally remitted, unless the General Partner, in its sole discretion, agrees otherwise. 
 8. The Investor agrees to provide any
information, other than non-public information, requested by the General Partner which the General Partner reasonably believes will enable the Partnership to comply with all applicable anti-money laundering statutes, rules, regulations and policies,
including any applicable to an investment held or proposed to be held by the Partnership. The Investor understands and agrees that the General Partner may, after prior consultation with the relevant Investor, release confidential information about
the Investor and, if applicable, any Underlying Beneficial Owner or Related Person, to any Person, if the General Partner, in its sole discretion, determines that such disclosure is required by applicable law, including the relevant rules and
regulations concerning Prohibited Investments, but only in so far and to the extent that disclosure is actually required by such laws or regulations. 
 9. The foregoing representations, warranties and agreements shall survive the date hereof. 
  

 Appendix F-3 

 APPENDIX G 
 FORM OF INVESTOR QUESTIONNAIRE 
 General Information 
  

	
	 1.      The Investor

	
	     Name:______________________________________________________________________________________________________________________________

	
	     Mailing Address:_____________________________________________________________________________________________________________________

	(Number and Street)
	
	     ______________________________________________________________________________________________________________________________

	         (City)                              
                  (State)                     
                           (Zip
Code)                                       
     (Country)

	
	     Telephone Number:__________________________________________________________________________________________________________

	
	     Facsimile Number:__________________________________________________________________________________________________________

	
	     U.S. state or other jurisdiction in which incorporated or formed:________________________________________________

	
	     Date of incorporation or formation:_______________________________________________________________________

	
	     U.S. state or foreign country of
residence:_______________________________________________________________________________________

	
	     IRS taxpayer identification number (if
any):____________________________________________________________________________________

	
	     Fiscal and tax year
end:__________________________________________________________________________________________________________

	
	     Net assets as of December 31, 2005 were in excess of:
$____________________________________________________________________________________

	
	     Please check here if net assets were calculated on a consolidated basis:___________________________________________

	
	 2.      Account Information for Wire Transfers to Investor

	
	     Name of
Bank:__________________________________________________________________________________________________________

	
	     Address of
Bank:__________________________________________________________________________________________________________

	(Number and Street)
	
	     ______________________________________________________________________________________________________________________________

	         (City)                              
                  (State)                     
                           (Zip
Code)                                       
     (Country)

	
	     ABA Number:__________________________________________________________________________________________________________

	
	     Sub Account (if any):_____________________________________________________________________________

  

 Appendix G-1 

	
	
	     Sub A/C No. (if any):________________________________________________________________________

	
	     SWIFT Code:1_____________________________________________________________________________________

	
	     For Further Credit (FFC) to:

	
	 Account Name:____________________________________________________________________________________

	
	 Account Number:____________________________________________________________________________________

	
	     Name of Banking Officer:_____________________________________________________________________________

	
	     Telephone Number:_____________________________________________________________________________

	
	     Facsimile Number:_______________________________________________________________________________________________

	
	 3.      Account Information for Wire Transfers from Investor2

	
	 Same as Question 2 (if so, proceed to Question 4)

	
	     Name of Bank:_____________________________________________________________________________________

	
	     City and Country:_____________________________________________________________________________________

	
	     Account Name:_____________________________________________________________________________________

	
	     Account Number:_____________________________________________________________________________________

	
	     Name of Banking Officer:__________________________________________________________________________

	
	     Telephone Number:_________________________________________________________________________

	
	     Facsimile Number:_____________________________________________________________________________________

	
	 4.      Organization and Authorization Documents

	
	     Please attach copies of:

	1	Required for U.S. wire transfers to non-U.S. banks. Please contact your bank for more information. 

	2	IMPORTANT NOTICE: Due to international banking regulations, if your subscription is being wired from a non-U.S. account, your bank MUST send a SWIFT
MT100 message and complete the field 50 (“Ordering Customer”) and field 52D (“Ordering Institution”) on subscription wires. Your transaction may be delayed or rejected if this information is not provided.

  

 Appendix G-2 

 (i) all organization documents of the entity (such as charter and bylaws, partnership agreement, limited
liability company agreement or declaration of trust); 
 (ii) all documents authorizing the entity to acquire a partnership interest and
execute the partnership agreement and the investor questionnaire (such as board resolutions); and 
 (iii) evidence of the authority of
signatories to execute the documents listed in (ii). 
 Investor Accreditation for Securities Act Purposes 
 Interests will be sold only to investors who are “accredited investors” (as defined in Regulation D promulgated by the U.S. Securities and
Exchange Commission pursuant to the Securities Act). Please indicate the basis of “accredited investor” status of the Investor by checking the applicable statement or statements. 
 The Investor has total assets in excess of $5,000,000, was not formed for the purpose of investing in the Partnership and is one of the following (check
the applicable box below): 
 a corporation 
 a partnership 
 a limited liability company 
 a business trust 
 a tax-exempt organization
described in Section 501(c)(3) of the IRC 
 The Investor is a personal (non-business) trust, other than an employee benefit trust, with
total assets in excess of $5,000,000 which was not formed for the purpose of investing in the Partnership and whose decision to invest in the Partnership has been directed by a person who has such knowledge and experience in financial and business
matters that he or she is capable of evaluating the merits and risks of the investment. 
 The Investor is a bank, as defined in
Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity, or an insurance company as
defined in Section 2(13) of the Securities Act. 
 The Investor is registered with the Securities and Exchange Commission as a broker or
dealer or an investment company, or has elected to be treated or qualifies as a “business development company” (within the meaning of Section 2(a)(48) of the Investment Company Act or Section 202(a)(22) of the Advisers Act), or
is a Small Business Investment Company licensed by the United States Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958. 
  

 Appendix G-3 

 The Investor is an employee benefit plan within the meaning of Title I of the Employee Retirement Income
Security Act of 1974, as amended (including an Individual Retirement Plan), which satisfies at least one of the following conditions (check the applicable box or boxes below): 
 it has total assets in excess of $5,000,000; or 
 the investment decision is being made by a plan fiduciary which is a bank, savings and loan association, insurance company or registered investment adviser; or 
 it is a self-directed plan (i.e., a tax-qualified defined contribution plan in which a participant may exercise control over the investment of assets credited to his or her account) and the decision to invest
is made by those participants investing, and each such participant qualifies as an “accredited investor”. 
 The Investor is an
employee benefit plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, which has total assets in excess of $5,000,000. 
 The Investor is a trust of which each and every grantor is an individual who is an “accredited investor” as defined in Rule 501 promulgated
under the Securities Act, or an entity that is an “accredited investor,” in each case who can amend or revoke the trust at any time. 
 NOTE: If the Investor’s accreditation is based upon this item, each grantor of the Investor must complete a copy of this questionnaire as if such person were directly purchasing a partnership interest. 
 The Investor is an entity in which each and every one of the equity owners is an individual who, or an entity which, is an “accredited investor”
as defined in Rule 501 promulgated under the Securities Act, or an entity that is an “accredited investor”. 
 Qualified Purchaser for
Investment Company Act Purposes 
 Each Investor must indicate whether it qualifies as a “qualified purchaser” for purposes of
Section 3(c)(7) of the Investment Company Act. Please indicate the basis of the Investor’s status by checking the box or boxes below which are next to the categories under which the Investor qualifies as a “qualified purchaser”.
In order to complete the following information, the Investor must read Annex A to this Questionnaire for the definition of “investments”. 
 The general rule for determining the value of investments in order to ascertain whether an Investor is a qualified purchaser is that the value of the aggregate amount of investments owned and invested on a discretionary basis by the
Investor shall be their fair 
  

 Appendix G-4 

 market value on the most recent practicable date or their cost.3 In each case, there shall be deducted from the amount of investments owned by the Investor the amount of any outstanding indebtedness incurred to acquire
the investments owned by the Investor. 
  

	 	(a)	A natural person (including any person who holds a joint, community property or other similar shared ownership interest in the Partnership with that person’s qualified
purchaser spouse) who owns not less than $5,000,000 in “investments”. 

  

	 	(b)	A company (including a partnership, trust, limited liability company or corporation) that owns not less than $5,000,000 in “investments” and that is owned directly or
indirectly by or for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable
organizations or trusts established by or for the benefit of such persons (a “Family Company”). 

  

	 	    	NOTE: If the Investor selects this item and the Family Company is a trust that can be amended or revoked by the grantors at any time, each grantor must complete a copy of
this Questionnaire (insofar as is necessary to determine that such grantor is itself a “qualified purchaser”). 

  

	 	(c)	A personal (non-business) trust that is not covered by (b) above which was not formed for the purpose of investing in the Partnership as to which the trustee or other person
authorized to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (a), (b), (d), or (e) hereof. 

  

	 	    	NOTE: If the Investor selects this item, the trustee and each settlor or other person who has contributed assets to the trust must complete a copy of this questionnaire
(insofar as is necessary to determine that such person is itself a “qualified purchaser”). 

  

	 	(d)	A natural person or company (including a partnership, trust, limited liability company or corporation), acting for its own account or the accounts of other qualified purchasers, who
in the aggregate owns and invests on a discretionary basis not less than $25,000,000 in “investments”. 

	3	This general rule is subject to the following provisos: (1) in the case of Commodity Interests (as defined in Annex A), the amount of investments shall be the
value of the initial margin or option premium deposited in connection with such Commodity Interests; and (2) a Family Company shall have deducted from the value of such Family Company’s investments any outstanding indebtedness incurred by
an owner of the Family Company to acquire such investments. 

  

 Appendix G-5 

	 	    	NOTE: If the Investor selects this item and the company is a trust that can be amended or revoked by the grantors at any time, each grantor must complete a copy of this
questionnaire (insofar as is necessary to determine that such grantor is itself a “qualified purchaser”). 

  

	 	(e)	A “qualified institutional buyer” as defined in paragraph (a) of Rule 144A under the 1933 Act, acting for its own account, the account of another “qualified
institutional buyer”, or the account of a “qualified purchaser”, provided that (i) a dealer described in paragraph (a)(1)(ii) of Rule 144A must own and invest on a discretionary basis at least $25 million in securities of issuers
that are not affiliated persons of the dealer and (ii) a plan referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, will not
be deemed to be acting for its own account if investment decisions with respect to the plan are made by the beneficiaries of the plan, except with respect to investment decisions made solely by the fiduciary, trustee or sponsor of such plan.

  

	 	(f)	A company (including a partnership, limited liability company or corporation), each beneficial owner of the securities of which is a “qualified purchaser”.

  

	 	    	NOTE: If the Investor selects this item, each beneficial owner of the Investor must complete a copy of this questionnaire (insofar as is necessary to determine that such
grantor is itself a “qualified purchaser”). 

 ERISA 
 Is the Investor: 
 (a) a “governmental
plan” as defined in Section 3(32) of ERISA, or a “church plan” as defined in Section 3(33) of ERISA or a plan maintained outside the United States primarily for the benefit of persons substantially all of whom are
nonresident aliens of the United States? 
  

	
	                     
Yes

	
	                     
No

  

 Appendix G-6 

 (b) an entity whose underlying assets include “plan assets” by reason of a plan’s investment in the entity
and such plan investors include only pension benefit plans, welfare benefit plans or similar plans not governed by ERISA or Section 4975 of the IRC (including by reason of 25% or more of any class of equity interests in the entity being held by
such plans)? 
  

	
	                     Yes

	
	                     No

 NOTE: The partnership interests in the Partnership may be purchased by plans, funds, accounts or
programs established or maintained by an employer or employee organization for the purpose of providing pension, welfare or similar benefits to employees or an investment fund or similar commingled investment vehicle that contains benefit plan
investors, provided that such plans, funds, accounts, programs or investment vehicles are not subject to ERISA or Section 4975 of the IRC. 
  

 Appendix G-7 

 INVESTOR ORIGINAL 
 SIGNATURE PAGE 
 To be signed by prospective Investor: (Please sign both copies of the Signature Page)

 This page constitutes the signature page for the Investor Questionnaire which relates to the offering of partnership interests in the
Partnership. Execution of this Signature Page constitutes execution by the undersigned of the Investor Questionnaire. 
 IN WITNESS WHEREOF,
the undersigned has executed this Signature Page this          day of March 2006. 
  

					
	 INVESTOR:
	 	
		 		 	  
 Print Name of Limited
Partner

		 	By:	 	  

		 		 	 Signature of Authorized Signatory
  

		 		 	 Print Name of Authorized Signatory
  

		 		 	Print Title of Authorized Signatory
	
	To be signed by the General Partner:
	
	The above-named Investor’s subscription for a partnership interest in, and admission as a limited partner to, the Partnership are accepted and agreed as of March
        , 2006.
	
	HST GP EURO B.V.,
	as General Partner of HHR Euro CV
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Appendix G-8 

 GENERAL PARTNER ORIGINAL 
 SIGNATURE PAGE 
 To be signed by prospective Investor: (Please sign both copies of
the Signature Page) 
 This page constitutes the signature page for the Investor Questionnaire which relates to the offering of partnership
interests in the Partnership. Execution of this Signature Page constitutes execution by the undersigned of each of these documents. 
 IN
WITNESS WHEREOF, the undersigned has executed this Signature Page this              day of March 2006. 
  

					
	INVESTOR:
		 		 	  

		 		 	Print Name of Limited Partner
			
		 	 By:
	 	  

		 		 	Signature of Authorized Signatory
		 		 	  

		 		 	Print Name of Authorized Signatory
		 		 	  

		 		 	Print Title of Authorized Signatory
	
	To be signed by the General Partner:
	
	The above-named Investor’s subscription for a partnership interest in, and admission as a limited partner to, the Partnership are accepted and agreed as of March
            , 2006.
	
	 HST GP EURO B.V., 
 as
General Partner of HHR Euro CV

		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
			
		 	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

 Appendix G-9 

 ANNEX A 
 DEFINITION OF “INVESTMENTS” 
 The term “investments” means: 
  

	(1)	Securities, other than securities of an issuer that controls, is controlled by, or is under common control with, the Investor that owns such securities; provided that securities
issued by any of the following are considered to be “investments” for this purpose: 

 an investment
company or a company that would be an investment company but for the exclusions provided by Sections 3(c)(1) through 3(c)(9) of the Investment Company Act or the exemptions provided by Rule 3a-6 or 3a-7 promulgated under the Investment Company Act,
or a commodity pool; or 
 a Public Company (as defined below); or 
 a company with shareholders’ equity of not less than $50 million (determined in accordance with generally accepted accounting
principles) as reflected on the company’s most recent (and in any event not more than 16 months old) financial statements; 
  

	(2)	Real estate held for investment purposes; 

  

	(3)	Commodity Interests (as defined below) held for investment purposes; 

  

	(4)	Physical Commodities (as defined below) held for investment purposes; 

  

	(5)	To the extent not securities, Financial Contracts (as defined below) entered into for investment purposes; 

  

	(6)	In the case of an Investor that is a company that would be an investment company but for the exclusions provided by Section 3(c)(1) or 3(c)(7) of the Investment Company Act, or
a commodity pool, any amounts payable to such Investor pursuant to a firm agreement or similar binding commitment pursuant to which a person has agreed to acquire an interest in, or make capital contributions to, the Investor upon the demand of the
Investor; and 

  

	(7)	Cash and cash equivalents held for investment purposes. 

 Interpretive Guidance: 
 1. Real Estate. Real estate held for investment purposes excludes the following types of real
estate used by the Investor or a Related Person (as defined below): (i) for personal purposes, (ii) as a place of business, or (iii) in connection 
  

 Appendix G-10 

 with a trade or business (unless the Investor is engaged primarily in the business of investing, trading or developing
real estate and the real estate in question is part of such business). Residential real estate may be considered “held for investment” if deductions on the property are not disallowed by Section 280A of the IRC. 
 2. Commodity Interests, Physical Commodities and Financial Contracts. A Commodity Interest or Physical Commodity owned, or a Financial Contract
entered into, by an Investor who is engaged primarily in the business of investing, reinvesting, or trading in Commodity Interests, Physical Commodities or Financial Contracts in connection with such business may be deemed to be held for investment
purposes. 
 3. Consolidation of Subsidiaries. For purposes of determining the amount of investments owned by an Investor that is a
company, there may be included investments owned by majority-owned subsidiaries of the Investor and investments owned by a company (“Parent Company”) of which the Investor is a majority-owned subsidiary, or by a majority-owned
subsidiary of the Investor and other majority-owned subsidiaries of the Parent Company. 
 4. Joint Investments. In determining
whether a natural person is a “qualified purchaser”, there may be included in the amount of such person’s investments any investment held jointly with such person’s spouse, or investments in which such person shares with such
person’s spouse a community property or similar shared ownership interest. In determining whether spouses who are making a joint investment in the Partnership are “qualified purchasers”, there may be included in the amount of each
spouse’s investments any investments owned by the other spouse (whether or not such investments are held jointly). There shall be deducted from the amount of any such investments the amount of any outstanding indebtedness incurred by such
spouse to acquire such investments. 
 5. Certain Retirement Plans. In determining whether a natural person is a “qualified
purchaser”, there may be included in the amount of such person’s investments any investments held in an individual retirement account or similar account the investments of which are directed by and held for the benefit of such person.

 Additional Definitions 
 “Commodity Interests” means commodity futures contracts, options on commodity futures contracts, and options on physical commodities traded on or subject to the rules of: 
 (i) any contract market designated for trading such transactions under the Commodity Exchange Act and the rules thereunder; or 
  

 Appendix G-11 

 (ii) any board of trade or exchange outside the United States, as contemplated in Part 30 of the rules
under the Commodity Exchange Act. 
 “Financial Contract” means any arrangement that: 
 (i) takes the form of an individually negotiated contract, agreement, or option to buy, sell, lend, swap, or repurchase, or other similar individually
negotiated transaction commonly entered into by participants in the financial markets; 
 (ii) is in respect of securities, commodities,
currencies, interest or other rates, other measures of value, or any other financial or economic interest similar in purpose or function to any of the foregoing; and 
 (iii) is entered into in response to a request from a counter party for a quotation, or is otherwise entered into and structured to accommodate the objectives of the counterparty to such arrangement. 
 “Physical Commodities” means any physical commodity with respect to which a Commodity Interest is traded on a market specified in
the definition of Commodity Interests above. 
 “Public Company” means a company that: 
 (i) files reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended; or 
 (ii) has a class of securities that are listed on a Designated Offshore Securities Market, as defined by Regulation S of the Securities Act. 

“Related Person” means a person who is related to the Investor as a sibling, spouse or former spouse, or is a direct lineal
descendant or ancestor by birth or adoption of the Investor, or is a spouse of such descendant or ancestor; provided that, in the case of a Family Company, a Related Person includes any owner of the Family Company and any person who is a
Related Person of such an owner 
  

 Appendix G-12 

 SCHEDULE A 
 INITIAL CAPITAL COMMITMENTS OF LIMITED PARTNERS 
  

					
	 	 	 Commitment4
	 	 Percentage

			
	ABP	 	$  44,322,000	 	20%
			
	GIC RE	 	$105,905,000	 	47.9%
			
	Host	 	$  71,021,0005	 	32.1%

	4	For purposes of determining the Deemed Euro Capital Contribution of any Partner pursuant to
Section 5.02(a), the foreign currency exchange rate to be used is €1 to US$ 1.195. 

	5	This amount includes contribution of Warsaw at the value listed in Schedule B.

  

 Schedule A-1 

 SCHEDULE B 
 INITIAL HOTEL PROPERTIES 
                                       
       ***************** 
  

			
	 	  	 
		
	Sheraton Roma Hotel & Conference Center, Rome, Italy	  	$******
		
	The Westin Palace, Madrid, Spain	  	$******
		
	Sheraton Skyline Hotel and Conference Centre, Hayes, UK	  	$******
		
	Sheraton Warsaw Hotel & Towers, Warsaw, Poland	  	$******
		
	The Westin Palace, Milan, Italy	  	$******
		
	The Westin Europa & Regina, Venice, Italy	  	$******

  

 Schedule B-1 

 SCHEDULE C 
 ADDRESSES FOR NOTICES 
 General Partner: 
 HST GP EURO B.V. 
 Rokin 55 
 1012 KK Amsterdam 
 The Netherlands 
 Attn.: Mrs. Y.M.
Wimmers-Theuns and/or Mrs. L.F.M. Heine 
 Tel.: +31 20 521 46 91 and/or +31 20 521 47 14 
 Fax: +31 20 521 48 21 
 E-mail: Yvonne.theuns@meespiersonintertrust.com and/or liselotte.heine@meespiersonintertrust.com

 With a copy to: 
 HST GP EURO B.V. 
 c/o Host Marriott Corporation 
 6903 Rockledge Drive, Suite 1500 

Bethesda, MD 20817 
 Attn: General Counsel 
 Tel: 240-744-5150 
 Fax: 240-744-5155 
 With a copy to: 
 HST GP EURO B.V. 
 c/o Host Marriott Corporation 
 6903 Rockledge Drive, Suite 1500 

Bethesda, MD 20817 
 Attn: Chief Investment Officer 
 Tel: 240-744-5300 
 Fax: 240-744-5305 
 Email: jim.risoleo@hostmarriott.com 
  

 Schedule C-1 

 Limited Partners: 
 HST LP
EURO B.V. 
 Rokin 55 
 1012 KK Amsterdam 
 The Netherlands 
 Attn.: Mrs. Y.M. Wimmers-Theuns and/or Mrs. L.F.M. Heine

 Tel.: +31 20 521 46 91 and/or +31 20 521 47 14 
 Fax: +31 20
521 48 21 
 E-mail: Yvonne.theuns@meespiersonintertrust.com and/or liselotte.heine@meespiersonintertrust.com 
 With a copy to: 
 HST LP EURO B.V. 
 c/o Host Marriott Corporation 
 6903 Rockledge Drive, Suite 1500 

Bethesda, MD 20817 
 Attn: General Counsel 
 Tel: 240-744-5150 
 Fax: 240-744-5155 
 With a copy to: 
 HST LP EURO B.V. 
 c/o Host Marriott Corporation 
 6903 Rockledge Drive, Suite 1500 

Bethesda, MD 20817 
 Attn: Chief Investment Officer 
 Tel: 240-744-5300 
 Fax: 240-744-5305 
 Email: jim.risoleo@hostmarriott.com 
 STICHTING PENSIOENFONDS ABP 

WTC Schiphol Airport 
 G-Tower, 8th floor 
 Schiphol Boulevard 239 
 Schiphol, 1118 BH 
 Attn: Annemarie Manning 
 Tel: 00 31 20 405 9072 
 Fax: 00 31 20 4053 955 
 Email: annemarie.manning@Abpinvestments.nl

 JASMINE HOTELS PTE LTD 
 168 Robinson Road #37-01 

Capital Tower 
 Singapore 068912 
 Attn: Jasmine Lim 
 Tel: 65 6889 6978 
 Fax: 65 6889 6878 
 Email: jasminelim@gic.com.sg 
  

 Schedule C-2 

 With copy to: 
 JASMINE
HOTELS PTE LTD 
 c/o GIC Real Estate 
 105 Wigmore Street

 London W1U 1QY 
 Attn: Andrew Fish 
 Tel: 44 207 496 8831 
 Fax: 44 207 495 4041 
 Email: andyfish@gic.com.sg 
  

 Schedule C-3Amended and Restated Merger Agreement

 Exhibit 10.1 
 Amended and Restated Master Agreement 
 This Amended and Restated Master Agreement (this “Agreement”) is
made and entered into this first day of January, 2006 (the “Effective Date”) by and between TRX Technology Services, L.P located at 7557 Rambler Road, Suite 1300, Dallas, Texas 75231 USA (hereinafter “TRX”) and WORLDTRAVEL
PARTNERS I, LLC, including its divisions, subsidiary entities and Latin American affiliates, located at 1055 Lenox Park Boulevard, Suite 420, Atlanta, Georgia 30319 (hereinafter “WORLDTRAVEL”). 
 This Agreement replaces and supersedes that certain Master Agreement between TRX Technology Services, L.P. and WorldTravel Partners I, LLC dated January 1, 2002.

 TRX hereby agrees to provide WORLDTRAVEL certain services and documentation related thereto, where (i) TRX processes data on behalf of WORLDTRAVEL
(“Service Bureau Services”) and (ii) software residing on TRX hardware is made available to WORLDTRAVEL for its own internal processing and business purposes (“Application Services”). Service Bureau Services and Application
Services are collectively known as “Remote Services”. Additionally, TRX agrees to provide maintenance and support services related to the Service Bureau Services and the Application Services (“Support Services”). WORLDTRAVEL may
also require from time to time certain professional services from TRX related to software development (“Development Services”). Service Bureau Services, Application Services, Support Services and Development Services are jointly defined
herein as “Services”. This Agreement sets forth the general terms and conditions, which apply to the provision of all Services. 
  

	1.	Definitions 

  

	 	1.1	Agreement shall mean this Amended and Restated Master Agreement and all of its attachments, addenda, and exhibits. 

  

	 	1.2	Application Services shall mean TRX making available from a host server to WORLDTRAVEL that Software (and its related Documentation) listed under application services on
Exhibit B for use in accordance with the terms of this Agreement. 

  

	 	1.3	 Confidential Information shall mean any data or information, other than Trade Secrets, that is of value to a party to this Agreement and is not generally
known outside of such party. To the extent consistent with the foregoing, Confidential Information includes, but is not limited to, information about the parties’ employees, the parties’ business methods, contracts and contractual
relations with the parties’ vendors, its products, designs, business plans, business opportunities, finances, research, development, know-how, customer lists and customer’s confidential information. Confidential Information also includes
the terms of this Agreement and any information described in this paragraph, which either party obtains from another party, which the receiving party treats as proprietary or designates as confidential information, whether or not owned or developed
by the receiving party. Notwithstanding the 

	 	 
foregoing, no formal identification of materials or other information as “Confidential Information” shall be required.

  

	 	1.4	Custom Application Software shall mean the software modules or components developed for WORLDTRAVEL which perform the functions and comply with the proposal and
specifications identified or set forth in the Design Specifications. Each Custom Application Software module or component, specification and proposal included or referred to in the Design Specifications is expressly incorporated herein by reference.
Unless the parties otherwise agree, the Custom Application Software shall be delivered in machine-readable object code form unless it is intended to reside on servers at TRX. Custom Application Software may be developed at either TRX’s or
WORLDTRAVEL’s expense. Such determination shall be made on an individual basis and mutually agreed to by the parties in writing. 

  

	 	1.5	Custom Modification shall mean changes to the Software, requested by WORLDTRAVEL and agreed to by TRX, that change the existing functionality of the Software to meet specific
needs of WORLDTRAVEL, for which WORLDTRAVEL will be charged an additional fee to be negotiated and agreed upon in writing. Ownership of all Custom Modifications and all proprietary rights related to thereto shall remain with TRX.

  

	 	1.6	Customer shall mean an entity doing business, relating to travel agency services, with WORLDTRAVEL. 

  

	 	1.7	Delivery Order shall mean the document that describes the Development Services to be performed, the period within which the work is to be completed and the amount and/or
method of payment therefore. 

  

	 	1.8	Design Specifications shall mean, at a minimum, system flow charts, program descriptions, file layouts, database structures, report layouts and screen layouts, interface
requirements and layouts, conversion requirements and layouts, refined equipment requirements, acceptance criteria and acceptance test scripts for Custom Application Software, Custom Modifications or new Enhancements related to the Remote Services.

  

	 	1.9	Documentation shall mean all operator and user manuals, training materials, guides, listings, specifications and other materials necessary for understanding and utilizing the
functionality of the Remote Services and Custom Application Software, including materials useful for design (e.g., logic manuals, flow diagrams and principles of operation) and machine-readable text of graphic files subject to display or print-out.

  

	 	1.10	Enhancement shall mean changes to the Remote Services that provide additional features and/or improvements to expand the capabilities of the Remote Services in existing
functional areas. Enhancements are made available to WORLDTRAVEL as Upgrade Releases. 

  

 2 

	 	1.11	Global Distribution System or GDS shall mean a computer system or network used to check and make reservations of a travel related nature. The four GDSs operating in the U.S.
and the Americas as of the Effective Date are Galileo, Amadeus, Sabre, and Worldspan. 

  

	 	1.12	Reserved. 

  

	 	1.13	Reserved. 

  

	 	1.14	Market Rates shall mean the TRX rates, as established in Exhibit A, and as adjusted from time to time per mutual agreement, which WORLDTRAVEL will pay for Development
Services. 

  

	 	1.15	Marks shall mean all the TRX proprietary trademarks, service marks, trade names, logos and symbols used to identify its products and services. 

  

	 	1.16	Non-WORLDTRAVEL Customers shall mean entities and individuals who use TRX products and/or service bureau offerings, other than WORLDTRAVEL or its Customers.

  

	 	1.17	Performance Data shall mean the data that relates to TRX’s compliance with the Performance Standards and that is compiled by TRX in the course of providing the Service
Bureau Services to WORLDTRAVEL. 

  

	 	1.18	Reserved. 

  

	 	1.19	Service Bureau shall mean the computer facility located at   *  , or other facilities from time to time designated by TRX, from which TRX will provide
Service Bureau Services to WORLDTRAVEL. 

  

	 	1.20	Software - Collectively, all of the software programs created by TRX from time to time, which are identified on Exhibit B, and all Software Releases for such programs.
The list in Exhibit B may be amended from time to time to include new TRX products and remove products that TRX no longer supports. 

  

	 	1.21	Software Release shall mean a specific release of the Software implemented at TRX’s discretion on the servers that reside at TRX’s Data Center or TRX’s Service
Bureau. There are several kinds of Software Releases, as listed below: 

  

	 	1.21.1	Initial Software Release - The initial Software made available from TRX. 

  

	 	1.21.2	Upgrade Release (Upgrade) - Enhancements to the Software made available after the Initial Software Release. 

  

	 	1.21.3	Corrective Release (Fix) - Changes to the Software made available to correct a bug that impairs the normal operation of the Software. May be included as part of an
Upgrade Release. WORLDTRAVEL shall pay no fees for a Corrective Release. 

 * Confidential Treatment Requested 
 3 

	 	1.21.4	Module Release - Added functionality that addresses areas that were not covered in the Initial Software Release or so significantly expands a function as to be
considered a new function, which may be made available to WORLDTRAVEL through TRX’s Data Center, used by TRX for performing the Service Bureau Services at TRX’s Service Bureau or licensed to WORLDTRAVEL after the Initial Software Release,
  *  . 

  

	 	1.22	Trade Secrets shall mean any information of either party, including but not limited to technical or non-technical data, a formula, a pattern, a compilation, a program, a
device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers or suppliers, which (i) derives economic value, actual or potential, from not being generally known
to and not being readily ascertainable by proper means by other persons who can obtain economic value from its disclosure or use and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. Trade
Secrets shall include Design Specifications, Custom Application Software, and Custom Modifications. 

  

	 	1.23	WORLDTRAVEL Custom Software shall mean all Custom Application Software, including source code, for which   *  . 

  

	 	1.24	Client Care Center shall mean the helpdesk facility located at   *  , or other facilities from time to time designated by TRX, from which TRX will provide
support services for RESX, and ancillary tools to WorldTravel. 

  

	2.	Scope Of Remote Services 

  

	 	2.1	Service Bureau Services. 

  

	 	2.1.1	The Software associated with the Service Bureau Services listed on Exhibit B will run and reside at the TRX Service Bureau offices located at   *  , or
such other facilities as specified by TRX. The Service Bureau Services will be provided by TRX according to WORLDTRAVEL’s specific needs and requests (to be mutually determined and outlined by the parties). TRX will compile the Performance Data
and forward it to a person designated by WORLDTRAVEL on a mutually agreed upon basis. 

  

	 	2.1.2	 The Service Bureau will process transactions from WORLDTRAVEL’s company-owned locations, and from WORLDTRAVEL’s global partners, including
WORLDTRAVEL’s Latin American, Canadian and European partners. Transactions from members of WORLDTRAVEL’S Affiliates program will be covered 

  

 * Confidential Treatment Requested 
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under a separate agreement. The parties acknowledge that WORLDTRAVEL has the right to resell the Service Bureau Services to its Customers and as specified
above to its owned affiliates and partners (with the exception of any affiliate covered under the WorldTravel Partners Affiliates, Inc agreement), subsidiaries, parent companies, and Latin American, Canadian and European affiliates. Such right shall
not be affected by this Agreement. 

  

	 	2.2	Application Services. 

  

	 	2.2.1	The Software listed under Application Services on Exhibit B (“ASP Software”) shall run and reside at the TRX Data Center or other facilities as specified by TRX.
WORLDTRAVEL is granted a non-assignable, nontransferable and non-exclusive, limited license to access the ASP Software through TRX’s Data Center and, in doing so, use the ASP Software solely for WORLDTRAVEL’s internal business purposes.
TRX shall have no responsibility to run the Software on WORLDTRAVEL’s behalf, provide data or results received as a result of running the ASP Software or provide hardware or software of any kind to enable WORLDTRAVEL to utilize the ASP
Software. 

  

	 	2.2.2	The ASP Software will process transactions from WORLDTRAVEL’s company-owned locations, including WorldTravel’s Latin American affiliate transactions. Transactions from
other locations will be covered under a separate agreement. The parties acknowledge that WORLDTRAVEL has the right to resell the Application Services as specified above. Such right shall not be affected by this Agreement. 

 

	 	2.3	The Remote Services shall incorporate the necessary functionality for use with the applicable GDS(s). From time to time, WORLDTRAVEL may request specific modifications to the Remote
Services. The development of any and all Custom Modifications for incorporation into the Remote Services shall be considered Development Services and shall be covered under the terms of this Agreement and any applicable Delivery Order that shall
govern such Development Services. 

  

	 	2.4	 Both parties agree to periodically discuss and review WORLDTRAVEL’s competitive environment, including a review of WORLDTRAVEL’s competitors’
technology, cost or pricing structure and service offerings, to the extent such information is known (and with respect to TRX, to the extent that disclosure of such information is not restricted by a third party). If the parties determine that there
is significant financial impact from new or improved technology: (1) which would reduce costs or improve service; (2) which would make competitors’ costs for services at or below WORLDTRAVEL’s cost for comparable services; or
(3) which would make competitors’ service offerings superior to those of WORLDTRAVEL, then, the parties shall jointly 

  

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determine, in good faith, if a change in technology, cost or Services hereunder should be made. 

  

	 	2.5	Reserved. 

  

	 	2.6	TRX and WORLDTRAVEL agree that any access to the GDS(s) by TRX that is required to process WORLDTRAVEL transactions will be accomplished under contracts held by WORLDTRAVEL, unless
mutually agreed by the parties. TRX agrees that the only access to the GDS(s) via WORLDTRAVEL’s contracts will be for the purposes of processing WORLDTRAVEL transactions and for the purposes of limited WORLDTRAVEL Custom Software testing. TRX
further agrees not to access the GDS(s) via WORLDTRAVEL’s contracts for any non-WORLDTRAVEL related purposes, nor for any purposes related to research and development unless agreed to by WORLDTRAVEL. WORLDTRAVEL warrants that it has the
authorization to grant the privileges to the GDS specified hereunder to TRX. 

  

	3.	Reserved. 

  

	4.	Scope of Support Services. 

  

	 	4.1	Services Provided: During the term of this Agreement, TRX will provide certain maintenance and support services to WORLDTRAVEL, as described in Exhibit H, including the
following: 

  

	 	4.1.1	CUSTOMER RELATIONSHIP MANAGEMENT (“CRM”) SUPPORT: TRX will provide reasonable consultation and support via the Internet through a TRX-selected CRM system in
response to inquiries from WORLDTRAVEL regarding the use of the Remote Services, including both technical and user issues, as well as the best utilization of the Remote Services to meet WORLDTRAVEL’s needs. CRM support is not a substitute for
WORLDTRAVEL to review the related user and technical documentation. A TRX representative will attend monthly scheduled CORREX coordinator conference calls and bi-annual face-to-face meetings. 

  

	 	4.1.2	TELEPHONE SUPPORT: TRX will provide reasonable consultation and support for emergency operational issues by telephone. Telephone support by TRX is not a substitute for
reviewing the related user and technical documentation. TRX reserves the right to limit WORLDTRAVEL’s access to telephone support in the event the personnel requesting such support are not sufficiently knowledgeable and experienced. For CORREX
Service Bureau clientele calls processing,   *   of clientele requests received will be assigned an ETD and categorized within   *   business days. 

  

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	 	4.1.3	OTHER COMMUNICATION COSTS: TRX will bear all communications costs in connection with its obligations hereunder, provided that such costs are consistent with the
current configuration. 

  

	 	4.1.4	SOFTWARE RELEASES: During the term of this Agreement, TRX will promptly make available to WORLDTRAVEL   *   such Upgrade Releases, Corrective
Releases, and Enhancements made to the Software which are generally made available to other Non-WORLDTRAVEL Customers of the Software, if any, together with the relevant documentation. TRX reserves the right to charge an additional fee for any
Custom Modifications or Module Releases and any new products offered by TRX that are not covered by this Agreement. All Software and Software Releases made available to WORLDTRAVEL via this Agreement shall be subject to the terms and restrictions
set forth in this Agreement. 

  

	 	4.1.5	ERROR CORRECTION: In the event WORLDTRAVEL encounters an error, bug or malfunction in the Software, WORLDTRAVEL shall promptly provide written notice to TRX,
describing the problem and indicating the severity of same. TRX shall verify the cause of the problem, and if it is not the result of any Excluded Cause listed herein, TRX’s sole obligation shall be to use its best efforts to correct the
reported problem. TRX MAKES NO REPRESENTATION OR WARRANTY THAT ALL BUGS, ERRORS OR MALFUNCTIONS CAN BE CORRECTED, NOR THAT THE SOFTWARE WILL OPERATE ERROR FREE. 

  

	 	4.1.6	CLIENT SERVICES: TRX will provide WORLDTRAVEL with key relationship representatives during the term of the Agreement, unless otherwise agreed to by the parties:

  

	 	4.2	On-Site Support: If, at WORLDTRAVEL’s request, the provision of maintenance and/or support requires a visit to WORLDTRAVEL’s facilities, WORLDTRAVEL shall bear all
of TRX’s out-of-pocket expenses for travel, lodging, meals, etc., unless the on-site visit is required to resolve an issue resulting from TRX’s failure to meet its obligations under this Agreement or resulting from a bug in the Software,
in which cases TRX will bear its own expenses. Any such expenses to be paid by WORLDTRAVEL shall be approved in advance by WORLDTRAVEL. On-site support is limited to WORLDTRAVEL facilities, and TRX shall not be obligated to provide support at any
other locations. 

  

	 	4.3	Additional Support Hours: Support Services provided outside the hours specified in Exhibit H, are not covered under this Agreement and, if such services are requested
by WORLDTRAVEL and made available by TRX, they will be provided at an additional cost to WORLDTRAVEL, at the rates set forth on Exhibit A. 

  

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	 	4.4	Other Services: TRX may provide other training and consultation services upon request of WORLDTRAVEL. Any such services shall be performed under a separate written agreement
containing mutually acceptable terms. 

  

	5.	Responsibilities of WORLDTRAVEL 

  

	 	5.1	General: Throughout the initial and any renewal term(s) of this Agreement, and as a condition precedent of TRX’s obligation to provide Services under this Agreement,
WORLDTRAVEL agrees that it will: 

  

	 	5.1.1	Provide all information reasonably requested by TRX to assist in identifying and solving reported errors. 

  

	 	5.1.2	Follow, in all material respects, all of TRX’s installation, operation and maintenance instructions, including, if applicable, the installation of all Software Releases.

  

	 	5.1.3	Reserved. 

  

	 	5.1.4	Reserved. 

  

	 	5.1.5	Notify TRX of any known safety or health hazards that may exist at WORLDTRAVEL’s facilities and of any safety procedures to be followed there. 

  

	 	5.1.6	Reserved. 

  

	 	5.2	RESX Training Certification. WORLDTRAVEL will recommend all sales and/or training representatives who have not previously completed a similar training certification program
participate in TRX’s RESX Certification Program. Details of the TRX RESX Certification Program will be mutually agreed to by the parties. 

  

	6.	Scope of Development Services 

  

	 	6.1	 Services - The parties acknowledge and agree that WORLDTRAVEL may from time to time desire the development of Custom Application Software. The terms and
conditions of this Agreement, as applicable, shall apply to each assignment proposed by WORLDTRAVEL, which may be accepted by TRX. Each assignment will generally be in the form of a Delivery Order, in a form substantially similar to that of
Exhibit D, which will describe the work to be performed, the period within which the work is to be completed and the amount or method of payment therefore. TRX agrees to provide to WORLDTRAVEL the Development Services described herein, or in
any Delivery Order referencing this Agreement, in accordance with the terms and conditions of this Agreement and in accordance with the Development Procedures as outlined in Exhibit E. In the event of any conflict between any 

  

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Delivery Order and this Agreement, the terms of this Agreement shall control. TRX must provide WorldTravel an answer regarding its intentions to bid to
provide such Development Services within   *   business days of its receipt of the request for proposal. In the event that TRX opts not to bid, or is not awarded the contract to provide Development Services, TRX shall give
WORLDTRAVEL access to relevant interface definitions (which shall under no circumstances include any code) as reasonably necessary for WORLDTRAVEL to have such development performed by a third party, subject to WORLDTRAVEL’s and any third party
contractor’s agreement to appropriate confidentiality provisions for such definitions and WORLDTRAVEL reimbursing TRX on a time and materials basis for any expenses incurred by TRX in providing such definitions. 

  

	7.	TRX’s Proprietary Rights: WORLDTRAVEL Rights and Restrictions 

  

	 	7.1	Unless as otherwise agreed upon by both parties under a separate written agreement executed by authorized signatories of each party, WORLDTRAVEL acknowledges that the Custom
Modifications, Remote Services and related Documentation embody valuable confidential and proprietary information of TRX, the development of which required the expenditure of considerable time and money by TRX, and are protected as Trade Secrets and
by United States copyright law and international treaty. WORLDTRAVEL shall treat such information so received in confidence and shall not use, copy, disclose, nor permit any of its personnel (excepting those employees with a “need to know”
or who have signed appropriate confidentiality agreements) to use, copy, or disclose the same, or the existence of same, for any purpose that is not specifically authorized under this Agreement. 

  

	 	7.2	As it pertains to the Remote Services, WORLDTRAVEL acquires only the non-exclusive right as described above to receive such Services, and does not acquire any license thereto or any
rights of ownership in the underlying Software, including any Custom Modifications used to deliver such Services. 

  

	 	7.3	WORLDTRAVEL may from time to time provide documented concepts to TRX for (i) possible development or (ii) improvement to existing products and services. All such concepts
(and all intellectual property rights associated therewith) that are provided to TRX in a Delivery Order, whether a CRM request or otherwise, shall be and remain the exclusive property of WORLDTRAVEL, and TRX shall acquire no rights of any nature in
or to such concepts, unless otherwise agreed by both parties in the applicable Delivery Order. TRX shall treat all such submissions as confidential and shall not use, disclose, sell or otherwise dispose of the concepts without the express written
permission of WORLDTRAVEL. Any work or Development Services to be provided by TRX shall be evidenced by a separate written agreement between the parties or by an applicable Delivery Order. 

  

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	 	7.4	WORLDTRAVEL is specifically prohibited from reselling or sublicensing the Remote Services or establishing its own service bureau without the prior written consent of TRX, except as
set forth in Sections 2 and 3 of this Agreement or in a separate agreement between TRX Technology Services, LP, and WORLDTRAVEL’s subsidiary, WorldTravel Partners Affiliates, Inc. In the event such written permission is given by TRX, an
appropriate royalty or sales commission shall be negotiated between the parties. TRX, or its licensor, at all times retains all right, title and interest in the Remote Services, Documentation, and any derivatives thereof, unless such Remote Services
were developed as WORLDTRAVEL Custom Software and the parties have mutually agreed otherwise. 

  

	 	7.5	TRX acknowledges that all data processed and compiled under this Agreement is Confidential Information of WORLDTRAVEL, and TRX shall treat such information so received in confidence
and shall not use, copy, disclose, nor permit any of its personnel (excepting those employees with a “need to know”) to use, copy, or disclose the same, for any purpose that is not specifically authorized under this Agreement.

  

	 	7.6	Unless otherwise agreed to in writing by TRX, WORLDTRAVEL agrees not to remove, alter or conceal any proprietary notices, including copyright notices, or product identification
information from the monthly data information reports provided to WORLDTRAVEL by TRX, and agrees to reproduce any and all such notices on any copies of such materials. 

  

	 	7.7	WORLDTRAVEL shall not cause or permit the reverse engineering, disassembly or decompilation of the Software, except to the extent expressly authorized by applicable law, under
penalty of termination but not exclusive of any other remedies. If WORLDTRAVEL wishes to develop an interface to the WORLDTRAVEL data contained in TRX’s Service Bureau, it shall first inform TRX in writing and TRX, shall provide WORLDTRAVEL
with information sufficient to enable interoperability between the Service Bureau and such other software or products. WORLDTRAVEL will reimburse TRX for any reasonable out-of-pocket expenses associated with TRX’s provision of such information.

  

	 	7.8	WORLDTRAVEL shall not copy, or permit others to copy any Software Release for any other purpose. 

  

	 	7.9	WORLDTRAVEL recognizes and acknowledges that any unauthorized use or disclosure of the Remote Services by WORLDTRAVEL may cause TRX irreparable damage for which other remedies may
be inadequate, and WORLDTRAVEL hereby acknowledges that TRX may petition a court of competent jurisdiction for injunctive or other equitable relief seeking to restrain such use or disclosure. 

  

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	 	7.10	WORLDTRAVEL has selected the Services provided hereunder and, except as otherwise explicitly provided in this Agreement, TRX disclaims all liability for any data provided, stored or
transmitted by WORLDTRAVEL hereunder. 

  

	8.	Pricing and Payment 

  

	 	8.1	The fees for the Services provided pursuant to this Agreement are set forth below. All payments will be made in U.S. Dollars, less any penalties, as determined in accordance with
Section 8.11, regardless of whether WORLDTRAVEL collects any fees from its Customers. TRX has the right to suspend any or all of the Services for non-payment upon thirty (30) days written notice. 

  

	 	8.2	The transaction fees and   *   Fees provided pursuant to this Agreement are set forth on Exhibit I. No payment by WORLDTRAVEL to TRX is contingent upon
WORLDTRAVEL’s collection efforts from its customers. WORLDTRAVEL shall pay interest on all amounts not paid when due at the rate of one and one-half percent (1.5%) per month or the highest lawful rate, if less, unless WORLDTRAVEL, in good
faith, disputes the amount of any invoice. WORLDTRAVEL shall have one hundred eighty (180) days from the receipt of said invoice to provide TRX with a written “Dispute Notice,” detailing the amount and nature of any dispute regarding
such invoice. If WORLDTRAVEL tenders a Dispute Notice, WORLDTRAVEL shall not be relieved of its obligation to pay any undisputed amounts as required under this Agreement. After TRX has received the Dispute Notice, both parties shall work in good
faith to diligently come to terms regarding the disputed amount. 

  

	 	8.3	*   Fees are due   *  , on or before the first day of such   *  . Transaction fees in excess of the   *   shall
be billed in arrears within   *   of the last day of the   *   in which such fees were incurred. If transaction levels are lower than that the amounts represented by the   *   Fee for any
particular   *  , then amounts due to WORLDTRAVEL will be reimbursed within   *   of the   *   in which such overages are incurred. 

  

	 	8.4	 *   Fees shall be based on   *   of WORLDTRAVEL’s 2005 actual transactions and shall be adjusted semi-annually based on changes
in WORLDTRAVEL’s transaction levels. WORLDTRAVEL’s initial budgeted transactions and the initial   *   Fee are listed in Exhibit I. At no time during the term of this Agreement shall the   *  
minimum payment to TRX fall below   *   (to be trued-up within after then end of the contract year in question). Notwithstanding the foregoing, the   *   Fee will be adjusted to   *   of
budgeted transactions if a catastrophic event occurs that severely impacts travel transactions across the travel industry. The parties will mutually agree to the point in time when the 

  

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*   Fee will return to the initial level depending on the extent of the catastrophic event. 

  

	 	8.5	Reserved. 

  

	 	8.6	If WORLDTRAVEL acquires a current TRX client (“Acquired Client”), WORLDTRAVEL will be given a   *   from the close date of the acquisition. During the
  *  , TRX will bill WORLDTRAVEL for the Acquired Client’s transactions using the terms set forth in the original TRX contract with the Acquired Client. Except as provided below, at the end of the   *  ,
until expiration or termination of TRX’s agreement with such Acquired Client, the Acquired Client’s transactions will be included as WORLDTRAVEL’s transactions and TRX will no longer bill for these transactions separately.
Additionally, WORLDTRAVEL will have the right to select the Acquired Client’s pricing model at its discretion. Additionally, TRX and WORLDTRAVEL will negotiate in good faith to determine the best manner in which to handle the integration of
that new business into the WORLDTRAVEL service bureau. Any additional staffing and accompanying fees will be mutually discussed and agreed upon. 

  

	 	8.7	The fees for the Services do not include any charge for taxes. WORLDTRAVEL is solely responsible for paying any and all federal, state and local taxes (including any and all sales
or use taxes or export/import taxes and customs duties) attributable to the Services rendered by TRX or any authorized distributor in connection with this Agreement, excluding only taxes based upon the net income of TRX. To the extent WORLDTRAVEL is
obligated to pay any state or local taxes incurred as a result of the rendition of Services within the State of Texas, TRX will collect and remit such taxes on behalf of WORLDTRAVEL in such cases where TRX is legally obligated to collect and remit
such taxes in Texas. In all other jurisdictions, WORLDTRAVEL will bear the sole responsibility to properly self-assess and remit to the proper taxing authorities any federal, state, or local taxes incurred as a result of the Services performed under
this Agreement and/or any tax incurred as a result of any tangible personal property transferred or used by WORLDTRAVEL incident to such Services. Any reference in this Agreement, or any exhibit hereto, to the term taxes shall be construed to mean
all federal, state and local taxes. WORLDTRAVEL shall reimburse TRX for the actual amount of any taxes paid by TRX on behalf of WORLDTRAVEL in accordance with this Section 8.7 in the event that TRX pays any taxes on WORLDTRAVEL’s behalf
and is not otherwise reimbursed for such taxes. 

  

	 	8.8	Reserved.  

  

	 	8.9	Reserved. 

  

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	 	8.10	* Payments for Development. As consideration for the development of the Design Specifications and the discharge of all of TRX’s obligations related to the Development
Services, WORLDTRAVEL agrees to pay TRX a fee as follows (the “Development Fee”): 

  

	 	8.10.1	The Development Fee shall be based on the work specified in the Delivery Order, calculated at rates *. An estimate of the actual Development Fee shall be set forth in the Delivery
Order. The Development Fee shall not exceed the estimate in the Delivery Order by more than *, without written authorization from WORLDTRAVEL. 

  

	 	8.10.2	The Development Fee will be paid in * in accordance with the payment schedule set forth in the Delivery Order, and each * shall be payable upon completion of each milestone by TRX
and acceptance by WORLDTRAVEL in accordance with Sections 2 and 3 of Exhibit E, Development Procedures. The Market Rates payable hereunder shall be effective for the *. 

  

	 	8.10.3	Review of Fee. TRX will submit the charges to be invoiced for Development Services performed and the applicable time reports or documentation required hereunder to the
WORLDTRAVEL project coordinator specified in the Delivery Order for review and approval prior to actual invoicing. The charges and/or expenses invoiced in accordance with this Section 8, except for any amounts disputed by WORLDTRAVEL, are *.
Any disputed charges shall not affect payment of non- disputed charges in accordance with the terms of this Agreement. 

  

	 	8.11	Penalties and Incentives. Should TRX fail to meet any of its obligations in delivery of Services and such failure causes harm to WORLDTRAVEL and/or its Customers, WORLDTRAVEL
shall have the right to assess penalties and deduct the same from any invoices due and owing to TRX under the following circumstances only: 

  

	 	8.11.1	 Unauthorized hits. TRX’s use of WORLDTRAVEL’s GDS access on behalf of Non-WORLDTRAVEL Customers is strictly forbidden and is considered creating
unauthorized hits and will result in a penalty equal to *. The use of WORLDTRAVEL’s GDS access for the purpose of testing on behalf of WORLDTRAVEL and/or WORLDTRAVEL Customers will not be considered creating unauthorized hits; however, TRX
shall be required to receive approval from WORLDTRAVEL prior to initiating such testing. WORLDTRAVEL and TRX will agree on mutually acceptable procedures to grant such approval. TRX will, 

  

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upon request from WORLDTRAVEL, produce a report identifying all GDS hits by WORLDTRAVEL location. 

  

	 	8.11.2	GDS enter hits, incurred under WORLDTRAVEL’s GDS contracts, as a result of program loops, bugs or other faults in the Software will result in a penalty to TRX. The amount of
the penalty shall be calculated using * for any hits occurring after initiation of the loop, bug or other fault, (or as mutually agreed by the parties) for any single transaction. 

  

	 	8.11.3	Unavailability of the Services to WORLDTRAVEL and/or its Customers for a period exceeding * hours, due to TRX’s failure to meet its obligations under this Agreement and under
the Service Level Agreement, attached as Exhibit H. The amount of the penalty shall be calculated on a per day basis, using the most recent invoice and dividing the total amount due for the particular service that was unavailable by the
number of days covered under the invoice. TRX will be penalized *. 

  

	 	8.11.4	TRX will pay a penalty to WORLDTRAVEL in the event that TRX fails to meet certain Performance Standards, established in accordance with Section 16.4 and Exhibit H. Penalty
details are contained in Exhibit H. 

  

	 	8.11.5	WORLDTRAVEL may be obligated to make a monetary payment to one of its customers that is directly attributable to either the unavailability of the Services as described in 8.11.3 or
to TRX’s failure to meet a Performance Standard as described in 8.11.4. In these situations, TRX and WORLDTRAVEL will exercise their commercially reasonable efforts to mutually determine the appropriate penalty, if any, in addition to those
stated in 8.11.3 and 8.11.4. If actual costs are clearly demonstrable, TRX shall be responsible for reimbursement of that amount. 

  

	 	8.11.6	The parties are aware of the possibility of amending this Agreement to add additional penalties or incentives to address new issues that could arise during the term of this
Agreement. The parties agree to negotiate in good faith to reach mutually agreeable terms as to the specifics of such penalties or incentives. 

  

	 	8.12	Development Penalties. WORLDTRAVEL and TRX will mutually determine the development penalties for each individual Delivery Order. Should TRX fail to meet any of its obligations as
stated in the applicable Delivery Order, WORLDTRAVEL shall have the right to deduct the penalty amount from any invoices due and owing to TRX under the respective Delivery Order. 

  

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	 	8.13	Development Incentives. WORLDTRAVEL and TRX will mutually determine development incentives for each individual Delivery Order. Should TRX meet any of its development incentive
criteria as stated in the applicable Delivery Order, TRX shall have the right to add the amount of development incentive to the invoices due and owing to TRX under the respective Delivery Order and WORLDTRAVEL will pay the same.

  

	 	8.14	Records. TRX shall maintain complete and accurate accounting records, in a form in accordance with generally accepted accounting principles, to substantiate TRX’s charges
hereunder. TRX shall retain such records for a period of three (3) years from the date of final payment by WORLDTRAVEL hereunder. 

  

	 	8.15	Audit Rights. WORLDTRAVEL shall have the right to audit (or have audited) the books and records of TRX relating to the amounts invoiced to WORLDTRAVEL hereunder for the purpose of
verifying the amounts due and payable hereunder upon at least five (5) business days notice to TRX. The cost of such an audit shall be borne by WORLDTRAVEL, however, TRX will bear the cost of the audit if the audit reveals any overpayment
which, in the aggregate, is greater than * of the amount which was actually due for the period being audited. 

  

	 	8.16	CFS. The Corporate Fulfillment Services (CFS) division of WORLDTRAVEL shall be entitled to all Services, as applicable for all WORLDTRAVEL customers, under the terms and conditions
of this Agreement. Additional services provided to CFS by TRX are outlined in Exhibit J. 

  

	9.	WARRANTIES AND REPRESENTATIONS 

 TRX hereby warrants and
represents to WORLDTRAVEL the following: 
  

	 	9.1	The work to be performed hereunder shall be of professional quality and will conform to generally accepted standards for the industry. Any services performed by TRX that are
determined by WORLDTRAVEL to be of less than professional quality or which contain errors or defects shall be corrected by TRX without charge, subject to Section 4.1.5 of this Agreement. 

  

	 	9.2	The Design Specifications and Custom Application Software will contain only (i) original material created by TRX or (ii) material which has been properly licensed from
third parties and has been used by TRX in accordance with the licenses for such materials. 

  

	 	9.3	Neither the Design Specifications nor Custom Application Software has been or will be assigned, transferred or otherwise encumbered. 

  

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	 	9.4	The WORLDTRAVEL Custom Software shall function in substantial conformity with any Design Specifications contained within the applicable Delivery Order for a period of one
(1) year after WORLDTRAVEL’s acceptance of such Software. During such warranty period, TRX shall correct any defects identified by TRX or by WORLDTRAVEL at no cost. 

  

	 	9.5	EXCEPT AS EXPLICITLY SET FORTH IN THIS AGREEMENT, NO OTHER WARRANTY, EXPRESS OR IMPLIED, IS MADE WITH RESPECT TO THE CUSTOM APPLICATION SOFTWARE, OTHER SOFTWARE OR SERVICES TO BE
SUPPLIED HEREUNDER, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, SYSTEM INTEGRATION, OR DATA ACCURACY, WHICH ARE SPECIFICALLY DISCLAIMED. 

  

	10.	Limitations of Liability 

  

	 	10.1	EXCEPT FOR DAMAGES DESCRIBED IN THE EXAMPLES BELOW FOR BREACHES OF A PARTY’S CONFIDENTIALITY OBLIGATIONS AND FOR TRX’S LIABILITY ARISING UNDER SECTION 13, NEITHER
WORLDTRAVEL, TRX NOR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS, WILL BE LIABLE TO THE OTHER FOR ANY INDIRECT CLAIMS OR SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE SERVICES PROVIDED UNDER THIS AGREEMENT OR A BREACH
OF THE AGREEMENT, WHETHER SUCH DAMAGES OR CLAIMS ARE BASED ON BREACH OF WARRANTY OR CONTRACT, NEGLIGENCE, STRICT LIABILITY, TORT, PRODUCTS LIABILITY OR OTHERWISE. FOR PURPOSES OF THIS SECTION THE FOLLOWING DAMAGES SHALL BE CONSIDERED DIRECT DAMAGES,
AND NOT INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL: DAMAGES THE NON-BREACHING PARTY IS LEGALLY REQUIRED TO PAY TO A THIRD PARTY (INCLUDING A GOVERNMENTAL AGENCY) AS A RESULT OF A BREACH OF CONFIDENTIALITY BY THE OTHER PARTY, BUT SPECIFICALLY DO
NOT INCLUDE ANY DAMAGES FOR THE NON-BREACHING PARTY’S LOST PROFITS OR LOST BUSINESS. 

  

	 	10.2	 EXCEPT WITH RESPECT TO DAMAGES ARISING FROM EITHER PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER THIS AGREEMENT AND EXCEPT FOR TRX’S LIABILITIES
ARISING UNDER SECTION 13 OF THIS AGREEMENT, IN NO EVENT WILL EITHER PARTIES’ LIABILITY FOR ANY DAMAGES OR INJURIES TO THE OTHER PARTY HEREUNDER EXCEED THE TOTAL SERVICE, LICENSE AND DEVELOPMENT FEES PAID BY 

  

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WORLDTRAVEL FOR THE SERVICES, LICENSES AND DEVELOPMENT PROVIDED HEREUNDER, REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, NEGLIGENCE, STRICT
LIABILITY, TORT, PRODUCTS LIABILITY OR OTHERWISE. 

  

	11.	General Indemnity by TRX. 

 TRX shall
indemnify, defend and hold WORLDTRAVEL and its officers, directors, agents and employees harmless from and against any and all liabilities, damages, losses, expenses, claims, demands, suits, fines or judgments, including reasonable attorneys’
fees, and costs and expenses incidental thereto, which may be suffered by, accrued against, charged to or recoverable from WORLDTRAVEL or any of its officers, directors, agents or employees, arising out of or resulting from claims of bodily injury,
loss, claim or damage or physical destruction of property and any claims of third parties arising out of TRX’s negligent performance of this Agreement and/or any material breach of this Agreement by TRX, its officers, directors, agents,
employees and subcontractors. 
  

	12.	General Indemnity by WORLDTRAVEL. 

 WORLDTRAVEL shall indemnify, defend and hold TRX and its officers, directors, agents and employees harmless from and against any and all liabilities, damages, losses, expenses, claims, demands, suits, fines or judgments, including
reasonable attorneys’ fees, and costs and expenses incidental thereto, which may be suffered by, accrued against, charged to or recoverable from TRX or any of its officers, directors, agents or employees, arising out of or resulting from claims
of bodily injury, loss, claim or damage or physical destruction of property and any claims of third parties arising out of WORLDTRAVEL’s negligent performance of this Agreement, any claims of third parties that the use of the Services
(including, but not limited to the Custom Modifications, Documentation, and Remote Services) by WORLDTRAVEL infringes any third party rights (except to the extent that WORLDTRAVEL has used such Services as specifically authorized by TRX under this
Agreement), and/or any material breach of this Agreement by WORLDTRAVEL, its officers, directors, agents, employees and subcontractors. 
  

	13.	Patent. Copyright or Trademark Infringement. 

  

	 	13.1	 Subject to the terms of this Section 13, TRX will indemnify, defend and hold harmless WORLDTRAVEL against any claim that the Services furnished hereunder
infringe any copyright or trademark of a third party, pay all amounts payable to third parties in connection with any settlement or compromise of such claim approved by TRX, and pay all damages finally awarded by a court (after any permitted
appeals) to third parties relating to such claim, including court costs and reasonable attorneys fees awarded; provided WORLDTRAVEL: (i) notifies TRX in writing of any claim of infringement; (ii) permits TRX to exclusively defend,
compromise, settle or appeal any such claim or judgment (at the expense of TRX); (iii) assists and cooperates with TRX, as reasonably requested by TRX, to enable TRX to defend, compromise, settle or appeal any such claim, suit, demand or

  

 17 

	 	 
judgment; and (iv) has complied with the terms of this Agreement. The provisions of this Section 13 shall not prohibit WORLDTRAVEL’s
participation with TRX in the defense or appeal of any such claim or judgment should WORLDTRAVEL choose to participate, at its own expense (such expense not being indemnified by TRX) and with attorneys of its own choice, provided that TRX shall have
sole control and authority with respect to any such defense, compromise, settlement, appeal or similar action. 

  

	 	13.2	TRX shall have no obligation to WORLDTRAVEL under this Section 13 if the actual or alleged infringement is based solely upon (i) any modification or alteration of the
Services that was not supplied by TRX, or (ii) the use of the Services in combination with any other software or equipment, if such actual or alleged infringement would not have arisen absent such combination, unless such combination was
recommended to WORLDTRAVEL by TRX. 

  

	 	13.3	Should WORLDTRAVEL’s right to continue to use the Services pursuant hereto be enjoined by a court because the Licensed Software Products is declared to infringe a valid patent,
copyright or trademark, TRX at its option shall either: (i) procure for WORLDTRAVEL the right to continue to use the Services; (ii) modify the Services to render it non-infringing but substantially functionally equivalent to the Services
prior to such modification; or (iii) replace the Services with non-infringing services that are substantially functionally equivalent to the Services. In the event that none of the options set forth in this Section 13.3 are reasonably
possible or effective, TRX shall be entitled to terminate this Agreement and refund to WORLDTRAVEL a pro-rata portion of the fee paid not to exceed the total fee paid, for the particular Services found to be infringing. 

  

	 	13.4	THIS SECTION 13 STATES TRX’s ENTIRE OBLIGATION REGARDING ANY ACTUAL OR ALLEGED INFRINGEMENT, VIOLATION OR MISAPPROPRIATION OF ANY THIRD PARTY’S PATENT, COPYRIGHT,
TRADEMARK OR OTHER PROPRIETARY RIGHTS RELATING TO THE SERVICE BUREAU SERVICES AND APPLICATION SERVICES. 

  

	14.	Term and Termination 

  

	 	14.1	The term of this Agreement will begin on the Effective Date and will continue until December 31, 2008 (the “Term”) unless terminated sooner in accordance with this
Agreement. 

  

	 	14.2	 Extension and Renewal. Unless terminated earlier, either party may terminate this Agreement at the end of the second year of the Term by giving written notice to
the other party no later than six months prior to the end of the second year of the Term. Unless terminated earlier, if at least six months prior to the end of the Term, the parties have not agreed to a written Amendment extending this Agreement,
this Agreement shall, unless either party provides 

  

 18 

	 	 
notice of its desire not to renew, automatically renew at the end of the Term for an additional one (1) year term on the same terms and conditions.

  

	 	14.3	Either party may terminate this Agreement and the rights granted herein if the other party breaches any of the provisions of this Agreement and (i) fails to remedy such breach
within forty-five (45) days after receiving written notice thereof, or (ii) provided the breach does not relate to a monetary obligation, fails to (a) commence a good faith action to remedy such breach within five (5) days after
receiving written notice thereof, and (b) diligently pursue such action to conclusion. 

  

	 	14.4	In the event TRX fails to meet the Performance Standards, as specified in this Agreement, WORLDTRAVEL shall give TRX notice of such non-compliance and TRX shall take all reasonable
actions to correct such non-compliance within forty-five (45) days, providing a corrective action plan to WORLDTRAVEL for approval within the first three (3) days. WORLDTRAVEL shall review and approve such corrective action plan or provide
reasonable required changes to TRX within two (2) days from WORLDTRAVEL’s receipt of such plan. In the event that TRX does not meet the Performance Standards within the time period set forth in any corrective action plan, WORLDTRAVEL may
terminate this Agreement for cause pursuant to the notice provisions provided in Section 19.7. Termination of this Agreement does not constitute either party’s exclusive remedy for breach or non-performance by the other party and each
party is entitled to seek all other available remedies, both legal and equitable, including injunctive relief. 

  

	 	14.5	Should either party (1) make a general assignment for the benefit of creditors; (2) institute proceedings to be adjudicated a voluntary bankrupt; (3) consent to the
filing of a petition of bankruptcy against it; (4) be adjudicated by a court of competent jurisdiction as being bankrupt or insolvent; (5) seek reorganization under any bankruptcy act; (6) consent to the filing of a petition seeking
such reorganization; or (7) have a decree entered against it by a court of competent jurisdiction appointing a receiver, liquidator, trustee, or assignee in bankruptcy or in insolvency covering all or substantially all of such party’s
property or providing for the liquidation of such party’s property or business affairs; then, in any such event, the other party, at its option and without prior notice, may terminate this Agreement effective immediately.

  

	 	14.6	Upon termination of this Agreement for any reason, TRX’s obligation to provide all Services hereunder will immediately cease, with the exception of specific Termination
Assistance services, as set forth in Section 14.8. 

  

	 	14.7	 Should there be any material change, as determined by either party; (1) in any laws, ordinances, orders, rules or regulations governing the way the parties may
operate; or (2) in travel industry conditions, including but not limited to, airfares or compensation to WORLDTRAVEL, by action of any industry vendor, governing body or client; or (3) in technology; which material change 

  

 19 

	 	 
has the effect of materially increasing or decreasing the cost of doing business; then, either party shall have the right to provide written notice to the
other party of such change and both parties agree to renegotiate in good faith the financial and/or service terms of this Agreement. If the parties are unsuccessful in renegotiating mutually satisfactory terms, either party shall have the right to
terminate this Agreement without penalty at any time thereafter with thirty (30) days advance written notice. 

  

	 	14.8	WORLDTRAVEL and TRX Obligations Upon Termination. In the event of termination of this Agreement by either party, TRX will work together with WORLDTRAVEL or a designated third
party to identify the information, materials and resources WORLDTRAVEL is entitled to receive and to develop an overall plan for transitioning such items to WORLDTRAVEL in accordance with the following provisions (collectively, “Termination
Assistance”). The terms of this Agreement as they relate to Termination Assistance shall remain in effect until TRX has completed its Termination Assistance. TRX will provide the Termination Assistance described below for a period of no
less than ninety (90) days and no more than six (6) months per WORLDTRAVEL’s written request, except as provided in this Section. TRX’s obligation to provide Termination Assistance will be conditioned upon WORLDTRAVEL paying to
TRX all outstanding invoices, (less penalties assessed to TRX and any disputed amounts), prior to the commencement of any Termination Assistance and will be conditioned upon WORLDTRAVEL continuing to pay when due any and all fees due hereunder
during the Termination Assistance period. In the case of any pre-payment of fees by WORLDTRAVEL, the appropriate pro-rata amount shall be refunded by TRX to WORLDTRAVEL. Notwithstanding the termination or expiration of this Agreement, the terms and
conditions of this Agreement will apply to all services provided by TRX during such period. If WORLDTRAVEL requests Termination Assistance beyond the available capacity of the TRX on-site staff, such request will be treated as a request for
additional services and subsequent to WORLDTRAVEL’s pre-approval, WORLDTRAVEL will pay the agreed upon charge for such additional services. The provisions of this Section will survive the expiration or termination of this Agreement for any
reason. 

 WORLDTRAVEL and TRX will jointly develop a plan (the “Transition Plan”) to effect the orderly transition
and migration to WORLDTRAVEL or a designated third party from TRX of all Services then being performed or managed by TRX under this Agreement (the “Termination Transition”). The Transition Plan will set forth the tasks to be performed by
WORLDTRAVEL and TRX, the time for completing such tasks and the criteria for declaring the transition “completed”. The parties and their employees and agents will cooperate in good faith to execute the plan and each party agrees to perform
those tasks assigned to it in the Transition Plan. TRX will direct the execution of the Transition Plan, unless WORLDTRAVEL initiated termination of the Agreement for any reason, in which case WORLDTRAVEL will direct the 

  

 20 

 
execution of the Transition Plan. The Transition Plan will include the following tasks to be performed by TRX and such other tasks as may be agreed upon by
WORLDTRAVEL and TRX: 
 (i) Providing WORLDTRAVEL access to necessary data files and programs, certain non-proprietary
operational procedures and data and documentation in TRX’s possession related to the Services. 
 (ii) Returning all
WORLDTRAVEL Confidential Information in TRX’s possession, except for one copy that TRX may retain, subject to its confidentiality obligations, for internal record keeping purposes and for compliance with applicable professional standards.

 (iii) Returning all WORLDTRAVEL data and documentation. TRX will deliver to WORLDTRAVEL all WORLDTRAVEL data in a format
suitable for application use by WORLDTRAVEL and will seek to minimize the amount of manual data entry or re-keying necessary in connection with the transfer of such data to WORLDTRAVEL. 
 (iv) Providing WORLDTRAVEL with all work products, including Design Specifications, Documentation, Custom Application Software and source
code, for any Delivery Orders for WORLDTRAVEL Custom Software. 
 (v) Refund to WORLDTRAVEL all fees that were pre-paid
hereunder for Services that were to be provided by TRX on dates falling after the date of termination. 
  

	 	14.9	Obligation To Minimize Damages. Both parties shall have an obligation to take such steps as may be reasonably necessary to minimize damages to the parties on termination, including,
but not limited to, minimizing all contractual obligations that but for the existence of this Agreement, neither party would have entered into. 

  

	 	14.10	The provisions of Sections 7, 10, 11, 12, 13, 14, 15, 17, 18 and 19 hereof survive the termination of this Agreement. 

  

	15.	Non-Solicitation and Confidentiality 

  

	 	15.1	 Unless mutually agreed, during the term of this Agreement and, for any individual employee, for six months following resignation of such employee, neither party
shall actively solicit for employment any employees of the other party used by the original employing party in the performance of the Services or additional Services, without the prior written consent of the original employer. The original employer
shall be entitled, in addition to any other remedies it may have at law or in equity, to a payment from the hiring party in 

  

 21 

	 	 
an amount equal to * of any employee the hiring party hires in violation of this Section. 

  

	 	15.2	For purposes of this Section 15, “Owner” means the party disclosing Confidential Information and Trade Secrets (“Proprietary Information”), whether such
party is TRX or WORLDTRAVEL and “Recipient” is the party receiving Proprietary Information, whether such party is TRX or WORLDTRAVEL. 

  

	 	15.3	TRX and WORLDTRAVEL acknowledge and agree that during the term of this Agreement each party will have access to and have disclosed to it Proprietary Information. WORLDTRAVEL
acknowledges that the Software, object and source code and Remote Services are Trade Secrets of TRX and its licensors. Each party acknowledges that the loss of competitive advantage due to unauthorized disclosure or unauthorized use of Owner’s
Proprietary Information will cause great injury and harm to the Owner. 

  

	 	15.4	Recipient covenants and agrees that it shall not, without the prior written consent of Owner, or as set forth herein, directly or indirectly, (i) disclose, divulge, distribute,
publish, reproduce, decompile, reverse engineer, transmit or transfer to others Owner’s Proprietary Information, or any portions thereof, by any means or in any form, (ii) make use of the Proprietary Information other than as expressly
permitted under this Agreement, or (iii) disclose, in whole or in part, any of Owner’s Proprietary Information to any individual, entity or other person, except to those of Recipient’s employees or representatives who (a) require
access for Recipient’s authorized use of Owner’s Proprietary Information, and (b) agree to comply with the use and non-disclosure restrictions stated in this Agreement. If requested by Owner, Recipient shall cause its employees and
representatives to execute appropriate confidentiality agreements. If an unauthorized use or disclosure occurs, Recipient will immediately notify Owner and assist Owner in recovering Owner’s Proprietary Information and prevent its subsequent
unauthorized use or dissemination. In addition, any emulation errors or other act or omission by TRX resulting in WORLDTRAVEL Customers’ data (or Non- WORLDTRAVEL Customers’ data) being inadvertently revealed to another WORLDTRAVEL
Customer or other third party will constitute a breach of this provision. 

  

	 	15.5	The restrictions set forth herein shall continue (i) with respect to the Trade Secrets for as long as such information continues to be a Trade Secret under applicable law, and
(ii) with respect to Confidential Information, for a period of five (5) years from the date of expiration or termination of this Agreement. 

  

	 	15.6	 Except as otherwise provided in this Agreement, upon the termination or expiration of this Agreement, both parties shall deliver to each other all memoranda, notes,
records, tapes, documentation, disks, manuals, files or other documents, and all copies thereof, concerning or containing Confidential 

  

 *  Confidential Treatment Requested 
 22 

	 	 
Information or Trade Secrets that are in either party’s possession. Further, each party shall certify to the other that upon the termination or
expiration of this Agreement all Trade Secrets and Confidential Information belonging to the other party are purged from the receiving party’s computer memory. 

  

	 	15.7	During the term of this Agreement, unless requested by WORLDTRAVEL, TRX will not directly solicit or sell or license any Services or Products directly to WORLDTRAVEL’s
Customers receiving travel management services without obtaining WORLDTRAVEL’s written authorization. In the event a customer of WORLDTRAVEL responds to an indirect solicitation for additional products or services, TRX will coordinate with
WORLDTRAVEL for the provision of such additional products or services. 

  

	 	15.8	Each party agrees that it will promptly do all acts which may be reasonably necessary to enable the party owning intellectual property in accordance with this Section 15, at the
owning party’s expense, to file and prosecute applications for copyrights, patents, and/or trademarks for the intellectual property owned by such party hereunder. 

  

	16.	Representation & Performance Review 

  

	 	16.1	Operational Representatives. TRX and WORLDTRAVEL will each designate an Operational Representative who will be the primary representative of either party in all matters of
administering this Agreement. One of their functions, among other things, will be to review and analyze the performance of the parties based on the Performance Standards specified in this Agreement. The initial Operational Representatives are
designated as: TRX RESX and SELEX Operational Representative - Holly Brosam; TRX CORREX Operational Representative - Michelle Buchanan; TRX IT Representative - Jim Sabinski; WORLDTRAVEL SELEX and CORREX Operational Representative - Dixie Akins;
WORLDTRAVEL RESX Operational Representative - Ellen Trotochaud; WORLDTRAVEL IT Representative - Brian Flynn. Operational Representatives are defined by each party and may be changed or substituted at any time with a two-week notification to the
other party. Each party shall have the right to exercise reasonable discretion to refuse an Operational Representative designated by the other party and request a replacement. The Operational Representatives shall set priorities for the allocation
of TRX resources necessary to adequately perform under this Agreement. Once the Operational Representatives set a start date for any project or other matter to be undertaken under this Agreement, such start date cannot be changed by TRX, unless the
scope of the project has been changed by mutual agreement of the parties. In setting such priorities and start dates the Operational Representatives shall take into consideration other business issues facing TRX and other commitments of TRX.

  

 23 

	 	16.2	Management Representatives 

 Each party hereby
appoints the following individual as its Management Representative for purposes of this Agreement: 
 TRX: Shane Hammond 
 WORLDTRAVEL: Dee Runyan 
 The Management
Representatives are named by each party and may be changed upon written notification to the other party. 
  

	 	16.3	Report Contents. As defined in the Service Level Agreement attached as Exhibit H to this Agreement, TRX will prepare (i) a listing of key service activities, and
(ii) definitions of measurements of qualitative and quantitative Performance Standards for each such key service activity, and will submit such listings and definitions to WORLDTRAVEL for approval within a reasonable timeframe not to exceed
sixty (60) days after the Effective Date of this Agreement. Such service performance levels will be used to measure TRX’s performance of its responsibilities under this Agreement. 

  

	 	16.4	Performance Review. TRX will deliver to WORLDTRAVEL for each calendar quarter (within thirty (30) days of the end of such quarter), commencing with the calendar quarter
beginning January 1, 2002, service performance reports (“Service Performance Reports”) that identify, for each approved key service activity, the Performance Standard for that activity. WORLDTRAVEL will review TRX’s
performance during the previous calendar quarter (including but not limited to the information, contained in the Service Performance Reports), and will provide feedback to TRX regarding the performance of its responsibilities under this Agreement.
TRX and WORLDTRAVEL will also periodically review the definitions and measurements used in the Service Performance Reports and revise them as necessary to reflect the most appropriate measures of TRX performance. The initial failure by TRX to meet
any Performance Standard shall not be considered a breach of this Agreement, until the provisions of Section 14.4 have been satisfied. WORLDTRAVEL shall have the right to assess penalties in accordance with Section 8.11 in the event of
TRX’s failure to meet any Performance Standard for a period of thirty (30) consecutive days. 

  

	17.	Source Code and Ability of WORLDTRAVEL TO License Remote Services 

  

	 	17.1	TRX shall place a copy of the current source code for all the Software in escrow with a third party escrow agent acceptable to both parties. 

  

	 	17.2	 WORLDTRAVEL shall be entitled to a copy of and shall have a non exclusive license and right to use the source code for the Software licensed hereunder, if:
(i) TRX becomes insolvent or a party to any bankruptcy or receivership proceedings or makes an assignment for the benefit of creditors; or (ii) TRX is in material default of performance under this Agreement or of any software support
agreement then in effect between the parties relating to 

  

 24 

	 	 
the Software; or (iii) TRX ceases to market or support the Software and such marketing/support is not continued by another corporation or entity, or is
continued by another corporation or entity, which WORLDTRAVEL for reasonable cause deems unsatisfactory, provided that the right to license source code under this section (iii) shall only be applicable to the Software affected by this section
and shall not be applicable to any Software that is still being marketed or supported by TRX at the time; (iv) TRX is acquired by * , or (v) TRX’s performance of Support Services and ability to meet its Performance Standards are causing
TRX to be in breach of this Agreement and TRX has been unable to correct such deficiencies as required under this Agreement. In all instances above, TRX shall be compensated for the fair market value for the license if the source code is obtained by
WORLDTRAVEL, except when any of the circumstances listed above result in the corporate dissolution of TRX such that TRX is no longer conducting business as a corporate entity. 

 Notwithstanding anything to the contrary in this Section 17, WORLDTRAVEL’s rights to license the source code under this Section 17 shall be
null and void in the event that WORLDTRAVEL is acquired by *. 
  

	18.	Dispute Resolution. 

  

	 	18.1	Initial Procedures. The parties shall make all reasonable efforts to resolve all disputes without resorting to litigation. If a dispute arises between the parties, the
Operational Representatives will attempt to reach an amicable resolution. If either Operational Representative determines that an amicable resolution cannot be reached, such Operational Representative shall submit such dispute in writing to the
Management Representatives, who shall use commercially reasonable efforts to resolve the matter or to negotiate an appropriate modification or amendment to this Agreement, if necessary. 

  

	 	18.2	Escalation. Except as otherwise provided in Section 14; neither party shall be permitted to exercise any other remedies until the later of (i) the date that either
Management Representative concludes in good faith that an amicable resolution of the dispute through continued negotiation is unlikely, or (ii) sixty (60) days following the date that both parties have notified a Management Representative
pursuant to Section 18.1. If either party fails to designate a Management Representative at its own initiative, it shall do so within three business days of a request from the other party to do so. 

  

	 	18.3	 Arbitration. If the parties are unable to reach a resolution of any matter within the negotiation procedures outlined herein, the unresolved disputes
concerning 

  

 *  Confidential Treatment Requested 
 25 

	 	 
this Agreement shall be submitted to arbitration before an arbitrator agreed upon by the parties, or, if the parties cannot agree upon an arbitrator within
thirty (30) days, to an arbitrator appointed by the American Arbitration Association. The site of the arbitration shall be Atlanta, Georgia, and the arbitration shall be conducted under the rules then prevailing of the American Arbitration
Association. The arbitrator may award attorney’s fees and costs as part of his award. The award of the arbitrator shall be binding and may be entered as a judgment in any court of competent jurisdiction. 

  

	19.	General 

  

	 	19.1	This Agreement, including the Exhibits attached hereto, represents the entire understanding and agreement between the parties, and supersedes any and all previous discussions
and communications. No employee or agent of TRX, nor any distributor for TRX, is authorized to make any additional representations or warranties related to the Services. Any subsequent amendments and/or additions hereto are effective only if in
writing and signed by both parties. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld; provided, however, either party may
assign its rights and obligations hereunder to a parent, subsidiary or affiliate company without such consent (but under no circumstances shall TRX assign any of its rights or obligations to a WorldTravel Competitor without WORLDTRAVEL’s
advance written consent). Subject to the foregoing limitation on assignment, this Agreement is binding upon and inures to the benefit of the successors and assigns of the respective parties hereto. 

  

	 	19.2	This Agreement is to be interpreted in accordance with the laws of the State of Georgia. Any legal action resulting from it is to be held within the jurisdiction of the
applicable state and federal courts of Atlanta, Georgia. 

  

	 	19.3	Headings of paragraphs in this Agreement are inserted for convenience only, and are in no way intended to limit or define the scope and/or interpretation of this Agreement.

  

	 	19.4	The failure of either party at any time to require performance by the other party of any provision hereof is not to affect in any way the full rights of such party to require such
performance at any time thereafter, nor is the waiver by either party of a breach of any provision hereof to be taken or held to be a waiver of the provision itself or any future breach. 

  

	 	19.5	The parties hereto are independent contractors, and nothing in this Agreement is to be construed to create a partnership, joint venture, or agency relationship between TRX and
WORLDTRAVEL. 

  

	 	19.6	 If any part, term, or provision of this Agreement is held to be illegal, unenforceable, or in conflict with any law of a federal, state, or local 

  

 26 

	 	 
government having jurisdiction over this Agreement, the validity of the remaining portions or provisions are not to be affected thereby.

  

	 	19.7	Any notice given pursuant to this Agreement is to be in writing and delivered personally or sent by certified mail, return receipt requested, or by air express, return receipt
requested, to the individuals shown below, or to such other persons or addresses as the parties may designate in a notice conforming with the requirements of this Section. Any such notice, when delivered in the manner aforesaid, shall be deemed
given on the earlier of the date of receipt or three (3) days following its delivery. 

  

			
	 For WORLDTRAVEL:
	  	Dee Runyan
		  	Executive Vice President
		  	WorldTravel Partners I, LLC
		  	1055 Lenox Park Boulevard, Suite 420
		  	Atlanta, GA 30319
		
	 With a copy to:
	  	Legal Department
		  	WorldTravel Partners I, LLC
		  	1055 Lenox Park Boulevard, Suite 420
		  	Atlanta, GA 30319
		
	 For TRX:
	  	Trip Davis
		  	President & CEO
		  	TRX Technology Services, L.P.
		  	6 W. Druid Hills Road
		  	Atlanta, GA 30329

 (SIGNATURES ON FOLLOWING PAGE) 
  

 27 

 IN WITNESS WHEREOF, the undersigned duly authorized representatives of the parties hereto have made and
entered into this Agreement as of the Effective Date. 
  

									
	 TRX TECHNOLOGY SERVICES, L.P.
	 		 	 WORLDTRAVEL PARTNERS I, LLC

					
	 Signed:
	 	 /s/ Trip Davis
	 		 	 Signed:
	 	 /s/ Dee Runyan

		 	 Trip Davis
	 		 		 	 Dee Runyan

		 	 President & CEO
	 		 		 	 Executive Vice President

  

 28 

 EXHIBIT A 
 Market Rates 
  

			
	 CORREX/RESX/SELEX
	  	 
	Service Bureau Support	  	*
		
	Senior Programmer	  	*
		
	Database Administrator	  	*
		
	Systems Analyst	  	*
		
	Business Analyst	  	*
		
	Testing/Documentation Specialist	  	*
		
	Additional Support Services (Section 4 3)	  	*
		
	Custom Report Programming	  	*
		
	On-Site Visit	  	*
		
	RESX Recertification Training @ TRX’s Atlanta office (* days of training accommodating * students will be provided free of charge each year )	  	*
		
	Projects over * hours	  	Time and Materials

  

	 	•	 	Hourly rates for Projects over * hours will be billed at * per hour 

  

	 	•	 	Materials are defined as any item that must be purchased specifically to fulfill Project requirements, and any purchase of Materials requires prior written approval by WorldTravel.

   *   will apply to work orders. 
  

 *  Confidential Treatment Requested 
 29 

 EXHIBIT B 
 SERVICES AND PRODUCTS 
 Services: 
 CORREX – This includes all existing components and modules of CORREX. 
 PeopleTracker 
 RESX; includes Web searches and bookings 
 RESX Profiler 
 RESX Web Services 
 Databridge 
 SELEX Workflow Manager 
  

 30 

 EXHIBIT C 
 RESERVED 
  

 31 

 EXHIBIT D 
 DELIVERY ORDER #                     
 TO MASTER AGREEMENT 
 BETWEEN TRX TECHNOLOGY SERVICES L.P. 
 AND WORLDTRAVEL PARTNERS I, LLC 
  

	I.	STATEMENT OF WORK 

  

	II.	DELIVERABLES 

  

	III.	IMPLEMENTATION SCHEDULE 

  

	IV.	COSTS 

  

	 	a.	FEES 

  

	 	b.	PENALTIES/INCENTIVES 

  

	 	c.	PROFIT SHARING 

  

	V.	PERSONNEL 

  

	VI.	OWNERSHIP/PROPRIETARY RIGHTS 

  

	VII.	LICENSE TERMS 

  

	VIII.	EXCLUSIVE USE 

 IN WITNESS WHEREOF, the parties hereto have caused
this Delivery Order to be executed and delivered by their duly authorized representatives, as of the date first written above, and such Delivery Order is hereby incorporated into the above-referenced Agreement. 
  

									
	TRX Technology Services L.P.	 		 	WORLDTRAVEL PARTNERS I, LLC
					
	 By:
	 	  	 		 	 By:
	 	  
	 Authorized Signature
	 		 	 Authorized Signature

					
	 Name: 
	 	  	 		 	 Name: 
	 	  
					
	 Title:
	 	  	 		 	 Title:
	 	  

  

 32 

 EXHIBIT E 
 DEVELOPMENT PROCEDURES 
  

	1.	PROJECT MANAGEMENT: DELIVERY 

  

	 	1.1	Designation of Project Coordinators 

 TRX shall
designate a project manager for the work hereunder (the “TRX Project Coordinator”), who shall be assigned by TRX to supervise the work hereunder, and shall serve as WORLDTRAVEL’s point of contact for the resolution of problems.
WORLDTRAVEL shall also designate an employee who shall be assigned by WORLDTRAVEL to coordinate WORLDTRAVEL’s involvement in the work hereunder (the “WORLDTRAVEL Project Coordinator”), and shall serve as TRX’s point of contact
for the resolution of problems. Either party may change its Project Coordinator from time to time and shall notify the other party of any such change at least five (5) days in advance of such a change. For purposes of any Delivery Order, the
TRX Project Coordinator and the WORLDTRAVEL Project Coordinator shall also coordinate the services provided by TRX under a Delivery Order, unless otherwise agreed. 
  

	 	1.2	Periodic Progress Reports 

 TRX shall provide
periodic progress reports as required in any applicable Delivery Order. 
  

	 	1.3	Change Order Procedure 

 All changes to the mutually
agreed upon Design Specifications or to any Delivery Order must be requested in writing and require mutual agreement, in accordance with the procedure set forth in Exhibit G to the Master Agreement and incorporated herein by reference.
Evaluation and/or implementation of requested changes may or may not result in any modification to the Development Fee, Implementation Schedule (hereinafter defined) or other terms of the Delivery Order. TRX assumes the risk of any work performed or
action taken by TRX based upon oral statements, or on documents or notations, not in accordance with the Design Specifications, this Section 1.3, any Delivery Order and Exhibit G hereto. 
  

 33 

	2.	IMPLEMENTATION AND ACCEPTANCE OF SPECIFICATIONS AND CUSTOM APPLICATION SOFTWARE 

  

	 	2.1	Implementation Schedule 

 The Implementation
Schedule, as contained in any Delivery Order, sets forth the expectations of the parties as to the timing of the various stages of any project undertaken in a Delivery Order. TRX recognizes that time and timely performance is of the essence in this
Agreement. In the event any milestone set forth in the Implementation Schedule is not met due to any delay caused by TRX’s acts or omissions, WORLDTRAVEL shall not be required to remit the payment until such milestone is met. Additionally, TRX
shall use commercially reasonable efforts to ensure that such delay does not result in slippage of later milestones. 
  

	 	2.2	Design Specifications 

 On execution of a Delivery
Order hereunder, TRX shall, with WORLDTRAVEL’s cooperation, gather the necessary detailed requirements and develop and deliver to WORLDTRAVEL a set of Design Specifications meeting WORLDTRAVEL’s requirements as set out in such Delivery
Order. An authorized representative of TRX shall certify to WORLDTRAVEL in writing that the Design Specifications are fully capable of meeting WORLDTRAVEL’s requirements as contained in the Delivery Order, except as expressly agreed to
otherwise in writing by WORLDTRAVEL and that TRX is fully capable of developing and delivering the Custom Application Software. If such Design Specifications are prepared by TRX at WORLDTRAVEL’s request and initiation under such a Delivery
Order, the Delivery Order shall provide for WORLDTRAVEL to pay for the preparation of such Design Specifications at cost. TRX shall use reasonable efforts to deliver the Design Specifications to WORLDTRAVEL on or before the specified time set forth
in the Implementation Schedule. WORLDTRAVEL acknowledges that such timely delivery by TRX requires WORLDTRAVEL’s best efforts to cooperate and provide necessary information on a timely basis. TRX shall not be responsible for failure to timely
deliver such Design Specification if such failure is due to WORLDTRAVEL’s acts or failure to act. Within a mutually agreed upon date after the delivery of the Design Specifications to WORLDTRAVEL, WORLDTRAVEL shall notify TRX in writing of its
acceptance or rejection of the Design Specifications. If the Design Specifications are rejected, for any cause other than changes requested by WORLDTRAVEL, WORLDTRAVEL will specify the reasons for such rejection and TRX shall revise and re-deliver
amended Design Specifications to WORLDTRAVEL for acceptance at no additional charge to WORLDTRAVEL. If WORLDTRAVEL rejects the amended Design Specifications, WORLDTRAVEL shall have the right to terminate that Delivery Order and make no further
payments. If WORLDTRAVEL has neither accepted nor rejected the Design Specifications within thirty (30) days 

  

 34 

 
after the delivery thereof, the Design Specifications shall be deemed to have been accepted by WORLDTRAVEL. Once the Design Specifications are accepted, they
automatically become part of the Delivery Order. 
  

	3.	WORLDTRAVEL Acceptance Testing of Custom Application Software 

  

	 	3.1	Alpha Testing 

 After TRX has certified to WORLDTRAVEL in
writing that TRX testing of the Custom Application Software is completed, the Custom Application Software has been delivered and installed, and that the Custom Application Software is fully operational, fully integrated with any and all pre-existing
software or equipment in the WORLDTRAVEL environment in which it must operate and ready for acceptance testing by WORLDTRAVEL, WORLDTRAVEL shall conduct WORLDTRAVEL Alpha Tests as set forth in the Design Specifications (the “WORLDTRAVEL Alpha
Testing”). TRX personnel will be present at such WORLDTRAVEL Alpha Testing, if requested by WORLDTRAVEL, on a time and materials basis at or below cost. All WORLDTRAVEL Alpha Testing will be conducted in accordance with the Implementation
Schedule of any relevant Delivery Order. 
 If the Custom Application Software fails to pass WORLDTRAVEL Alpha Testing based on the testing
criteria in the Design Specifications or Delivery Order, WORLDTRAVEL shall so notify TRX in writing specifying the nature of such failure, and TRX shall use all reasonable efforts to correct such failure after which WORLDTRAVEL shall repeat
WORLDTRAVEL Alpha Testing. If the Custom Application Software fails to pass WORLDTRAVEL Alpha Testing a second time and such failure constitutes a material failure, WORLDTRAVEL has the right to terminate the Delivery Order and not pay for any
services rendered under such Delivery Order, it being understood that WORLDTRAVEL would receive a refund of sums already paid under the Delivery Order. In the event of such termination, WORLDTRAVEL does have the right, but not the obligation, to
purchase the source code and other work products, including Design Specifications, Documentation and Application Software produced under the Delivery Order for the Custom Application Software for a mutually agreed upon reasonable fee. 
  

	 	3.2	Beta Testing 

 Upon successful completion of Alpha Testing,
WORLDTRAVEL shall utilize the Custom Application Software for an initial thirty (30) day period, as set forth in the relevant Implementation Schedule, for the processing of WORLDTRAVEL’s data in a production-like environment (the
“Beta Test”). The Beta Test shall be successfully completed upon notice from WORLDTRAVEL to TRX that WORLDTRAVEL is satisfied, in its 

  

 35 

 
reasonable discretion, that for a mutually agreed upon period (i) all of the functions of the Custom Application Software have been provided and perform
in accordance with this Agreement and the Design Specifications, and (ii) all reliability and performance standards have been met or exceeded (the “Final Custom Application Software Acceptance”). 
 If the Custom Application Software fails to pass the Beta Test, WORLDTRAVEL shall so notify TRX in writing specifying the nature of such failure(s) in
reasonable detail and TRX shall use all reasonable efforts to correct the specified failure(s) after which WORLDTRAVEL shall commence another Beta Test. If the Custom Application Software fails to pass WORLDTRAVEL Beta Testing a second time,
WORLDTRAVEL has the right to terminate the Delivery Order and not pay for any services rendered under such Delivery Order, it being understood that WORLDTRAVEL would receive a refund of sums already paid under the Delivery Order. In the event of
such termination, WORLDTRAVEL does have the right, but not the obligation, to purchase the source code and other work products, including Design Specifications, Documentation and Custom Application Software, produced under the Delivery Order for a
mutually agreed upon reasonable fee. 
  

 36 

 EXHIBIT F 
 CORREX 
 CORREX Pricing Matrix 
 (inclusive of   *   support hours each quarter based on   *   monthly transactions; the parties agree that support hours do not carry over if not used during the quarter
allotted; the allotment of support hours shall be adjusted on a quarterly basis pro-rata basis based on the number of transactions during such quarter. Notwithstanding the foregoing, all support hours over   *   (or such other
adjusted amount) in any quarter shall be charged to WORLDTRAVEL at TRX’s then-current rates. 
  

			
	 *   CORREX Transaction Level
	  	Transaction Fee
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*

 A transaction is defined as a unique PNR.  
 RESX 
 RESX Pricing Matrix 

(All RESX test bookings created by logged in user   *   will not result in a booking fee.) 
  

			
	 *   Booking Level
	  	Booking Fee
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*

 A RESX Booking is a unique PNR created using the RESX Services.  
 RESX Profiler 
 Combination Booking/Profiler companies

 RESX clients will be provided with   *   profile pushes per every   *   booking 
 Profile pushes exceeding this threshold will be billed at   *   per event 
 (TRX agrees to make available detailed reporting to assist WORLDTRAVEL in assessing RESX Profiler activities). 
  

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 Profiler only companies 
   *   access fee of   *   per company 
 Profile pushes will be billed
at   *   per event 
 A RESX Profiler Transaction is a change to any profile that is uploaded to a GDS. 
 Web Services / XDS Support 
 Year one support fee of
  *   fee will be assessed for both XDS and Web Services support. 
 Beginning January 1, 2007, an annual maintenance fee of
  *   will be assessed for Web Services support. 
 Beginning January 1, 2007, hits exceeding the   *   threshold
of   *   will be assessed a fee of   *   per hit. 
 Web Bookings and Searches 
 Web air bookings billed at   *   fee 
 Web searches billed
at   *   per search 
 Databridge Usage 
 Up to   *   updated rows included in monthly maintenance fee of   *   
 Incremental
increase of   *   growth in usage to be billed   *   in arrears 
 SELEX Workflow Manager 

  *   seat minimum 
   *   Users -
  *   per user per year 
   *   and above -   *   per user per year 
 Implementation fee of   *   to include up to   *   hours of configuration, training, and support. Additional hours to be billed at
the market rate of   *   per hour. 
 PeopleTracker (Data Replication) 
   *   per unique CORREX transaction for non-global accounts 
   *   per unique CORREX transaction for global accounts 
 Annual maintenance fee of   *   will be assessed
for PeopleTracker support, to be billed   *   of each year of the Agreement 
 CONTRAX 
 TRX will support CONTRAX through   *   
 Support fees will
be billed at a rate of   *   per   *   
 Note: Support can be stopped at anytime prior to
  *   and fees will be pro-rated. 
  

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 EXHIBIT G 
 CHANGE ORDER PROCEDURE 
 Step 1. Change Identification 
 WORLDTRAVEL will identify the need for a change in the Design Specifications. This request shall be in writing, authorized by the WORLDTRAVEL Project Coordinator, and
submitted to the TRX Project Coordinator. 
 Step 2. Analysis 
 The TRX Project Coordinator will handle all initial requests submitted by WORLDTRAVEL, and will assign the appropriate level of technical support personnel to review each such request. TRX personnel will review each
request and produce a proposal with initial designs addressing the parameters specified by WORLDTRAVEL. The proposal will also address the effect, if any, of the change on the Implementation Schedule and/or other terms and conditions of the Delivery
Order. The TRX Project Coordinator will submit the proposal to WORLDTRAVEL for its review and approval. 
 Step 3. Analysis
Review. 
 WORLDTRAVEL will review TRX’s proposal and will authorize TRX in writing to perform one of the following actions: 
  

	 	A.	cancel initial request (no charges incurred, no change to the Design Specifications); 

  

	 	B.	perform change at rates and upon terms specified in the proposal submitted by TRX pursuant to Step 2 above; or 

  

	 	C.	enter negotiations as to rates and/or terms which will apply to the change 

 Step 4. Implementation 
 TRX will respond
to the corresponding WORLDTRAVEL authorization (as set forth in Step 3 above) as follows: 
  

	 	A.	cancel all efforts; 

  

	 	B.	begin implementation of change; or 

  

	 	C.	negotiate rates quoted and/or terms and conditions specified in the proposal submitted by TRX pursuant to Step 2 (results of negotiation to be reflected in a revised proposal by TRX
pursuant to Step 2) 

  

 39 

 Step 5. Delivery/Acceptance 
 If the proposed change does not provide for an acceptance procedure, then upon completion of any change undertaken by TRX pursuant to Step 4, item B above, TRX will
deliver the completed products to WORLDTRAVEL for its review and acceptance in accordance with TRX’s proposal. WORLDTRAVEL will notify TRX in writing if the products delivered do not meet the specifications contained within TRX’s proposal
in accordance with the terms and conditions of this Agreement and/or the amendment pertaining to the change. 
  

 40 

 EXHIBIT H 
 SERVICE LEVEL AGREEMENT 
 Although some Products are referred to by name, this agreement will encompass all TRX
technology used by WORLDTRAVEL. WORLDTRAVEL and TRX will find mutually acceptable terms to amend this agreement to cover any future Products used by WORLDTRAVEL. 
 Definitions for purposes of this Exhibit: 
  

	 	•	 	Notification – Notification is defined as group e-mail, voicemail or a voice-to-voice contact for confirmation. Notification of all system outages will be made via
voice- to-voice contact. 

  

	 	•	 	Authorized Representatives – Authorized Representatives are WORLDTRAVEL staff members who have the authority to approve any specifics outlined in this document.
WORLDTRAVEL will provide TRX with a list of Authorized Representatives. 

  

	 	•	 	TRX Service Bureau – The systems in place at TRX, or at a TRX designated alternate location, which provide various Service Bureau Services, including CORREX, to
WORLDTRAVEL and its Customers. 

  

	 	•	 	TRX Data Center – The systems in place at TRX, or at a TRX designated alternate location, in which TRX provides access to TRX Application Service products, including
RESX and RESX Profiler, to WORLDTRAVEL and its Customers. 

  

	 	•	 	TRX Client Care Center – The systems in place at TRX, or at a TRX designated alternate location, which provide various Client Care Center Services, including RESX
support to WORLDTRAVEL and its Customers. 

  

	 	•	 	Level 0 – Coding is a low level of effort, low complexity and high priority requests (  *   or less of effort required not requiring process
documentation, e.g. UDID value change) 

  

	 	•	 	Level I – Coding is a low to medium level of effort and low complexity (  *   of effort not requiring database interaction) 

 

	 	•	 	Level II – Coding is a medium to high level of effort and medium complexity (  *   of effort, basic database interaction required)

  

	 	•	 	Level III – An initiative outside of Level II design due to complexity of requirements. Time required to design; code and test may exceed   *   in
total. Dedicated resources will be required and may include resources outside of service bureau personnel. A ‘Statement of Work’ will be required for these types of initiative. Examples: 

 Auto-ticketing for new GDS 
 Re-write of
existing auto-ticketing process to change the entire process flow 
 Extensive modifications or new email process initiatives 
 ODBC database modifications impacting web-reporting 
 New or extensive modifications to eFlow transaction processing 
  

	 	•	 	Pending – Status is defined as waiting for additional information from WORLDTRAVEL 

  

	 	•	 	Working as Designed – Functioning as per the original request specifications 

  

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 Hours of Operation (Central Time Zone) 
 The CORREX Service Bureau is staffed   *  , excluding major holidays. Major Holidays are defined as the actual day of the Holiday or
the official day observed in lieu of: New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Day after Thanksgiving, and Christmas Day. 
 The CORREX Data Center is monitored   *   hours per day,   *   days a week through an automated monitoring system. 
 The Client Care Center is staffed   *  , excluding Major Holidays. 
 The RESX Data Center is monitored   *   hours per day,   *   days per week, including Major Holidays. 

Business Continuity 
  

	 	•	 	System back-ups will be performed on a daily basis. All information required to restore the system in case of total failure will be stored in an off-site location.

  

	 	•	 	For CORREX, in the event of a system failure (including database failure), the redundant system must be activated and operational within   *   of discovery.

  

	 	•	 	For CORREX e-mail, TRX maintains   *   email servers in the production environment. In the event that   *   email server fails, email
processing will fail over to the   *   production server within   *  . 

  

	 	•	 	TRX will maintain excess server capacity and will manage server outages via the use of these redundant servers on a real-time basis. 

  

	 	•	 	Components monitored to evaluate capacity: 

  

	 	•	 	RESX: Database, Web Server - CPU Usage, ASP.NET sessions, memory usage, the number of requests executed, and GDS TA usage. If any of these components were to exceed an average of
  *   during peak hours for   *  , they will be escalated to an alert status for increased monitoring. If the situation persists for   *   consecutive days the TRX IT department will
execute a purchase order to add capacity. 

  

	 	•	 	SELEX Workflow Manager: Web Server - CPU Usage, memory usage, the number of requests executed, and GDS TA usage. If any of these components were to exceed a threshold of
  *  , they will be escalated to an alert status for increased monitoring. If the situation persists for   *   consecutive days the TRX IT department will execute a purchase order to add capacity.

  

	 	•	 	CORREX: Database, PNR processing. If the database CPU were to exceed a threshold of   *  , it will be escalated to an alert status for increased monitoring. If
the situation persists for   *   consecutive days the TRX IT department will execute a purchase order to add capacity. PNR processing is monitored continuously to determine when additional TAs are needed.

  

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	 	•	 	TRX will maintain fully redundant GDS access. 

  

	 	•	 	For RESX, TRX maintains diverse points of entry   *  . In the future, TRX will maintain diverse points   *  . 

  

	 	•	 	For SELEX Workflow Manager, TRX maintains   *   . 

  

	 	•	 	For CORREX, because WORLDTRAVEL hosts their own GDS circuits, they are responsible for providing redundant sources. 

  

	 	•	 	For RESX, in the event of an outage, TRX will implement a Recovery relative to the extent of the outage, up to and including The Disaster Recovery Plan (in WORLDTRAVEL’s
possession). TRX commits to geographic diversity between   *   North American data centers by year end, 2006. In the event TRX does not meet this deadline, then TRX shall pay WORLDTRAVEL   *   per month
until such time as the   *   North American data centers are operational. 

  

	 	•	 	TRX agrees to readdress its business continuity plan no later than   *   . 

 Escalation and Performance Standards 
 System Performance 
 Severity 1 (“S1”) (sometimes referred to as High) is defined as an issue causing complete loss of Remote Services. The issue has one or more of
the following characteristics: 
 Data corruption - physical or logical data is unavailable or incorrect. 
 System crashed repeatedly - a process fails and continues to fail after restart attempt. 
 Critical functionality is not available - a process cannot continue when a vital feature is inoperable. 
 System hangs - This
includes cases where the process hangs indefinitely. Also includes severe performance degradation causing unreasonable waits for responses or delays in processing. This would include time out errors. 
 Auto-ticketing is down or inoperable within CORREX.  
 Resolution
Timeframe for Severity 1 Issues 
 TRX will provide Notification to WORLDTRAVEL of all S1 issues within   *   of discovery.

 Steps to resolve S1 issues will be communicated to WORLDTRAVEL for expected up time. TRX will make its best efforts to resolve the issue as quickly as
possible. 
 TRX will provide an escalation plan for S1 situations. Any messages received via pager or emergency voice-mail will be responded to with a
resolution or update within   *  . 
  

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 Severity 2 (“S2”) (sometimes referred to as Medium) is defined as an issue that causes an
internal error, or incorrect behavior causing severe loss of service. No customer acceptable workaround is available; however, operations can continue in a restricted fashion. The issue has one or more of the following characteristics: 

Internal error, causing system to fail, but restart or recovery is possible. 
 Severely degraded performance due to internal error. An example would be degraded performance of   *. 
 Important functionality is
unavailable, yet the system can continue to operate in a restricted fashion. 
 Resolution Timeframe for Severity 2
Issues 
 TRX will provide an escalation plan for S2 situations. Any messages received via cell phone or emergency voice-mail will be responded to with a
resolution or update within   *   during normal business hours or within   *   of the start of normal business hours. 
 Service Request Standards (bugs and defects) 
 Critical: Service Requests falling in this category will require an immediate fix. No work-around is available. Updates will be communicated at a mutually agreed upon frequency. 
 A high percentage of one or more customer-critical functions are unavailable/severely impacted 
 Major component or function failed or is not accessible. 
 Service Request has potential financial liability to TRX or to its customers. 
 Security standards and/or
data integrity is not met - Users see or have access to TRX specific data that they should not. 
 One or more customer-critical Associate
links (air, car, hotel) are down or experiencing slow response causing high percentage of time outs 
 Examples: 
 Duplicate PNRs are created in the system for the majority of bookings. 
 When selecting Purchase Now, reservations are not falling on the ticketing queue. 
 RESX is adding wrong
ticketing date to the TAW line. 
 When retrieving a trip from the Trips and Templates page and then submitting for purchase, an Unhandled
Exception error is being returned. 
 Resolution Timeframe for Critical Service Requests 
 Correction will be deployed as soon as is feasibly and technically possible, to include   *   efforts. 
 High: For Service Requests falling in this category a work-around is available, but is not viable or intuitive for users or administrators.

 Essential component or function (non-critical) failed or is not accessible for specific users. 
 Essential component or function failed or is not accessible., 
 Service Request has potential financial liability. 
  

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 Essential component or function is degraded in a specific area, but does not affect the intended use of
the entire system. 
 Examples: 
 Manual booked hotels show the trip as being archived. 
 Trip Authorization is triggered for Web Bookings when
it should not be. 
 Resolution Timeframe for High Service Requests 
 High Service Requests will be addressed within a maximum of * major RESX release cycles. CORREX High Service Requests will be prioritized and addressed through a major
CORREX release. 
 The number of High Service Requests within the RESX system will not exceed * . 
 Medium: For Service Requests falling in this category a work-around is available and is viable for users and administrators. 
 Non-essential component or function failed or is not accessible for specific users. 
 Non-essential component or function is experiencing intermittent failures, error messages, or time-outs. 
 Non-essential component or function does not work exactly as designed. 
 Examples: 
 Air availability saved as Trip Research is not redisplaying when selected from the
Trip Research list. 
 RESX is allowing the same code to be used twice in a look-up list, once in upper case and the other in lower case.

 Clicking the Hotel information link on any page returns an error. 
 Clicking View Rules for an air option returns an error. 
 Resolution Timeframe for Medium Service Requests 
 Medium Service Requests will be addressed within a maximum of *
major RESX release cycles. CORREX Medium Service Requests will be prioritized and addressed through a major CORREX release. The number of Medium Service Requests within the RESX system will not exceed * . 
 Low: For Service Requests falling into this category no work-around is required. These Service Requests typically highlight minor issues that do
not impact the customer’s ability to use the application. 
 Non-essential component or function is experiencing infrequent failures.

 Cosmetic issues or issues with informational items. 
 Text does not show exactly as expected. 
  

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 Examples: 
 RESX Profile Section Display Options item “Skip Itinerary Choice Flag” is misspelled. Should be “Skip Itinerary Choice Flag”. 
 If user enters an invalid date, the system repaints the page without returning an error. 
 User is allowed to enter a mileage membership without selecting an airline. 
 Resolution Timeframe for Low Service Requests 
 Low Service Requests will be addressed as time permits within a future release. 
 System Uptime 
  

	 	•	 	Notification of scheduled downtime or maintenance will be provided to WORLDTRAVEL no less than   *   prior to occurrence. This includes any maintenance on
non-WORLDTRAVEL accessed equipment that may impact WORLDTRAVEL Customers in any way. 

  

	 	•	 	Any scheduled down time will be performed from 6:00 p.m. Saturday – 12:00 p.m. Sunday CT or between midnight and 5:00 a.m. on Monday through Friday unless otherwise agreed to
by the parties. Scheduled maintenance that occurs on a weekday will have duration of no more than   *  . Maintenance requiring downtime of more than   *   will occur on weekends. 

  

	 	•	 	TRX will provide a monthly report of scheduled and unscheduled downtime. 

  

	 	•	 	TRX will continuously monitor all applications and all support infrastructure including networks, servers, etc. to ensure quality of processes. 

  

	 	•	 	TRX will be responsible for monitoring system utilization and load. Any adjustments will be made accordingly to accommodate increased WORLDTRAVEL Customer base. WORLDTRAVEL will be
provided monthly utilization reports. When TRX Data Center system capacity reaches   *   , a review will be done and documentation provided to WORLDTRAVEL. 

  

	 	•	 	WORLDTRAVEL will provide monthly reports of   *   projected transaction volumes. 

  

	 	•	 	TRX will perform regularly scheduled database maintenance to ensure optimal performance and to eliminate database errors. TRX will provide to WORLDTRAVEL documentation of this
maintenance schedule. 

  

	 	•	 	TRX will provide documentation of the previous month’s uptime, in writing to WORLDTRAVEL on a monthly basis. 

 RESX 
 TRX will provide a monthly uptime of
  *   during peak hours, and   *   during off-peak hours, excluding scheduled maintenance downtime, 365 days a year, 24 hours a day. Peak is defined as   *  . 
  

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 Should TRX fail to meet an overall uptime (peak and off-peak combined) of   *  , a
penalty equivalent to the amounts contained in the table below will be incurred. 
  

			
	 Uptime %
	  	 Penalty

	   *  
	  	  *  
	   *  
	  	  *  
	   *  
	  	  *  
	   *  
	  	  *  

 For the TRX Data Center, system uptime is defined as including necessary components required to
book a reservation or build a profile. 
 CORREX 
 TRX will provide a monthly uptime of   *   during peak hours, and   *   during off-peak hours, excluding scheduled maintenance downtime, 365 days a year, 24 hours a day. Peak is defined as
  *  . 
 Should TRX fail to meet an overall uptime (peak and off-peak combined) of   *  , a penalty
equivalent to the amounts contained in the table below will be incurred. 
  

			
	 Uptime %
	  	 Penalty

	   *  
	  	  *  
	   *  
	  	  *  
	   *  
	  	  *  

 For the TRX Service Bureau, system uptime is defined as including all necessary components to the
CORREX system, providing that all such components are processing transactions according to the standards set forth in this Exhibit H. 
 TRX Service
Bureau Processing, Programming & Support 
 TRX will ensure that CORREX will process   *   of the PNRs placed
on queue in   *   or less when host GDS systems are available and volumes do not exceed   *   of the anticipated volume. Forecasts of volume will be reviewed monthly. 
 Any PNRs not processed within the   *   timeframe shall not exceed a   *   processing time. 
 SLA is limited to   *   of prior   *   months average volume, unless WORLDTRAVEL forecasted the increased volume
and notified TRX accordingly. 
 If WORLDTRAVEL exceeds the   *   increase in any   *   , and did not
notify TRX of this anticipated increase, TRX shall have   *   to put the necessary staff in place to accommodate the increased transactions and comply with the   *   processing standard. 
 TRX agrees to assign a team of appropriately trained and qualified Applications Service Analysts (“ASA’s”) to handle development,
programming, maintenance, and management of WORLDTRAVEL’s CORREX routine library. Resources will include CORREX as well as advanced Power CORREX programming staff. TRX will ensure that appropriate back up is in place for all Service Bureau
staff and will identify such back up to 

  

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WorldTravel upon request. Any TRX staff no longer on the WORLDTRAVEL assignment will still be bound by the confidentiality terms of this Agreement.

 Requests for new programming will be routed to the designated service bureau team in writing via CRM, as defined in Section 4.1.1 of
the Master Agreement, by designated WORLDTRAVEL divisional or national staff. 
 TRX will obtain approval from WORLDTRAVEL on all new
routines prior to placing them into production. 
 TRX will provide an automated service request tracking system and monthly reporting on
service metrics. 
 Level 0: (Extremely low complexity routines) 
 *   completed within   *   of being assigned (less days in “pending” status) 
 *   of all Level 0 requests will be completed on originally scheduled ETD Level 0 requests will be capped at   *   and in the event that this cap is exceeded, WORLDTRAVEL will receive a credit of the excessive
hours to the monthly allotment. Requests verified as “errors” will not be deducted from the   *   allotment of hours. 
 If a request is reported as an error and is later determined to be working as was originally requested, WTBTI will be billed   *   for first level support. 
 Level I: (Low complexity routines) 
   *   completed within   *   of being assigned (less days in “pending” status) 
   *   of all Level I requests will be completed on originally scheduled ETD Level I requests should not exceed an average of   *   and will be capped at
  *   each and in the event that this average or cap is exceeded, WORLDTRAVEL will receive a credit of the excessive hours to the   *   allotment. 
 Requests verified as “errors” will not be deducted from the   *   allotment of hours. 
 If a request is reported as an error and is later determined to be working as was originally requested, WTBTI will be billed   *   for
first level support. 
 WORLDTRAVEL will provide TRX a weekly forecast of new business or increased volume and in the event the forecasted
volume is exceeded by   *   or more in any given   *   , the penalty associated with ETD achievement will be waived for that   *   . 
 Incentive: 
   *  
delivered on originally scheduled ETD over a   *   period, WORLDTRAVEL pays an additional   *   on CORREX fees   *   
  

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 Penalty: 
 *   delivered on originally scheduled ETD over a   *   period, TRX discounts   *   on CORREX fees to WORLDTRAVEL. 
 *   and below delivered on originally scheduled ETD over a   *   period, TRX discounts   *   on CORREX
fees to WORLDTRAVEL. 
 If service falls below   *   for   *  , then TRX and WORLDTRAVEL agree to meet
and review resource allocation. 
 Level II: (High complexity routines) 
 *   completed within   *   of being assigned (less days in “pending” status) 
 *   of all Level II requests will be completed on originally scheduled ETD Level II requests should not exceed an average
  *   and will be capped at   *   each and in the event that this average or cap is exceeded, WORLDTRAVEL will receive a credit of the excessive hours to the   *   allotment. 
 Requests verified as “errors” will not be deducted from the   *   allotment of hours. 
 If a request is reported as an error and is later determined to be working as was originally requested, WTBTI will be billed   *   for
first level support. 
 WORLDTRAVEL will provide TRX a weekly forecast of new business or increased volume and in the event the forecasted
volume is exceeded by   *   in any given   *   , the penalty associated with ETD achievement will be waived for that   *   . 
 Incentive: 
 *   delivered
on originally scheduled ETD over a   *   period, WORLDTRAVEL pays an additional   *   on CORREX fees   *   
 Penalty: 
 *   delivered on originally scheduled ETD over a   *  
period, TRX discounts   *   on CORREX fees to WORLDTRAVEL. 
 *   and below delivered on originally scheduled
ETD over a   *   period, TRX discounts   *   on CORREX fees to WORLDTRAVEL. 
 If service falls below
  *   for   *  , then TRX and WORLDTRAVEL agree to meet and review resource allocation. 
 Level III (Projects):
(extremely complex routines, requiring extensive design, coding and Q&A) 
 Work order will be completed and negotiated prior
to coding 
  

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 ETD will be provided and incentives or penalties may apply 
 The work order may include additional charges to WORLDTRAVEL, depending on the nature of the project and the availability of resources on the TRX service
bureau team dedicated to WORLDTRAVEL. Any additional charges will be mutually agreed upon in the work order. 
 All project hours will be
deducted from the * allotment of hours, unless otherwise agreed to by all parties 
 New Account Implementations: 
  

	 	•	 	WORLDTRAVEL will provide a weekly forecast of pending implementations and conversions, for both CFS and traditional business. 

  

	 	•	 	TRX will commit to delivering new account implementation requests within * for CFS and * for traditional. 

  

	 	•	 	All requirements for new account implementations must be received * prior to the date required by CFS to begin testing and * prior to the date required by traditional for testing.
If account specific requirements are received in less than the * , TRX will make a best effort to deliver. 

 Email: 
 * of emails will be delivered within * of CORREX reading the reservation for email processing. 
 Limited to a monthly average of * emails per PNR. 
 WORLDTRAVEL will be billed a transaction fee of * per incremental email over the threshold of * . 
 Client Care Center Processing,
Programming & Support: 
 * of RESX Support Site tickets will receive a substantive response within * . If the initial response
does not include the resolution of the call, it will include a timetable for such resolution. 
 * of RESX Support Site tickets will be closed
within * , exclusive of custom development efforts. 
 * of RESX Support Site tickets not closed within * will be escalated to a Manager for
review. 
 TRX will maintain an overall Unhandled Exception Error (UEE) threshold for RESX not to exceed * relative to the number of pages
displayed. 
 No more than * client reimbursement items of all gross bookings In the event WORLDTRAVEL’s RESX booking to ticket gap
exceeds * , TRX will initiate an audit in an effort to determine contributing factors and make recommendations to close the gap. 
  

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 SLA Review 
 In the
event of any disagreement between the two parties, as a result of an omission of language in this document to address unanticipated situations, WORLDTRAVEL and TRX agree to negotiate in good faith to resolve such discrepancies and mutually agree on
an amendment to this document to address such specific situations. 
 On-site Support 
 TRX will travel to an agency site to assist with performance issues if the agency technology contact has worked directly with TRX and remote
troubleshooting techniques have been exhausted. 
 TRX will provide on-site support within * to resolve site-specific issues not correctable
by remote support. Once on-site, if the parties determine the problem is due to WORLDTRAVEL’s hardware or LAN configuration and not with the software itself, WORLDTRAVEL will reimburse TRX for reasonable expenses associated with the trip. If
the parties determine the problem is due to functionality that is not performing as documented, TRX will be responsible for its own expenses and will reimburse WorldTravel according to terms agreed to under 8.11. 
 Product Software Releases 
  

	 	•	 	TRX will notify WT of beta test dates a minimum of * prior to the start of beta test for new version and maintenance releases. 

  

	 	•	 	TRX will provide release notes and beta access a minimum of * prior to a general release of a feature version, provided TRX’s standard form beta agreement is signed by and
received from WORLDTRAVEL. 

  

	 	•	 	WORLDTRAVEL must be notified of all revisions not requiring operational changes at least * prior to install, with the possible exception of an emergency release.

  

	 	•	 	For material enhancements, TRX will host design review sessions to solicit input from WORLDTRAVEL and validate requirement expectations. 

  

	 	•	 	For each application, TRX will publish a testing process which will document the role of WORLDTRAVEL staff in the process. 

  

	 	•	 	All leading browsers in the current market place will be supported. Software should be compatible at least two versions back from the most current on the market.

 TRX Data Center Communication and Support 
  

	 	•	 	TRX will provide training materials and, if requested, training of WORLDTRAVEL divisional coordinator staff prior to any new release. 

  

	 	•	 	TRX will provide technical support via conference call with WORLDTRAVEL Customers to address issues surrounding specifications and connectivity at the request of WORLDTRAVEL. A date
for a call will be agreed upon and completed within * of when request is received. WORLDTRAVEL personnel will be present on all TRX calls to WORLDTRAVEL Customers regarding system uptime and performance. 

  

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 SLA Reporting: 
 SLA determined monthly 
 Reporting via the Web to be accomplished by the Client Portal 
 Weekly reporting will be cumulative for a given month, to allow WORLDTRAVEL to track   *   hours against SLA thresholds. 

WORLDTRAVEL has the right to audit the processes used by TRX to produce the SLA reports. 
 Reporting will include, but will not be limited to the following: 
 CORREX processing 
 Uptime for all solutions 
 Service Bureau performance 
 Client Care
Center performance 
 UEE metrics 
 Web Services response times 

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 Exhibit I 
 The pricing grids below are included to reflect the * services. Pricing for additional services are reflected in Exhibit F. 
 CORREX Pricing Matrix 
 (inclusive of * support hours per quarter, as may be adjusted pursuant to
the terms herein) 
  

			
	 * CORREX Transaction Level
	  	Transaction Fee
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*

 A transaction is defined as a unique PNR.  
 RESX Pricing Matrix 
  

			
	 * Booking Level
	  	Booking Fee
	 *
	  	*
	 *
	  	*
	 *
	  	*
	 *
	  	*

 A RESX Booking is a unique PNR created using the RESX Services. 
  

			
	 005 CORREX Transactions
	  	 *

	 Estimated 2005 RESX Bookings
	  	 *

	 Initial * Payment
	  	 *

	
	Initial * payment is based on * of 2005 annual transactions which averaged * CORREX transactions * at a fee of * and * RESX bookings * at a fee of * .

  

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 Exhibit J 
 Corporate Fulfillment Services 
  

	1.	Pricing for Non-WORLDTRAVEL Customers: 

  

			
	CORREX	  	* per transaction

  

	2.	Dedicated ASA * per year including benefits (benefits not to exceed * ) Responsibilities include but are not limited to: 

  

	 	•	 	Act as primary point of contact for CFS prioritizations 

  

	 	•	 	Available via phone during business hours 

  

	 	•	 	Act as lead CFS subject matter expert 

  

	3.	Escalation point for any issue impacting the dashboard that is having an adverse CFS processes 

  

	 	•	 	Escalations during business hours will be addressed via normal Clientele channels with an email to the Service Bureau for escalation 

  

	 	•	 	Escalations during after hours will be addressed with a phone call to the Service Bureau, which will send a message to the TRX NOC 

  

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