Document:

EX-4.(a)(i)

 Exhibit 4(a)(i) 
 CLIFFORD CHANCE LLP 
  
 

 
 EXECUTION VERSION 
 DATED 13 JANUARY 2015 
 INTERCONTINENTAL HOTELS GROUP PLC 

AND CERTAIN OF ITS SUBSIDIARIES 
 AS BORROWERS AND/OR GUARANTORS 
 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL
LIMITED 
 AS ORIGINAL LENDER 
 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
 AS FACILITY AGENT 

AND 
 BANK OF
AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
 AS MANDATED LEAD ARRANGER 

 
  

$400,000,000 

FACILITY AGREEMENT 
  

 
  

 CONTENTS 

 

							
	Clause	  	 	  	Page	 
			
	 1.
	  	Definitions and Interpretation	  	 	1	  
			
	 2.
	  	The Facility	  	 	16	  
			
	 3.
	  	Purpose	  	 	19	  
			
	 4.
	  	Conditions of Utilisation	  	 	19	  
			
	 5.
	  	Utilisation	  	 	19	  
			
	 6.
	  	Repayment	  	 	20	  
			
	 7.
	  	Prepayment and Cancellation	  	 	22	  
			
	 8.
	  	Interest	  	 	26	  
			
	 9.
	  	Interest Periods	  	 	27	  
			
	 10.
	  	Changes to the Calculation of Interest	  	 	27	  
			
	 11.
	  	Fees	  	 	29	  
			
	 12.
	  	Tax Gross-Up and Indemnities	  	 	30	  
			
	 13.
	  	Increased Costs	  	 	40	  
			
	 14.
	  	Other Indemnities	  	 	41	  
			
	 15.
	  	Mitigation by the Lenders	  	 	42	  
			
	 16.
	  	Costs and Expenses	  	 	43	  
			
	 17.
	  	Guarantee and Indemnity	  	 	43	  
			
	 18.
	  	Representations	  	 	46	  
			
	 19.
	  	Information Undertakings	  	 	49	  
			
	 20.
	  	Financial Covenants	  	 	53	  
			
	 21.
	  	General Undertakings	  	 	56	  
			
	 22.
	  	Events of Default	  	 	62	  
			
	 23.
	  	Changes to the Lenders	  	 	65	  
			
	 24.
	  	Changes to the Obligors	  	 	70	  
			
	 25.
	  	Role of the Facility Agent and the Arranger	  	 	72	  
			
	 26.
	  	Conduct of Business by the Finance Parties	  	 	79	  
			
	 27.
	  	Sharing among the Finance Parties	  	 	79	  
			
	 28.
	  	Payment Mechanics	  	 	81	  
			
	 29.
	  	Set-Off	  	 	84	  
			
	 30.
	  	Notices	  	 	85	  
			
	 31.
	  	Calculations and Certificates	  	 	87	  
			
	 32.
	  	Partial Invalidity	  	 	87	  
			
	 33.
	  	Remedies and Waivers	  	 	87	  
			
	 34.
	  	Amendments and Waivers	  	 	88	  

							
			
	 35.
	  	Confidentiality	  	 	89	  
			
	 36.
	  	Counterparts	  	 	94	  
			
	 37.
	  	Governing Law	  	 	94	  
			
	 38.
	  	Enforcement	  	 	94	  
		
	 Schedule 1 The Original Lenders
	  	 	96	  
		
	 Part A The Original Lenders (other than UK Non Bank Lenders)
	  	 	96	  
		
	 Part B The Original Lenders (UK Non Bank Lenders)
	  	 	97	  
		
	 Schedule 2 Conditions Precedent
	  	 	98	  
		
	 Part A Conditions Precedent to Initial Utilisation
	  	 	98	  
		
	 Part B Conditions Precedent required to be delivered by an Additional Obligor
	  	 	100	  
		
	 Schedule 3 Requests
	  	 	101	  
		
	 Part A Utilisation Request
	  	 	101	  
		
	 Schedule 4 Form of Transfer Certificate
	  	 	102	  
		
	 Schedule 5 Form of Accession Letter
	  	 	105	  
		
	 Schedule 6 Form of Resignation Letter
	  	 	106	  
		
	 Schedule 7 Form of Compliance Certificate
	  	 	107	  
		
	 Schedule 8 Security
	  	 	108	  
		
	 Schedule 9 Timetables
	  	 	109	  
		
	 Schedule 10 Form of Confidentiality Undertaking
	  	 	110	  
		
	 Schedule 11 Form of Increase Confirmation
	  	 	116	  

 THIS AGREEMENT is dated 13 JANUARY 2015 

BETWEEN: 
  

	(1)	INTERCONTINENTAL HOTELS GROUP PLC incorporated in England and Wales with registration number 05134420 (the “Company”); 

 

	(2)	SIX CONTINENTS LIMITED incorporated in England and Wales with registration number 913450 and INTERCONTINENTAL HOTELS LIMITED incorporated in England and
Wales with registration number 4551528 (together with the Company, the “Original Borrowers”); 

  

	(3)	SIX CONTINENTS LIMITED incorporated in England and Wales with registration number 913450 and INTERCONTINENTAL HOTELS LIMITED incorporated in England and
Wales with registration number 4551528 (together with the Company, the “Original Guarantors”); 

  

	(4)	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as mandated lead arrangers (the “Arranger”); 

 

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the “Original Lenders”); and 

 

	(6)	BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED as agent of the other Finance Parties (the “Facility Agent”). 

IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this
Agreement: 
 “Acceptable Bank” means a bank or financial institution which has a rating for its long-term
unsecured and non credit-enhanced debt obligations of A-1 or higher by Standard & Poor’s Rating Services Limited or Fitch Ratings Ltd or P-1 or higher by Moody’s or a comparable rating from an internationally recognised credit
rating agency. 
 “Accession Letter” means a document substantially in the form set out in Schedule 5 (Form
of Accession Letter). 
 “Additional Borrower” means a company which becomes an Additional Borrower in
accordance with Clause 24 (Changes to the Obligors). 
 “Additional Guarantor” means a company which
becomes an Additional Guarantor in accordance with Clause 24 (Changes to the Obligors). 
 “Additional
Obligor” means an Additional Borrower or an Additional Guarantor. 

  
 - 1 -

 “Affiliate” means, in relation to any person, a Subsidiary of that person
or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Applicable Accounting
Principles” means those accounting principles, standards and practices on which the preparation of the Original Financial Statements was based and those accounting policies which were used in the preparation of those financial
statements. 
 “Authorisation” means an authorisation, consent, approval, resolution, licence,
exemption, filing, notarisation or registration. 
 “Availability Period” means the period from
and including the date of this Agreement to and including the date falling seven days after the date of this Agreement. 

“Available Commitment” means a Lender’s Commitment minus: 

 

	 	(a)	the Dollar Amount of its participation in any outstanding Loans; and 

  

	 	(b)	in relation to the Utilisation, the amount of its participation in any Loans that are due to be made on the proposed Utilisation Date. 

“Available Facility” means the aggregate for the time being of each Lender’s Available Commitment.

 “Bank Levy” means the United Kingdom bank levy as set out in the Finance Act 2011 (UK), the French
taxe bancaire de risque systémique as set out in the Finance Bill 2011 (France) and the German Bank Levy as set out in the German Restructuring Fund Act, as all such legislation stands at the date of this Agreement. 

“Basel III” means the agreements on capital requirements, a leverage ratio and liquidity standards contained in
“Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities
operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision on 16 December 2010, each as amended, supplemented or restated. 
 “Borrower” means an Original Borrower or an Additional Borrower, unless it has ceased to be a Borrower in accordance with Clause 24 (Changes to the Obligors). 

“Borrowings” has the meaning given to it in Clause 20 (Financial covenants). 

“Break Costs” means the amount (if any) by which: 

 

	 	(a)	the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or
Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; exceeds: 

  
 - 2 -

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in
the Relevant Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London. 

“Cash” has the meaning given to it in Clause 20 (Financial covenants). 

“Cash Equivalents” has the meaning given to it in Clause 20 (Financial covenants). 

“Code” means the US Internal Revenue Code of 1986. 

“Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Commitment” in Schedule 1 (The Original Lenders) and the
amount of any other Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase); and 

  

	 	(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2
(Increase), 

 to the extent not cancelled, reduced or transferred by it under this Agreement. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 7 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to the Company, any
Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of
becoming a Finance Party under, the Finance Documents or the Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,

 in whatever form, and includes information given orally and any document, electronic file or any other way of
representing or recording information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 35 (Confidentiality); or

  
 - 3 -

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

 

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by
that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise
subject to, any obligation of confidentiality. 

 “Confidentiality Undertaking” means a
confidentiality undertaking in the form set out in Schedule 10 (Form of Confidentiality Undertaking) or in any other form agreed between the Company and the Facility Agent. 

“Consolidated Gross Assets” means the consolidated current assets plus consolidated non-current assets of the
Group. 
 “CTA 2009” means the Corporation Tax Act 2009. 

“CTA 2010” means the Corporation Tax Act 2010. 

“Default” means an Event of Default or any event or circumstance specified in Clause 22 (Events of Default)
which would (with the expiry of a grace period and/or the giving of notice) be an Event of Default. 
 “Disruption
Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communication systems or to those financial markets which are, in each case, required to operate in order for payments to be
made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or

  

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing
that, or any other Party: 

  

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

“Dollar Amount” means, in relation to a Loan, the amount specified in the Utilisation Request delivered by a
Borrower for that Loan adjusted to reflect any repayment, prepayment, consolidation or division of the Loan. 

  
 - 4 -

 “EBITDA” has the meaning given to it in Clause 20
(Financial covenants). 
 “Event of Default” means any event or circumstance
specified as such in Clause 22 (Events of Default). 
 “Existing Agreement” means the
$1,070,000,000 facility agreement dated 7 November 2011 made between, among others, the Borrower, the Guarantors and Bank of America Merrill Lynch International Limited (formerly Banc of America Securities Limited). 

“Existing Agreement Lender” means a Lender (as such term is defined) under the Existing Agreement. 

“Facility” means the term loan facility made available under this Agreement, as described in Clause 2.1 (The
Facility). 
 “Facility Office” means the office or offices notified by a Lender to the Facility Agent in
writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

“FATCA” means: 
  

	 	(a)	sections 1471 to 1474 of the Code or any associated regulations; 

  

	 	(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case)
facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service,
the US government or any governmental or taxation authority in any other jurisdiction. 

 “FATCA
Application Date” means: 
  

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from
sources within the US), 1 July 2014; 

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of
property of a type that can produce interest from sources within the US), 1 January 2017; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017,

 or, in each case, such other date from which such payment may become subject to a deduction or withholding
required by FATCA as a result of any change in FATCA after the date of this Agreement. 

  
 - 5 -

 “FATCA Deduction” means a deduction or withholding from a payment
under a Finance Document required by FATCA. 
 “FATCA Exempt Party” means a Party that is entitled
to receive payments free from any FATCA Deduction. 
 “Fee Letter” means any letter or letters dated on
or about the date of this Agreement between the Arranger and an Original Borrower (or the Facility Agent and an Original Borrower) setting out any of the fees referred to in Clause 11.1 (Arrangement fee). 

“Finance Document” means this Agreement, the Mandate Letter any Fee Letter, any Accession Letter, any Resignation
Letter and any other document designated as such by the Facility Agent and the Company. 
 “Finance
Party” means the Facility Agent, the Arranger or a Lender. 
 “Financial Indebtedness”
means any indebtedness (without double counting) for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

 

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock, commercial paper or any similar instrument (entered into
or issued primarily as a method of raising finance) provided that, for all purposes under this Agreement (other than for the purposes of Clause 22.5 (Cross default)), any bonds from time to time issued and outstanding under the
GBP 750m Bond Programme shall at the relevant time be valued as Financial Indebtedness having regard to the net effect of the marked-to-market value of any related interest and currency hedging arrangements in effect at that time;

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with IFRS, be treated as a finance or capital lease;

  

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold or discounted on a non-recourse basis); 

 

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) required by IFRS to be shown as a borrowing in the audited consolidated
balance sheet of the Group; 

  

	 	(g)	for the purpose of Clause 22.5 (Cross default) only, any derivative transaction entered into in connection with protection against or benefit from
fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account); 

 

	 	(h)	shares which are expressed to be redeemable prior to the Termination Date; 

  
 - 6 -

	 	(i)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution; and

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above, 

but excluding indebtedness owing by a member of the Group to another member of the Group. 

“GBP” or “£” means the lawful currency for the time being of the United Kingdom of Great
Britain and Northern Ireland. 
 “GBP 750m Bond Programme” means the Company’s
£750,000,000 Euro Medium Term Note programme as outlined in the prospectus dated 7 July 2011 as amended or extended from time to time. 
 “Group” means the Company and its Subsidiaries for the time being. 
 “Guarantor” means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 24 (Changes to the Obligors). 

“Historic Screen Rate” means, in relation to any Loan, the most recent applicable Screen Rate for US Dollars and
for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than 2 days before the Quotation Day. 
 “Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 

“IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent
applicable to the relevant financial statements. 
 “Impaired Agent” means the Facility Agent at
any time when: 
  

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment;

  

	 	(b)	the Facility Agent otherwise rescinds or repudiates a Finance Document; or 

 

	 	(c)	an Insolvency Event has occurred and is continuing with respect to the Facility Agent, 

unless, in the case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

  

	 	payment	is made within five Business Days of its due date; or 

  

	 	(ii)	the Facility Agent is disputing in good faith whether it is contractually obliged to make the payment in question. 

  
 - 7 -

 “Increase Confirmation” means a confirmation substantially in the form set
out in Schedule 11 (Form of Increase Confirmation). 
 “Increase Lender” has the meaning given to that
term in Clause 2.2 (Increase). 
 “Insolvency Event” in relation to a Finance Party means
that the Finance Party: 
  

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

 

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it
in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; 

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a
person or entity not prescribed in paragraph (d) above and: 

  

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or

  

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; 

 

	 	(f)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

  

	 	(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or
for all or substantially all its assets; 

  

	 	(h)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied,
enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; or

  
 - 8 -

	 	(i)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in
paragraphs (a) to (h) above. 

 “Interest Period” means, in relation to a Loan, each
period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest). 

“Interpolated Historic Screen Rate” means, in relation to any Loan, the rate (rounded to the same number of
decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the most recent applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and

  

	 	(b)	the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan,

 each for US Dollars and each of which is as of a day which is no more than 2 days before the Quotation Day.

 “Interpolated Screen Rate” means, in relation to any Loan, the rate (rounded to the same number of
decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and

  

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, 

each as of the Specified Time for US Dollars. 
 “ITA” means the Income Tax Act 2007. 
 “Lender”
means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 2.2 (Increase) or Clause 23 (Changes
to the Lenders), 

 which in each case has not ceased to be a Party in accordance with the terms of this
Agreement. 

  
 - 9 -

 “LIBOR” means, in relation to any Loan: 

 

	 	(a)	the applicable Screen Rate as of the Specified Time for US Dollars and for a period equal in length to the Interest Period of that Loan; or 

 

	 	(b)	as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate), 

and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero. 

“LMA” means the Loan Market Association. 

“Loan” means a loan made or to be made under the Facility or the principal amount outstanding for the time being
of that loan, as the context requires. 
 “Majority Lenders” means a Lender
or Lenders whose Commitments aggregate more than
662/3 per cent. of the Total Commitments (or, if the Total Commitments
have been reduced to zero, aggregated more than
662/3 per cent. of the Total Commitments immediately prior to the
reduction). 
 “Managed Assets” means any assets (including, for the avoidance of doubt, any
equity interest in any such asset) of a member of the Group which are sold and become, or remain, the subject of a management or franchise agreement in favour of the Group. 

“Mandate Letter” means the mandate letter dated 17 November 2014 between the Company and Bank of America
Merrill Lynch International Limited. 
 “Margin” means at any time the rate per annum determined
by reference to the period from the Utilisation Date in accordance with the following table: 
  

			
	 Period
	  	Margin (per cent. p.a.)
	 From and including the Utilisation Date to but excluding the date falling 6 Months after the Utilisation Date
	  	0.60
	 From and including the date falling 6 Months after the Utilisation Date to and excluding the date falling 12 Months after the
Utilisation Date
	  	0.80
	 From and including the date falling 12 Months after the Utilisation Date to and excluding the date falling 18 Months after the
Utilisation Date
	  	1.00

 However if at any time an Event of Default is continuing, the Margin shall, until the date such Event of
Default ceases to be continuing, be 1.00 per cent. per annum; 
 “Material Adverse Effect” means a
material adverse effect on: 
  

	 	(a)	the ability of the Obligors (taken as a whole) to perform and comply with their payment obligations under any Finance Document; or 

 

	 	(b)	the ability of the Company to perform and comply with its obligations under Clause 20 (Financial covenants). 

  
 - 10 -

 “Material Subsidiary” means, at any time, any Subsidiary of the Company:

  

	 	(a)	whose gross assets represent 5 per cent. or more of Consolidated Gross Assets or whose EBITDA represents 5 per cent. or more of consolidated EBITDA of the
Group, in each case, as calculated by reference to the latest financial statements of such Subsidiary (which shall be audited if such statements are prepared by that Subsidiary) and the latest audited consolidated financial statements of the Group
adjusted in such manner as the auditors of the Company may determine (which determination shall be conclusive in the absence of manifest error) (i) to reflect the gross assets and EBITDA of any person which has become or ceased to be a member
of the Group since the end of the financial year to which the latest audited consolidated financial statements of the Group relate where such adjustment is requested by the Company and (ii) so that for the purposes of this definition, the gross
assets of the relevant Subsidiary shall be calculated on the same basis as Consolidated Gross Assets are calculated and/or, as the case may be, EBITDA of the relevant Subsidiary shall be calculated on the same basis as consolidated EBITDA for the
Group (but, in each case, relating only to the relevant Subsidiary) and making such adjustments and eliminations as are required to show the same as the contribution of the relevant Subsidiary to Consolidated Gross Assets and/or, as the case may be,
consolidated EBITDA of the Group; or 

  

	 	(b)	to which is transferred all or substantially all of the business, undertaking or assets of a Subsidiary which immediately prior to such transfer is a Material
Subsidiary, whereupon the transferor Subsidiary shall cease to be a Material Subsidiary and the transferee Subsidiary shall become a Material Subsidiary under this sub-paragraph (b) upon the completion of such transfer.

 Any determination made by the auditors of the Company as to whether a Subsidiary of the Company is or is not a
Material Subsidiary at any time shall be conclusive in the absence of manifest error. 
 “Month” means a period
starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	subject to paragraph (c), if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in
which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar
month; and 

  

	 	(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that
Interest Period is to end. 

 The above rules will only apply to the last Month of any period. 

  
 - 11 -

 “Moody’s” means Moody’s Investors Services Inc. 

“Net Borrowings” has the meaning given to it in Clause 20 (Financial covenants). 

“Net Interest Payable” has the meaning given to it in Clause 20 (Financial covenants). 

“New Lender” has the meaning given to it in Clause 23.1 (Assignments and transfers by the Lenders).

 “NZD” means the lawful currency for the time being of New Zealand. 

“Obligor” means the Company, a Borrower or a Guarantor. 

“Original Financial Statements” means the audited consolidated financial statements of the Group for the financial
year ended 31 December 2013. 
 “Original Obligor” means an Original Borrower or an Original
Guarantor. 
 “Party” means a party to this Agreement. 

“Project Finance Indebtedness” means Financial Indebtedness (in respect of which Security has been given) incurred
by a member of the Group (a “Project Group Member”) for the purposes of financing the acquisition, construction, development and/or operation of an asset (a “Project Asset”) where the provider of the Financial
Indebtedness has no recourse against any member of the Group, except for recourse to: 
  

	 	(a)	the Project Asset of the Project Group Member or receivables arising from the Project Asset; 

 

	 	(b)	a Project Group Member for the purpose of enforcing Security given by it so long as: 

 

	 	(i)	the recourse is limited to recoveries in respect of the Project Asset; and 

 

	 	(ii)	if the Project Asset does not comprise all or substantially all of the business of that Project Group Member, the provider of the Financial Indebtedness does not have
the right to take any steps towards its winding up or dissolution or the appointment of a liquidator, administrator, receiver or similar officer or person, other than in respect of the Project Asset or receivables arising therefrom; or

  

	 	(c)	a member of the Group to the extent only of its shareholding in a Project Group Member. 

“Project Group Member” has the meaning given to it in the definition of Project Finance Indebtedness provided
that the principal assets and business of such member of the Group is constituted by Project Assets and it has no other Financial Indebtedness except Project Finance Indebtedness. 

“Qualifying Lender” has the meaning given to it in Clause 12 (Tax gross-up and indemnities). 

  
 - 12 -

 “Quarter Date” means each 31 March, 30 June, 30 September
and 31 December in each financial year of the Company. 
 “Quotation Day” means, two Business Days before
the first day of that period unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if quotations
would normally be given on more than one day, the Quotation Day will be the last of those days. 
 “Reference
Banks” means, in relation to LIBOR the principal London offices of such banks as may be appointed by the Facility Agent in agreement with the Company (such agreement not to be unreasonably withheld). 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the
Agent at its request by the Reference Banks: 
  

	 	(a)	(other than where paragraph (b) below applies) as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in US Dollars for
the relevant period were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period; or 

 

	 	(b)	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency and period) which contributors to the Screen Rate are asked to
submit to the relevant administrator. 

 “Relevant Interbank Market” means the London
interbank market. 
 “Relevant Period” has the meaning given to it in Clause 20 (Financial
covenants). 
 “Repeating Representations” means each of the representations set out in Clauses 18.1
(Status) to 18.4 (Power and authority), paragraph (a) of Clause 18.6 (No default) and Clause 18.8 (Pari passu ranking). 
 “Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. 

“Resignation Letter” means a letter substantially in the form set out in Schedule 6 (Form of Resignation Letter).

 “Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration
Limited (or any other person which takes over the administration of that rate) US Dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator) on the Thomson Reuters ICE Libor rates –
LIBOR01 page of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate). 

“Security” means a mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance entered
into for the purpose of securing any obligation of any person. 

  
 - 13 -

 “Specified Time” means a time determined in accordance with Schedule 9
(Timetables). 
 “Subsidiary” means a subsidiary within the meaning of section 1159 of the Companies Act
2006 and, for the purpose of Clause 20 (Financial covenants) and in relation to financial statements of the Group, a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006, but in this Agreement
“Subsidiary” shall for all purposes exclude each Project Group Member. 

“Super-Majority Lenders” means a Lender or Lenders whose Commitments aggregate more than 85 per
cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 85 per cent. of the Total Commitments immediately prior to the reduction). 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or
interest payable in connection with any failure by an Obligor to pay or any delay in paying by an Obligor any of the same). 

“Termination Date” means, subject to Clause 6.2 (Extension of the Repayment Date) the date which is 6 Months after
the date of the Utilisation Date. 
 “Total Commitments” means the aggregate of the Lenders’
Commitments being $400,000,000 at the date of this Agreement. 
 “Transfer Certificate” means a
certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed between the Facility Agent and the Company. 
 “Transfer Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Facility Agent executes the Transfer Certificate. 

 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents. 
 “US” means the United States of America. 

“US Dollars” or “$” means the lawful currency for the time being of the United States of
America. 
 “Utilisation” means the utilisation of the Facility. 

“Utilisation Date” means the date of the Utilisation, being the date on which the relevant Loan is to be made.

 “Utilisation Request” means a notice substantially in the form set out in Part A of Schedule 3
(Requests). 

  
 - 14 -

 “VAT” means: 

 

	 	(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

  

	 	(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in
paragraph (a) above, or imposed elsewhere. 

  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(i)	the “Facility Agent”, the “Arranger”, any “Finance Party”, any “Guarantor”, any
“Lender”, any “Obligor” or any “Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

 

	 	(ii)	“assets” includes present and future properties, revenues and rights of every description; 

 

	 	(iii)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated,
supplemented, extended, restated (however fundamentally and whether or not more onerously) or replaced and includes any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under that Finance
Document or other agreement or instrument; 

  

	 	(iv)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future,
actual or contingent; 

  

	 	(v)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture,
consortium or partnership (whether or not having separate legal personality); 

  

	 	(vi)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the
force of law, which is generally complied with by those to whom it is addressed) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

  

	 	(vii)	a “subsidiary” has the meaning given to it in section 1159 of the Companies Act 2006 and “subsidiary undertaking” has the same meaning
given to it in section 1162 of the Companies Act 2006; 

  

	 	(viii)	a provision of law is a reference to that provision as amended or re-enacted; and 

 

	 	(ix)	a time of day is a reference to London time. 

  
 - 15 -

	 	(b)	Section, Clause and Schedule headings are for ease of reference only. 

 

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same
meaning in that Finance Document or notice as in this Agreement. 

  

	 	(d)	A Default or an Event of Default is “continuing” if it has not been remedied or waived. 

 

	1.3	Third Party Rights 

 A
person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 
  

	2.	THE FACILITY 

  

	2.1	The Facility 

 Subject to
the terms of this Agreement, the Lenders make available to the Borrowers a US Dollar term loan facility in an aggregate amount equal to the Total Commitments. 
  

	2.2	Increase 

  

	 	(a)	The Company may by giving prior notice to the Facility Agent after the effective date of a cancellation of: 

 

	 	(i)	all or part of the Commitments of a Lender in accordance with Clause 7.5 (Right of repayment and cancellation in relation to, or replacement of, a single
Lender); or 

  

	 	(ii)	the Commitments of a Lender in accordance with Clause 7.1 (Illegality), 

request that the Total Commitments be increased (and the Total Commitments under that Facility shall be so increased) in an aggregate
amount of up to the amount of the Available Commitments or Commitments so cancelled as follows: 
  

	 	(iii)	the increased Commitments may be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an “Increase
Lender”) selected by the Company (each of which shall not be a member of the Group) and each of which confirms its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments
which it is to assume, as if it had been an Original Lender; 

  

	 	(iv)	each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase
Lender would have assumed and/or acquired had the Increase Lender been an Original Lender; 

  
 - 16 -

	 	(v)	each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other Finance Parties shall assume obligations towards one
another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; 

 

	 	(vi)	the Commitments of the other Lenders shall continue in full force and effect; and 

 

	 	(vii)	any increase in the Total Commitments shall take effect on the date specified by the Company in the notice referred to above or any later date on which the conditions
set out in paragraph (b) below are satisfied. 

  

	 	(b)	An increase in the Total Commitments will only be effective on: 

  

	 	(i)	the execution by the Facility Agent of an Increase Confirmation from the relevant Increase Lender and the Facility Agent shall execute an Increase Confirmation within
five Business Days of receipt by it of an Increase Confirmation duly executed by the Increase Lender; 

  

	 	(ii)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase, the performance by the Facility Agent of all necessary “know
your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the Facility Agent shall promptly notify to the Company
and the Increase Lender. 

  

	 	(c)	Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Facility Agent has authority to execute on its behalf any
amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. 

 

	 	(d)	The Company may (but shall be under no obligation to) pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase Lender
in a letter between the Company and the Increase Lender setting out that fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph. 

 

	 	(e)	Clause 23.5 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Increase Lender
as if references in that Clause to: 

  

	 	(i)	an “Existing Lender” were references to all the Lenders immediately prior to the relevant increase; 

 

	 	(ii)	the “New Lender” were references to that “Increase Lender”; and 

 

	 	(iii)	a “re-transfer” and “re-assignment” were references to respectively a “transfer” and
“assignment”. 

  
 - 17 -

	2.3	Finance Parties’ rights and obligations 

  

	 	(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does
not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

 

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents
to a Finance Party from an Obligor shall be a separate and independent debt. 

  

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	2.4	Obligors’ agent 

  

	 	(a)	Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably appoints the Company to act on its behalf as its agent in
relation to the Finance Documents and irrevocably authorises: 

  

	 	(i)	the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions
(including, if relevant, any Utilisation Request), to execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor
notwithstanding that they may affect the Obligor (including, without limitation, by increasing the obligations of such Obligor howsoever fundamentally, whether by increasing the liabilities guaranteed or otherwise), without further reference to or
the consent of that Obligor; and 

  

	 	(ii)	each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Company, 

and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without
limitation, any Utilisation Request) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 

 

	 	(b)	 Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the
Obligors’ agent or given to the Obligors’ agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or

  
 - 18 -

	 	
after such other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the
event of any conflict between any notices or other communications of the Obligors’ agent and any other Obligor, those of the Obligors’ agent shall prevail. 

 

	3.	PURPOSE 

  

	3.1	Purpose 

 Each Borrower
shall apply all amounts borrowed by it under the Facility towards general corporate purposes of the Group. 
  

	3.2	Monitoring 

 No Finance
Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

 The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) in relation to the Utilisation if on or before the Utilisation Date for that Utilisation, the Facility
Agent has received all of the documents and other evidence listed in Part A (Conditions Precedent to Initial Utilisation) of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent. The Facility Agent
shall notify the Company and the Lenders promptly upon being so satisfied. 
  

	4.2	Further conditions precedent 

 The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 

 

	 	(a)	no Default is continuing or would result from the proposed Loan; and 

  

	 	(b)	the Repeating Representations to be made by each Obligor are true in all material respects. 

 

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

 A Borrower may utilise the Facility by delivery to the Facility Agent of the duly completed Utilisation Request not later than the Specified Time. 

  
 - 19 -

	5.2	Completion of a Utilisation Request 

  

	 	(a)	The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

 

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

 

	 	(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); 

 

	 	(iii)	the proposed Interest Period complies with Clause 9 (Interest Periods); and 

 

	 	(iv)	it specifies the account to which the proceeds of the Utilisation are to be credited. 

 

	 	(b)	Only one Loan may be requested in the Utilisation Request. 

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in the Utilisation Request must be US Dollars. 

  

	 	(b)	The amount of the proposed Loan must be an amount equal to the Available Facility. 

 

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, and subject to Clause 6 (Repayment), each Lender shall make its participation in each Loan
available by the Utilisation Date through its Facility Office by no later than 2.30pm. 

  

	 	(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately
prior to making the Loan. 

  

	5.5	Cancellation of Commitment 

The Total Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.

  

	6.	REPAYMENT 

  

	6.1	Repayment of Loans 

Subject to Clause 6.2 (Extension of the Repayment Date) below, the Borrower shall repay the aggregate Loans in full on the
Termination Date (“Repayment Date”). 

  
 - 20 -

	6.2	Extension of the Repayment Date 

 In this Agreement: 
 “Extended Repayment Date” means the
date which is six Months after the Repayment Date or, if such date is not a Business Day, the immediately preceding Business Day. 
 “Extension Fee” means 0.075% flat of the amount of the Facility (to be paid within five Business Days of the Repayment Date). 

“Second Extended Repayment Date” means the date which is six Months after the Extended Repayment Date, or if such
date is not a Business Day, the immediately preceding Business Day. 
 “Second Extension Fee”
means 0.125% flat of the amount of the Facility (to be paid within five Business Days of the Extended Repayment Date): 
  

	 	(a)	The Finance Parties shall extend the Repayment Date to the Extended Repayment Date if each of the following conditions are satisfied on or before the Repayment Date:

  

	 	(i)	the Borrower delivers an unconditional and irrevocable extension request in writing to the Facility Agent not more than 15 Business Days prior to the Termination Date;
and 

  

	 	(ii)	no Default is outstanding on the date of the request referred to in paragraph (i) above or on the Termination Date or would result from the extension of the
Repayment to the Extended Repayment Date. 

  

	 	(b)	Following an extension of the Facility in accordance with Clause 6.2 (a) (Extended Repayment Date), the Finance Parties shall extend the Extended Repayment
Date to the Second Extended Repayment Date if each of the following are satisfied on or before the Extended Repayment Date: 

  

	 	(i)	the Borrower delivers an unconditional and irrevocable extension request in writing to the Facility Agent not more than three months before and not less than 15 days
prior to the Extended Repayment Date; and 

  

	 	(ii)	no Default is outstanding on the date of the request referred to in paragraph (i) above or on the Extended Repayment Date or would result from the extension of the
Extended Repayment Date to the Second Extended Repayment Date. 

  

	6.3	Payment of extension fees 

  

	 	(a)	If the Repayment Date is extended to the Extended Repayment Date pursuant to paragraph (a) of Clause 6.2 (Extension of the Repayment Date), the Borrower or
the Company shall pay to the Agent (for the account of each Lender) the Extension Fee within five Business Days of the Repayment Date. 

  

	 	(b)	If the Extended Repayment Date is extended to the Second Extended Repayment Date pursuant to paragraph (b) of Clause 6.2 (Extension of the Repayment Date),
the Borrower or the Company shall pay to the Agent (for the account of each Lender) the Second Extension Fee within five Business Days of the Extended Repayment Date. 

  
 - 21 -

	7.	PREPAYMENT AND CANCELLATION 

  

	7.1	Illegality 

 If it becomes
unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 

 

	 	(a)	that Lender shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	 	(b)	upon the Facility Agent notifying the Company, the Commitment of that Lender will be immediately cancelled; and 

 

	 	(c)	each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the
Facility Agent has notified the Company or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law). 

 

	7.2	Change of control 

  

	 	(a)	If at any time any person or group of persons acting in concert gains control of the Company: 

 

	 	(i)	the Company shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	 	(ii)	a Lender shall not be obliged to fund a Utilisation; and 

  

	 	(iii)	if a Lender so requires and notifies the Facility Agent within 30 days of the Company notifying the Facility Agent of the event, the Facility Agent shall, by not less
than 30 days’ notice to the Company, cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents
immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable. 

 

	 	(b)	For the purpose of paragraph (a) above “control” has the meaning given to it in section 1124 of the CTA 2010. 

 

	 	(c)	For the purpose of paragraph (a) above “acting in concert” has the meaning given to it in the City Code on Takeovers and Mergers.

  
 - 22 -

	7.3	Voluntary cancellation 

The Company may, if it gives the Facility Agent not less than three Business Days’ (or such shorter period as the Majority Lenders
may agree) prior notice in writing, cancel the whole or any part (being a minimum amount of $40,000,000 and in multiples of $10,000,000) of the Available Facility. Any cancellation under this Clause 7.3 shall reduce the Commitments of the
Lenders rateably. 
  

	7.4	Voluntary prepayment of Loans 

 A Borrower to which a Loan has been made, may, if it gives the Facility Agent not less than three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice in
writing, prepay the whole or any part of a Loan (but, if in part, being an amount that reduces the Loan by a minimum amount of $40,000,000 and in multiples of $10,000,000). 

 

	7.5	Right of repayment and cancellation in relation to, or replacement of, a single Lender 

 

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under Clause 12.2(c) (Tax gross-up); or 

 

	 	(ii)	any Lender claims indemnification from the Company under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs),

 the Company may, whilst the circumstance giving rise to the requirement or indemnification continues, give
the Facility Agent notice of: 
  

	 	(w)	cancellation of the Commitment of that Lender; and/or 

  

	 	(x)	its intention to procure the repayment of that Lender’s participation in the Loans; and/or 

 

	 	(y)	its intention to procure the repayment of that Lender’s participation in the Loans to the specified Borrower in relation to which an event referred to in
paragraphs (i) or (ii) above has occurred; and/or 

  

	 	(z)	its intention to replace that Lender in accordance with paragraph (d) below. 

 

	 	(b)	On receipt of a notice referred to in paragraph (a) above (other than one providing only for repayment of the Lender’s participation in the Loans to a
specified Borrower), the Commitment of that Lender shall immediately be reduced to zero. 

  

	 	(c)	On the last day of each Interest Period which ends after the Company has given notice under paragraph (a) above (or, if earlier, the date specified by the Company
in that notice), each Borrower (or, as the case may be, the specified Borrower) to which a Loan is outstanding shall repay that Lender’s participation in that Loan. 

  
 - 23 -

	 	(d)	The Company may, in the circumstances set out in paragraph (a) above, on five Business Days’ prior notice to the Facility Agent and that Lender, replace that
Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or
other bank, financial institution, trust, fund or other entity selected by the Company which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the
Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that
the Facility Agent has not given a notification under Clause 23.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(e)	The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: 

 

	 	(i)	no Finance Party shall have any obligation to find a replacement Lender; 

  

	 	(ii)	any replacement pursuant to this Clause 7.5 (but subject to the other provisions of this Agreement) of a Lender which is the Facility Agent shall not affect its
role as the Facility Agent; and 

  

	 	(iii)	any Lender replaced pursuant to this Clause 7.5 shall not be required to refund, or to pay or surrender to any other Lender, any of the fees or other amounts
received by that Lender under any Finance Document. 

  

	7.6	Replacement of a Non-Consenting Lender 

  

	 	(a)	In this Clause 7.6, “Non-Consenting Lender” means any Lender which does not agree to a consent, waiver or amendment if:

  

	 	(i)	the Company or the Facility Agent has requested a consent under or waiver or amendment of any provision of any Finance Document; 

 

	 	(ii)	that consent, waiver or amendment requires the agreement of all the Lenders; and 

 

	 	(iii)	the Super-Majority Lenders have agreed to that consent, waiver or amendment. 

 

	 	(b)	If any Lender becomes a Non-Consenting Lender, the Company may, if it gives the Facility Agent and that Lender not less than 5 Business Days’ prior notice, arrange
for the transfer of the whole (but not part only) of that Lender’s Commitment and participations in the Utilisations at par to a new or existing Lender willing to accept that transfer and acceptable to the Company and the remaining Lenders.

  
 - 24 -

	 	(c)	The replacement of a Lender pursuant to this Clause 7.6 shall be subject to the following conditions: 

 

	 	(i)	no Finance Party shall have any obligation to find a replacement Lender; 

  

	 	(ii)	any replacement of a Non-Consenting Lender must take place no later than 180 days after the earlier of (A) the date the Non-Consenting Lender notified the Facility
Agent of its refusal to agree to the relevant consent, waiver or amendment and (B) the deadline (being not less than 15 Business Days after the Lender received the request for the relevant consent, waiver or amendment) by which the
Non-Consenting Lender failed to reply to that request; 

  

	 	(iii)	any Lender replaced pursuant to this Clause 7.6 shall not be required to refund, or to pay or surrender to any other Lender, any of the fees or other amounts
received by that Lender under any Finance Document; and 

  

	 	(iv)	any replacement pursuant to this Clause 7.6 (but subject to the other provisions of this Agreement) of a Lender which is the Facility Agent shall not affect its
role as the Facility Agent. 

  

	7.7	Restrictions 

  

	 	(a)	Any notice of cancellation, prepayment or replacement given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this
Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

 

	 	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

  

	 	(c)	The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly
provided for in this Agreement. 

  

	 	(d)	Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

  

	 	(e)	If the Facility Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either the Company or the affected Lender, as
appropriate. 

  

	 	(f)	If all or part of a Loan is repaid or prepaid, an amount of the Commitments will be deemed to be cancelled on the date of repayment or prepayment. Any cancellation
under this paragraph (f) shall reduce the Commitments of the Lenders rateably. 

  
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	8.	INTEREST 

  

	8.1	Calculation of interest 

The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

  

	 	(a)	Margin; and 

  

	 	(b)	LIBOR. 

  

	8.2	Payment of interest 

 The
Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the
Interest Period). 
  

	8.3	Default interest 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the
date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is the sum of 1 per cent. and the rate which would have been payable if the overdue amount had, during the period of non-payment,
constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by the
Obligor on demand by the Facility Agent. 

  

	 	(b)	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan:

  

	 	(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and

  

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be the sum of 1 per cent. and the rate which would have applied if the
overdue amount had not become due. 

  

	 	(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue
amount but will remain immediately due and payable. 

  

	8.4	Notification of rates of interest 

 The Facility Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. 

  
 - 26 -

	9.	INTEREST PERIODS 

  

	9.1	Selection of Interest Periods 

  

	 	(a)	A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan. 

 

	 	(b)	Subject to this Clause 9, a Borrower (or the Company) may select an Interest Period of 1, 2, 3 or 6 Months or any other period agreed between the Company and the
Facility Agent (acting on the instructions of all the Lenders). 

  

	 	(c)	An Interest Period for a Loan shall not extend beyond: 

  

	 	(i)	the Termination Date; 

  

	 	(ii)	if the Repayment Date is extended pursuant to paragraph (a) of Clause 6.2 (Extension of Repayment Date), the Extended Repayment Date; or

  

	 	(iii)	if the Extended Repayment Date is extended pursuant to paragraph (b) of Clause 6.2 (Extension of Repayment Date), the Second Extended Repayment Date.

  

	 	(d)	A Loan has one Interest Period only. 

  

	 	(e)	Each Interest Period shall start on the Utilisation Date or (if already made) on the last day of its preceding Interest Period. 

 

	9.2	Non-Business Days 

 If an
Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

 

	10.	CHANGES TO THE CALCULATION OF INTEREST 

  

	10.1	Unavailability of Screen Rate 

  

	 	(a)	Interpolated Screen Rate: If no Screen Rate is available for LIBOR for the Interest Period of a Loan, the applicable LIBOR shall be the Interpolated Screen Rate
for a period equal in length to the Interest Period of that Loan. 

  

	 	(b)	Shortened Interest Period: If no Screen Rate is available for LIBOR for: 

 

	 	(i)	US Dollars; or 

  

	 	(ii)	the Interest Period of a Loan and it is not possible to calculate the Interpolated Screen Rate, 

the Interest Period of that Loan shall (if it is longer than the applicable Fallback Interest Period) be shortened to the
applicable Fallback Interest Period and the applicable LIBOR for that shortened Interest Period shall be determined pursuant to the definition of “LIBOR”. 

  
 - 27 -

	 	(c)	Shortened Interest Period and Historic Screen Rate: If the Interest Period of a Loan is, after giving effect to paragraph (b) above, either the applicable
Fallback Interest Period or shorter than the applicable Fallback Interest Period and, in either case, no Screen Rate is available for LIBOR for: 

  

	 	(i)	US Dollars; or 

  

	 	(ii)	the Interest Period of that Loan and it is not possible to calculate the Interpolated Screen Rate, 

the applicable LIBOR shall be the Historic Screen Rate for that Loan. 

 

	 	(d)	Shortened Interest Period and Interpolated Historic Screen Rate: If paragraph (c) above applies but no Historic Screen Rate is available for the Interest
Period of the Loan, the applicable LIBOR shall be the Interpolated Historic Screen Rate for a period equal in length to the Interest Period of that Loan. 

 

	 	(e)	Reference Bank Rate: If paragraph (d) above applies but it is not possible to calculate the Interpolated Historic Screen Rate, the Interest Period of that
Loan shall, if it has been shortened pursuant to paragraph (b) above, revert to its previous length and the applicable LIBOR shall be the Reference Bank Rate as of the Specified Time for US Dollars and for a period equal in length to the
Interest Period of that Loan. 

  

	 	(f)	Cost of funds: If paragraph (e) above applies but no Reference Bank Rate is available for US Dollars or the relevant Interest Period there shall be no LIBOR
for that Loan and Clause 10.4 (Cost of funds) shall apply to that Loan for that Interest Period. 

  

	10.2	Calculation of Reference Bank Rate 

  

	 	(a)	Subject to paragraph (b) below, if LIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the
Specified Time, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks. 

  

	 	(b)	If at or about noon on the Quotation Day, none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest
Period. 

  

	10.3	Market disruption 

If before close of business in London on the Quotation Day for the relevant Interest Period the Facility Agent receives
notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of LIBOR
then Clause 10.4 (Cost of funds) shall apply to that Loan for the relevant Interest Period. 

  
 - 28 -

	10.4	Cost of funds 

  

	 	(a)	If this Clause 10.4 applies, the rate of interest on each Lender’s share of the relevant Loan for the relevant Interest Period shall be the percentage rate per
annum which is the sum of: 

  

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event within 5 Business Days of the first day of that Interest Period (or, if
earlier, on the date falling 5 Business Days before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to the relevant Lender of funding its
participation in that Loan from whatever source it may reasonably select. 

  

	 	(b)	If this Clause 10.4 applies and the Facility Agent or the Company so requires, the Facility Agent and the Company shall enter into negotiations (for a period of not
more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	 	(c)	Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Company, be binding on all Parties.

  

	10.5	Break Costs 

  

	 	(a)	Each Borrower shall, within five Business Days of a demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or
Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	 	(b)	Each Lender shall, together with its demand provide a certificate confirming the amount and basis of calculation of its Break Costs for any Interest Period in which
they accrue. 

  

	11.	FEES 

  

	11.1	Arrangement fee 

 The
Company shall (or the Company shall procure that an Obligor shall) pay to the Arranger an arrangement fee in the amount and at the times agreed in a Fee Letter. 
  

	11.2	Ticking fee 

 The Company
shall (or the Company shall procure that an Obligor shall) pay to the Arranger a ticking fee in the amount and at the times agreed in the Mandate Letter. 

  
 - 29 -

	12.	TAX GROSS-UP AND INDEMNITIES 

  

	12.1	Definitions 

  

	 	(a)	In this Agreement: 

“Borrower DTTP Filing” means an HM Revenue & Customs’ Form DTTP2 duly completed and filed by the relevant
Borrower, which: 
  

	 	(i)	where it relates to a Treaty Lender that is an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated opposite that
Lender’s name in Schedule 1Part A (The Original Parties (Other than UK Non-Bank Lenders)), and 

  

	 	(A)	where the Borrower is an Original Borrower, is filed with HM Revenue & Customs within 30 days of the date of this Agreement; or 

 

	 	(B)	where the Borrower is an Additional Borrower, is filed with HM Revenue & Customs within 30 days of the date on which that Borrower becomes an Additional
Borrower; or 

  

	 	(ii)	where it relates to a Treaty Lender that is a New Lender or an Increase Lender, contains the scheme reference number and jurisdiction of tax residence stated in respect
of that Lender in the relevant Transfer Certificate or Increase Confirmation and 

  

	 	(A)	where the Borrower is a Borrower as at the relevant Transfer Date or Increase Date (as set out in the relevant Increase Confirmation), is filed with HM
Revenue & Customs within 30 days of that Transfer Date or Increase Date; or 

  

	 	(B)	where the Borrower is not a Borrower as at the relevant Transfer Date or Increase Date, is filed with HM Revenue & Customs within 30 days of the date on which
that Borrower becomes an Additional Borrower. 

 “Protected Party” means a Finance Party
which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document. 
 “Qualifying Lender” means: 

 

	 	(i)	a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is: 

 

	 	(A)	a Lender: 

  

	 	(1)	which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United Kingdom corporation
tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA 2009; or 

  
 - 30 -

	 	(2)	in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance
was made and which is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or 

  

	 	(B)	a Lender which is: 

  

	 	(1)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(2)	a partnership each member of which is: 

  

	 	(a)	a company so resident in the United Kingdom; or 

  

	 	(b)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in
computing its chargeable profits (within the meaning of section 19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA 2009; 

 

	 	(3)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest
payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA 2009) of that company; or 

  

	 	(C)	a Treaty Lender ; or 

  

	 	(iii)	a Lender which is a building society (as defined for the purpose of section 880 of the ITA) making an advance under a Finance Document. 

“Tax Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest payable to that
Lender in respect of an advance under a Finance Document is either: 
  

	 	(i)	a company resident in the United Kingdom for United Kingdom tax purposes; 

  

	 	(ii)	a partnership each member of which is: 

  

	 	(A)	a company so resident in the United Kingdom; or 

  

	 	(B)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in
computing its chargeable profits (within the meaning of section 19 of the CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA 2009; or 

  
 - 31 -

	 	(iii)	a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account interest
payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA 2009) of that company. 

 “Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. 

“Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax
gross-up) or a payment under Clause 12.3 (Tax indemnity). 
 “Treaty Lender” means a Lender which:

  

	 	(i)	is treated as a resident of a Treaty State for the purposes of the Treaty; 

 

	 	(ii)	does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively connected;
and 

  

	 	(iii)	fulfils any conditions which must be fulfilled under the double taxation agreement for residents of that Treaty State to obtain exemption from United Kingdom taxation
on interest (subject to the completion of any necessary procedural formalities). 

 “Treaty
State” means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest. 

“UK Non-Bank Lender” means: 
  

	 	(i)	where a Lender becomes a Party on the day on which this Agreement is entered into, a Lender listed in Schedule 1Part B (The Original Parties (UK Non-Bank
Lenders)); and 

  

	 	(ii)	where a Lender becomes a Party after the day on which this Agreement is entered into, a Lender which gives a Tax Confirmation in the Increase Confirmation or Transfer
Certificate which it executes on becoming a Party. 

  

	 	(b)	Unless a contrary indication appears, in this Clause 12 a reference to “determines” or “determined” means a determination made in the absolute
discretion of the person making the determination. 

  
 - 32 -

	12.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	 	(b)	The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction)
notify the Facility Agent accordingly. Similarly, a Lender shall promptly notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall promptly
notify the Company and that Obligor. 

  

	 	(c)	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any
Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by the United Kingdom, if on the date on which
the payment falls due: 

  

	 	(i)	the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is not or has
ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any published practice or published
concession of any relevant taxing authority; or 

  

	 	(ii)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of Qualifying Lender; and: 

 

	 	(A)	an officer of HM Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the ITA which relates to the payment
and that Lender has received from the Obligor making the payment or from the Company a certified copy of that Direction; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or 

 

	 	(iii)	the relevant Lender is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of Qualifying Lender and: 

 

	 	(A)	the relevant Lender has not given a Tax Confirmation to the Company; and 

  

	 	(B)	the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Company, on the basis that the Tax
Confirmation would have enabled the Company to have formed a reasonable belief that the payment was an “excepted payment” for the purpose of section 930 of the ITA; or 

  
 - 33 -

	 	(iv)	the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate (assuming the completion of all necessary procedural formalities by the
Obligor) that the payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under paragraph (g) or (h) (as applicable) below; or 

 

	 	(v)	the Tax Deduction is required as a result of a direction under regulation 9(b) of SI 1970/488 and the application of regulation 9(b) to that Lender does not result from
a change after it became a Lender in (or the interpretation, administration or application of) any law or Treaty, or any published practice or concession of any relevant taxing authority. 

 

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the
time allowed and in the minimum amount required by law. 

  

	 	(f)	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver
to the Facility Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate
payment paid to the relevant taxing authority. 

 (g) 

 

	 	(i)	Subject to paragraph (ii) below, a Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in promptly
completing any procedural formalities (including completing and submitting appropriate documents to the applicable tax authorities) necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction.

 (ii) 
  

	 	(A)	A Treaty Lender which becomes a Party on the day on which this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and which
wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 1Part A (The Original Parties (Other than UK Non-Bank Lenders)); and

  
 - 34 -

	 	(B)	a New Lender or Increase Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this
Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the Transfer Certificate or Increase Confirmation which it executes, 

and, having done so, that Lender shall be under no obligation pursuant to paragraph (i) above. 

 

	 	(iii)	Each Lender severally warrants to the Company that it is a Qualifying Lender on the date it becomes a Party to this Agreement. If at any time after this Agreement is
entered into any Lender becomes aware that it is not and will not or will cease to be a Qualifying Lender, it shall promptly notify the Facility Agent and the Company. 

 

	 	(h)	If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above and: 

 

	 	(i)	a Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or 

 

	 	(ii)	a Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but: 

 

	 	(A)	that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or 

 

	 	(B)	HM Revenue & Customs has not given the Borrower authority to make payments to that Lender without a Tax Deduction within 60 days of the date of the Borrower
DTTP Filing, 

 and in each case, the Borrower has notified that Lender in writing, that Lender and the Borrower
shall co-operate in completing any additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction. 
  

	 	(i)	If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph (g)(ii) above, no Obligor shall make a Borrower
DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Commitment or its participation in any Loan unless the Lender otherwise agrees. 

 

	 	(j)	A Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Facility Agent for delivery to the relevant Lender.

  

	 	(k)	A UK Non-Bank Lender which becomes a Party on the day on which this Agreement is entered into gives a Tax Confirmation to the Company by entering into this Agreement.

  

	 	(l)	A UK Non-Bank Lender shall promptly notify the Company and the Facility Agent if there is any change in the position from that set out in the Tax Confirmation.

  
 - 35 -

	12.3	Tax indemnity 

  

	 	(a)	The Company shall (within five Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that
Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

 

	 	(b)	Paragraph (a) above shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is
treated as resident for tax purposes; or 

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,

 if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
deemed to be received or receivable) by that Finance Party; 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 12.2 (Tax gross-up); 

 

	 	(B)	would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the exclusions
in paragraph (d) of Clause 12.2 (Tax gross-up) applied; or 

  

	 	(C)	relates to a FATCA Deduction required to be made by a Party; or 

  

	 	(iii)	to the extent that such loss, liability or cost has not been notified to the Company by the relevant Finance Party within two Months of such Finance Party becoming
aware of the existence of the same. 

  

	 	(c)	A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has
given, rise to the claim, following which the Facility Agent shall promptly notify the Company. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Facility Agent. 

  
 - 36 -

	12.4	Tax Credit 

 If an Obligor
makes a Tax Payment and the relevant Finance Party determines that: 
  

	 	(a)	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax
Payment was required; and 

  

	 	(b)	that Finance Party has obtained and utilised that Tax Credit, 

 the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not
been required to be made by the Obligor. 
  

	12.5	Lender status confirmation 

Each Lender which becomes a Party to this Agreement after the date of this Agreement shall indicate, in the Transfer Certificate or
Increase Confirmation which it executes on becoming a Party, and for the benefit of the Facility Agent and without liability to any Obligor, which of the following categories it falls in: 

 

	 	(a)	not a Qualifying Lender; 

  

	 	(b)	a Qualifying Lender (other than a Treaty Lender); or 

  

	 	(c)	a Treaty Lender. 

 If a New
Lender fails to indicate its status in accordance with this Clause 12.5 then such New Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the
Facility Agent which category applies (and the Facility Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, a Transfer Certificate or Increase Confirmation shall not be invalidated by any failure of a
Lender to comply with this Clause 12.5. 
  

	12.6	Stamp taxes 

 The Company
shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance
Document. 
  

	12.7	VAT 

  

	 	(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for
VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance
Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to
the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party). 

  
 - 37 -

	 	(b)	If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”)
under a Finance Document, and any Party other than the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being
required to reimburse or indemnify the Recipient in respect of that consideration): 

  

	 	(i)	(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as
paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the
relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and 

  

	 	(ii)	(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient,
pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.

  

	 	(c)	Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may
be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT
from the relevant tax authority. 

  

	 	(d)	Any reference in this Clause 12.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and
unless the context otherwise requires) a reference to the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

 

	 	(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide
such Finance Party with details of that Party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply 

  
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	12.8	FATCA Information 

  

	 	(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: 

 

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes
of that other Party’s compliance with FATCA; and 

  

	 	(iii)	supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other
Party’s compliance with any other law, regulation, or exchange of information regime. 

  

	 	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased
to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

  

	 	(c)	Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or
might in its reasonable opinion constitute a breach of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  

	 	(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph
(a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party
until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

  

	12.9	FATCA Deduction 

  

	 	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be
required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

 

	 	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction),
notify the Party to whom it is making the payment and, in addition, shall notify the Company and the Facility Agent and the Facility Agent shall notify the other Finance Parties. 

  
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	13.	INCREASED COSTS 

  

	13.1	Increased costs 

  

	 	(a)	Subject to Clause 13.3 (Exceptions) the Company shall, within five Business Days of a demand by the Facility Agent, pay for the account of a Finance Party
the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of: (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation;
(ii) compliance with any law or regulation made after the date of this Agreement; or (iii) the implementation of, or compliance with, Basel III or any law or regulation that implements or applies Basel III. 

 

	 	(b)	In this Agreement “Increased Costs” means: 

  

	 	(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

 

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its
obligations under any Finance Document. 
  

	13.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim,
following which the Facility Agent shall promptly notify the Company. 

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount and reasonable details of the basis
therefor. 

  

	13.3	Exceptions 

  

	 	(a)	Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(ii)	compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated
solely because any of the exclusions in Clause 12.3(b) (Tax indemnity) applied); 

  
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	 	(iii)	attributable to the negligence or wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; 

 

	 	(iv)	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised
Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) (“Basel II”) or any other law or
regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates); or 

 

	 	(v)	without prejudice to the exception set out in paragraph (ii) above, attributable to the implementation or application of or compliance with any Bank Levy or any
law or regulation which implements any Bank Levy (whether such implementation, application or compliance is by a government or a regulator or by a Finance Party or any of its Affiliates). 

In this Clause 13.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 12.1
(Definitions). 
  

	14.	OTHER INDEMNITIES 

  

	14.1	Currency indemnity 

  

	 	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be
converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

 

	 	(i)	making or filing a claim or proof against that Obligor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within five Business Days of demand, indemnify each Finance Party to whom that Sum is
due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate
or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it
is expressed to be payable. 

  
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	14.2	Other indemnities 

 The
Company shall (or shall procure that an Obligor will), within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 

 

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of
Clause 27 (Sharing among the Finance Parties); 

  

	 	(c)	funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Utilisation Request but not made by reason of the operation of any one
or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 

  

	 	(d)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company. 

 

	14.3	Indemnity to the Facility Agent 

 The Company shall promptly indemnify the Facility Agent against any cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of: 

 

	 	(a)	investigating any event which it reasonably believes is an Event of Default; or 

 

	 	(b)	acting or relying on any notice, request or instruction made by an Obligor which it reasonably believes to be genuine, correct and appropriately authorised.

  

	15.	MITIGATION BY THE LENDERS 

  

	15.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount
becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased Costs) including (but not limited to) transferring
its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

 

	15.2	Limitation of liability 

  

	 	(a)	The Company shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under
Clause 15.1 (Mitigation). 

  

	 	(b)	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might
be prejudicial to it. 

  
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	16.	COSTS AND EXPENSES 

  

	16.1	Transaction expenses 

 The
Company shall promptly on demand pay the Facility Agent and the Arranger the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by any of them (subject to a maximum in respect of legal fees as agreed with the
Company) in connection with the negotiation, preparation, printing and execution of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  

	 	(b)	any other Finance Documents executed after the date of this Agreement. 

  

	16.2	Amendment costs 

 If
(a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 28.10 (Change of currency), the Company shall, within five Business Days of demand, reimburse the Facility Agent for the
amount of all reasonable costs and expenses (including legal fees) reasonably incurred by the Facility Agent in evaluating, negotiating or complying with that request. 
  

	16.3	Enforcement costs 

 The
Company shall, within five Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under,
any Finance Document. 
  

	17.	GUARANTEE AND INDEMNITY 

  

	17.1	Guarantee and indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally: 

 

	 	(a)	guarantees to each Finance Party punctual performance by each Borrower of all that Borrower’s payment obligations under the Finance Documents;

  

	 	(b)	undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall
immediately on demand pay that amount as if it was the principal obligor; and 

  

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by
it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been recoverable on
the basis of a guarantee. 

  
 - 43 -

	17.2	Continuing guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance
Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	17.3	Reinstatement 

 If any
discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition
which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 17 will continue or be reinstated as if the discharge, release or
arrangement had not occurred. 
  

	17.4	Waiver of defences 

 The
obligations of each Guarantor under this Clause 17 will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 17 (without limitation and
whether or not known to it or any Finance Party) including: 
  

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person; 

 

	 	(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;

  

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other
document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

  

	 	(g)	any insolvency or similar proceedings. 

  
 - 44 -

	17.5	Immediate recourse 

 Each
Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under
this Clause 17. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 
  

	17.6	Appropriations 

 Until all
amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 

 

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of
those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

 

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor’s liability under this Clause 17.

  

	17.7	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no
Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17: 

 

	 	(a)	to be indemnified by an Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents; 

 

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any
other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a
guarantee, undertaking or indemnity under Clause 17.1 (Guarantee and Indemnity); 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

  
 - 45 -

 If a Guarantor receives any benefit, payment or distribution in relation to such rights it
shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for
the Finance Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 28 (Payment mechanics). 

 

	17.8	Release of Guarantors’ right of contribution 

 If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring
Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor: 
  

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution
to any other Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part
and whether by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or
in relation to the assets of the Retiring Guarantor. 

  

	17.9	Additional security 

 This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 
  

	18.	REPRESENTATIONS 

 Each
Obligor makes the representations and warranties set out in this Clause 18 to each Finance Party, on the date of this Agreement. 
  

	18.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation. 

 

	 	(b)	It and each of its Material Subsidiaries has the power to own its assets and carry on its business as it is being conducted. 

  
 - 46 -

	18.2	Binding obligations 

 The
obligations expressed to be assumed by it in each Finance Document are subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of
Utilisation) or Clause 24 (Changes to the Obligors) legal, valid, binding and enforceable obligations. 
  

	18.3	Non-conflict with other obligations 

 The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with: 

 

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets breach of which would have a Material
Adverse Effect. 

  

	18.4	Power and authority 

 It
has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.

  

	18.5	Validity and admissibility in evidence 

 All Authorisations required: 
  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect (or, in each case, will be when required). 

 

	18.6	No default 

  

	 	(a)	No Event of Default is continuing or could reasonably be expected to result from the making of any Utilisation. 

 

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or
to which its (or any of its Subsidiaries’) assets are subject which has or could reasonably be expected to have a Material Adverse Effect. 

  
 - 47 -

	18.7	Financial statements 

  

	 	(a)	The Original Financial Statements were prepared in accordance with IFRS consistently applied. 

 

	 	(b)	The Original Financial Statements fairly represent the consolidated financial condition and operations of the Group during the relevant financial period.

  

	 	(c)	There has been no material adverse change in the business or financial condition of the Group since 31 December 2013. 

 

	18.8	Pari passu ranking 

 Its
payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

 

	18.9	No proceedings pending or threatened 

 No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which are reasonably likely to be adversely determined and, if adversely determined, could be
reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. 
  

	18.10	No misleading information 

  

	 	(a)	Any written factual information provided by or on behalf of any member of the Group for the purposes of the entry into of this Agreement by a Finance Party, was true
and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated. 

  

	 	(b)	Nothing has occurred since the date of delivery of, or been omitted from, the factual information referred to in paragraph (a) above and no information has been
given or withheld that results in the information referred to in paragraph (a) being untrue or misleading in any material respect. 

  

	 	(c)	The representations and warranties in this Clause 18.10 are made by the Company only. 

 

	18.11	Repetition 

 The Repeating
Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on: 
  

	 	(a)	the date of the Utilisation Request and the first day of each Interest Period; and 

 

	 	(b)	in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor. 

  
 - 48 -

	19.	INFORMATION UNDERTAKINGS 

The undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the
Finance Documents or any Commitment is in force. 
  

	19.1	Financial statements 

 The
Company shall supply to the Facility Agent in sufficient copies for all the Lenders: 
  

	 	(a)	as soon as the same become available, but in any event within 120 days after the end of each of its financial years: 

 

	 	(i)	its audited consolidated financial statements for that financial year; and 

 

	 	(ii)	the financial statements of each Obligor for that financial year (which shall be audited if that Obligor produces audited financial statements); and

  

	 	(b)	as soon as the same become available, but in any event within 90 days after the end of the first half of each of its financial years, its consolidated financial
statements for that financial half year. 

  

	19.2	Compliance Certificate 

  

	 	(a)	The Company shall supply to the Facility Agent, with each set of financial statements delivered pursuant to paragraph (a)(i) or (b) of Clause 19.1
(Financial statements), a Compliance Certificate setting out: 

  

	 	(i)	(in reasonable detail) computations as to compliance with Clause 20 (Financial covenants); and 

 

	 	(ii)	an updated list of Material Subsidiaries, 

 in each case, as at the date at which those financial statements were drawn up. 
  

	 	(b)	Each Compliance Certificate shall be signed by a director or an authorised signatory on behalf of the Company. 

 

	19.3	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Company pursuant to paragraph (a) of Clause 19.1 (Financial statements) shall be certified by an
authorised signatory on behalf of the relevant company as fairly representing its (or, as the case may be, its consolidated) financial condition and operations as at the end of and for the period in relation to which those financial statements were
drawn up. 

  
 - 49 -

	 	(b)	The Company shall procure that each set of financial statements of the Group delivered pursuant to Clause 19.1 (Financial statements) is prepared using IFRS
and it shall deliver to the Facility Agent: 

  

	 	(i)	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether
Clause 20 (Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements; and

  

	 	(ii)	a description of any change necessary for those financial statements to reflect the Applicable Accounting Principles upon which the Original Financial Statements were
prepared. 

  

	 	(c)	Any reference in this Agreement to the financial statements of the Group delivered pursuant to Clause 19.1 (Financial statements) shall be construed as a
reference to those financial statements as adjusted to reflect the Applicable Accounting Principles and, if applicable, any amendments pursuant to paragraph (d) below. 

 

	 	(d)	The Company may at any time notify the Facility Agent that there has been a change in accounting practices applied or accounting principles in force in relation to a
set of financial statements from the Applicable Accounting Principles upon which the Original Financial Statements were prepared, in which case the Company and the Facility Agent shall negotiate in good faith for not less than 30 days with a view to
agreeing: 

  

	 	(i)	any amendments to Clause 19.1 (Financial statements) and any of the definitions of terms used therein as are necessary to provide the Lenders and the
Company comparable protection to that contemplated at the date of this Agreement; and 

  

	 	(ii)	any other amendments to this Agreement which are necessary to ensure that the adoption by the Group of different accounting practices or principles does not result in
any material alteration to the commercial effect of the obligations of any Obligor under this Agreement. 

 If
amendments satisfactory to the Majority Lenders (acting reasonably) are so agreed in writing by the Company and the Facility Agent, those amendments shall take effect in accordance with the terms of that agreement. 

 

	19.4	Information: miscellaneous 

The Company shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests): 

 

	 	(a)	all documents dispatched by the Company to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;

  
 - 50 -

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any
member of the Group, and which might, if adversely determined, have a Material Adverse Effect; and 

  

	 	(c)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Facility
Agent) may reasonably request except to the extent that disclosure of the information would breach any law regulation, stock exchange requirement or duty of confidentiality. 

 

	19.5	Notification of default 

  

	 	(a)	Each Obligor shall notify the Facility Agent of any Default and the steps, if any, being taken to remedy it promptly upon becoming aware of its occurrence (unless that
Obligor is aware that a notification has already been provided by another Obligor). 

  

	 	(b)	Promptly upon a request by the Facility Agent, the Company shall supply to the Facility Agent a certificate signed by a director or authorised signatory on its behalf
certifying that no Default is continuing (or if continuing, specifying the steps, if any, being taken to remedy it). 

  

	19.6	Use of websites 

  

	 	(a)	The Company may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the “Website Lenders”) who accept
this method of communication by posting this information onto an electronic website designated by the Company and the Facility Agent (the “Designated Website”) if: 

 

	 	(i)	the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;

  

	 	(ii)	the Company and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(iii)	the information is in a format previously agreed between the Company and the Facility Agent. 

If any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Facility
Agent shall notify the Company accordingly and the Company shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Company shall supply the Facility Agent with at least one
copy in paper form of any information required to be provided by it. 
  

	 	(b)	The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of
that website by the Company and the Facility Agent. 

  
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	 	(c)	The Company shall promptly upon becoming aware of its occurrence notify the Facility Agent if: 

 

	 	(i)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(ii)	the password specifications for the Designated Website change; 

  

	 	(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated Website; 

 

	 	(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or 

 

	 	(v)	the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar
software. 

 If the Company notifies the Facility Agent under paragraph (c)(i) or paragraph (c)(v)
above, all information to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to
the notification are no longer continuing. 
  

	 	(d)	Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the
Designated Website. The Company shall comply with any such request within ten Business Days. 

  

	19.7	“Know your customer” checks 

  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

  

	 	(ii)	any change in the status of an Obligor after the date of this Agreement; or 

 

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or
transfer, 

 obliges the Facility Agent or any Lender (or, in the case of paragraph (iii) above, any
prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Facility
Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in
paragraph (iii) above, on behalf of any prospective new Lender) in order for the Facility Agent, such Lender or, in the 

  
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case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	 	(b)	Each Lender shall promptly upon the request of the Facility Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by
the Facility Agent (for itself) in order for the Facility Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the
transactions contemplated in the Finance Documents. 

  

	 	(c)	The Company shall, by not less than five Business Days’ prior written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the
Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 24 (Changes to the Obligors). 

 

	 	(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Obligor obliges the Facility Agent or any Lender to comply
with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Company shall promptly upon the request of the Facility Agent or any Lender supply, or
procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Facility
Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of such
Subsidiary to this Agreement as an Additional Obligor. 

  

	20.	FINANCIAL COVENANTS 

  

	20.1	Financial Condition 

 The
Company shall ensure that: 
  

	 	(a)	the ratio of EBITDA to Net Interest Payable for each Relevant Period will not be less than 3.50:1; and 

 

	 	(b)	the ratio of Net Borrowings as at the last day of each Relevant Period to EBITDA for that Relevant Period will not be more than 3.50:1, where EBITDA for the purpose of
this covenant shall be adjusted to take into account the pro forma impact of any acquisitions or disposals (other than disposals of Managed Assets) made during the Relevant Period by a member of the Group. 

  
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	20.2	Financial covenant calculations 

 For the purposes of this Agreement, Borrowings (including Financial Indebtedness for the purpose of calculating Borrowings), EBITDA, Net Borrowings and Net Interest Payable shall be: 

 

	 	(a)	calculated and interpreted on a consolidated basis in accordance with the Applicable Accounting Principles of the Company and shall be expressed in the currency in
which the relevant financial statements of the Group delivered under Clause 19.1 (Financial statements) are presented; and 

  

	 	(b)	extracted (except as needed to reflect the terms of this Clause 20) from the financial statements of the Group delivered under Clause 19.1 (Financial
statements) and Clause 19.2 (Compliance Certificate). 

  

	20.3	Definitions 

 In this
Agreement: 
 “Borrowings” means, as at any particular time, the aggregate outstanding principal, capital
or nominal amount (and any fixed or minimum premium payable on redemption) of the Financial Indebtedness of members of the Group, other than: 
  

	 	(a)	any indebtedness referred to in paragraph (g) of the definition of Financial Indebtedness; 

 

	 	(b)	any Project Finance Indebtedness; and 

  

	 	(c)	any indebtedness referred to in paragraphs (i) and (j) of the definition of Financial Indebtedness except to the extent any such obligation or liability
specified in such paragraphs has been provided for in the financial statements of the Group delivered under Clause 19.1 (Financial statements) or is disclosed as a contingency in the notes thereto and is quantified,

 and deducting, to the extent included, amounts attributable to interests of third parties in members of the
Group. 
 For this purpose, any amount outstanding or repayable in a currency other than US Dollars shall on that day be taken
into account in its US Dollar equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with IFRS as applicable to the Original Financial
Statements. 
 “Cash” means any credit balances on any deposit, savings, current or other account, and any cash
in hand, which is: 
  

	 	(a)	freely withdrawable on demand; 

  

	 	(b)	not subject to any Security (other than permitted pursuant to Clause 21.3 (Negative pledge)); 

  
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	 	(c)	denominated and payable in freely transferable and freely convertible currency; and 

 

	 	(d)	capable of being remitted to an Obligor in the United Kingdom. 

 “Cash Equivalents” means short-term, highly liquid investments that are readily convertible to known amounts of cash and which have contractual maturities of three months or less
(including, for the avoidance of doubt, any money market instruments, investments in money market funds and repo agreements). 
 “EBITDA” means, in relation to any Relevant Period, the total consolidated operating profit of the Group for that Relevant Period: 

 

	 	(a)	before taking into account: 

  

	 	(i)	Net Interest Payable; 

  

	 	(ii)	Tax; and 

  

	 	(iii)	all exceptional items; and 

  

	 	(b)	after adding back all amounts provided for depreciation and amortisation; and 

 

	 	(c)	deducting, to the extent included, amounts attributable to interests of third parties in members of the Group. 

“Net Borrowings” means, as at any particular time, Borrowings less Cash and Cash Equivalents. 

“Net Interest Payable” means, in relation to any Relevant Period, the aggregate amount of interest and any other
finance charges accrued by the Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	the interest element of leasing and hire purchase payments; 

  

	 	(b)	commitment fees, commissions and guarantee fees; and 

  

	 	(c)	amounts in the nature of interest payable in respect of any shares other than equity share capital, 

adjusted (but without double counting) by: 
  

	 	(i)	deducting interest income of the Group in respect of that Relevant Period; 

 

	 	(ii)	adding back the net amount payable (or deducting the net amount receivable) by members of the Group in that Relevant Period as a result of close-out or termination of
any interest or (so far as they relate to interest) currency hedging activities; 

  

	 	(iii)	adding back the amount payable as a premium on any bond buy-back by members of the Group in that Relevant Period; 

  
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	 	(iv)	deducting, to the extent included, the amount payable by members of the Group in that Relevant Period for arrangement or related fees in respect of Borrowings
including, for the avoidance of doubt, any unamortised fees to be written-off in respect of the Existing Agreement (to include, for the avoidance of doubt, underwriting, syndication and fees of a similar nature); and 

 

	 	(v)	deducting, to the extent included, the amount of interest and other finance charges attributable to interests of third parties in members of the Group and adjusting, as
appropriate, the additions or deductions specified in paragraphs (i) to (iv) (inclusive) above as a consequence of interests of third parties in members of the Group, 

but shall exclude in relation to the Relevant Period (A) net mark-to-market gains or losses on revaluation of financial instruments,
and (B) for the avoidance of doubt, any amount of interest paid to the Group’s loyalty programme on the accumulated balance of cash received in advance of the redemption of loyalty points awarded. 

“Relevant Period” means: 
  

	 	(a)	each financial year of the Company; and 

  

	 	(b)	each period beginning on the first day of the second half of a financial year of the Company and ending on the last day of the first half of its next financial year.

  

	21.	GENERAL UNDERTAKINGS 

 The
undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 

 

	21.1	Authorisations 

 Each
Obligor shall promptly: 
  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

 

	 	(b)	supply certified copies to the Facility Agent of, 

 any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 
  

	21.2	Compliance with laws 

Each Obligor shall comply with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform
its obligations under the Finance Documents. 

  
 - 56 -

	21.3	Negative pledge 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets.

  

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	any Security listed in Schedule 8 (Security) except to the extent the principal amount secured by that Security exceeds the amount stated in that Schedule;

  

	 	(ii)	any cash management, netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of
netting debit and credit balances; 

  

	 	(iii)	any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by a member of the Group for the purpose of:

  

	 	(A)	hedging any risk to which any member of the Group is exposed in its ordinary course of trading; or 

 

	 	(B)	its interest rate or currency management operations which are carried out in the ordinary course of business and for non-speculative purposes only,

 excluding, in each case, any Security under a credit support arrangement in relation to a hedging transaction;

  

	 	(iv)	any lien arising by operation of law and in the ordinary course of business; 

 

	 	(v)	any Security resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock
exchange; 

  

	 	(vi)	any Security over or affecting any asset acquired by a member of the Group after the date of this Agreement to the extent that: 

 

	 	(A)	the Security was not created in contemplation of the acquisition of that asset by a member of the Group; and 

 

	 	(B)	the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a member of the Group; 

  
 - 57 -

	 	(vii)	any Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security is created prior to the
date on which that company becomes a member of the Group, to the extent that: 

  

	 	(A)	the Security was not created in contemplation of the acquisition of that company; and 

 

	 	(B)	the principal amount secured has not increased in contemplation of or since the acquisition of that company; 

 

	 	(viii)	any Security created pursuant to any Finance Document; 

  

	 	(ix)	any title transfer or retention of title arrangement entered into by any member of the Group in the ordinary course of business; 

 

	 	(x)	pledges of goods, the related documents of title and/or other related documents arising or created in the ordinary course of business as security for indebtedness to a
bank or financial institution directly relating to the goods or documents over which that pledge exists; 

  

	 	(xi)	any Security over cash or other investments for bank guarantees given in the ordinary course of trading securing liabilities of up to, in aggregate, $100,000,000 (or
its equivalent in any other currency or currencies) or to meet any margin requirement in respect of derivative transactions; 

  

	 	(xii)	any Security resulting from the rules and regulations of any clearing system or stock exchange over shares and/or other securities held in that clearing system or stock
exchange; 

  

	 	(xiii)	any Security securing Project Finance Indebtedness; 

  

	 	(xiv)	any Security provided in relation to the InterContinental executive top-up scheme securing liabilities of up to, in aggregate, $100,000,000 (or its equivalent in any
other currency or currencies); 

  

	 	(xv)	any Security replacing any Security permitted under paragraph (i) above or this paragraph (xv) and securing the same indebtedness or obligations whose
principal amount does not exceed the maximum principal amount secured, or which could be secured, by the replaced Security when it is replaced; 

  

	 	(xvi)	any Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Security
given by any member of the Group other than any permitted under paragraphs (i) to (xv) above) does not exceed an amount equal to $150,000,000 (or its equivalent in any other currency or currencies); or 

 

	 	(xvii)	any other Security created or outstanding with the prior consent of the Majority Lenders. 

  
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	21.4	Disposals 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into a single transaction or a series of transactions (whether related or
not and whether voluntary or involuntary) to sell, lease, transfer or otherwise dispose of any asset of the Group (each a “Disposal”). 

 

	 	(b)	Paragraph (a) above does not apply to any Disposal: 

  

	 	(i)	made in the ordinary course of day-to-day business of the disposing entity; 

 

	 	(ii)	of assets in exchange for or to be replaced within 12 months (or committed within 12 months to be replaced and actually replaced within 24 months) by other assets
comparable or superior as to type, value and quality; 

  

	 	(iii)	of assets which are obsolete or redundant; 

  

	 	(iv)	which constitutes the payment of cash for any purpose not prohibited by any Finance Document; 

 

	 	(v)	by any member of the Group to another member of the Group; 

  

	 	(vi)	which constitutes any short term investment of funds not immediately required in the Group’s business and the realisation of those investments;

  

	 	(vii)	which constitutes the making of a lawful distribution; 

  

	 	(viii)	of assets which become Managed Assets following such Disposal; 

  

	 	(ix)	of assets (i) acquired by a member of the Group or (ii) owned by an entity which is acquired by a member of the Group, in each case as permitted by the terms
of this Agreement, which become the subject of a Disposal on arm’s length terms to a person who is not a member of the Group within the period of twelve Months following the date of the relevant acquisition; 

 

	 	(x)	where the proceeds of that Disposal (net of fees, transaction costs and Taxes) (or such smaller amount having regard to other Disposals which are permitted to be made
pursuant to the other sub-paragraphs of this paragraph (b)) are (within the period of 12 months following receipt of those proceeds) applied (or committed within the period of 12 months following receipt of those proceeds to be applied
(and actually applied within the period of 18 months following receipt of those proceeds)) in or towards capital expenditure of the Group; 

  

	 	(xi)	where any member of the Group has applied funds in or towards capital expenditure of the Group within the period of 12 months prior to the receipt of the proceeds of
that Disposal and where the amount so applied is at least equal to the proceeds of that Disposal (net of fees, transaction costs and Taxes) or, to the extent it is less than those proceeds, the balance is attributed to, or applied pursuant to,
another sub-paragraph of this paragraph (b); 

  
 - 59 -

	 	(xii)	where an amount equal to the proceeds of that Disposal (net of fees, transaction costs and Taxes) (or such smaller amount having regard to other Disposals which are
permitted to be made pursuant to the other sub-paragraphs of this paragraph (b)) is used in or towards a permanent reduction of Financial Indebtedness of the Group; 

 

	 	(xiii)	to which the Majority Lenders have consented; or 

  

	 	(xiv)	where the higher of the market value or consideration receivable (when aggregated with the higher of the market value or consideration receivable for any other
Disposal, to the extent not permitted under any of paragraphs (i) to (xiii) above, effected during any financial year), does not exceed an amount equal to $225,000,000 (or its equivalent in any other currency or currencies) in any
financial year. 

  

	21.5	Subsidiary Indebtedness 

  

	 	(a)	The Company shall ensure that the portion of Financial Indebtedness which is borrowed or incurred by Subsidiaries that are not Guarantors under this Agreement shall not
at any time exceed the aggregate of: 

  

	 	(i)	$400,000,000 (or its equivalent in any other currency or currencies); and (but without double counting) 

 

	 	(ii)	$400,000,000 (or its equivalent in any other currency or currencies) (provided such amount relates exclusively to Financial Indebtedness specified in
paragraphs (i) and (j) of the definition of Financial Indebtedness), 

 and provided that
Financial Indebtedness for the purpose of this Clause 21.5 shall exclude: 
  

	 	(A)	amounts borrowed under this Agreement; 

  

	 	(B)	qualifying amounts specified in paragraph (b) below which are secured as permitted pursuant to paragraphs (b)(vi) or (vii) of Clause 21.3
(Negative pledge) or otherwise is outstanding for the period of up to 6 months following the relevant acquisition; 

  

	 	(C)	amounts which would be included as Financial Indebtedness due to a change in IFRS after the date of this Agreement but would not be treated as Financial Indebtedness
using Applicable Accounting Principles; and 

  

	 	(D)	amounts which are incurred in connection with the arrangements described in paragraphs (b)(ii) or (b)(iii) of Clause 21.3 (Negative pledge).

  
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	 	(b)	Where a member of the Group acquires an asset or a company after the date of this Agreement in respect of which Financial Indebtedness is outstanding (other than
Project Finance Indebtedness), where: 

  

	 	(i)	that Financial Indebtedness was not created in contemplation of the acquisition of that asset or company; and 

 

	 	(ii)	that Financial Indebtedness has not increased in contemplation of or since that acquisition, 

then that Financial Indebtedness shall be permitted and be in addition to the threshold numbers specified in paragraph (a) above.

  

	21.6	Change of business 

 The
Company shall procure that no substantial change is made to the general nature of the business of the Group taken as a whole from that anticipated to be carried on at the date of this Agreement but this shall not prevent any member of the Group
engaging in any ancillary or related business. 
  

	21.7	Insurance 

 The Company
shall or shall procure that other members of the Group shall, maintain insurances on and in relation to the business and assets of the Group with reputable underwriters or insurance companies against those risks, and to the extent, usually insured
against by a prudent group of companies located in the same or similar locations and carrying on a similar business to that of the Group. 
  

	21.8	Acquisitions 

 No Obligor
shall (and the Company shall ensure that no other member of the Group will) complete (without the approval of the Majority Lenders which shall not be unreasonably withheld or delayed) any acquisition (whether through a single transaction or series
of related transactions with the same party or with parties connected with one another) where the consideration for the acquisition exceeds 25 per cent. of the Group’s market capitalisation at the time of the London Stock Exchange market
close on the Business Day falling immediately prior to the date of formal announcement of such acquisition by the Company. 
  

	21.9	Disposal of Receivables 

  

	 	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) sell, transfer or otherwise dispose of any of its trade receivables.

  

	 	(b)	Paragraph (a) above does not apply to any sale, transfer or other disposal of any of its receivables where the aggregate face value of all such receivables that
are outstanding at any time does not exceed $70,000,000 (or its equivalent in any other currency or currencies). 

  
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	21.10	Merger 

 No Obligor shall
enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction other than any such transaction between Obligors or Obligors and other persons provided that, in each case, the surviving entity is (or, as the case may
be, becomes) a Guarantor and/or a Borrower (as the case may be). 
  

	22.	EVENTS OF DEFAULT 

Each of the events or circumstances set out in Clause 22 (other than Clause 22.13 (Acceleration)) is an Event of
Default. 
  

	22.1	Non-payment 

 An Obligor
does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	payment is made within five Business Days of its due date. 

  

	22.2	Financial covenants 

Any requirement of Clause 20 (Financial covenants) is not satisfied. 

 

	22.3	Other obligations 

  

	 	(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 22.1 (Non-payment) and Clause 22.2
(Financial covenants)). 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 20 days of the earlier of
Facility Agent giving notice to the Company or the Company becoming aware of the failure to comply. 

  

	22.4	Misrepresentation 

  

	 	(a)	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or
in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the circumstances giving rise to a misrepresentation or misstatement is/are capable of remedy and
is/are remedied within 20 days of the Facility Agent giving notice to the Company requiring such remedy or (if earlier) the Company becoming aware of the failure to comply. 

  
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	22.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of any member of the Group is not paid when due nor within any applicable grace period. 

 

	 	(b)	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(c)	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified
maturity as a result of an event of default (however described). 

  

	 	(d)	No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
paragraphs (a) to (c) above is less than $50,000,000 (or its equivalent in any other currency or currencies) and Financial Indebtedness for the purposes of this Clause 22.5 shall exclude, in each case, Project Finance Indebtedness.

  

	22.6	Insolvency 

  

	 	(a)	An Obligor or a Material Subsidiary is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of
actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

 

	 	(b)	A moratorium is declared or takes effect in respect of all or a material part (or a particular type of) the indebtedness of an Obligor or a Material Subsidiary.

  

	22.7	Insolvency proceedings 

  

	 	(a)	Any corporate action or legal proceeding is taken (subject to paragraph (d) below) for the winding-up or dissolution of an Obligor or Material Subsidiary, or the
appointment of a liquidator, administrator, administrative receiver, compulsory manager or other similar officer is appointed in respect of, an Obligor or Material Subsidiary other than for a solvent winding-up, dissolution or liquidation of an
Obligor (other than the Company or the Guarantors) or a Material Subsidiary. 

  

	 	(b)	Any corporate action or legal proceeding is taken (subject to paragraph (d) below), or an agreement is entered into or proposed by an Obligor or Material
Subsidiary, for the suspension of payments by, a moratorium of any indebtedness of, or a general composition, compromise or assignment for the benefit of the creditors of, an Obligor or Material Subsidiary. 

 

	 	(c)	A receiver, administrative receiver, compulsory manager or other similar officer is appointed in respect of an Obligor or Material Subsidiary or any of its assets, or
any Security is enforced over an Obligor’s or Material Subsidiary’s assets, having an aggregate value of and in respect of indebtedness aggregating not less than $50,000,000 (or its equivalent in any other currency or currencies).

  
 - 63 -

	 	(d)	A person presents a petition for the winding up, liquidation, dissolution, administration or suspension of payments of an Obligor or Material Subsidiary except:

  

	 	(i)	where such petition is being contested in good faith and by appropriate means and is in any event dismissed within 30 days of its presentation; or

  

	 	(ii)	where such presentation is frivolous or vexatious or an abuse of process and is in any event dismissed within 30 days of its presentation.

  

	22.8	Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of an Obligor or Material Subsidiary
having an aggregate value of and in respect of indebtedness aggregating at least $50,000,000 (or its equivalent in any other currency or currencies) and is not discharged within 30 days. 

 

	22.9	Ownership of the Obligors 

An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company. 

 

	22.10	Unlawfulness 

 It is or
becomes unlawful for an Obligor to perform any of its material obligations under the Finance Documents. 
  

	22.11	Repudiation 

 An Obligor
repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 
  

	22.12	Cessation of business 

 An
Obligor ceases to carry on its business except pursuant to a reconstruction, amalgamation, merger or consolidation on solvent terms or, for the avoidance of doubt, by way of a disposal. 

 

	22.13	Acceleration 

 On and at
any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the Company: 

 

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  
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	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and
payable, whereupon they shall become immediately due and payable; and/or 

  

	 	(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Facility Agent on the instructions of the
Majority Lenders. 

  

	23.	CHANGES TO THE LENDERS 

  

	23.1	Assignments and transfers by the Lenders 

 Subject to this Clause 23, a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial institution or, following the occurrence of an Event of Default which is continuing, to a trust, fund or other entity which is regularly engaged in or established for
the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”). 
  

	23.2	Conditions of assignment or transfer 

  

	 	(a)	The consent of the Company is required for an assignment or transfer by an Existing Lender, unless: 

 

	 	(i)	the assignment or transfer is to an Affiliate of an Existing Lender, an Existing Agreement Lender or an Affiliate of an Existing Agreement Lender and the Existing
Lender has consulted with the Company for a period of no less than five Business Days prior to the assignment or transfer; 

  

	 	(ii)	following the occurrence of an Event of Default which is continuing; or 

  

	 	(iii)	such assignment or transfer is made in accordance with the terms of the Mandate Letter. 

 

	 	(b)	The consent of the Company to an assignment or transfer must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent five Business
Days after the Existing Lender has requested it unless consent is expressly refused by the Company within that time. 

  

	 	(c)	A partial transfer by a Lender shall be in a minimum amount of $10,000,000. 

 

	 	(d)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Facility Agent of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the
same obligations to the other Finance Parties as it would have been under if it was an Original Lender; and 

  
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	 	(ii)	performance by the Facility Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such
assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(e)	A transfer will only be effective if the procedure set out in Clause 23.6 (Procedure for transfer) is complied with. 

 

	 	(f)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

 

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender
acting through its new Facility Office under Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased Costs), 

 then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through
its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (f) shall not apply, in relation to Clause 12.2 (Tax gross-up), to a Treaty Lender that has included a confirmation of
its scheme reference number and its jurisdiction of tax residence in accordance with Clause 12.2(g)(ii)(B) (Tax gross-up) if the Obligor making the payment has not made a Borrower DTTP Filing in respect of that Treaty Lender.

  

	23.3	Transfer by sub-participation 

 Where a Lender proposes to enter into a sub-participation (whether funded or unfunded) where as a result of the sub-participation such Lender would no longer retain absolute discretion with regard to the
exercise of votes under the Finance Documents, then unless the sub-participation is to be entered into with an Affiliate of the Lender or an existing Lender, the Company’s consent shall be required to the extent so required when applying Clause
23.2 (Conditions of assignment or transfer) mutatis mutandis in respect of such sub-participation. 
  

	23.4	Assignment or transfer fee 

The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee
of $3,000. 

  
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	23.5	Limitation of responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

 

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

 

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 

 

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

 

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Finance Documents or any Commitment is in force. 

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 23; or 

 

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or
otherwise. 

  

	23.6	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (b) below
when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after
receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  
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	 	(b)	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

 

	 	(c)	Subject to Clause 23.9 (Pro rata interest settlement), the Transfer Date: 

 

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the
Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged
Rights and Obligations”); 

  

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Facility Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have
acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Arranger and the Existing Lender shall each be
released from further obligations to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a Lender. 

  

	23.7	Copy of Transfer Certificate or Increase Confirmation to Company 

 The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or Increase Confirmation, send to the Company a copy of that Transfer Certificate or Increase
Confirmation. 

  
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	23.8	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any Obligor in relation to a charging, assignment or
creation of Security in favour of a central bank or federal reserve, or with the agreement of the Company (acting reasonably) in relation to a charging, assignment or creation of Security in favour of any other entity, at any time charge, assign or
otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

 

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

 

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations
owed, or securities issued, by that Lender as security for those obligations or securities, 

 except that no such
charge, assignment or Security shall: 
  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as
a party to any of the Finance Documents; or 

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to
the relevant Lender under the Finance Documents. 

  

	23.9	Pro rata interest settlement 

 If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer
pursuant to Clause 23.6 (Procedure for transfer) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): 

 

	 	(a)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the
Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the
Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

  
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	 	(b)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:

  

	 	(i)	when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and 

 

	 	(ii)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 23.9, have been payable to it on that
date, but after deduction of the Accrued Amounts. 

  

	24.	CHANGES TO THE OBLIGORS 

  

	24.1	Assignments and transfer by Obligors 

 No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

	24.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.7 (“Know your customer” checks), the Company may
request that any of its Subsidiaries becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if: 

  

	 	(i)	all Lenders (acting reasonably) approve the addition of that Subsidiary and which they shall do so if that Subsidiary is a wholly owned subsidiary incorporated in the
United Kingdom or in the same jurisdiction as an existing Borrower; 

  

	 	(ii)	the Company delivers to the Facility Agent a duly completed and executed Accession Letter; 

 

	 	(iii)	the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

 

	 	(iv)	the Facility Agent has received all of the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent) in relation to that Additional
Borrower, each in form and substance reasonably satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance reasonably satisfactory to it) all
the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent). 

  

	24.3	Resignation of a Borrower 

  

	 	(a)	The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Facility Agent a Resignation Letter.

  
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	 	(b)	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: 

 

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and 

 

	 	(ii)	that Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

  

	24.4	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.7 (“Know your customer” checks), the Company may
request that any of its Subsidiaries become an Additional Guarantor. That Subsidiary shall become an Additional Guarantor if: 

  

	 	(i)	the Company delivers to the Facility Agent a duly completed and executed Accession Letter; and 

 

	 	(ii)	the Facility Agent has received all of the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent) in relation to that Additional
Guarantor, each in form and substance reasonably satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance reasonably satisfactory to it) all
the documents and other evidence listed in Part B of Schedule 2 (Conditions precedent). 

  

	24.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by
reference to the facts and circumstances then existing. 
  

	24.6	Resignation of a Guarantor 

  

	 	(a)	The Company may request that a Guarantor (other than the Company) ceases to be a Guarantor by delivering to the Facility Agent a Resignation Letter.

  

	 	(b)	The Facility Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if: 

 

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case); and 

 

	 	(ii)	the Majority Lenders have consented to the Company’s request (which they shall do if in relation to any Subsidiary of the Company, Clause 21.5 (Subsidiary
Indebtedness) is being complied with at such time). 

  
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	25.	ROLE OF THE FACILITY AGENT AND THE ARRANGER 

  

	25.1	Appointment of the Facility Agent 

  

	 	(a)	Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents. 

 

	 	(b)	Each other Finance Party authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under or in
connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	25.2	Duties of the Facility Agent 

  

	 	(a)	Subject to paragraph (b) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility
Agent for that Party by any other Party. 

  

	 	(b)	Without prejudice to Clause 23.7 (Copy of Transfer Certificate or Increase Confirmation to Company), paragraph (a) above shall not apply to any
Transfer Certificate or any Increase Confirmation. 

  

	 	(c)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any
document it forwards to another Party. 

  

	 	(d)	If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall
promptly notify the Finance Parties. 

  

	 	(e)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or
the Arranger) under this Agreement it shall promptly notify the other Finance Parties. 

  

	 	(f)	The Facility Agent shall provide to the Company (i) every six months, starting with the date falling six Months from the date of this Agreement and (ii) in
any event within three Business Days of a request by the Company, a list (which may be in electronic form) setting out the names of the Lenders as at the date of response or as at the date of that request (as the Company may elect), their respective
Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance
Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with
the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Facility Agent to that Lender under the Finance Documents. 

  
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	 	(g)	The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

 

	25.3	Role of the Arranger 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in
connection with any Finance Document. 
  

	25.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Facility Agent or the Arranger as a trustee or fiduciary of any other person. 

 

	 	(b)	Neither the Facility Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

  

	25.5	Business with the Group 

The Facility Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business
with any member of the Group. 
  

	25.6	Rights and discretions of the Facility Agent 

  

	 	(a)	The Facility Agent may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

 

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or
within his power to verify. 

  

	 	(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

 

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment)); 

 

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

 

	 	(iii)	any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.

  
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	 	(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

 

	 	(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents. 

 

	 	(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

	 	(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arranger is obliged to do or omit to do anything if it
would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	25.7	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent shall (i) exercise any right, power, authority or discretion vested in it as
Facility Agent in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Facility Agent) and (ii) not
be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties.

  

	 	(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such
security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), the Facility Agent may act (or refrain from taking action) as it considers
to be in the best interest of the Lenders. 

  

	 	(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating
to any Finance Document. 

  

	25.8	Responsibility for documentation 

 Neither the Facility Agent nor the Arranger: 
  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, the Arranger, an Obligor or
any other person given in or in connection with any Finance Document; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered
into, made or executed in anticipation of or in connection with any Finance Document. 

  
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	25.9	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below and without prejudice to the provisions of paragraph (e) of Clause 28.11 (Disruption to Payment Systems,
etc.), the Facility Agent will not be liable for any action taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

 

	 	(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have
against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this Clause.

  

	 	(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid
by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that
purpose. 

  

	 	(d)	Nothing in this Agreement shall oblige the Facility Agent or the Arranger to carry out any “know your customer” or other checks in relation to any person on
behalf of any Lender and each Lender confirms to the Facility Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the
Facility Agent or the Arranger. 

  

	25.10	Lenders’ indemnity to the Facility Agent 

 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero)
indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s gross negligence or wilful misconduct) in acting as
Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	25.11	Resignation of the Facility Agent 

  

	 	(a)	The Facility Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom as successor by giving notice to the other Finance
Parties and the Company. 

  

	 	(b)	Alternatively the Facility Agent may resign by giving notice to the other Finance Parties and the Company, in which case the Majority Lenders may appoint a successor
Facility Agent with the consent of the Company (such consent not to be unreasonably withheld or delayed) unless the successor Facility Agent is an Arranger or an Affiliate thereof, in which case the consent of the Company shall not be required.

  
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	 	(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given,
the Facility Agent (after consultation with the Company) may appoint a successor Facility Agent (acting through an office in the United Kingdom). 

  

	 	(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the
successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. 

  

	 	(e)	The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor. 

 

	 	(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain
entitled to the benefit of this Clause 25. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	 	(g)	After consultation with the Company the Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above. In this
event, the Facility Agent shall resign in accordance with paragraph (b) above. 

  

	 	(h)	The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor
Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either:

  

	 	(i)	the Facility Agent fails to respond to a request under Clause 12.8 (FATCA Information) and the Company or a Lender reasonably believes that the Facility Agent
will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	the information supplied by the Facility Agent pursuant to Clause 12.8 (FATCA Information) indicates that the Facility Agent will not be (or will have ceased to
be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	the Facility Agent notifies the Company and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
Application Date, 

  
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 and (in each case) the Company or a Lender reasonably believes that a Party will be
required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign. 

 

	25.12	Replacement of the Facility Agent 

  

	 	(a)	Subject to paragraph (b) below, the Majority Lenders may, by giving 30 days’ notice to the Facility Agent (or, at any time the Facility Agent is an Impaired
Agent, by giving any shorter notice determined by the Majority Lenders) replace the Facility Agent by appointing a successor Facility Agent (acting through an office in the United Kingdom). 

 

	 	(b)	The Facility Agent may only be replaced with the consent of the Company (such consent not to be unreasonably withheld or delayed) unless the successor Facility Agent is
an Arranger or an Affiliate thereof, in which case the consent of the Company shall not be required. 

  

	 	(c)	The retiring Facility Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Facility
Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. 

 

	 	(d)	The appointment of the successor Facility Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Facility Agent. As from
this date, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 25 (and any agency fees for the account of the retiring Facility
Agent shall cease to accrue from (and shall be payable on) that date). 

  

	 	(e)	Any successor Facility Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had
been an original Party. 

  

	25.13	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from
any other of its divisions or departments. 

  

	 	(b)	If information is received by another division or department of the Facility Agent, it may be treated as confidential to that division or department and the Facility
Agent shall not be deemed to have notice of it. 

  

	25.14	Relationship with the Lenders 

  

	 	(a)	Subject to Clause 23.9 (Pro rata interest settlement), the Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and
acting through its Facility Office unless it has received not less than five Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 

  
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	 	(b)	Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched
to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 30.6 (Electronic communication)) electronic
mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a
notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 30.2 (Addresses) and paragraph (a)(iii) of Clause 30.6 (Electronic
communication) and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 

 

	25.15	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Facility Agent and the Arranger
that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 

 

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Finance Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

 

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any Party or by any other person under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 

  
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	25.16	Reference Banks 

 If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent shall (in agreement with the Company, such agreement not to be unreasonably withheld) appoint another Lender
or an Affiliate of a Lender to replace that Reference Bank. 
  

	25.17	Deduction from amounts payable by the Facility Agent 

 If any Party owes an amount to the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that
Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as
having received any amount so deducted. 
  

	26.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this Agreement will: 
  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

 

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

  

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	27.	SHARING AMONG THE FINANCE PARTIES 

  

	27.1	Payments to Finance Parties 

 If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 28 (Payment
mechanics) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to the Facility Agent; 

 

	 	(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or
recovery been received or made by the Facility Agent and distributed in accordance with Clause 28 (Payment mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or
distribution; and 

  

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the “Sharing
Payment”) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 28.6 (Partial
payments). 

  
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	27.2	Redistribution of payments 

The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the
Finance Parties (other than the Recovering Finance Party) in accordance with Clause 28.6 (Partial payments). 
  

	27.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Facility Agent under Clause 27.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the
Finance Parties which have shared in the redistribution. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the
Recovering Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 

  

	27.4	Reversal of redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 
  

	 	(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 27.2 (Redistribution of payments) shall, upon request of
the Facility Agent, pay to the Facility Agent for account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance
Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay); and 

  

	 	(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing
Finance Party for the amount so reimbursed. 

  

	27.5	Exceptions 

  

	 	(a)	This Clause 27 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and
enforceable claim against the relevant Obligor. 

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of
taking legal or arbitration proceedings, if: 

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

 

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received
notice and did not take separate legal or arbitration proceedings. 

  
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	28.	PAYMENT MECHANICS 

  

	28.1	Payments to the Facility Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the
Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant
currency in the place of payment. 

  

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Facility Agent specifies.

  

	28.2	Distributions by the Facility Agent 

 Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 28.3 (Distributions to an Obligor) and Clause 28.4
(Clawback), be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such
account as that Party may notify to the Facility Agent by not less than five Business Days’ notice with a bank in the principal financial centre of the country of that currency. 

 

	28.3	Distributions to an Obligor 

 The Facility Agent may (with the consent of the Obligor or in accordance with Clause 29 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date
and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 

 

	28.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or
to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom
that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility
Agent, calculated by the Facility Agent to reflect its cost of funds. 

  
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	28.5	Impaired Agent 

  

	 	(a)	If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility
Agent in accordance with Clause 28.1 (Payments to the Facility Agent) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank and in relation to
which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance
Documents. In each case such payments must be made on the due date for payment under the Finance Documents. 

  

	 	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to
their respective entitlements. 

  

	 	(c)	A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall
not take any credit risk with respect to the amounts standing to the credit of the trust account. 

  

	 	(d)	Promptly upon the appointment of a successor Facility Agent in accordance with Clause 25.12 (Replacement of the Facility Agent), each Party which has made a
payment to a trust account in accordance with this Clause 28.5 shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for
distribution in accordance with Clause 28.2 (Distributions by the Facility Agent). 

  

	28.6	Partial payments 

  

	 	(a)	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility
Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	firstly, in or towards payment pro rata of any unpaid fees, costs and expenses of the Facility Agent or the Arranger under the Finance Documents;

  

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

 

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

 

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

 

	 	(b)	The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above. 

 

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  
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	28.7	No set-off by Obligors 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any
deduction for) set-off or counterclaim unless all Lenders have agreed to that Obligor making such payments with set-off or counterclaim. 
  

	28.8	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the
preceding Business Day (if there is not). 

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate
payable on the original due date. 

  

	28.9	Currency of account 

  

	 	(a)	Subject to paragraphs (b) to (c) below, US Dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.

  

	 	(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(c)	Any amount expressed to be payable in a currency other than US Dollars shall be paid in that other currency. 

 

	28.10	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency
of that country, then: 

  

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid
in, the currency or currency unit of that country designated by the Facility Agent (acting reasonably and after consultation with the Company); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that
currency or currency unit into the other, rounded up or down by the Facility Agent (acting reasonably and after consultation with the Company). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Company)
specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  
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	28.11	Disruption to Payment Systems etc. 

 If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Company that a Disruption Event has occurred: 

 

	 	(a)	the Facility Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation
or administration of the Facility as the Facility Agent may deem necessary in the circumstances; 

  

	 	(b)	the Facility Agent shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable
to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; 

  

	 	(c)	the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion,
it is not practicable to do so in the circumstances; 

  

	 	(d)	any such changes agreed upon by the Facility Agent and the Company shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon
the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 34 (Amendments and Waivers); 

 

	 	(e)	the Facility Agent shall not be liable for any damages, costs or losses whatsoever arising as a result of its taking, or failing to take, any actions pursuant to or in
connection with this Clause 28.11 save to the extent the relevant damage, cost or loss (as the case may be) is caused by the fraud of the Facility Agent; and 

 

	 	(f)	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

 

	29.	SET-OFF 

 Without
prejudice to the normal rights of the Finance Parties at law, after the occurrence of an Event of Default which is continuing, a Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent
beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies,
the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. That Finance Party shall promptly notify that Obligor of any such set-off or conversion. 

  
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	30.	NOTICES 

  

	30.1	Communications in writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may
be made by fax or letter. 
  

	30.2	Addresses 

 The address
and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 

 

	 	(a)	in the case of the Company, that identified with its name below; 

  

	 	(b)	in the case of each Lender or any other Obligor, that notified in writing to the Facility Agent on or prior to the date on which it becomes a Party; and

  

	 	(c)	in the case of the Facility Agent, that identified with its name below, 

 or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility
Agent) by not less than five Business Days’ notice. 
  

	30.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:

  

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to
it at that address, 

 and, if a particular department or officer is specified as part of its address details
provided under Clause 30.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Facility Agent will be effective only when actually received by the Facility Agent and then only if it is
expressly marked for the attention of the department or officer identified with the Facility Agent’s signature below (or any substitute department or officer as the Facility Agent shall specify for this purpose). 

 

	 	(c)	All notices from or to an Obligor shall be sent through the Facility Agent. 

 

	 	(d)	Any communication or document made or delivered to the Company in accordance with this Clause will be deemed to have been made or delivered to each of the
Obligors. 

  
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	30.4	Notification of address and fax number 

 Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 30.2 (Addresses) or changing its own address or fax number, the
Facility Agent shall notify the other Parties. 
  

	30.5	Communication when Facility Agent is Impaired Agent 

 If the Facility Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Facility Agent, communicate with each other directly and (while the Facility Agent is an
Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Facility Agent shall be varied so that communications may be made and notices given to or by the relevant Parties
directly. This provision shall not operate after a replacement Facility Agent has been appointed. 
  

	30.6	Electronic communication 

  

	 	(a)	Any communication to be made between the Facility Agent and a Lender or an Obligor and the Facility Agent under or in connection with the Finance Documents may be made
by electronic mail or other electronic means, if the Facility Agent and the relevant Lender or, as appropriate, the relevant Obligor and the Facility Agent: 

 

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

 

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

 

	 	(b)	Any electronic communication made between the Facility Agent and a Lender or an Obligor and the Facility Agent will be effective only when actually received in readable
form and in the case of any electronic communication made by a Lender to the Facility Agent or an Obligor to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose. 

 

	 	(c)	The ability of an Obligor to use electronic communications is without prejudice to its obligation to submit any Utilisation Request, Accession Letter, Resignation
Letter or Compliance Certificate in the form required under this Agreement or any other document or notice which requires the signature of any director or authorised signatory of an Obligor. 

 

	30.7	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  
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	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

 

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Facility Agent, accompanied by a certified English translation and, in this case, the English translation will prevail
unless the document is a constitutional, statutory or other official document. 

  

	31.	CALCULATIONS AND CERTIFICATES 

  

	31.1	Accounts 

 In any
litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 

 

	31.2	Certificates and Determinations 

 Any certification or determination by a Finance Party of a rate or amount under any Finance Document shall set out the basis of calculation in reasonable detail and is prima facie evidence
of the matters to which it relates. 
  

	31.3	Day count convention 

 Any
interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days. 

 

	32.	PARTIAL INVALIDITY 

 If,
at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality,
validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	33.	REMEDIES AND WAIVERS 

 No
failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or
other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 

  
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	34.	AMENDMENTS AND WAIVERS 

  

	34.1	Required consents 

  

	 	(a)	Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the
Obligors and any such amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Facility Agent may effect, on behalf of any Finance Party, and the Company may effect, on behalf of any Obligor, any amendment or waiver permitted by this Clause.

  

	34.2	Exceptions 

  

	 	(a)	Subject to Clause 34.3 (Replacement of Screen Rate), an amendment or waiver that has the effect of changing or which relates to: 

 

	 	(i)	the definition of “LIBOR” or “Majority Lenders” in Clause 1.1 (Definitions); 

 

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

 

	 	(iv)	an increase in or an extension of any Commitment; 

  

	 	(v)	a change to the Borrowers or Guarantors other than in accordance with Clause 24 (Changes to the Obligors); 

 

	 	(vi)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(vii)	Clause 2.3 (Finance Parties’ rights and obligations), Clause 23 (Changes to the Lenders), Clause 27 (Sharing among the Finance
Parties), or this Clause 34; or 

  

	 	(viii)	the nature or scope of the guarantee and indemnity granted under Clause 17 (Guarantee and Indemnity), 

shall not be made without the prior consent of all the Lenders. 

 

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Facility Agent or the Arranger or a Reference Bank may not be effected without the consent of
the Facility Agent or the Arranger or that Reference Bank. 

  

	 	(c)	 If a Lender fails to respond or vote in relation to a request for a consent, waiver, amendment or other vote under the Finance Documents (a
“Request”) within twenty-five Business Days (unless any Borrower and the Facility Agent agree a longer time period in relation to any request) of that Request being made, (i) with respect to any Request that does not require
the consent of all  

  
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Lenders pursuant to paragraph (a) of this Clause 35.2, in ascertaining whether the Majority Lenders or any other given percentage of the Total Commitments has been obtained, that
Lender’s Commitments shall not be included (for the avoidance of doubt, for the purposes of calculating both (A) the Total Commitments and (B) the aggregate Commitments of Lenders voting in favour of such Request) and (ii) with
respect to any Request requiring the consent of all Lenders pursuant to paragraph (a) of this Clause 35.2, that Lender shall be deemed to have declined to consent to such Request (and the requested consent, waiver, amendment or other vote
shall not become effective); provided, however, that if the Super-Majority Lenders have agreed to the Request, the Company may exercise its rights under Clause 8.6 (Replacement of a Non-Consenting Lender) with
respect to such Lender as if it were a Non-Consenting Lender. 

  

	34.3	Replacement of Screen Rate 

  

	 	(a)	Subject to Clause 34.2(b) (Exceptions), if the Screen Rate is not available for US Dollars, any amendment or waiver which relates to providing for another
benchmark rate to apply in relation to US Dollars in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that other benchmark rate) may be made with the consent of the Majority Lenders and the
Obligors. 

  

	 	(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above within 5 Business days (unless the Company and the Agent
agree to a longer time period in relation to any request) of that request being made: 

  

	 	(i)	its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any relevant percentage of Total Commitments has
been obtained to approve that request; and 

  

	 	(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that
request. 

  

	35.	CONFIDENTIALITY 

  

	35.1	Confidential Information 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 35.2 (Disclosure of Confidential Information) and Clause 35.3 (Disclosure to numbering service providers), to ensure that all Confidential Information is protected with security measures and a degree of care that
would apply to its own confidential information and to use all reasonable endeavours to ensure that any person to whom that Finance Party passes any Confidential Information (unless disclosed in accordance with paragraph (b)(v) of
Clause 35.2 (Disclosure of Confidential Information)) acknowledges and complies with the provisions of this Clause 35 as if that person were bound by it. 

  
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	35.2	Disclosure of Confidential Information 

 Any Finance Party may disclose, on a need-to-know basis: 
  

	 	(a)	to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors and partners such Confidential Information as that
Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of
confidentiality in relation to the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it transfers (or may potentially transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that
person’s Affiliates, Representatives and professional advisers for the purpose of that actual or potential assignment or transfer; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction
under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Representatives and professional advisers for the purpose of that actual or
potential sub-participation or transaction; 

  

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents
delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 25.14 (Relationship with the Lenders));  

 

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i)
or (b)(ii) above for the purpose of that transaction; 

  

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority
or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 23.8 (Security over
Lenders’ rights); 

  
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	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
proceedings or disputes in connection with the Finance Documents; 

  

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Company; 

in each case, such Confidential Information as that Finance Party shall consider appropriate if: 

 

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality
Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

  

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is
otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

 

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature
and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the reasonable opinion of that Finance Party, it is not practicable so to do in the circumstances;

  

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in
respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service
provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master
Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party; 

  
 - 91 -

	 	(d)	to any rating agency (including its professional advisers) the following information: 

 

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Facility Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(xii)	the amount of such Finance Party’s Commitment; 

  

	 	(xiii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and 

 

	 	(xiv)	such other information agreed between such Finance Party and the Company, 

 as may be required to be disclosed to enable such rating agency to perform its normal corporate loan rating activities in relation to the Finance Documents. 

 

	35.3	Disclosure to numbering service providers 

  

	 	(a)	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services
in respect of this Agreement, the Facility and/or one or more Obligors the following information: 

  

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Facility Agent and the Arranger; 

  
 - 92 -

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility ; 

  

	 	(x)	ranking of Facility; 

  

	 	(xi)	Termination Date for Facility; 

  

	 	(xii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xi) above; and 

 

	 	(xiii)	such other information agreed between such Finance Party and the Company, 

 to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider
and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

 

	 	(c)	The Facility Agent shall notify the Company and the other Finance Parties of: 

 

	 	(i)	the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility and/or one or more Obligors; and

  

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider.

  

	35.4	Entire agreement 

 This
Clause 35 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement,
whether express or implied, regarding Confidential Information. 
  

	35.5	Inside information 

 Each
of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law
relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 

  
 - 93 -

	35.6	Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company: 

 

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to (i) paragraph (b)(v) of Clause 35.2 (Disclosure of Confidential
Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function or (ii) paragraph (b)(vi) of Clause 35.2
(Disclosure of Confidential Information); and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 35 (Confidentiality). 

 

	35.7	Continuing obligations 

The obligations in this Clause 35 (Confidentiality) are continuing and, in particular, shall survive and remain binding on
each Finance Party for a period of twelve months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or
otherwise cease to be available; and 

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

 

	36.	COUNTERPARTS 

 Each
Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

 

	37.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	38.	ENFORCEMENT 

  

	38.1	Jurisdiction 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the
existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”). 

 

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

  
 - 94 -

	 	(c)	This Clause 38.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in
any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	38.2	Service of process 

Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England
and Wales): 
  

	 	(a)	irrevocably appoints the Company as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document;
and 

  

	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 95 -

 The Company 
 INTERCONTINENTAL HOTELS GROUP PLC 
 By:

 
 Name: Paul Edgecliffe - Johnson 
 Title: Director 
 Address: Broadwater Park, Denham, Buckinghamshire UB9 5HR 

Fax No: 01895 512101 
 Attention: The Company
Secretary 
 cc: The Treasurer 
 Fax
No: 01283 514767 

  
 - 119 -

 The Original Borrowers 
 INTERCONTINENTAL HOTELS GROUP PLC 
 By:

 
 Name: Paul Edgecliffe - Johnson 
 Title: Director 
 Address: Broadwater Park, Denham, Buckinghamshire UB9 5HR 

Fax No: 01895 512101 
 Attention: The Company
Secretary 
 cc: The Treasurer 
 Fax No
01283 514767 
 INTERCONTINENTAL HOTELS LIMITED 
 By:

 
 Name: Nicolette Henfrey 
 Title: Director 
 Address: Broadwater Park, Denham, Buckinghamshire UB9 5HR 

Fax No: 01895 512 101 
 Attention: The Company
Secretary 
 cc: The Treasurer 
 Fax No
01283 514767 
 SIX CONTINENTS LIMITED 
 By:

 
 Name: Nicolette Henfrey 
 Title: Director 
 Address: Broadwater park, Denham, Buckinghamshire UB9 5HR 

Fax No: 01895 512 101 
 Attention: The Company
Secretary 
 cc: The Treasurer 
 Fax
No: 01283 514767 

  
 - 120 -

 The Original Guarantors 
 INTERCONTINENTAL HOTELS GROUP PLC 
 By:

 
 Name: Paul Edgecliffe - Johnson 
 Title: Director 
 INTERCONTINENTAL HOTELS LIMITED 

By:

 
 Name: Nicolette Henfrey 
 Title: Director 
 SIX CONTINENTS LIMITED 

By:

 
 Name: Nicolette Henfrey 
 Title: Director 

  
 - 121 -

 The Arrangers 
 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED 
 By:

 
 Name: Adam Lawrence 
 Title: Vice President 
 Address: 2 King Edward Street, London, ECIA 1HQ 

Fax No: 0207 996 8547 
 Attention: Adam Lawrence

 Telephone No: 0207 995 6896 

E-mail address: ADAM.M.LAWRENCE@BAML.COM 

The Original Lenders 
 BANK OF AMERICA
MERRILL LYNCH INTERNATIONAL LIMITED 
 By:

 
 Name: Tarun Mehta 
 Title: Director 
 Address: 2 King Edward Street, London, EC1A 1HQ 

Fax No: 0207 976 8547 
 Attention: 

The Facility Agent 
 BANK OF AMERICA
MERRILL LYNCH INTERNATIONAL LIMITED 
 By:

 
 Name: Kevin Day 
 Title: Vice President 
 Address: 2 King Edward Street, London, EC1A 1HQ , United Kingdom

 Fax No: + 4420 8313 2149 

Attention: Loans Agency 

  
 - 122 -

 The exhibits and schedules to this bank facility agreement have been omitted from the filing. The following
is a list of omitted exhibits and schedules and a brief description of each. InterContinental Hotels Group PLC agrees to furnish to the Securities and Exchange Commission, upon its request, a copy of any such omitted exhibits and schedules:

 Schedule 1 The Original Lenders 

Schedule 2 Conditions Precedent 
 Schedule 3
Requests 
 Schedule 4 Form of Transfer Certificate 
 Schedule 5 Form of Accession Letter 
 Schedule 6 Form of Resignation Letter 

Schedule 7 Form of Compliance Certificate 

Schedule 8 Security 
 Schedule 9 Timetables

 Schedule 10 Form of Confidentiality Undertaking 
 Schedule 11 Form of Increase ConfirmationEX-4.(a)(ii)

 Exhibit 4(a)(ii) 

EXECUTION VERSION 

PURCHASE AND SALE AGREEMENT 

by and between 
 KIMPTON GROUP
HOLDING LLC 
 and 

DUNWOODY OPERATIONS, INC. 

Dated as of December 15, 2014 

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	DEFINITIONS	  
			
	Section 1.01.		 Definitions
		 	1	  
	Section 1.02.		 Cross References
		 	10	  
	Section 1.03.		 Interpretation
		 	12	  
	
	ARTICLE II	  
	PURCHASE AND SALE	  
			
	Section 2.01.		 Purchase and Sale
		 	12	  
	Section 2.02.		 Purchase Price
		 	12	  
	Section 2.03.		 Closing
		 	13	  
	Section 2.04.		 Closing Deliverables
		 	13	  
	Section 2.05.		 Preliminary Closing Statement; Payment of Preliminary Purchase Price
		 	14	  
	Section 2.06.		 Post-Closing Adjustment
		 	15	  
	Section 2.07.		 Purchase Price Allocation
		 	17	  
	Section 2.08.		 Withholding
		 	18	  
	Section 2.09.		 Asset Management Business
		 	18	  
	
	ARTICLE III	  
	REPRESENTATIONS AND WARRANTIES OF SELLER	  
			
	Section 3.01.		 Organization and Qualification
		 	19	  
	Section 3.02.		 Authorization
		 	19	  
	Section 3.03.		 Non-contravention
		 	20	  
	Section 3.04.		 Governmental Authorization
		 	20	  
	Section 3.05.		 Capitalization
		 	20	  
	Section 3.06.		 Financial Statements
		 	21	  
	Section 3.07.		 Absence of Certain Developments
		 	22	  
	Section 3.08.		 Compliance with Laws; Permits; Privacy
		 	22	  
	Section 3.09.		 Litigation
		 	24	  
	Section 3.10.		 No Undisclosed Liabilities
		 	24	  
	Section 3.11.		 Environmental Matters
		 	25	  
	Section 3.12.		 Employee Matters
		 	25	  
	Section 3.13.		 Employee Benefit Plans
		 	26	  
	Section 3.14.		 Taxes
		 	27	  
	Section 3.15.		 Intellectual Property
		 	28	  
	Section 3.16.		 Material Contracts
		 	29	  
	Section 3.17.		 Insurance
		 	30	  
	Section 3.18.		 Real Property
		 	31	  
	Section 3.19.		 Related Party Transactions
		 	31	  
	Section 3.20.		 Brokers
		 	31	  
	Section 3.21.		 Solvency
		 	31	  
	Section 3.22.		 No Other Representations And Warranties
		 	32	  

  
 i 

							
	ARTICLE IV	  
	REPRESENTATIONS AND WARRANTIES OF BUYER	  
			
	Section 4.01.		 Organization and Qualification
		 	32	  
	Section 4.02.		 Authorization
		 	33	  
	Section 4.03.		 Non-contravention
		 	33	  
	Section 4.04.		 Governmental Authorization
		 	33	  
	Section 4.05.		 Litigation
		 	33	  
	Section 4.06.		 Solvency
		 	34	  
	Section 4.07.		 Brokers
		 	34	  
	Section 4.08.		 Purchase for Investment
		 	34	  
	Section 4.09.		 Acknowledgements by Buyer
		 	34	  
	Section 4.10.		 Availability of Funds
		 	35	  
	Section 4.11.		 Guarantee
		 	36	  
	
	ARTICLE V	  
	COVENANTS	  
			
	Section 5.01.		 Conduct of the Business
		 	36	  
	Section 5.02.		 Pre-Closing Access and Information
		 	39	  
	Section 5.03.		 Regulatory Filings
		 	40	  
	Section 5.04.		 Affiliate Transactions
		 	43	  
	Section 5.05.		 Third Party Approvals and Permits
		 	43	  
	Section 5.06.		 Insurance
		 	43	  
	Section 5.07.		 Confidentiality
		 	43	  
	Section 5.08.		 Non-Competition; Non-Solicitation
		 	44	  
	Section 5.09.		 Public Announcements
		 	46	  
	Section 5.10.		 Indemnification and Exculpation
		 	46	  
	Section 5.11.		 Notice of Certain Events
		 	48	  
	Section 5.12.		 No Solicitation of Transactions
		 	49	  
	Section 5.13.		 Further Assurances
		 	51	  
	Section 5.14.		 Post-Closing Books and Records
		 	52	  
	Section 5.15.		 Liquor Licenses and Related Entities
		 	53	  
	Section 5.16.		 Seller’s Maintenance of Net Worth
		 	53	  
	Section 5.17.		 Pre-Closing and Retention Bonuses
		 	53	  
	Section 5.18.		 Certain Liens
		 	53	  
	Section 5.19.		 Certain Guarantees
		 	54	  
	
	ARTICLE VI	  
	TAX MATTERS	  
			
	Section 6.01.		 Straddle Tax Period Allocations
		 	54	  
	Section 6.02.		 Cooperation
		 	54	  
	Section 6.03.		 Post-Closing Actions
		 	55	  
	Section 6.04.		 Transfer Taxes
		 	55	  
	Section 6.05.		 Certain Refunds
		 	55	  
	Section 6.06.		 Certain Tax Contests and Returns
		 	55	  

  
 ii 

							
	ARTICLE VII	  
	EMPLOYEE MATTERS	  
			
	Section 7.01.		 Employees
		 	56	  
	
	ARTICLE VIII	  
	CONDITIONS TO CLOSING	  
			
	Section 8.01.		 Mutual Conditions
		 	57	  
	Section 8.02.		 Conditions to the Obligation of Buyer
		 	57	  
	Section 8.03.		 Conditions to the Obligations of Seller
		 	58	  
	Section 8.04.		 Frustration of Closing Conditions
		 	58	  
	
	ARTICLE IX	  
	INDEMNIFICATION	  
			
	Section 9.01.		 Survival
		 	59	  
	Section 9.02.		 Indemnification
		 	59	  
	Section 9.03.		 Procedures
		 	60	  
	Section 9.04.		 Limitations on Liability
		 	62	  
	Section 9.05.		 Assignment of Claims
		 	63	  
	Section 9.06.		 Exclusivity
		 	63	  
	Section 9.07.		 Characterization of Indemnity Payments
		 	64	  
	Section 9.08.		 Indemnification Payments and Escrow
		 	64	  
	Section 9.09.		 Releases
		 	65	  
	
	ARTICLE X	  
	TERMINATION	  
			
	Section 10.01.		 Termination
		 	66	  
	Section 10.02.		 Effect of Termination
		 	67	  
	
	ARTICLE XI	  
	MISCELLANEOUS	  
			
	Section 11.01.		 Notices
		 	68	  
	Section 11.02.		 Amendments and Waivers
		 	69	  
	Section 11.03.		 Expenses
		 	70	  
	Section 11.04.		 Governing Law; Jurisdiction; WAIVER OF JURY TRIAL
		 	70	  
	Section 11.05.		 Assignment; Successors and Assigns; No Third Party Beneficiaries
		 	71	  
	Section 11.06.		 Counterparts; Effectiveness
		 	71	  
	Section 11.07.		 Entire Agreement
		 	71	  
	Section 11.08.		 Severability
		 	71	  
	Section 11.09.		 Specific Performance
		 	71	  
	Section 11.10.		 Disclosure Schedule
		 	72	  
	Section 11.11.		 Retention of Counsel
		 	72	  

  
 iii 

 EXHIBITS 
  

					
	Exhibit		A		Form of Support Agreement
	Exhibit		B		Calculation Principles
	Exhibit		C		Form of Assignment and Assumption Agreement
	Exhibit		D		Escrow Agreement
	Exhibit		E		FIRPTA Certificate
	Exhibit		F		Sample Preliminary Closing Statement

  
 iv 

 PURCHASE AND SALE AGREEMENT 

This PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of December 15, 2014, is made and entered into by and
between Kimpton Group Holding LLC, a Delaware limited liability company (“Seller”), and Dunwoody Operations, Inc., a Delaware corporation (“Buyer”). Each of the foregoing parties is referred to herein as a
“Party” and together as the “Parties”. 
 W I T N E S S E T H: 

WHEREAS, Seller owns all of the limited liability company interests (the “LLC Interests”) in Kimpton Hotel &
Restaurant Group, LLC, a Delaware limited liability company (the “Company”); 
 WHEREAS, upon the terms and subject to the
conditions set forth herein, Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, all of the LLC Interests of the Company; 

WHEREAS, as a condition to and inducement to Seller’s and Buyer’s willingness to enter into this Agreement, simultaneously with the
execution of this Agreement, certain members of the Seller are entering into executed support agreements with Seller and Buyer as of the date hereof in substantially the form attached as Exhibit A (the “Support Agreements”);

 WHEREAS, concurrently with the execution of this Agreement, Buyer has delivered to the Company the guarantee (the
“Guarantee”) of Six Continents Hotels, Inc. (the “Guarantor”), dated as of the date hereof, and pursuant to which the Guarantor has guaranteed all of Buyer’s obligations under this Agreement; and 

WHEREAS, the managing board of Seller (the “Seller Managing Board”) has, upon the terms and subject to the conditions set
forth herein, (i) determined that the transactions contemplated hereby are fair to and in the best interests of Seller, the Company and Seller’s members, (ii) approved and declared advisable this Agreement and the transactions
contemplated hereby and (iii) recommended that Seller’s members approve this Agreement and the transactions contemplated hereby (the “Seller Managing Board Recommendation”). 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. As used herein, the following terms have the following meanings: 

“Action” means any action, claim, suit, arbitration, investigation or proceeding, in each case by or before any Governmental
Authority. 

 “Acceptable Confidentiality Agreement” means a confidentiality agreement that
contains confidentiality provisions that are no less favorable in the aggregate to Seller or the Company than those contained in the Confidentiality Agreement. 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such Person. For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings. For the avoidance of doubt, none of the Funds shall be deemed to be an Affiliate of
the Company or any Company Subsidiary for any purpose under this Agreement. 
 “Asset Management Business” means the real
property asset and portfolio management and related project management and administrative services business conducted by Seller and certain employees of the Company and the Company Subsidiaries prior to the Closing on behalf of the Funds. 

“Balance Sheet” means the unaudited consolidated balance sheet of the Company and the Company Subsidiaries, taken as a whole,
as of the Balance Sheet Date. 
 “Balance Sheet Date” means October 31, 2014. 

“Bargaining Agreement” means each agreement or labor contract, including memoranda of understanding, entered into with a
union, labor organization or works council governing the terms and conditions of employment of any Company Employee, including all amendments to or restatements of such agreements or contracts. 

“Business Day” means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York, United
States of America, or London, England, are required to or may be closed. 
 “Business Records” means all files, documents,
instruments, papers, books, reports, records, tapes, microfilms, photographs, letters, ledgers, journals, technical documentation, Tax Returns and other Tax work papers and files of the Company and the Company Subsidiaries, in each case, other than
any of the foregoing records to the extent related to the Asset Management Business. 
 “Calculation Principles” means
(a) the accounting principles, procedures, policies, practices, estimates, judgments and methods set forth on Exhibit B and (b) to the extent not specified on Exhibit B, GAAP consistent with the principles, procedures,
policies, practices, estimates, judgments and methods applied in preparation of the Balance Sheet. Any inconsistency between the principles of presentation in the Balance Sheet and the principles, procedures, policies, practices, estimates,
judgments and methods described on Exhibit B shall be resolved in favor of Exhibit B. 
 “Cash” means cash,
cash equivalents and marketable securities of the Company and the Company Subsidiaries. 

  
 2 

 “Closing Date Cash” means the aggregate amount of Cash retained by the Company
and the Company Subsidiaries as of the close of business on the date immediately prior to the Closing Date. For the avoidance of doubt, Closing Date Cash shall exclude (i) Restricted Cash, and (ii) Cash distributed (or otherwise paid) by
the Company to Seller prior to or as of the Closing in accordance with the terms of this Agreement. 
 “Closing Date
Indebtedness” means the aggregate amount of Indebtedness retained by the Company and the Company Subsidiaries as of the close of business on the date immediately prior to the Closing Date. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Company Employee” means each current employee of the Company and the Company Subsidiaries. 

“Company Plan” means each “employee benefit plan” (as defined in Section 3(3) of ERISA) and each other
material plan, practice, arrangement or policy providing welfare benefits (health, dental, vision, life and disability), pension or retirement benefits (but excluding (a) any statutory plans or similar employee benefit plans or programs
required by Law or sponsored by any Governmental Authority, (b) any Bargaining Agreements and (c) any multiemployer plans (within the meaning of Section 3(37) of ERISA) and other employee benefit plans sponsored or maintained by any
labor union or works council for the benefit of any Company Employee) that the Company or any Company Subsidiary sponsors, maintains or contributes to, or is required to maintain or contribute to, for the benefit of any Company Employee. For the
avoidance of doubt, no employee benefit plan sponsored, maintained or contributed to by Seller, including any stock appreciation rights, dividend participation or other equity plan, however structured, shall be deemed to be a Company Plan for any
purpose under this Agreement. 
 “Company Subsidiaries” means each of the direct or indirect Subsidiaries of the Company
set forth on Schedule 3.01(a). 
 “Company Transaction Expenses” means all costs and expenses incurred by the
Company and the Company Subsidiaries in connection with the preparation, negotiation, execution and performance of this Agreement and the transactions contemplated hereby and thereby, including any amounts payable by the Company or the Company
Subsidiaries at or following the Closing pursuant to any retention, stay, transaction completion or similar bonus arrangement (other than pursuant to any such arrangements entered into at the direction of Buyer); provided, however,
that Company Transaction Expenses shall exclude (a) costs and expenses paid by Seller or any of its Subsidiaries (including the Company and the Company Subsidiaries) prior to or as of the Closing, (b) costs and expenses contemplated to be
paid by Buyer or its Affiliates pursuant to this Agreement or any other Transaction Document, (c) costs and expenses incurred by the Company and the Company Subsidiaries after the Closing, including pursuant to any Severance Arrangements with
respect to any Company Employees (other than Asset Management Employees) terminated at or following the Closing and (d) all amounts payable or paid by Seller at or following the Closing pursuant to any retention, stay, transaction completion or
similar bonus or other severance arrangements (and any withholding Taxes related thereto). 

  
 3 

 “Competing Proposal” shall mean any proposal made by a Person or group (other
than a proposal or offer by Buyer or any of its Subsidiaries) at any time which is structured to permit such Person or group to acquire beneficial ownership of at least 20% of the assets of, equity interest in, or businesses of, the Company and the
Company Subsidiaries, taken as a whole (whether pursuant to a merger, consolidation or other business combination, sale of shares of capital stock, sale of assets, tender offer or exchange offer or otherwise, including any single or multi-step
transaction or series of related transactions), in each case, other than the transactions contemplated hereby. 
 “Confidentiality
Agreement” means that certain Confidentiality Agreement by and between Seller and Six Continents Hotels, Inc., dated September 26, 2014 

“Contract” means any written contract, agreement, lease, sublease, license, sublicense, instrument or other commitment that
is binding on any Person under Law, including all amendments, modifications or restatements thereto. 
 “COTS License”
means (a) a “shrink-wrap,” “click-through” or, “off-the shelf” software license, or (b) any other software license that is commercially available to the public generally, with one time or annual royalty,
license, maintenance, support and other fees of $100,000 or less. 
 “Damages” means any losses or damages (including
Taxes) that are actually, directly and immediately suffered or sustained and that have required an outlay of cash, or other non-cash consideration, whether resulting from a judgment, a settlement or an award, including the Taxes, costs and expenses
(including reasonable fees and expenses of counsel, consultants, experts, and other professional fees) associated therewith. 

“Disclosure Schedule” means the disclosure schedules delivered by Seller to Buyer concurrently with the execution and
delivery of this Agreement or any other Transaction Document. 
 “Effect” has the meaning set forth in the definition of
Material Adverse Effect. 
 “Environmental Conditions” means the presence of Hazardous Substances in the environment
(including natural resources, soil, surface water, ground water, any present or potential drinking water supply, subsurface strata or ambient air) in a manner or in quantities that would result in a violation of Environmental Laws. 

“Environmental Laws” means any applicable Law relating to pollution, protection of the environment and/or protection of the
health and safety of persons from exposures to Hazardous Substances in the environment. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended. 
 “Escrow Agent” means Wilmington Trust, N.A. 

“Escrow Amount” means $13,000,000. 

  
 4 

 “Final Net Working Capital” means the Net Working Capital set forth in the Final
Closing Statement and determined to be final pursuant to Section 2.06. 
 “Fraud” means that (a) a
representation and warranty made by Seller in Article III was false when made, (b) to the knowledge of Seller, such representation and warranty in Article III was false when made, (c) Seller had an intent to induce Buyer to
act or refrain from acting in such context and (d) Buyer acted in justifiable reliance on such representation and warranty in Article III. 

“Funds” means each of KHP Fund I, LP, a California limited partnership, KHP Fund II, LP, a California limited partnership and
KHP Fund III, LP, a California limited partnership, and each of their respective general and limited partners. 
 “Fundamental
Representations” means the representations and warranties of Seller contained in Sections 3.01 (Organization and Qualification), 3.02 (Authorization), 3.05(a) (Capitalization) and 3.20 (Brokers). 

“GAAP” means generally accepted accounting principles in the United States of America. 

“Governmental Authority” means (a) any national, federal, state, county, municipal, local or foreign or supranational
government, or other political subdivision thereof, (b) any entity exercising executive, legislative, judicial, regulatory, tribunal, taxing or administrative functions of or pertaining to government and (c) any arbitrator or arbitral body
or panel, department, ministry, instrumentality, agency, court, commission or body of competent jurisdiction. 
 “Hazardous
Substances” means any toxic, infectious, carcinogenic, radioactive, ignitable, corrosive, reactive or caustic substances or materials (whether solids, liquids or gases) subject to regulation, control or remediation under any Environmental
Law based on their deleterious characteristic(s), including petroleum, its derivatives, by-products and other hydrocarbons, urea formaldehyde, lead-based paint, PCBs and asbestos. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations
thereunder. 
 “Indebtedness” means, in each case calculated in accordance with the Calculation Principles, (a) all
obligations of the Company and the Company Subsidiaries for borrowed money, (b) all obligations of the Company and the Company Subsidiaries evidenced by notes, bonds, debentures or similar instruments, (c) all obligations of the Company
and the Company Subsidiaries for the deferred purchase price of property or services (other than obligations for inventory, services and supplies incurred in the ordinary course of business), (d) all obligations of the Company and the Company
Subsidiaries under interest rate, currency or commodity derivatives or hedging transactions (valued at the termination value thereof), (e) all guarantees or indemnities issued by the Company or any Company Subsidiary of any Indebtedness of any
Person other than the Company or any Company Subsidiary, (f) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, letter of credit or any other instrument issued by a bank or financial institution, (g) all
Liabilities for gift certificates and gift cards that have been sold and remain outstanding, (h) all Liabilities established related to reward 

  
 5 

 
certificates and any cash collected through the Kimpton-in-Touch or Karma programs in excess of administrative and redemption expenses incurred, (i) Liabilities pursuant to all capital
leases (except as indicated herein below), and (j) all accrued and unpaid interest, penalties, make-whole payments, fees and other charges related to any of the foregoing. For the avoidance of doubt, Indebtedness shall not include:
(i) obligations solely between or among the Company and the Company Subsidiaries, (ii) undrawn letters of credit or performance bonds and (iii) Liabilities pursuant to capital leases charged to individual hotel properties through KG
Technology LLC. 
 “Intellectual Property” means all United States and foreign intellectual property rights, including all:
(a) patents and patent applications; (b) trademarks, service marks, trade dress, logos, brand names and other indicia of origin, and all registrations of and applications to register the foregoing; (c) copyrights, and all
registrations thereof and applications to register the foregoing; (d) mask works and industrial designs, and all registrations of and applications to register the foregoing; (e) internet domain names; and (f) trade secrets and any
other intellectual property rights in proprietary information, unpatented inventions, know-how, methods, processes, customer lists, and data and databases. 

“Intervening Event” means a material event or circumstance that was not known to the Seller Managing Board on the date of
this Agreement (or if known, the consequences of which are not known to or reasonably foreseeable by the Seller Managing Board as of the date hereof), which event or circumstance, or any material consequences thereof, becomes known to the Seller
Managing Board prior to the receipt of the Seller Member Approval. 
 “IRS” means the U.S. Internal Revenue Service. 

“knowledge of Seller”, “Seller’s knowledge” or any other similar knowledge qualification in this
Agreement means (a) the actual knowledge of the Persons set forth in Schedule 1.01(a), and (b) any matter that reasonably would be expected to be known by an individual listed in clause (a) had such individual performed
the customary duties of an individual holding such title or position with Seller, which duties would not include any inquiry of any person not employed by Seller or any investigation or search of any public records or database maintained by any
Person other than Seller and its Affiliates. 
 “Law” means, with respect to any Person, any United States or foreign
federal, state or local law, constitution, treaty, convention, ordinance, code, rule, regulation, statute, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted or promulgated by a Governmental Authority that is
binding upon or applicable to such Person, as amended unless expressly specified otherwise herein. 
 “Leased Real
Property” means the real property leased by the Company or any Company Subsidiary. 
 “Liability” means any
liability, cost, expense, debt or obligation of any kind, character or description, and whether known or unknown, accrued, absolute, contingent or otherwise, and regardless of when asserted or by whom. 

“Lien” means, with respect to any property, equity interest or asset, any mortgage, deed of trust, hypothecation, lien,
encumbrance, pledge, charge, security interest, right of first refusal, right of first offer, adverse claim, restriction on transfer, covenant or option in respect of such property, equity interest or asset. 

  
 6 

 “Material Adverse Effect” means any change, event or effect (each, an
“Effect”) that, individually or in the aggregate, has had, or would reasonably be expected to have, a material adverse effect on the business, financial condition or results of operations of the Company and the Company Subsidiaries
(taken as a whole); provided, however, that no Effect shall be considered when determining whether a Material Adverse Effect has occurred to the extent such Effect resulted or arose from any of the following: (a) any action taken
or omission to act with the consent or upon the request of Buyer or any action taken or omission to act which is required or permitted by the Transaction Documents; (b) any change or development in general economic conditions in the industries,
markets or geographies in which the Company and the Company Subsidiaries operate; (c) any change in Law or GAAP or the interpretation or enforcement of any of the foregoing; (d) any failure of the Company and the Company Subsidiaries to
meet, with respect to any period or periods, any internal forecasts or projections, estimates of earnings or revenues or business plans; provided that this clause (d) shall not prevent a determination that any Effect
underlying such failure to meet forecasts or projections has resulted in a Material Adverse Effect (to the extent such Effect is not otherwise excluded from this definition of Material Adverse Effect); (e) any natural disaster, change in the
weather or climate, act of war (whether or not declared), armed hostilities or terrorism, change in political environment or any escalation or worsening thereof or actions taken in response thereto; (f) the negotiation, execution, delivery,
performance, consummation, potential consummation or announcement or disclosure of this Agreement or the transactions contemplated by this Agreement, including any Action resulting therefrom or with respect thereto, and any adverse change in
customer, owner, governmental, vendor, employee, union, supplier or similar relationships resulting therefrom or with respect thereto, including as a result of the identity of Buyer or any of its Affiliates; (g) any change or development in
financial, credit, currency or securities markets, general economic or business conditions, or political, social or regulatory conditions; or (h) any fluctuations in currency; but in the case of clauses (b), (c) and
(g) only to the extent any such Effects do not, individually or in the aggregate, have a materially disproportionate adverse impact on the Company and the Company Subsidiaries, taken as a whole, relative to other Persons in the boutique
hotel industry in the geographic markets in which the Company and the Company Subsidiaries operate. 
 “Net Working
Capital” means the difference between total current assets and total current liabilities of the Company and the Company Subsidiaries, as determined in accordance with the Calculation Principles. 

“Organizational Documents” means any charter, certificate of formation, articles of incorporation, declaration of
partnership, articles of association, bylaws, operating agreement, limited liability company agreement, partnership agreement or similar formation or governing documents and instruments of any Person. 

“Permitted Liens” means: (a) Liens for Taxes, assessments or other governmental charges, in each case, not yet
delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings; (b) mechanics’, materialmens’, carriers’, workers’, repairers’ and similar Liens arising or incurred in the
ordinary course of business; (c) zoning, 

  
 7 

 
entitlement and other land use and environmental regulations promulgated by any Governmental Authority; (d) Liens set forth on Schedule 1.01(b); (e) covenants, conditions,
restrictions, easements, rights of way, encumbrances, defects, imperfections, irregularities of title or other Liens, if any, that would not reasonably be expected to result in material Liability or otherwise materially interfere with the conduct of
the business of the Company and the Company Subsidiaries in substantially the manner currently conducted; (f) with respect to any Leased Real Property, (i) the interests and rights of the respective lessors with respect thereto, including
any statutory landlord liens and any Lien thereon, and (ii) any Lien permitted under the applicable lease agreement and any ancillary documents thereto; (g) all covenants, conditions, restrictions, easements, rights of way, encumbrances,
defects, imperfections, irregularities of title or other Liens that would be readily apparent upon physical inspection of the Leased Real Property or review of an accurate survey covering the Leased Real Property, or that are otherwise disclosed in
any real property files that have been made available to Buyer; (h) Liens created by Buyer or its successors and assigns; (i) Liens disclosed in the Disclosure Schedules; (j) Liens (other than monetary liens) incurred in the ordinary
course of business since the Balance Sheet Date; (k) licenses to Intellectual Property granted in the ordinary course of business; and (l) liens that would not reasonably be expected to have a Material Adverse Effect. 

“Person” means an individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated
association, joint venture, joint stock company, trust or other entity or organization of any kind, including a Governmental Authority. 

“Personal Data” means all data relating to one or more individual(s) that is personally identifying (i.e., data that
identifies an individual or, in combination with any other information or data available to the Company, is capable of identifying an individual). 

“Pre-Closing Period” means any taxable period ending on or before the Closing Date and the portion of any Straddle Tax Period
ending on the Closing Date. 
 “Pre-Closing Taxes” means any and all Taxes imposed on the Company or any of the Company
Subsidiaries for (a) any taxable period ending on or before the Closing Date and (b) the portion of any Straddle Tax Period ending on the Closing Date determined in accordance with Section 6.01. 

“Preliminary Net Working Capital” means the Net Working Capital as estimated by Seller in the Preliminary Closing Statement
pursuant to Section 2.05(a). 
 “Prime Rate” means the rate per annum published in The Wall Street
Journal from time to time as the prime lending rate prevailing during any relevant period. 
 “Representative” means,
with respect to any Person, such Person’s directors, legal representatives, officers, employees, counsel, financial advisors, accountants, financing sources, auditors, agents and other authorized representatives (whether third-party or
otherwise). 
 “Restricted Cash” means cash recorded as an asset on the balance sheet under “restricted cash”
with a corresponding liability under accrued liabilities. By way of example, but not limitation, Restricted Cash shall include all cash collected from participating hotel properties to fund the aggregate deductible with respect to the workers’
compensation or general liability insurance deductibles retained by the Company. 

  
 8 

 “Seller Member Approval” means the written approval of members of Seller holding
more than fifty percent (50%) of the limited liability company interests in Seller that (a) have not been revoked and remain effective through the end of the five (5)-day period during which the members of Seller are permitted to give
notice to call for Seller to hold a Seller Member Meeting, and during which no such notice has been duly given, (b) in the event that a Seller Member Meeting shall have been called, have been delivered at or following such Seller Member Meeting
or (c) have otherwise been irrevocably delivered to the Seller Managing Board in accordance with applicable Law and the Organizational Documents of Seller. 

“Severance Arrangements” means the Kimpton Hotels and Restaurants Severance Policy. 

“Straddle Tax Period” means a Tax period that begins on or before the Closing Date and ends after the Closing Date. 

“Subsidiary” or “subsidiary” means, with respect to any Person: (a) any other Person of which such
Person beneficially owns, either directly or indirectly, more than fifty percent (50%) of (i) the total combined voting power of all classes of voting securities of such other Person, (ii) the total combined equity interests of such
other Person, or (iii) the capital or profit interests of such other Person; or (b) any other Person of which such Person has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of
directors or similar governing body of such other Person. 
 “Superior Proposal” means a Competing Proposal made by any
person on terms that the Seller Managing Board determines in good faith, after consultation with Seller’s financial and legal advisors, and considering such factors as the Seller Managing Board considers to be appropriate, is (a) more
favorable to Seller, the Company and Seller’s members than the transactions contemplated by this Agreement, and (b) reasonably likely to be consummated without undue delay relative to the transactions contemplated by this Agreement, taking
into account all financial, legal, regulatory and other aspects of such Competing Proposal; provided, however, that for the purposes of the reference to a “Competing Proposal” in this definition of “Superior
Proposal,” the reference to “20%” in the definition of Competing Proposal shall be deemed to be a reference to “50%.” 

“Target Net Working Capital” means $(1,453,060). 

“Tax” or “Taxes” shall mean any tax (including any income tax, franchise tax, capital gains tax, estimated tax,
gross receipts tax, value-added tax, surtax, excise tax, ad valorem tax, transfer tax, stamp tax, sales tax, use tax, property tax, business tax, occupation tax, inventory tax, occupancy tax, withholding tax or payroll tax) and any similar levy,
assessment, tariff, impost, imposition, toll, duty (including any customs duty), deficiency or fee, and any related charge or amount (including any fine, penalty or interest), that is, has been or may in the future be imposed, assessed or collected
by or under the authority of any Governmental Authority. 
 “Tax Return” means any report, return, document, declaration,
information return or other filing required to be supplied to any Taxing Authority in connection with the determination, assessment, or collection of Taxes, including any attachment or schedule thereto or amendment thereof. 

  
 9 

 “Taxing Authority” means any Governmental Authority having jurisdiction over the
assessment, determination, collection or imposition of any Tax. 
 “Transaction Documents” means this Agreement, the
Assignment and Assumption Agreement, the Consulting Agreements, the Escrow Agreement and the Support Agreements. 
 “Treasury
Regulations” means the rules and regulations promulgated by the U.S. Treasury Department under the Code. 
 Section 1.02.
Cross References. Each of the following terms is defined in the Section set forth opposite such term: 
  

			
	 Term
	  	 Section

	Affiliate Transactions	  	3.19(b)
	Agreement	  	Preamble
	Allocation	  	2.07
	Anti-Corruption Laws	  	3.08(a)
	Applicable Plans	  	7.01(b)
	Asset Management Employee	  	Schedule 2.09
	Asset Management Information	  	5.02(b)
	Assignment and Assumption Agreement	  	2.04(a)(i)
	Audited Financial Statements	  	3.06
	Buyer	  	Preamble
	Buyer Claim Notice	  	9.08(a)
	Buyer Indemnity Claim	  	9.08(a)
	Buyer Indemnitees	  	9.02(a)
	Buyer Material Adverse Effect	  	5.03(d)
	Change of Recommendation	  	5.12(a)
	Claim Notice	  	9.03(a)
	Closing	  	2.03
	Closing Date	  	2.03
	Closing Legal Impediment	  	8.01(a)
	Company	  	Recitals
	Company Registered Intellectual Property	  	3.15(a)
	Consulting Agreements	  	5.08(e)
	D&O Indemnitees	  	5.10(a)
	Data Activities	  	3.08(c)(i)
	De Minimis Amount	  	9.04(a)
	Deductible	  	9.04(b)
	Escrow Account	  	2.04(c)
	Escrow Agreement	  	2.04(a)(ii)
	Escrow Release Date	  	9.08(c)
	Estimated Final Purchase Price	  	2.06(a)(ii)(3)
	Final Closing Balance Sheet	  	2.06(a)(i)

  
 10 

			
	 Term
	  	 Section

	Final Closing Documents	  	2.06(c)
	Final Closing Statement	  	2.06(a)(ii)
	Final Purchase Price	  	2.06(c)
	Financial Statements	  	3.06(a)
	Guarantee	  	Recitals
	Guarantor	  	Recitals
	Hotel Brand	  	5.08(a)
	Independent Firm	  	2.06(d)
	Indemnified Party	  	9.03(a)
	Indemnifying Party	  	9.03(a)
	Leases	  	3.18(c)
	LLC Interests	  	Recitals
	Material Contract	  	3.16(a)
	Matching Bid	  	5.12(d)
	Newco	  	2.04(a)(vii)
	Non-Assignable Contract	  	5.05
	Notice of Objection	  	2.06(c)
	Notice of Superior Proposal	  	5.12(d)
	Outside Date	  	10.01(c)
	Parties	  	Preamble
	Party	  	Preamble
	Permits	  	3.08(b)
	Potential Contributor	  	9.05
	Preliminary Closing Statement	  	2.05(a)
	Preliminary Purchase Price	  	2.05(b)
	Privacy and Data Security Policies	  	3.08(c)(ii)
	Privacy Laws	  	3.08(c)(i)
	Purchase Price	  	2.02
	Regulatory Approvals	  	5.03(a)
	Released Parties	  	9.09(a)
	Releasing Parties	  	9.09(a)
	Restricted Business	  	5.08(a)
	Restricted Period	  	5.08(a)
	Review Documents	  	3.22
	Sample Preliminary Closing Statement	  	2.05(a)
	Securities Act	  	4.08
	Seller	  	Preamble
	Seller Indemnitees	  	9.02(b)
	Seller Managing Board	  	Recitals
	Seller Managing Board Recommendation	  	Recitals
	Seller Member Meeting	  	5.12(c)
	Support Agreements	  	Recitals
	Termination Fee	  	10.02(b)
	Third Party Approvals	  	5.05
	Third Party Claim	  	9.03(a)

  
 11 

			
	 Term
	  	 Section

	Transfer Taxes	  	6.04
	Unaudited Financial Statements	  	3.06
	Unresolved Indemnity Claims	  	9.08(d)
	Unresolved Items	  	2.06(d)
	Valuation	  	2.07

 Section 1.03. Interpretation. The table of contents, titles, headings and captions contained in
this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless otherwise indicated to the contrary herein by the context or use thereof: (a) the words, “hereby,”
“herewith,” “herein,” “hereto,” “hereof” and words of similar import refer to this Agreement as a whole and not to any particular Section or paragraph hereof; (b) the words “include,”
“includes” or “including” shall be deemed to be followed by the words “without limitation”; (c) masculine gender shall also include the feminine and neutral genders, and vice versa; (d) words importing the
singular shall also include the plural, and vice versa; (e) references to “Articles,” “Exhibits,” “Sections” or “Schedules” shall be to Articles, Exhibits, Sections or Schedules of or to this Agreement;
(f) all Exhibits or Schedules of or to this Agreement are hereby incorporated in and made a part of this Agreement as if set forth in full herein, and any capitalized terms used in such Exhibits or Schedules and not otherwise defined therein
shall have the meaning set forth in this Agreement; (g) “writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form; (h) the
sign “$” means the lawful currency of the United States of America; (i) all references to “days” mean calendar days and all references to time mean Eastern Time in the United States of America, in each case, unless otherwise
indicated; (j) any references in this Agreement to dollar amount thresholds shall not be deemed to be evidence of a Material Adverse Effect or materiality; and (k) derivative forms of defined terms will have correlative meanings. The
Parties acknowledge that each Party and its attorney has reviewed and participated in the drafting of this Agreement and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting Party, or any similar
rule operating against the drafter of an agreement, shall not be applicable to the construction or interpretation of this Agreement. 

ARTICLE II 

PURCHASE AND SALE 

Section 2.01. Purchase and Sale. At the Closing, upon the terms and subject to the conditions of this Agreement, Seller agrees to
sell to Buyer and Buyer agrees to purchase from Seller, all of Seller’s right, title and interest in and to the LLC Interests. 

Section 2.02. Purchase Price. The purchase price for the LLC Interests (the “Purchase Price”) shall equal:
(a) Four Hundred Thirty Million Dollars ($430,000,000.00), plus (b) Closing Date Cash, minus (c) the excess (if any) of the Target Net Working Capital over the Final Net Working Capital, plus (d) the excess
(if any) of the Final Net Working Capital over the Target Net Working Capital, minus (e) Closing Date Indebtedness, minus (f) Company Transaction Expenses, in the case of clauses (b) through (f)
(inclusive), as finally determined in accordance with Section 2.06. 

  
 12 

 Section 2.03. Closing. The closing (the “Closing”) of the purchase
and sale of the LLC Interests contemplated hereby shall take place at the offices of Latham & Watkins LLP, 885 Third Avenue, New York, New York 10022, as promptly as practicable, but in no event later than the third (3rd) Business Day following the satisfaction or waiver of the conditions set forth in Article VIII (other than those conditions that by their nature are to be satisfied by actions taken at
the Closing but subject to the satisfaction of such conditions), or on such other date or at such other place as the Parties mutually agree in writing (the date on which the Closing occurs, the “Closing Date”). The Parties
acknowledge and agree that (i) all proceedings at the Closing shall be deemed to be taken and all documents to be executed and delivered by all Parties at the Closing shall be deemed to have been taken and executed simultaneously, and no
proceedings shall be deemed taken nor any documents executed or delivered until all have been taken, executed or delivered, and (ii) the Closing shall be deemed to have occurred at 12:01 a.m., Eastern Time, on the Closing Date. 

Section 2.04. Closing Deliverables. 

(a) Subject to the terms and conditions hereof, at the Closing, Seller shall deliver to Buyer: 

(i) the duly executed assignment and assumption agreement in the form attached as Exhibit C (the “Assignment and
Assumption Agreement”); 
 (ii) the duly executed escrow agreement substantially in the form attached as Exhibit
D (the “Escrow Agreement”); 
 (iii) the resignations of all directors and officers of the Company and
the Company Subsidiaries that are not continuing as employees of the Company or any Company Subsidiary after Closing from their director and officer positions, as applicable; 

(iv) the closing certificate of Seller as provided for in Section 8.02(d); 

(v) evidence of the satisfaction or termination of Seller’s line of credit under that certain Senior Credit Agreement
dated August 2, 2006 by and between Kimpton Group Holding LLC, a Delaware limited liability company and Bank of America, N.A. a national banking association, as Administrative Agent and each Lender Party thereto. as amended; 

(vi) a duly executed side letter as mutually agreed and initialed by the Parties as of the date hereof with respect to certain
future activities; 
 (vii) a duly executed side letter between an entity formed by members of Seller’s senior
management team for the purpose of conducting the Asset Management Business (“Newco”) and Buyer whereby Newco has agreed to comply with the restrictive covenants applicable to Seller set forth in Sections 5.08(a),
(b), (c) and (d). 

  
 13 

 (viii) a statement in the form of Exhibit E (provided that if
Seller fails to deliver (or cause to be delivered) such statement at or prior to the Closing, then Buyer’s sole remedy shall be to make an appropriate withholding to the extent required pursuant to Section 1445 of the Code); and 

(ix) such other customary closing documents and instruments as required by this Agreement. 

(b) Subject to the terms and conditions hereof, at the Closing, Buyer shall deliver to Seller: 

(i) the Preliminary Purchase Price, minus the Escrow Amount, which Buyer shall pay via wire transfer of immediately
available funds to an account or accounts designated by Seller; 
 (ii) the duly executed Assignment and Assumption
Agreement; 
 (iii) the duly executed Escrow Agreement; 

(iv) the closing certificate of Buyer as provided for in Section 8.03(c); and 

(v) such other customary closing documents and instruments as required by this Agreement. 

(c) At the Closing, Buyer shall deliver the Escrow Amount via wire transfer of immediately available funds to the account (the “Escrow
Account”) designated by the Escrow Agent to be held and released in accordance with the terms of the Escrow Agreement and Section 9.08. 

Section 2.05. Preliminary Closing Statement; Payment of Preliminary Purchase Price. 

(a) No later than three (3) Business Days prior to the Closing Date, Seller shall deliver to Buyer a preliminary closing statement
setting forth its good faith estimates of the Preliminary Net Working Capital, Closing Date Cash, Closing Date Indebtedness and Company Transaction Expenses (the “Preliminary Closing Statement”). The Preliminary Closing Statement
shall be prepared in good faith in accordance with the Calculation Principles. For illustrative purposes only, attached hereto as Exhibit F is a sample Preliminary Closing Statement based upon the Balance Sheet and assuming the Closing were
to occur as of the Balance Sheet Date (the “Sample Preliminary Closing Statement”). 
 (b) The Purchase Price to be paid at
the Closing (the “Preliminary Purchase Price”) shall equal: (i) Four Hundred Thirty Million Dollars ($430,000,000.00), plus (ii) Closing Date Cash reflected on the Preliminary Closing Statement, minus
(iii) the excess (if any) of the Target Net Working Capital over the Preliminary Net Working Capital, plus (iv) the excess (if any) of the Preliminary Net Working Capital over the Target Net Working Capital, minus
(v) Closing Date Indebtedness reflected on the Preliminary Closing Statement, minus (vi) Company Transaction Expenses reflected on the Preliminary Closing Statement. 

  
 14 

 (c) Subject to Sections 2.04(b)(i) and 2.04(c), the Preliminary Purchase Price
shall be paid by Buyer at the Closing to Seller in accordance with written instructions delivered to Buyer prior to the Closing. 

Section 2.06. Post-Closing Adjustment. 

(a) Within sixty (60) days after the Closing Date, Buyer shall prepare and deliver to Seller: 

(i) an unaudited consolidated balance sheet of the Company and the Company Subsidiaries, taken as a whole (the “Final
Closing Balance Sheet”), as of and at the close of business on the date immediately prior to the Closing Date; and 

(ii) a final closing statement (the “Final Closing Statement”) as of and at the close of business on the date
immediately prior to the Closing Date, reflecting Buyer’s calculation of: 
  

	 	1)	the Final Net Working Capital, Closing Date Cash, Closing Date Indebtedness and Company Transaction Expenses; 

  

	 	2)	the difference between the Preliminary Purchase Price and the Estimated Final Purchase Price shown on the Final Closing Statement (determined in accordance with Section 2.02 by substituting Buyer’s
calculation of the Final Net Working Capital, Closing Date Cash, Closing Date Indebtedness and Company Transaction Expenses amounts shown on the Final Closing Statement for those previously appearing on the Preliminary Closing Statement); and

  

	 	3)	the resulting calculation of the final Purchase Price calculated in accordance with Section 2.02 (the “Estimated Final Purchase Price”). 

(b) The Final Closing Balance Sheet and Final Closing Statement shall be prepared in accordance with the Calculation Principles. Nothing in
this Section 2.06 is intended to be used to adjust for errors, omissions or inconsistencies that may be found with respect to the Financial Statements, the Balance Sheet, the Preliminary Closing Statement and the Sample Preliminary
Closing Statement, or any actual or alleged failure of the Financial Statements, the Balance Sheet, the Preliminary Closing Statement or the Sample Preliminary Closing Statement to be prepared in accordance with GAAP. Buyer shall not be permitted to
introduce different accounting principles, procedures, policies, practices, estimates, judgments or methodologies in the preparation of the Final Closing Statement or the determination of the Final Net Working Capital, Closing Date Cash, Closing
Date Indebtedness or Company Transaction Expenses from the Calculation Principles. 
 (c) Seller may dispute Buyer’s calculation of the
Final Closing Balance Sheet or the Final Closing Statement (collectively, the “Final Closing Documents”) (or any element thereof) 

  
 15 

 
by notifying Buyer in writing, setting forth in reasonable detail the particulars of such disagreement (the “Notice of Objection”), within forty-five (45) days after
Seller’s receipt of the Final Closing Documents. Any item or amount as to which no dispute is raised in the Notice of Objection will be final, conclusive and binding on the Parties for all purposes hereunder, unless such item or amount is by
its nature adjusted in connection with the matters raised in the Notice of Objection. In the event that Seller does not deliver a Notice of Objection to Buyer within such forty-five (45) day period, Seller shall be deemed to have accepted
Buyer’s calculation of the Estimated Final Purchase Price set forth in the Final Closing Documents (the Purchase Price as finally determined in accordance with this Section 2.06, the “Final Purchase Price”). In
connection with the review by Seller of the Final Closing Documents, Buyer shall (i) permit Seller and its Representatives to have reasonable access to the books, records and other documents (including work papers, schedules, financial
statements and memoranda) pertaining to or used in connection with the preparation of the Final Closing Documents and the calculation of the Final Net Working Capital, Closing Date Cash, Closing Date Indebtedness and Company Transaction Expenses and
provide Seller with copies thereof and (ii) provide Seller and its Representatives reasonable access to employees and accountants of Buyer, the Company and the Company Subsidiaries as reasonably requested by Seller to verify the accuracy of the
Final Closing Documents. Buyer shall cause the employees and accountants of Buyer, the Company and the Company Subsidiaries to cooperate in all reasonable respects with Seller and its Representatives in connection with their review of such work
papers and other documents and information relating to the calculation of the Final Net Working Capital, Closing Date Cash, Closing Date Indebtedness and Company Transaction Expenses as Seller may reasonably request and that are available to Buyer
and its Subsidiaries, including the Company and the Company Subsidiaries, or any of their respective accountants. In the event that a Notice of Objection is timely delivered, Buyer and Seller shall use their respective commercially reasonable
efforts for a period of sixty (60) days after Buyer’s receipt of the Notice of Objection, or such longer period as the Parties may agree in writing, to resolve any disagreements set forth in the Notice of Objection. 

(d) If Buyer and Seller are unable to resolve such disagreements within such sixty (60) day period (or such longer period as the Parties
shall have agreed in writing), then KPMG LLP (or such other independent accounting firm of recognized national standing as may be mutually selected by Buyer and Seller) (the “Independent Firm”) shall be appointed, as an expert and
not an arbitrator, to resolve any items that remain in dispute at the end of such period (the “Unresolved Items”), but in no case shall the Independent Firm review or propose any resolution for any matters that have not been raised
in the Notice of Objection. If KPMG LLP is unwilling or unable to serve in such capacity and the Parties are not able to mutually select an alternative accounting firm that is willing and able to serve in such capacity, then Seller shall within ten
(10) days deliver to Buyer a listing of three (3) other accounting firms of nationally recognized standing (and none of which have worked in the past three (3) years for Seller or Buyer or any of their respective Affiliates) and Buyer
shall within ten (10) days after receipt of such list, select one of such three (3) accounting firms to act as the Independent Firm. 

(e) Buyer and Seller shall instruct the Independent Firm to determine as promptly as practicable, and in any event within ninety
(90) days after the date on which such dispute is referred to the Independent Firm, based solely on the provisions of this Agreement, and the written presentations by Seller and Buyer, and not on an independent review, whether and to

  
 16 

 
what extent (if any) the calculations set forth in the Final Closing Documents require adjustment. In resolving any Unresolved Item, the Independent Firm (i) may not assign a value to any
item greater than the greatest value for such item claimed by either Party or less than the smallest value for such item claimed by either Party, (ii) may not take oral testimony from the Parties hereto or any other Person and (iii) shall
not consider any facts that have occurred after the Closing Date. Seller and Buyer shall give each other copies of any written submissions at the same time as they are submitted to the Independent Firm. Buyer shall bear and pay a percentage of the
fees and expenses of the Independent Firm that is equal to the percentage of the total dollar amount of changes to the Final Purchase Price proposed by Seller that are successful, and Seller shall bear and pay a percentage of the fees and expenses
of the Independent Firm that is equal to the percentage of the total dollar amount of changes to the Final Purchase Price proposed by Seller that are not successful, in each case, as determined by the Independent Firm (provided that fees and
expenses of the Independent Firm for which Seller is responsible shall be paid solely from the Escrow Account). The determination of the Independent Firm shall be set forth in a written statement delivered to the Parties and shall be final,
conclusive and binding on the Parties, absent fraud or manifest error. 
 (f) If the Final Closing Statement shows that an amount is due to
Buyer (because the Preliminary Purchase Price is greater than the Final Purchase Price), Buyer shall be entitled to payment of such amount solely out of the Escrow Account. If the Final Closing Statement shows that an amount is due to Seller
(because the Preliminary Purchase Price is less than the Final Purchase Price), Buyer shall promptly pay such excess to Seller, in cash. Any payment pursuant to this Section 2.06(f) shall be made by Buyer or, upon the receipt of joint
written instructions in accordance with the terms and provisions of the Escrow Agreement, the Escrow Agent, as the case may be, by wire transfer of immediately available funds within five (5) Business Days to such account or accounts of Seller
or Buyer, as applicable, as may be designated by Seller or Buyer in writing. In the event of a failure to timely make such payment, interest shall accrue on such amount for the period commencing on the payment due date through the date on which such
payment is made calculated at the Prime Rate. Such interest shall be payable at the same time as the payment to which it relates and shall be calculated daily on the basis of a year of three hundred and sixty-five (365) days and the actual
number of days elapsed. 
 Section 2.07. Purchase Price Allocation. The Parties agree to treat the purchase of the LLC Interests
as a purchase of the assets of the Company and the noncorporate Company Subsidiaries for U.S. federal and, to the extent permitted by Law, applicable state and local income tax purposes. The Parties further acknowledge and agree that Seller intends
to engage a valuation expert to prepare a written, independent valuation of the fair market value of certain assets of the Company and such Company Subsidiaries as of the Closing Date (the “Valuation”). No later than ninety
(90) days after the later of (a) the determination of the Final Purchase Price pursuant to Section 2.06 and (b) the delivery of the Valuation to Seller, Seller shall deliver to Buyer a draft allocation of the sum of the
Final Purchase Price and (to the extent properly taken into account for U.S. federal and other applicable income tax purposes) the Liabilities of the Company and the noncorporate Company Subsidiaries, among the assets of the Company and such Company
Subsidiaries, determined consistently with the Valuation and in accordance with Section 1060 of the Code and the Treasury Regulations promulgated thereunder (and any similar provisions of state or local Law, as appropriate), provided,
however, that not less than 95% of the 

  
 17 

 
foregoing sum shall be allocated to assets that are “section 197 intangibles” within the meaning of Section 197(d) of the Code or other depreciable or amortizable assets that have
a recovery period for U.S. federal income tax purposes that is equal to or less than fifteen (15) years (the “Allocation”). Buyer shall have thirty (30) days to give a written notice to Seller of its objections, if any, to
the Allocation; provided that Buyer shall not be entitled to object to the Allocation to the extent the Allocation is consistent with the Valuation. If Buyer does not provide such notice of objection within such thirty (30) day period,
Buyer shall be deemed to have accepted in full the Allocation delivered by Seller. If Buyer delivers a timely notice of objection with respect to assets that were not covered by the Valuation, Buyer and Seller shall negotiate in good faith to reach
agreement regarding the Allocation. For the avoidance of doubt, the Parties agree that none of the Final Purchase Price or other consideration payable in connection with this Agreement will be allocated to the covenants contained in
Section 5.08. If the Purchase Price is adjusted for federal or other applicable income tax purposes pursuant to Section 9.07 or otherwise, the Parties shall cooperate in good faith to make appropriate updates to the
Allocation, consistent with the original Allocation and taking into account the circumstances giving rise to the adjustment. The Parties shall, and shall cause their Affiliates to, file all Tax Returns (including Internal Revenue Service
Form 8594) consistent with the Allocation (including as modified pursuant to this Section 2.07); provided that nothing in this sentence shall prevent any Party or its Affiliates from settling any proposed deficiency or
adjustment by any Governmental Authority based upon or arising out of the Allocation, and no Party or its Affiliates shall be required to litigate before any court any proposed deficiency or adjustment by any Governmental Authority challenging such
Allocation. Buyer and Seller shall notify each other promptly in writing upon receiving notice of any examination, audit or other proceeding regarding the Allocation. 

Section 2.08. Withholding. The Parties agree that no amounts shall be withheld from any payments by Buyer under this Agreement so
long as Seller delivers (or causes to be delivered) the statement referred to in Section 2.04(a)(v) at or prior to the Closing. 

Section 2.09. Asset Management Business. Notwithstanding anything in this Agreement to the contrary, and subject to
Schedule 2.09, the Parties acknowledge and agree that Seller shall, and shall cause the Company and the Company Subsidiaries to (a) take each of the actions set forth in Schedule 2.09, (b) transfer or assign all claims
initiated or made by the Company and the Company Subsidiaries to the extent relating to the Asset Management Business to Seller prior to the Closing, (c) use its commercially reasonable efforts to transfer or assign all assets, documents,
materials, communications, analyses and other information of the Company and the Company Subsidiaries to the extent relating to the Asset Management Business to Seller prior to the Closing, and (d) as between Seller, on the one hand, and the
Company and the Company Subsidiaries on the other hand, transfer and assign all other claims and other Liabilities of the Company and the Company Subsidiaries to the extent relating to the Asset Management Business to Seller prior to the Closing (it
being acknowledged and agreed that this clause (d) shall not require Seller, the Company or the Company Subsidiaries to obtain, except as otherwise provided in Schedule 2.09, the consent or approval of any third party related to
such transfers and assignments). The Parties acknowledge and agree that Buyer is not acquiring or assuming, any assets, Liabilities or other matters to the extent related to the Asset Management Business. In accordance with
Section 9.02(a)(iii), Seller will indemnify Buyer, the Company and the Company Subsidiaries from any and all claims, Liabilities or Damages related 

  
 18 

 
to the Asset Management Business, both prior to and following the Closing. Seller shall pay or cause to be paid all Taxes arising as a direct result of the transfers and assignments described in
this Section 2.09. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller represents and warrants to Buyer as of the date hereof and as of the Closing Date that, except as set forth in the Disclosure Schedule
(but subject to Section 11.10): 
 Section 3.01. Organization and Qualification. 

(a) Seller is duly organized, validly existing and (where such concept is applicable) in good standing (or local equivalent) under the Laws of
the State of Delaware. The Company and each Company Subsidiary is duly organized, validly existing and (where such concept is applicable) in good standing (or local equivalent) under the Laws of its jurisdiction of organization, formation or
incorporation, as applicable and as specified in Schedule 3.01(a). Each of Seller, the Company and each Company Subsidiary has the company power and authority necessary to own or lease their respective properties and assets and to carry
on their respective business as presently conducted in all material respects, except, in the case of Seller, as would not reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the ability of Seller
to enter into and perform its obligations under this Agreement or consummate the transactions contemplated by the Transaction Documents. 

(b) Each of Seller, the Company and each Company Subsidiary is duly qualified to do business (where such concept is applicable) in each
jurisdiction where the nature of their respective business or the ownership of their respective assets makes such qualification necessary, except where the failure to be so qualified would not reasonably be expected, individually or in the
aggregate, to interfere with, prevent or materially delay its ability to enter into and perform its obligations under this Agreement or consummate the transactions contemplated by the Transaction Documents. Seller has made available to Buyer true
and complete copies of the Organizational Documents of the Company and each Company Subsidiary, and all respective amendments thereto, as currently in effect. Neither the Company nor any Company Subsidiary is in material violation of any provision
of such Organizational Documents. 
 Section 3.02. Authorization. 

(a) Seller has all requisite organizational power and authority to execute and deliver this Agreement and each other Transaction Document to
be executed by Seller and to perform its obligations hereunder and thereunder and, subject to receipt of the Seller Member Approval, to consummate the transactions contemplated on its respective parts hereby and thereby. This Agreement and each
Transaction Document to be executed by Seller has been duly authorized, executed and delivered by Seller, subject to receipt of the Seller Member Approval, and, assuming that this Agreement has been duly and validly authorized, executed and
delivered by Buyer, constitutes a valid and binding agreement of Seller, enforceable against Seller in accordance with its terms, except as limited by Laws affecting the enforcement of creditors’

  
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rights generally, by general equitable principles or by the discretion of any Governmental Authority before which any Action seeking enforcement may be brought (regardless of whether enforcement
is sought in a proceeding at law or in equity). 
 (b) The only vote of holders of any class or series of equity interests of Seller
necessary to approve the transactions contemplated by this Agreement is the Seller Member Approval. No other vote or approval of the members or other holders of equity interests of Seller is necessary to consummate the transactions contemplated by
this Agreement. 
 Section 3.03. Non-contravention. 

(a) The execution, delivery and performance of this Agreement and the other Transaction Documents to be executed by Seller, the consummation
of the transactions contemplated hereby and thereby, and the fulfillment of and the performance by Seller of its obligations hereunder and thereunder will not (i) violate any provision of the Organizational Documents of Seller, the Company or
any Company Subsidiary, (ii) except as set forth on Schedule 3.03, violate or result in a breach of, or constitute a default or require a consent under or give rise to any right of termination, cancellation or acceleration of any right
or obligation or to a loss of any benefit to which Seller, the Company or any Company Subsidiary is entitled under any provision of any Material Contract to which such Person is party, (iii) assuming compliance with the matters referred to in
Section 3.04, violate or result in a breach of any Law or Permit applicable to Seller, the Company or any Company Subsidiary or (iv) result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of
Seller, the Company or any Company Subsidiary, except, with respect to clauses (ii), (iii) and (iv): as would not reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the
ability of Seller to enter into and perform its obligations under this Agreement or consummate the transactions contemplated by the Transaction Documents. 

(b) Each of the Company and the Company Subsidiaries has good and marketable title to all of its assets, free and clear of all liens and
encumbrances, other than Permitted Liens. 
 Section 3.04. Governmental Authorization. The execution, delivery and performance
by Seller of this Agreement and other Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby require no action by or in respect of, or consent from or filing with, any Governmental
Authority, other than (a) compliance with any applicable requirements of the HSR Act, (b) compliance with the regulatory requirements set forth in Schedule 3.04 and (c) any such action or filing the failure of which to be made or
obtained would not reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the ability of Seller to enter into and perform its obligations under this Agreement or consummate the transactions
contemplated by the Transaction Documents. 
 Section 3.05. Capitalization. 

(a) All of the LLC Interests are owned beneficially and of record by Seller, free and clear of any Liens other than transfer restrictions
imposed thereon by Law and the Organizational Documents of Seller (which transfer restrictions will have been complied with and/or satisfied on 

  
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or before Closing). None of the LLC Interests have been issued in violation of, or are subject to, any preemptive or subscription rights. There are no options, offers, warrants, profits
interests, conversion or exchange rights, call Contracts or other rights granted by the Company to subscribe for or to purchase from the Company, or Contracts obligating the Company to issue, repurchase, redeem, transfer, dispose of or sell, capital
stock, partnership or limited liability company interests or other securities of the Company (whether debt, equity or a combination thereof or whether convertible into or exchangeable or exercisable for such securities) or obligating Seller or the
Company to grant, extend or enter into any such Contract. There are no bonds, debentures, notes or other Indebtedness of the Company having the right to vote (or convertible into securities having the right to vote) on any matters on which Seller
may vote. 
 (b) Schedule 3.05(b) sets forth an accurate and complete list of each Company Subsidiary. All of the Company
Subsidiaries are wholly-owned, directly or indirectly, beneficially and of record by the Company, free and clear of any Liens other than Permitted Liens and transfer restrictions imposed thereon by Law, and, except as identified on Schedule
3.05(b), the Company and the Company Subsidiaries do not own, directly or indirectly, any equity interests in any other entities. Except for the Company Subsidiaries, the Company does not own or hold, directly or indirectly, any equity interest
in any other Person. There is no (A) existing option, warrant, call, right or agreement to which the Company or any Company Subsidiary is a party requiring, and there are no securities of any of the Company Subsidiaries outstanding that upon
conversion or exchange would require, an increase to the value of any capital stock, limited liability company interest or partnership interest of any Company Subsidiary, as applicable, or other securities convertible into, exchangeable for or
evidencing the right to subscribe for or purchase any capital stock, limited liability company interest or partnership interest of any Company Subsidiary, (B) shares of capital stock of, partnership interests that represent the corporate
capital of or other equity interests in the Company Subsidiaries that are reserved for issuance or (C) bonds, debentures, notes or other Indebtedness having the right to vote on any matters on which the equity holders of any Company Subsidiary
may vote. 
 Section 3.06. Financial Statements. 

(a) Seller has made available to Buyer complete and correct copies of the (i) consolidated balance sheets of the Company and the Company
Subsidiaries as of December 31, 2013, 2012 and 2011, and the related consolidated statements of income, changes in members’ equity and cash flows for each of the three years in the period ended December 31, 2013, 2012 and 2011 (the
“Audited Financial Statements”), and (ii) the unaudited consolidated balance sheet of the Company and the Company Subsidiaries for the ten-month period ended as of October 31, 2014, and the related unaudited consolidated
statements of income for the ten-month period ended as of October 31, 2014 (the “Unaudited Financial Statements” and, together with the Audited Financial Statements, the “Financial Statements”), true and
complete copies of which are set forth in Schedule 3.06(a). The Financial Statements (A) have been prepared from, are in accordance with, and accurately reflect the books and records of the Company and the Company Subsidiaries in all
material respects (except as may be indicated in the notes thereto), (B) fairly present in all material respects the combined financial position and combined results of operations and cash flows of the Company and the Company Subsidiaries as of
the respective dates or for the respective time periods set forth therein and (C) have been prepared in 

  
 21 

 
accordance with GAAP consistently applied (except as may be indicated in the notes thereto or, in the case of the Unaudited Financial Statements, for normal and recurring year-end adjustments).

 (b) Schedule 3.06(b) sets forth (i) the fees received by the Company in respect of the Asset Management Business and the
renovation services projects set forth therein for the ten-month period ended October 31, 2014; (ii) payroll expenses associated with the employees of the Company and Company Subsidiaries identified therein for the ten-month period ended
October 31, 2014 and (iii) an estimate of non-payroll expenses anticipated to be incurred by Newco with respect to the Asset Management Business for an illustrative ten-month period. 

(c) The Company and the Company Subsidiaries (i) have only those key money commitments as set forth on Schedule 3.06(c) and
(ii) do not have individual outstanding capital expenditure commitments in excess of $25,000, except for capital expenditures made or to be made at any individual hotel property on behalf and at the cost of the applicable hotel owner. 

Section 3.07. Absence of Certain Developments. Except for actions taken in preparation for the transactions contemplated by this
Agreement, from and after the Balance Sheet Date through the date of this Agreement, (a) there has not been any Material Adverse Effect, (b) the business of the Company and the Company Subsidiaries, including renewing all permits and
liquor licenses as they become eligible for renewal, has been conducted in the ordinary course consistent with past practice in all material respects and (c) neither the Company nor any Company Subsidiary has taken any action that would, if
taken by such Person from the date hereof through the Closing Date, require the consent of Buyer under Section 5.01. 

Section 3.08. Compliance with Laws; Permits; Privacy. 

(a) Except with respect to compliance with Law concerning (i) employee and employee benefits matters (which is solely addressed in those
certain representations and warranties made pursuant to Sections 3.12 and 3.13), (ii) Environmental Laws (which is solely addressed in those certain representations and warranties made pursuant to Section 3.11), (iii)
Taxes (which is solely addressed in those certain representations and warranties made pursuant to Section 3.14) and (iv) Intellectual Property (which is solely addressed in those certain representations and warranties made pursuant
to Section 3.15), as of the date hereof, neither the Company nor any Company Subsidiary is in conflict with, default under or violation of, charged by any Governmental Authority with a violation of, or to Seller’s knowledge is being
investigated for a violation of, any Law (including the US Foreign Corrupt Practices Act, UK Bribery Act, the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, Title III of the USA PATRIOT Act, anti-boycott laws or
any similar Laws (collectively, “Anti-Corruption Laws”)) applicable to the Company and the Company Subsidiaries or by which any property or asset of the Company or any Company Subsidiary is bound or affected. Without limiting the
foregoing, neither the Companies nor the Company Subsidiaries have received any written notice during the twelve (12) months prior to the date of this Agreement alleging any violation with respect to any liquor license held directly, or
indirectly for the benefit of, the Company or the Company Subsidiaries. 

  
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 (b) To Seller’s knowledge, (i) none of Seller, the Company or the Company Subsidiaries
has ever been the subject of any bribery, money laundering or anti-kick-back investigation by any Governmental Authority and (ii) none of the directors, officers, agents, employees or other Persons acting on behalf of the Company or the Company
Subsidiaries, directly or indirectly, have taken any action, or failed to act, in a manner that would be a violation of any Anti-Corruption Laws. As of the date hereof, neither Seller, the Company nor any of the Company Subsidiaries has, since
January 1, 2010, received any written notice of any facts or circumstances that would constitute a violation of any Anti-Corruption Laws. 

(c) With respect to privacy and data protection matters: 

(i) To the knowledge of Seller, the Company and the Company Subsidiaries are, and since January 1, 2010 have been, in
material compliance with: (A) all applicable Laws-pertaining to (x) data security, cyber security and e-commerce, (y) the collection, storage, use, access, disclosure, processing, security and transfer of Personal Data (collectively
“Data Activities”) ((x) and (y) together, “Privacy Laws”) and (z) sales and marketing, including the CAN-SPAM Act, the Telephone Consumer Protection Act and the Telemarketing Sales Rule; and (B) the
Payment Card Industry Security Standards set by the PCI Security Standards Council and the Company and the Company Subsidiaries have validated their compliance as required by any contractual obligations on Company and the applicable rules and
guidelines issued by the Card Associations. 
 (ii) Schedule 3.08(c) sets forth, as of the date hereof, the
Company’s and the Company Subsidiaries’ written policies relating to Data Activities, including publicly posted website and mobile app privacy policies (“Privacy and Data Securities Policies”). To the knowledge of Seller,
at all times the Company and the Company Subsidiaries are, and since January 1, 2010 have been, in material compliance with such Privacy and Data Security Policies. 

(iii) Schedule 3.08(c) sets forth, as of the date hereof, all Actions against the Company alleging that any Data
Activity of the Company or the Company Subsidiaries: (A) is in violation of any applicable Privacy Laws, (B) is in violation of any Contracts applicable to Data Activities to which the Company or the Company Subsidiaries are a party
(collectively, “Privacy Agreements”), (C) is in violation of any Privacy and Data Security Policies or (D) otherwise constitutes an unfair, deceptive or misleading trade practice. To the knowledge of Seller, neither the
execution, delivery or performance of this Agreement, nor the consummation of any of the transactions contemplated hereby, will violate any of the Privacy and Data Security Policies. 

(iv) Except as set forth on Schedule 3.08(c), to the knowledge of Seller, there has been no material unauthorized
access, use or disclosure of Personal Data in the possession or control of the Company and the Company Subsidiaries. 
 (v)
Where materially relevant to the scope of services being delivered, the Company and the Company Subsidiaries currently contractually require, and 

  
 23 

 
since January 1, 2010, have contractually required, in all new written Contracts with third parties, including vendors, affiliates, and other persons providing services to them that have
access to or receive Personal Data from or on behalf of the Company and the Company Subsidiaries to comply with all applicable Privacy Laws, and to take all reasonable steps to ensure that all Personal Data of the Company and the Company
Subsidiaries is protected against damage, loss, and against unauthorized access or disclosure. 
 (d) The Company and the Company
Subsidiaries possess all material governmental permits, approvals, orders, authorizations, consents, licenses, certificates, franchises, exemptions of, or filings or registrations with, or issued by, any Governmental Authority necessary for the
operation of the business of the Company and the Company Subsidiaries as currently conducted (the “Permits”). All such Permits are in full force and effect, and to Seller’s knowledge there are no Actions pending or threatened
by any Governmental Authority that seek the revocation, cancellation, suspension or adverse modification thereof. Neither the Company nor any of the Company Subsidiaries is in default, and, to the knowledge of Seller, no condition exists that with
notice or lapse of time or both would constitute a material default, under the Permits. 
 Section 3.09. Litigation. Except as
set forth in Schedule 3.09, as of the date hereof, there are no Actions pending by or before any Governmental Authority or, to the knowledge of Seller, threatened against Seller, the Company or the Company Subsidiaries that (i) in the
case of Seller, would reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the ability of Seller to enter into and perform their obligations under this Agreement or consummate the transactions
contemplated by the Transaction Documents, (ii) otherwise would reasonably be expected, individually or in the aggregate, to result in material Liability to the Company and the Company Subsidiaries, taken as a whole, or otherwise materially
interfere with the conduct of the business of the Company and the Company Subsidiaries in substantially the manner currently conducted and (iii) were initiated by the Company as plaintiff. As of the date hereof, except as set forth in
Schedule 3.09, (i) there is no order, writ, settlement, judgment, award, ruling, injunction, decree or consent decree entered by or with any Governmental Authority or third party purporting to enjoin or restrain the execution, delivery
and performance by Seller of the transactions contemplated hereby, or (ii) there is no order, writ, settlement, judgment, award, ruling, injunction, decree or consent decree entered by or with any Governmental Authority or third party that
would reasonably be expected, individually or in the aggregate, to result in material Liability to the Company and the Company Subsidiaries, taken as a whole, or otherwise materially interfere with the conduct of the business of the Company and the
Company Subsidiaries in substantially the manner currently conducted. 
 Section 3.10. No Undisclosed Liabilities. The Company
and the Company Subsidiaries do not have any material Liabilities that would have been required to be reflected in, reserved against or otherwise described in the Balance Sheet in accordance with GAAP, consistently applied in accordance with past
practice, and that were not so reflected, reserved against or described therein, other than Liabilities (a) incurred in the ordinary course of business after the Balance Sheet Date, or (b) incurred under this Agreement or in connection
with the transactions contemplated hereby. 

  
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 Section 3.11. Environmental Matters. 

(a) Except as set forth on Schedule 3.11: 

(i) to Seller’s knowledge, the Company and the Company Subsidiaries are in material compliance with all applicable
Environmental Laws in connection with the conduct of their businesses, including any Permits required by applicable Environmental Laws; 

(ii) to Seller’s knowledge, (A) no written notice, claim, inquiry, order, complaint, penalty or demand has been made
and (B) there is no Action pending or threatened, which (1) alleges the actual or potential violation of or noncompliance with any Environmental Law or any Permit required by any applicable Environmental Law, alleges any potential
Liability, obligation, costs or Damages arising under or relating to any Environmental Law including any remedial, natural resource, response, removal or corrective obligations, or seeks to revoke, amend, modify or terminate any Permit required by
any applicable Environmental Law, (2) relates to the Company and the Company Subsidiaries or the Leased Real Property and (3) has not been settled, dismissed, paid or otherwise resolved without ongoing obligations or costs prior to the
date hereof; and 
 (iii) there are no Actions involving the actual or potential violation of or noncompliance with any
Environmental Law or any Permit required by any applicable Environmental Law which have been initiated by the Company or the Company Subsidiaries against any other party (and all such Actions which have been settled, dismissed, paid or otherwise
resolved since January 1, 2012, are identified on Schedule 3.11). 
 (b) The representations in this Section 3.11
are the sole and exclusive representations made by Seller with respect to any Environmental Conditions, Environmental Laws or any Permit required under any Environmental Law. 

Section 3.12. Employee Matters. 

(a) With respect to the Company Employees, each of the Company and the Company Subsidiaries are in material compliance with all applicable
Laws respecting employment, employment practices, labor, terms and conditions of employment, wages and hours, employment standards, workers’ compensation and plant closings. Except as set forth on Schedule 3.12(a), there are no Actions
pending or, to the knowledge of Seller, threatened against the Company or any of the Company Subsidiaries brought by or on behalf of any Company Employee relating to any such Laws. Except as set forth on Schedule 3.12(a), no claims are
currently pending or under investigation, and to the knowledge of Seller there is no basis for any claim, against any employee on the basis of fraud, embezzlement, material theft or any similar claim involving material dishonesty. Schedule
3.12(a) includes, as of the date hereof, all litigation initiated by the Company against any person related to employment matters, including matters related to fraud, embezzlement, material theft, or any similar claims 

  
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 (b) Schedule 3.12(b)(i) sets forth a list of all Bargaining Agreements to which the terms
and conditions of employment of the Company Employees are subject as of the date hereof and, as of the date hereof, except as set forth on Schedule 3.12(b)(ii), there are no labor unions or works councils (i) representing any Company
Employee in connection with their employment by the Company or any of the Company Subsidiaries or (ii) to the knowledge of Seller, engaged in any organizing activity with respect to representing any Company Employee. Since January 1, 2013,
there has not been and, to the knowledge of Seller there is not presently pending, existing, or threatened, any material strike, slowdown, picketing, or work stoppage by Company Employees. 

(c) A complete and accurate list of all employees of the Company and the Company Subsidiaries, as of the date hereof, whose costs are not
allocated to, and reimbursed by, hotel owners, including position and compensation as of the date hereof is set forth in Schedule 3.12(c). Except as set forth on Schedule 3.12(c), and excluding the Company Plans set forth on
Schedule 3.13(a) and the Bargaining Agreements set forth in Schedule 3.12(b)(i), none of the Company’s or the Company Subsidiaries’ employees is a party to a written employment agreement or contract with the Company or any
Company Subsidiary. 
 (d) The severance policies and any other severance agreements or retention or stay bonuses of the Company and the
Company Subsidiaries are as set forth in the Review Documents. 
 (e) The representations in this Section 3.12 are the sole and
exclusive representations made by Seller with respect to any matters relating to employees and employment. 
 Section 3.13. Employee
Benefit Plans. 
 (a) Schedule 3.13(a) lists, as of the date hereof, each Company Plan. Seller has made available to Buyer a copy
of each plan document for each Company Plan listed in Schedule 3.13(a). 
 (b) None of the Company Plans are subject to Title IV of
ERISA. The transactions contemplated by this Agreement are not reasonably expected to trigger any material Liability for Buyer or any of the Company and the Company Subsidiaries under Title IV of ERISA with respect to any Company Plan. 

(c) Each Company Plan which is intended to be qualified under Section 401(a) of the Code has received a favorable determination or
opinion letter, or has pending or is within the remedial amendment period in which to file, an application for such determination from the IRS. 

(d) Each Company Plan has been maintained in material compliance with its terms and with any applicable Law. None of the Company Plans are
presently, or, in the past three years, have been, under audit or examination (nor has notice been received of any potential audit or examination) by any Governmental Authority. Other than routine claims for benefits, there are no material
proceedings or claims pending or, to the knowledge of Seller, threatened with respect to any Company Plan. 

  
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 (e) Neither the execution and delivery of this Agreement nor the consummation of the transactions
contemplated hereby will (either alone or in conjunction with any other event, such as a termination of employment) (i) result in any material payment becoming due to any Company Employee under any Company Plan, (ii) materially increase
any benefits otherwise payable under any Company Plan or (iii) result in the acceleration of the time of payment or vesting of any material benefits under any Company Plan. 

(f) Neither Company or any Company Subsidiary has any equity or equity-equivalent based employee benefit plans relating to equity of the
Company or the Company Subsidiaries; provided that Buyer acknowledges that certain employees of the Company and the Company Subsidiaries participate in equity or equity equivalent based employee benefit plans maintained by Seller, which plans
will not be transferred to Buyer pursuant to this Agreement, and Buyer will not be bound by, liable for or subject to any such plans. 
 (g)
The representations in this Section 3.13, along with the representations and warranties set forth in Section 3.09 regarding litigation involving the Company, whether as plaintiff or defendant, are the sole and exclusive
representations made by Seller with respect to any matters relating to employee benefits. 
 Section 3.14. Taxes. 

(a) Each of the Company and the Company Subsidiaries has timely filed all Tax Returns required to be filed by it. None of the Company and the
Company Subsidiaries currently is the beneficiary of any extension of time within which to file any Tax Return, other than automatic extensions of time not requiring the consent of any Taxing Authority and extensions of time requested or obtained in
the ordinary course of business. 
 (b) All Pre-Closing Taxes have either been paid or are included as a current liability in Final Net
Working Capital. 
 (c) There are currently no deficiencies for Taxes due from the Company or any of the Company Subsidiaries that have been
claimed, proposed or assessed, in each case, in writing, by any Taxing Authority for any taxable period for which the period of assessment remains open. There are no pending audits, claims, assessments, administrative proceedings or other Actions
for or relating to any Tax Liability of the Company or any of the Company Subsidiaries. Neither the Company nor any Company Subsidiary has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to any
Tax assessment or deficiency which waiver has not expired or been terminated. Schedule 3.14 sets forth all Actions related to Taxes which have been initiated by or against the Company or the Company Subsidiaries which have not been resolved.

 (d) There are no Liens for Taxes upon the assets of the Company or any of the Company Subsidiaries other than Permitted Liens. 

(e) For U.S. federal income tax purposes, the Company and each of the Company Subsidiaries that are organized as limited liability companies
are treated as entities that are disregarded as separate from Seller. 

  
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 (f) Neither the Company nor any of the Company Subsidiaries has engaged in any “listed
transactions” within the meaning of Treasury Regulation Section 1.6011-4(b)(2). 
 (g) The representations and warranties in
Section 3.13 (to the extent related to Taxes) and this Section 3.14 are the sole and exclusive representations and warranties made by Seller with respect to any matters relating to Taxes, and none of the representations and
warranties in this Section 3.14 (other than Section 3.14(e)) may be relied upon for purposes of indemnification or otherwise with respect to any taxable periods (or portions thereof) beginning after the Closing Date. 

Section 3.15. Intellectual Property. 

(a) Schedule 3.15(a) contains a list, as of the date hereof, of all (i) issued patents and pending patent applications,
(ii) trademark and service mark registrations and pending applications, (iii) copyright registrations and pending applications, and (iv) material internet domain name registrations owned by the Company or any of the Company
Subsidiaries (collectively, the “Company Registered Intellectual Property”). 
 (b) (i) The Company and the Company
Subsidiaries are the sole and exclusive owners of the Company Registered Intellectual Property, (ii) each item of Company Registered Intellectual Property is subsisting, with all maintenance and renewal fees that are due through the Closing
Date having been paid, (iii) to the knowledge of Seller, there are no judgments, orders, decrees, other official determinations, or contractual obligations that invalidate, or limit the ownership or enforceability of any of the Company
Registered Intellectual Property and (iv) no Action is pending, or to the knowledge of Seller, is threatened, which challenges the validity, enforceability, registration, ownership or use of any of the Company Registered Intellectual Property.

 (c) The execution, delivery and performance of this Agreement and the other Transaction Documents to be executed by Seller, the
consummation of the transactions contemplated hereby and thereby, and the fulfillment of and the performance by Seller of its obligations hereunder and thereunder will not result in the loss, forfeiture, termination, or impairment of, or give rise
to a right of any Person to limit, terminate, or consent to the continued use of, any rights of the Company and the Company Subsidiaries in any Intellectual Property. 

(d) Neither the Company nor any Company Subsidiary is, to the knowledge of Seller, currently infringing, misappropriating, diluting, or
otherwise violating any Intellectual Property of any other Person. None of Seller, the Company or the Company Subsidiaries have received any charge, complaint, claim, demand or notice during the past three (3) years (or earlier, if presently
not resolved) alleging any infringement, misappropriation, dilution or other violation of the Intellectual Property of any other Person by Seller, the Company or any of the Company Subsidiaries. To the knowledge of Seller, no Person is infringing,
misappropriating, diluting, or otherwise violating any material Intellectual Property owned by the Company or any of the Company Subsidiaries. 

  
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 (e) The Company and the Company Subsidiaries have in place commercially reasonable measures,
consistent with current industry standards, to protect the confidentiality, integrity and security of the computers, servers, workstations, routers, hubs, switches, circuits, networks and other information technology equipment owned or controlled by
the Company and the Company Subsidiaries (and all information and transactions stored or contained therein or transmitted thereby) against any unauthorized use, access, interruption, modification or corruption. 

(f) The representations in this Section 3.15 are the sole and exclusive representations made by Seller with respect to any matters
relating to Intellectual Property. 
 Section 3.16. Material Contracts. 

(a) Schedule 3.16(a) sets forth a list of all Contracts (other than purchase or service orders executed in the ordinary course of
business) of the type described below to which the Company or any Company Subsidiary is a party that is in effect on the date of this Agreement (each contract that is required to be listed in Schedule 3.16(a), being a “Material
Contract”): 
 (i) any agreement for the purchase or lease of equipment, materials, supplies or other personal
property that is not terminable within six (6) months’ notice and requiring annual payments by the Company or any of the Company Subsidiaries of $250,000 or more; 

(ii) any agreement providing for the sale of services that is not terminable within six (6) months’ notice and
requiring annual payments to the Company or any of the Company Subsidiaries of $250,000 or more (other than Company Plans); 

(iii) any hotel operating agreement or technical services agreement, or other material agreement with a third party hotel
owner; 
 (iv) any agreement that contains noncompetition covenants that prohibit the Company and the Company Subsidiaries
from freely engaging in any business or in any geographic territory or market; 
 (v) any mortgage, indenture, note, bond or
other agreement relating to indebtedness for borrowed money incurred by the Company and the Company Subsidiaries; 
 (vi) any
agreements regarding loans by the Company or the Company Subsidiaries to third parties, including to officers, directors, employees, hotel owners or otherwise (excluding any Company Plans and travel advances in the ordinary course of business) that
will remain outstanding following the Closing; 
 (vii) any partnership, joint venture, franchise or other similar equity
investment agreements with any Person other than the Company or any Company Subsidiary; 

  
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 (viii) any agreement granting any of the Company and the Company Subsidiaries the
right to use, exploit or practice any Intellectual Property owned by third parties which is material to the businesses of the Company and the Company Subsidiaries (other than COTS Licenses); 

(ix) any agreement granting any third party the right to use, exploit or practice any Intellectual Property owned by any of the
Company and the Company Subsidiaries, which agreement is material to the businesses of the Company or any Company Subsidiary; 

(x) except for transactions between or among the Company and the Company Subsidiaries, any agreement entered during the three
(3)-year period prior to the date of this Agreement relating to the acquisition or disposition of any business (whether by merger, sale of stock, sale of assets or otherwise); or 

(xi) any agreement associated with hedges, derivatives or other similar instruments. 

(b) Except as set forth in Schedule 3.16(b), each Material Contract set forth in Schedule 3.16(a) is (i) a valid and
binding agreement of the Company or the Company Subsidiary party thereto, and to the knowledge of Seller, of the other party or parties thereto, enforceable in accordance with its terms, except as limited by Laws affecting the enforcement of
creditors’ rights generally, by general equitable principles or by the discretion of any Governmental Authority before which any Action seeking enforcement may be brought, and (ii) to Seller’s knowledge, in full force and effect as of
the date hereof, in each case. Neither the Company nor any of the Company Subsidiaries has received any written notice of, and to Seller’s knowledge there are no facts or circumstances that would serve as the basis of, any default or event
that, with notice or lapse of time, or both, would constitute a default by the Company or any of the Company Subsidiaries under any Material Contract. To the knowledge of Seller, no other party to a Material Contract is in default of such Material
Contract or has repudiated any term of any Material Contract, and there has been no waiver of any rights by the Company, any Company Subsidiary, or any other party thereto. As of the date hereof, Seller has not received any written notice of, and to
Seller’s knowledge there are no facts or circumstances that would serve as the basis of, any termination, cancellation or non-renewal with respect to any Material Contract. 

(c) Except as set forth on Schedule 3.16(d), there is no outstanding failure of a performance test to which the Company and the Company
Subsidiaries is subject under any hotel management agreement, and to Seller’s knowledge, there is no pending or anticipated failure of a performance test for the operating year ending December 31, 2014. 

Section 3.17. Insurance. Schedule 3.17 sets forth an accurate and complete list of all material policies of property, liability,
workers’ compensation and other forms of insurance owned or held by the Company and the Company Subsidiaries (not including any Company Plan). All premiums due and payable have been paid, no written notice of cancellation or termination has
been received with respect to any such policy, and there is no existing default with respect to any such policy. 

  
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 Section 3.18. Real Property. Schedule 3.18 sets forth an accurate and complete
list of any lease covering Leased Real Property (the “Leases”). Neither the Company nor any Company Subsidiary owns any real property. Each Lease is a valid and binding agreement of the Company or the applicable Company Subsidiary,
enforceable in accordance with its terms, except as limited by Laws affecting the enforcement of creditors’ rights generally, by general equitable principles or by the discretion of any Governmental Authority before which any Action seeking
enforcement may be brought. Neither the Company nor any Company Subsidiary is in default of, or have received any written notice of any default or event that, with notice or lapse of time, or both, would constitute a default by the Company or any of
the Company Subsidiaries under any Lease. With respect to each Lease, the lease agreement and all amendments thereto have been provided in the Review Documents. To the knowledge of Seller, no other party to a Lease is in default of such Lease.
Seller has delivered to the Buyer true, correct and complete copies of each Lease; and to Seller’s knowledge, there are no condemnation or eminent domain proceedings pending, contemplated or overtly threatened against the Leased Real Property.

 Section 3.19. Related Party Transactions. 

(a) Except as set forth on Schedule 3.19(a), no current officer or director of the Company or any of the Company Subsidiaries
(i) is party to any material Contract or other business arrangement (other than employment, retention or similar agreements and arrangements and Company Plans) with the Company or any of the Company Subsidiaries that is not terminable at will
by the Company or the applicable Company Subsidiary without payment or penalty or (ii) owns any material property or right, tangible or intangible, which is used by the Company or any of the Company Subsidiaries. 

(b) There are no agreements, arrangements or understandings between Seller, on the one hand, and the Company or any Company Subsidiary, on the
other hand, that are not terminable at will by the Company or such Company Subsidiary without payment or penalty (“Affiliate Transactions”). 

Section 3.20. Brokers. Except for fees payable to Goldman Sachs & Co., whose fees shall be paid by Seller, no Person is
or will be entitled to a broker’s, finder’s, investment banker’s, financial adviser’s or similar fee from Seller or any Person acting on its behalf in connection with this Agreement or any of the transactions contemplated hereby.

 Section 3.21. Solvency. Seller is not entering into this Agreement or the transactions contemplated hereby with the actual
intent to hinder, delay or defraud present or future creditors of Seller or any of its Affiliates. At and immediately prior to the Closing, the Company and each of the Company Subsidiaries (a) will be solvent (in that both the fair value of its
assets will not be less than the sum of its indebtedness (including a reasonable estimate of any contingent Liabilities) and that the present fair saleable value of its assets will not be less than the amount required to pay its probable Liability
on its recourse indebtedness as such indebtedness matures or becomes due), (b) will have adequate capital and liquidity with which to engage in its business, and (c) will not have incurred and does not plan to incur indebtedness beyond its
ability to pay as such indebtedness matures or becomes due. 

  
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 Section 3.22. No Other Representations And Warranties. Except for the specific
representations and warranties contained in this Article III (in each case as modified by the Disclosure Schedules hereto), neither Seller nor any other Person makes any express or implied representation or warranty, including with respect to
Seller, the Company or any Company Subsidiary or the transactions contemplated by this Agreement, and Seller disclaims any other representations or warranties, whether made by Seller, any of its Affiliates or any of their respective officers,
directors, direct or indirect equity holders, managers, employees, agents or other Representatives. Any documents, title information, assessments, surveys, plans, specifications, reports and studies or other information made available to Buyer by or
on behalf of Seller, including any information made available to Buyer on any electronic data room (collectively, “Review Documents”) are provided as information only. Buyer shall not rely upon any Review Document(s) in lieu of
conducting its own due diligence. Except for the specific representations and warranties contained in this Article III (in each case as modified by the Disclosure Schedules hereto), Seller has not made, does not make and has not authorized
anyone else to make any representation as to: (a) the accuracy, reliability or completeness of any of the Review Documents; (b) the condition of any building(s), structures or other improvements at the Leased Real Property; (c) the
operating condition of the properties or assets of the Company and the Company Subsidiaries; (d) the Environmental Conditions of the Leased Real Property INCLUDING THE PRESENCE OR ABSENCE OF ANY HAZARDOUS SUBSTANCES; (e) the enforceability
of, or Buyer’s ability to obtain the benefits of, any agreement of record affecting the Company or the Company Subsidiaries; (f) the transferability or assignability of any Contract or Permit; or (g) any other matter or thing
affecting or relating to the Company, the Company Subsidiaries or the LLC Interests. SELLER HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, PROJECTION, FORECAST, STATEMENT, OR INFORMATION MADE, COMMUNICATED OR
FURNISHED (ORALLY OR IN WRITING) TO BUYER OR ITS AFFILIATES OR REPRESENTATIVES (INCLUDING ANY OPINION, INFORMATION, PROJECTION OR ADVICE THAT MAY HAVE BEEN OR MAY BE PROVIDED TO BUYER BY ANY DIRECTOR, OFFICER, MANAGER, EMPLOYEE, AGENT, CONSULTANT OR
REPRESENTATIVE OF SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES) EXCEPT AS EXPRESSLY PROVIDED FOR IN THE TRANSACTION DOCUMENTS. SELLER MAKES NO REPRESENTATIONS OR WARRANTIES TO BUYER REGARDING THE PROBABLE SUCCESS, PROFITABILITY OR VALUE OF ANY OF
THE COMPANY AND THE COMPANY SUBSIDIARIES. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller that: 

Section 4.01. Organization and Qualification. Buyer is a Delaware corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware. Buyer is duly qualified to do business (where such concept is applicable) in each jurisdiction where the nature of its business or the ownership of its assets makes such qualification necessary,
except where the failure to be so licensed or qualified would not reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the ability of Buyer to enter into and perform its obligations under this
Agreement or consummate the transactions contemplated hereby. Buyer has the company power and authority necessary to own or lease its properties and assets and to carry on its business as presently conducted in all material respects. 

  
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 Section 4.02. Authorization. Buyer has all requisite organizational power and
authority to execute and deliver this Agreement and each other Transaction Document to be executed by Buyer and to perform its obligations hereunder and thereunder and to consummate the transactions contemplated on its part hereby and thereby. This
Agreement and each Transaction Document to be executed by Buyer has been duly authorized, executed and delivered by Buyer and, assuming that this Agreement has been duly and validly authorized, executed and delivered by Seller, constitutes a valid
and binding agreement of Buyer, enforceable against Buyer in accordance with its terms, except as limited by Laws affecting the enforcement of creditors’ rights generally, by general equitable principles or by the discretion of any Governmental
Authority before which any Action seeking enforcement may be brought (regardless of whether enforcement is sought in a proceeding at law or in equity). 

Section 4.03. Non-contravention. The execution, delivery and performance by Buyer of this Agreement and the other Transaction
Documents to be executed by Buyer, and the consummation of the transactions contemplated hereby and thereby, and the fulfillment of and the performance by Buyer of its obligations hereunder and thereunder do not and will not (a) violate any
provision of the Organizational Documents of Buyer, (b) violate or result in a breach of, or constitute a default or require a consent under or give rise to any right of termination or other action by any Person under, any provision of any
Contract to which Buyer is party, (c) assuming compliance with the matters referred to in Section 4.04, violate or result in a breach of any Law of any Governmental Authority applicable to Buyer, or (d) result in the creation
or imposition of any material Lien on any asset of Buyer (except, in the case of clauses (b), (c) and (d), as would not reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the
ability of Buyer to enter into and perform its obligations under this Agreement or consummate the transactions contemplated by the Transaction Documents). 

Section 4.04. Governmental Authorization. The execution, delivery and performance by Buyer of this Agreement and other Transaction
Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby require no action by or in respect of, or consent from or filing with, any Governmental Authority, other than (a) compliance with any
applicable requirements of the HSR Act, and (b) any such action or filing the failure of which to be made or obtained would not reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the ability
of Buyer to enter into and perform its obligations under this Agreement or consummate the transactions contemplated by the Transaction Documents. 

Section 4.05. Litigation. As of the date hereof, there are no Actions pending or, to the knowledge of Buyer, threatened against
Buyer by or before any Governmental Authority, except for such Actions as would not reasonably be expected, individually or in the aggregate, to interfere with, prevent or materially delay the ability of Buyer to enter into and perform its
obligations under this Agreement or the other Transaction Documents or consummate the transactions contemplated hereby or thereby. There is no order, writ, judgment, award, ruling injunction, decree or consent decree entered by or with any
Governmental Authority purporting 

  
 33 

 
to enjoin or restrain the execution, delivery and performance by Buyer of this Agreement or the other Transaction Documents or the transactions contemplated hereby or that would reasonably be
expected, individually or in the aggregate, to interfere with, prevent or materially delay the ability of Buyer to enter into and perform its obligations under this Agreement or the other Transaction Documents or consummate the transactions
contemplated hereby or thereby. 
 Section 4.06. Solvency. Buyer is not entering into this Agreement or the transactions
contemplated hereby with the actual intent to hinder, delay or defraud present or future creditors of Buyer or any of its Affiliates. After giving effect to the transactions contemplated by this Agreement, at and immediately after the Closing, Buyer
and each of its Subsidiaries (including each of the Company and the Company Subsidiaries) (a) will be solvent (in that both the fair value of its assets will not be less than the sum of its indebtedness (including a reasonable estimate of any
contingent Liabilities) and that the present fair saleable value of its assets will not be less than the amount required to pay its probable Liability on its recourse indebtedness as such indebtedness matures or becomes due), (b) will have
adequate capital and liquidity with which to engage in its business, and (c) will not have incurred and does not plan to incur indebtedness beyond its ability to pay as such indebtedness matures or becomes due. 

Section 4.07. Brokers. Except for Bank of America Merrill Lynch, whose fees and expenses shall be paid by Buyer, no Person is or
will be entitled to a broker’s, finder’s, investment banker’s, financial adviser’s or similar fee from Buyer or any Person acting on its behalf in connection with this Agreement or any of the transactions contemplated hereby.

 Section 4.08. Purchase for Investment. Buyer is purchasing the LLC Interests for investment for its own account and not with
a view to, or for sale in connection with, any distribution thereof. Buyer is an “accredited investor” as defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the
“Securities Act”). Buyer (either alone or together with its advisors) has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the LLC
Interests and is capable of bearing the economic risks of such investment. Buyer acknowledges that the LLC Interests have not been registered under any federal, state or foreign securities Laws (including the Securities Act) and that the LLC
Interests may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of unless such transfer, sale, assignment, pledge, hypothecation or other disposition is registered under applicable federal, state or foreign
securities Laws (including the Securities Act) or is effected pursuant to an exemption from registration under applicable federal, state or foreign securities Laws (including the Securities Act). 

Section 4.09. Acknowledgements by Buyer. 

(a) Buyer acknowledges and agrees that it has conducted its own independent review and analysis of the Company and the Company Subsidiaries
and their assets, financial condition, results of operations and prospects. Buyer is an informed and sophisticated purchaser, and has engaged expert advisors and Representatives, experienced in the evaluation and purchase of companies, property and
assets such as the Company and the Company Subsidiaries and their properties and assets and the LLC Interests as contemplated hereunder. Buyer has undertaken such investigation and has been provided with and has evaluated such documents and

  
 34 

 
information as it has deemed necessary to enable it to make an informed and intelligent decision with respect to the execution, delivery and performance of this Agreement and has relied solely
upon its own investigation and the express representations and warranties set forth in this Agreement. Buyer acknowledges that Seller has given Buyer access to the employees, documents and facilities of the Company and the Company Subsidiaries for
the purpose of evaluating the transaction contemplated by the Transaction Documents. 
 (b) Buyer acknowledges and agrees that none of
Seller, the Company, the Company Subsidiaries or its or their Affiliates or any other Person acting on behalf of them (i) has made any representation or warranty, express or implied, including as to the condition, merchantability, suitability
or fitness for a particular purpose of any assets of or held by the Company and the Company Subsidiaries, or (ii) has made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding the
Company and the Company Subsidiaries, in each case except as expressly set forth in this Agreement. 
 (c) Buyer acknowledges and agrees
that the properties and assets of the Company and the Company Subsidiaries and the LLC Interests are sold “as is”, except as expressly set forth in this Agreement or any other agreement or certificate executed and delivered in connection
herewith, including the Transaction Documents. Buyer agrees to accept the properties and assets of the Company and the Company Subsidiaries in the condition they are in on the Closing Date based on its own inspection, examination and determination
with respect to all matters, and without reliance upon any express or implied representations or warranties of any nature made by or on behalf of or imputed to Seller, except as expressly set forth in this Agreement or any other agreement or
certificate delivered in connection herewith, including the Transaction Documents. 
 (d) In connection with Buyer’s investigation of
the Company and the Company Subsidiaries, Buyer has received certain projections, including projected statements of operating revenues and income from operations of the Company and the Company Subsidiaries and certain budget and business plan
information. Buyer acknowledges and agrees that there are uncertainties inherent in attempting to make such estimates, projections and other forecasts and plans, and that Buyer is familiar with such uncertainties and that Buyer is taking full
responsibility for making its own evaluation of the adequacy and accuracy of all estimates, projections and other forecasts and plans so furnished to it, including the reasonableness of the assumptions underlying such estimates, projections and
forecasts. Accordingly, Buyer acknowledges and agrees that Seller does not make any representation or warranty with respect to such estimates, projections and other forecasts and plans, including the reasonableness of the assumptions underlying such
estimates, budgets, projections and forecasts (or any component thereof). 
 Section 4.10. Availability of Funds. Buyer has
access to immediately available funds in a quantity sufficient to pay the Preliminary Purchase Price, any adjustments to the Preliminary Purchase Price hereunder and all of the other fees, costs and expenses to be paid by Buyer under this Agreement.

  
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 Section 4.11. Guarantee. Concurrently with the execution of this Agreement, Guarantor
and Buyer have delivered to the Company the Guarantee, dated as of the date hereof, in respect of Buyer’s obligations under this Agreement. The Guarantee is in full force and effect and is a valid and binding obligation of the Guarantor,
enforceable against the Guarantor in accordance with its terms and no event has occurred which, with notice or lapse of time or both, could constitute a default on the part of the Guarantor under such Guarantee. 

ARTICLE V 

COVENANTS 

Section 5.01. Conduct of the Business. From the date hereof until the Closing Date, except as set forth in Schedule 5.01,
as required by applicable Law, as permitted or contemplated by this Agreement or the other Transaction Documents, or otherwise with Buyer’s prior written consent (not to be unreasonably withheld, conditioned or delayed), Seller shall cause the
Company and the Company Subsidiaries to conduct their business, including renewing all permits and liquor licenses as they become eligible for renewal, in all material respects in the ordinary course of business consistent with past practice. For
the Asset Management Business, Seller shall continue to operate such business in a manner to achieve the transfer as outlined in Schedule 2.09 and shall use its commercially reasonable efforts to operate such business in a manner designed to
cause the Company and the Company Subsidiaries not to incur any liabilities that will not be transferred prior to the Closing to the extent provided in Section 2.09. Notwithstanding the foregoing, from the date hereof until the Closing
Date, except as set forth in Schedule 5.01, as required by applicable Law, as permitted or contemplated by this Agreement or the other Transaction Documents, or otherwise with Buyer’s prior written consent (not to be unreasonably
withheld, conditioned or delayed), Seller shall cause the Company and the Company Subsidiaries not to: 
 (a) amend or modify the
Organizational Documents of the Company or any of the Company Subsidiaries, except, with the consent of Buyer, in connection with the organization of new Subsidiaries in connection with the performance of any existing hotel management agreement or
any new hotel management agreement permitted under this Section 5.01; 
 (b) merge or consolidate with, or purchase all or
substantially all of the stock (or other equity interests) or assets of, or otherwise acquire the business of, any other Person, except pursuant to Contracts in existence on the date hereof, as specifically identified in Schedule 5.01(b);

 (c) sell, transfer, lease, license or otherwise dispose of the stock (or other equity interest) or assets of the Company or any of the
Company Subsidiaries, except, in the case of any sale, transfer, lease, license or disposal of assets, in the ordinary course of business that do not exceed $25,000 individually or $200,000 in the aggregate and, in each case, except pursuant to
Contracts in existence on the date hereof as specifically identified in Schedule 5.01(c); 
 (d) issue any capital stock or other
equity interests of, or become a party to any subscriptions, warrants, rights, options, convertible securities, voting or other similar agreements or commitments relating to the capital stock or other equity interests of the Company or any of the
Company Subsidiaries, except (i) pursuant to Contracts in existence on the date hereof as 

  
 36 

 
specifically identified in Schedule 5.01(d) or (ii) for the organization, with the consent of Buyer, of new Subsidiaries in connection with the performance of any existing hotel
management agreement or any new hotel management agreement permitted under this Section 5.01; provided that organization of new Subsidiaries formed for purposes of employment or liquor licenses related to any such permitted new
hotel management agreement shall not require consent of Buyer; 
 (e) make any change in any method of accounting or accounting practice or
policy, except as required by applicable Law or GAAP; 
 (f) increase the compensation or benefits payable to any officer or director of the
Company or any Company Subsidiary or grant any retention, severance or termination pay to any officer or director of the Company or any Company Subsidiary, except (i) as required by applicable Law or the terms of any Company Plan, any Severance
Arrangement or any other Contract in existence on the date hereof and identified in Schedule 5.01(f) or (ii) to the extent any such compensation or benefits or retention, severance or termination pay is to be paid by Seller; 

(g) hire any corporate office-level employee with an annual compensation level, including bonuses, at or above $100,000; for the avoidance of
doubt, the foregoing shall not restrict the hiring of any hotel-level employee on behalf of, and at the cost of, the hotel owner; 
 (h)
adopt or enter into any new Company Plan or amend or modify in any material respect or terminate any existing Company Plan, except as required by applicable Law or the terms of any Company Plan or any Contract in existence on the date hereof; 

(i) make any loans or advances to, or equity investments in, any Person, except (i) pursuant to Contracts in existence on the date hereof, as
specifically identified in Schedule 5.01(h) or (ii) advancement of trade credit to customers or expenses to employees or hotel owners in the ordinary course of business; 

(j) except with respect to hotel management agreements (which are addressed in Section 5.01(k)), amend, waive any rights under, or
modify in any material respect adverse to the Company or terminate any Material Contract, except renewal in the ordinary course of business prior to the expiration of such Material Contract, provided that (i) such renewal is on terms no
less favorable to the Company as the expiring Material Contract, and (ii) such renewed contract is terminable at will by the Company or the Company Subsidiary; 

(k) enter into any new hotel operating agreement or any letter of intent with respect to hotel management, or amend, waive any rights under,
modify, terminate or renew any existing hotel management agreement, without the prior written consent of Buyer; 
 (l) make, or commit to
make, any capital expenditure, except, (i) pursuant to any Contracts in existence on the date hereof, (ii) pursuant to any other Contract entered into by the Company after the date hereof with the written consent of Buyer, (iii) for
capital expenditures not to exceed $50,000 individually or $200,000 in the aggregate, (iv) as may be required in an emergency context, but only up to such amount necessary to address the immediate emergency situation with the intention of
minimizing or otherwise mitigating the adverse consequences of 

  
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the situation in relation to the Company and/or the Company Subsidiaries or (v) capital expenditures made at any individual hotel property on behalf of the applicable hotel owner,
provided that all such capital expenses are reimbursable by the hotel owner; 
 (m) enter into any new Bargaining Agreement or amend,
waive any rights under, or modify in any material respect adverse to the Company, any existing Bargaining Agreement,; 
 (n) cancel,
compromise or settle any Action, except any settlement involving a payment of less than $150,000 plus any amount(s) subject to reimbursement from any insurance provider or applicable hotel owner, provided that the settlement is for monetary
consideration only with no admission of liability and is in full and final settlement and with no restriction on the future operations of the business of the Company and the Company Subsidiaries. For the avoidance of doubt, the undertaking in a
settlement agreement of customary obligations such as a non-disparagement or similar employment-related covenants that are immaterial to the operation of the business of the Company and the Company Subsidiaries shall not be deemed to be a
restriction on the future operations of the business of the Company and the Company Subsidiaries; 
 (o) (i) make or change any Tax
election, (ii) adopt or change any method of Tax accounting, (iii) compromise or settle any Tax Liability or (iv) amend any Tax Return, in each case except if such action would not have a material adverse effect on the Tax Liability
of Buyer, the Company or any Company Subsidiary following the Closing; 
 (p) except as expressly contemplated in Schedule 2.09,
enter into any new renovation services or development services agreements or any other Contract requiring the Company and the Company Subsidiaries to perform services similar to those required by the Contracts set forth in Schedule 5.01(j);
or 
 (q) agree or commit to do any of the foregoing. 

For the avoidance of doubt, prior to Closing, Seller shall be permitted to (A) cause each of the Company and the Company Subsidiaries to
dividend, distribute or otherwise pay to Seller, any of its Affiliates or any of its direct or indirect equity holders any Cash (other than Restricted Cash) of such Person and (B) remove, or cause the Company and the Company Subsidiaries to
remove, and pay to Seller, any of its Affiliates or any of its direct or indirect equity holders any Cash (other than Restricted Cash) held in any bank account, and (C) cause the Company and the Company Subsidiaries to take any of the actions
described in clauses (a) through (p) above to the extent related to the conduct of the Asset Management Business. 
 Without
in any way limiting any Party’s rights or obligations under this Agreement, the Parties understand and agree that prior to Closing nothing contained in this Agreement shall give Buyer, directly or indirectly, the right to control or direct the
operation of the Company and the Company Subsidiaries, and prior to Closing, Seller, the Company and the Company Subsidiaries shall exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over their
respective businesses and operations. 
 Prior to Closing, Seller shall cause the Company and the Company Subsidiaries to pursue extensions
of contracts, letters of intent and ongoing pursuit and negotiation of new hotel 

  
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management agreement opportunities in the ordinary course of business, including those extensions, letters of intent and new hotel management agreement opportunities as of the date hereof as set
forth on Schedule 5.01, subject to the limitations of this Section 5.01 requiring consent of Buyer to execute such agreements. Seller will provide information to Purchaser at Purchaser’s written request with regard to the
progress of such matters. 
 Section 5.02. Pre-Closing Access and Information. 

(a) From the date hereof until the Closing Date, Seller shall, and shall cause the Company and the Company Subsidiaries to, (i) afford
Buyer and its Representatives reasonable access to the offices, properties, books and records of the Company and the Company Subsidiaries during normal business hours and upon reasonable prior written notice, (ii) furnish to Buyer and its
Representatives such financial and operating data and other information relating to the Company and the Company Subsidiaries as such Persons may reasonably request and (iii) cause the employees, counsel and financial advisors of the Company and
the Company Subsidiaries to cooperate with Buyer solely in connection with clauses (i) and (ii) above; provided that Buyer acknowledges that such books and records, data and other information shall be provided by
Seller, the Company and the Company Subsidiaries in a manner consistent with the information provided to Buyer prior to the date hereof; provided, further, that none of Seller, the Company or the Company Subsidiaries shall be required
to (x) provide access or information related to individual hotel properties or (y) facilitate or cooperate with any investigation pursuant to this Section 5.02 unless, with respect to (i) and (ii), such access or
investigation is conducted in such manner as not to unreasonably interfere with the conduct of the business of Seller, the Company and the Company Subsidiaries; provided, further, that any such access pursuant to this
Section 5.02 must be coordinated through Seller’s Chief Financial Officer and Chief Accounting Officer. 
 (b)
Notwithstanding the foregoing, (i) prior to the Closing Date Buyer shall not have access to (A) personnel records of the Company Employees, including records relating to individual performance or evaluation records, medical histories,
individual employee benefit information or other information to the extent that the disclosure of which could, in the reasonable opinion of the Seller, subject Seller, the Company, the Company Subsidiaries or any of their respective Affiliates or
direct or indirect equity holders to risk of Liability and (B) any properties of Seller, the Company, the Company Subsidiaries or any of their respective Affiliates or direct or indirect equity holders for purposes of conducting any
environmental sampling or testing and (ii) Seller, the Company, the Company Subsidiaries and their respective Affiliates or direct or indirect equity holders may withhold (A) any information relating to the sale process, bids received from
other Persons in connection with the transactions contemplated by this Agreement and information and analysis (including financial analysis) relating to such bids and (B) prior to the Closing Date, any document or information, the disclosure of
which could reasonably be expected to violate any Contract or any Law, result in the loss of protectable interests in trade secrets, or result in the waiver of any legal privilege or work-product privilege (provided that, in the case of this
clause (B), Seller shall give notice to Buyer of the fact that such documents or information are being withheld and thereafter Seller shall use its commercially reasonable efforts to cause such documents or information, as applicable, to be
made available in a manner that would not reasonably be expected to cause such a violation, disclosure or waiver). 

  
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 (c) Buyer acknowledges and agrees that, notwithstanding anything to the contrary in this
Agreement, all documents, materials, communications, analyses and other information relating to (x) the sale process, bids received from Buyer and other Persons in connection with the transactions contemplated by this Agreement and (y) the
Asset Management Business (the “Asset Management Information”) that are in the possession of the Company or any of the Company Subsidiaries as of the date hereof and through the Closing will be transferred to Seller prior to or as
of the Closing and, subject to Section 5.14(c), Seller shall not be required to grant access to such documents, materials and other information to Buyer or any of its Affiliates at any time. Notwithstanding the foregoing, upon
Buyer’s written request, Seller shall provide to the Company, at the Closing, any confidentiality agreements executed in connection with the sale process to enable Buyer to enforce any breach by a third party of such confidentiality obligations
that may potentially harm the business of the Company and the Company Subsidiaries. 
 (d) Seller, the Company and the Company Subsidiaries
shall have the right to have one or more Representatives present at all times during any inspections, interviews and examinations provided for in this Section 5.02. Buyer shall hold in confidence all such information disclosed, whether
before or after the date hereof, pursuant to the terms and subject to the conditions contained in the Confidentiality Agreement and such information shall not be used by any Person, other than in connection with the transactions contemplated hereby
or as otherwise expressly permitted by the Confidentiality Agreement. 
 (e) Notwithstanding anything to the contrary contained herein,
prior to Closing, without the prior written consent of Seller, and except in accordance with and pursuant to an agreed integration plan with respect to the Company and the Company Subsidiaries, Buyer shall not contact any hotel owners, Company
Employees or any vendors to, or customers of, Seller, the Company and the Company Subsidiaries or any of their respective Affiliates regarding the Company and the Company Subsidiaries, this Agreement or the transactions contemplated hereby. 

Section 5.03. Regulatory Filings. 

(a) Subject to the terms and conditions of this Agreement, each Party shall use its reasonable best efforts to take, or cause to be taken, all
actions and to do, or cause to be done, all things necessary or desirable under applicable Law to consummate the transactions contemplated by this Agreement, including (i) preparing and filing as promptly as practicable with any Governmental
Authority all documentation necessary to effect all filings, notices, petitions, statements, registrations, submissions of information, applications and other documents and (ii) obtaining and maintaining all approvals, consents, registrations,
permits, authorizations and other confirmations, in each case, required to be made with or obtained from any Governmental Authority that are necessary, proper or advisable to consummate the transactions contemplated by this Agreement (collectively,
the “Regulatory Approvals”). In furtherance and not in limitation of the foregoing, each Party and their respective Affiliates shall not extend any waiting period or comparable period under the HSR Act or enter into any agreement
with any Governmental Authority not to consummate the transactions contemplated hereby, except with the prior written consent of the other Party hereto. 

  
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 (b) In furtherance and not in limitation of the foregoing, each Party shall, and shall cause
their respective Affiliates to, (i) make or cause to be made all filings required of such Party or any of its Affiliates under the HSR Act with respect to the transactions contemplated hereby as promptly as practicable and, in any event, on or
before December 31, 2014, (ii) respond as promptly as practicable to any request under the HSR Act for additional information, documents, or other materials received by such Party or any of its Affiliates from any Governmental Authority in
respect of such filings or such transactions and (iii) cooperate with the other Parties in connection with any such filing and in connection with resolving any investigation or other inquiry of any Governmental Authority under the HSR Act with
respect to any such filing or any such transaction. Each Party shall use its reasonable best efforts to furnish to the other Parties all information required for any application or other filing to be made pursuant to any applicable Law in connection
with the transactions contemplated by this Agreement (including, to the extent permitted by Law and subject to reasonable confidentiality considerations, responding to any reasonable requests for copies of documents filed with the non-filing
Party’s prior filings). Any Party may, as it deems advisable and necessary, reasonably designate any competitively sensitive material provided to the other Parties under this Section 5.03 as “outside counsel only.” Such
materials and the information contained therein shall be given only to the outside legal counsel of the recipient, and the recipient shall cause such outside counsel not to disclose such materials or information to any employees, officers, directors
or other Representatives of the recipient or their Affiliates, unless express written permission is obtained in advance from the source of the materials. Each Party shall promptly inform the other Parties of any oral communication with, and provide
copies of written communications with, any Governmental Authority regarding any such filings or any such transaction. No Party shall independently participate in any meeting or telephone conference with any Governmental Authority in respect of any
such filings, investigation, or other inquiry without giving the other Party prior notice of the meeting and, to the extent permitted by such Governmental Authority, the opportunity to attend and/or participate. Subject to applicable Law, the
Parties will consult and cooperate with one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of any Party relating to proceedings under the
HSR Act. Buyer shall pay all filing fees in connection with all filings under the HSR Act. 
 (c) In furtherance and not in limitation of
the actions and obligations described in Section 5.03(b), Buyer shall use its reasonable best efforts to resolve such objections, if any, as may be asserted by any Governmental Authority with respect to the transactions contemplated by this
Agreement under the HSR Act. In connection therewith, if any Action is instituted (or threatened to be instituted) challenging any transaction contemplated by this Agreement as in violation of the HSR Act, Buyer shall use its reasonable best efforts
to contest and resist any such Action, and to have vacated, lifted, reversed or overturned any decree, judgment, injunction or other order, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents, limits, delays
or restricts consummation of the transactions contemplated by this Agreement, including by pursuing all available avenues of administrative and judicial appeal, unless, (i) by mutual agreement, the Parties agree that litigation is not in their
respective best interests, or (ii) counsel to Buyer advises (after a review of the facts and available precedent) that there is no reasonable basis for litigation resisting such Action and no reasonable expectation of success. Buyer shall use its
reasonable best efforts to take such action as may be required to cause the expiration of the notice periods under the HSR Act with respect to such transactions as promptly as possible after the execution of this Agreement. 

  
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 (d) Subject to the provisions set forth at the end of this Section 5.03(d), Buyer
further agrees that it shall, and shall cause its Affiliates to, to the extent necessary to obtain the waiver or consent from any Governmental Authority required to satisfy the conditions set forth in Section 8.01(a),
Section 8.01(b) or Section 8.01(c), as applicable, or to avoid the entry of or have lifted, vacated or terminated any preliminary injunction or other order, take the following actions: (i) propose, negotiate, offer to
commit and effect (and if such offer is accepted, commit to and effect), by consent decree, hold separate order or otherwise, and in connection with the consummation of the transactions contemplated by this Agreement and the other Transaction
Documents, the sale, divestiture or disposition (including by licensing any Intellectual Property) of any assets of the Company and the Company Subsidiaries and/or any other assets or businesses of Buyer or any of its Affiliates (or equity interests
held by Buyer or any of its Affiliates in entities with assets or businesses); (ii) terminate any existing relationships and contractual rights and obligations; (iii) otherwise offer to take or offer to commit to take any action that it is
capable of taking and, if the offer is accepted, take or commit to take such action, that limits its freedom of action with respect to, or its ability to retain, any of the assets of the Company and the Company Subsidiaries and/or any other assets
or businesses of Buyer or any of its Affiliates (or equity interests held by Buyer or any of its Affiliates in entities with assets or businesses); and (iv) subject to clause (ii) of the second sentence of
Section 5.03(c), take promptly, in the event that any permanent or preliminary injunction or other order is entered or becomes reasonably foreseeable to be entered in any Action that would make consummation of the transactions
contemplated by this Agreement and the other Transaction Documents unlawful or that would prevent or materially delay consummation of the transactions contemplated by this Agreement and the other Transaction Documents, any and all steps (including
the appeal thereof, the posting of a bond or the taking of the steps contemplated by clauses (i), (ii) and (iii) of this Section 5.03(d)) necessary to vacate, modify or suspend such injunction or
order. Notwithstanding the foregoing or any other provision of this Agreement, Buyer shall not be required to agree to any terms and conditions which would materially adversely affect the Buyer’s and its Affiliates’ existing businesses or
the business of the Company and the Company Subsidiaries. With respect to the foregoing, in deciding if any terms and conditions would materially adversely affect (i) the Buyer’s (and its Affiliates’) existing business, any such
decision may be made in Buyer’s discretion, and, (ii) the business of the Company and the Company Subsidiaries, any such decision will be made in Buyer’s reasonable discretion after consultation with Seller. If any terms and
conditions proposed by any Governmental Authority in connection with obtaining antitrust clearance under the HSR Act would have a material adverse effect on Buyer’s and its Affiliates’ existing businesses or the business of the Company and
the Company Subsidiaries, Buyer agrees that it will consult with Seller and attempt in good faith to work with Seller and such Government Entity to develop a counter proposal that would eliminate such material adverse effect on Buyer and/or its
Affiliates or the business of the Company and the Company Subsidiaries. Buyer’s obligation to develop such a counter proposal shall cease if Buyer reasonably determines after good faith consultation with Seller, that such efforts to develop
such a counter proposal are no longer reasonably likely to succeed in eliminating either such material adverse effects or a Governmental Authority’s antitrust objections to the transactions contemplated by this Agreement. 

  
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 Section 5.04. Affiliate Transactions. Except as contemplated by this Agreement and
the other Transaction Documents, Buyer acknowledges and agrees that all Affiliate Transactions, and all rights and obligations of the Company and the Company Subsidiaries under Contracts with respect thereto, will be terminated at or prior to the
Closing, with no further Liability of Seller, on the one hand, or Buyer or the Company and the Company Subsidiaries, on the other hand, with respect thereto. 

Section 5.05. Third Party Approvals and Permits. Except with respect to Regulatory Approvals which are addressed in
Section 5.03, subject to the terms and conditions of this Agreement, prior to the Closing, each Party shall, and shall cause its respective Subsidiaries to, cooperate with the other Party and use commercially reasonable efforts to
(i) obtain the consents, waivers, approvals, orders and authorizations (the “Third Party Approvals”) necessary to transfer and assign the rights under any Material Contract that require any such consent, waiver, approval, order
or authorization (each, a “Non-Assignable Contract”) and (ii) provide all notices and otherwise take all actions to transfer, reissue or obtain any Permits required to be transferred, reissued or obtained as a result of or in
furtherance of the transactions contemplated by this Agreement and that are material to the Company and the Company Subsidiaries. Notwithstanding the foregoing, none of Seller, the Company or any Company Subsidiary shall be required to incur any
Liabilities or provide any financial accommodation in order to obtain any such Third Party Approval or Permit with respect to the transfer or assignment of any such Non-Assignable Contract or the issuance of any such Permit. Notwithstanding anything
to the contrary contained herein, each Party acknowledges and agrees that the successful procurement of any Third Party Approval with respect to any Non-Assignable Contract pursuant to this Section 5.05 is not a condition to any
Party’s obligation to effect the Closing. 
 Section 5.06. Insurance. Seller shall use commercially reasonable efforts to,
and to cause the Company and the Company Subsidiaries to, continue to carry their existing insurance policies up to the Closing, and shall use commercially reasonable efforts to prevent any breach, default or cancellation (other than expiration and
replacement of policies in the ordinary course of business) of such insurance policies. 
 Section 5.07. Confidentiality. 

(a) Buyer acknowledges and agrees that the Confidentiality Agreement shall remain in full force and effect until the Closing and that any
books and records, data and other information provided to Buyer between the date hereof and the Closing shall be considered Evaluation Material (as such term is defined in the Confidentiality Agreement) and afforded all protections provided therein.
Effective upon, and only upon, the Closing, the Confidentiality Agreement shall terminate; provided, that effective upon the Closing, Buyer and its Affiliates shall not initiate or maintain, directly or indirectly through any of its
Representatives or otherwise, any contact with any direct or indirect equity holder of Seller or any of their respective partners, members, Affiliates, directors, officers, employees, controlling persons, agents or representatives regarding the
transactions contemplated by this Agreement, the Company’s business, operations, prospects or finances, except with the express permission of Seller and except to the extent that the Company and the Company Subsidiaries have a separate
commercial relationship with any such Person, in the ordinary course of business of the Company and the Company Subsidiaries in respect of such relationship. 

  
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 (b) Seller shall not, and shall cause its Representatives not to, directly or indirectly, for a
period of three (3) years after the Closing Date, without the prior written consent of Buyer, disclose to any third party (other than each other and their respective Representatives) any confidential or proprietary information related to the
Company and the Company Subsidiaries; provided that the foregoing restriction shall not (i) apply to any information (A) generally available to, or known by, the public (other than as a result of disclosure in violation of this
Section 5.07(b)), (B) independently developed by Seller without reference to or use of the applicable confidential or proprietary information, (C) any financial or other information disclosed or otherwise made available by
Seller to its equity holders in their capacity as such, or (D) to the extent related to the Asset Management Business, or (ii) prohibit any disclosure (A) required by Law so long as, to the extent legally permissible and feasible,
Seller provides Buyer with reasonable prior notice of such disclosure and a reasonable opportunity to contest such disclosure or (B) made in connection with the enforcement of any right or remedy relating to this Agreement or any of the other
Transaction Documents or the transactions contemplated hereby or thereby. Notwithstanding anything to the contrary set forth in this Section 5.07(b), Seller and its Representatives shall be deemed to have satisfied their obligations
hereunder with respect to confidential or proprietary information related to the Company and the Company Subsidiaries if they exercise the same degree of care (but no less than a reasonable degree of care) as they take to preserve confidentiality
for their own similar information. 
 (c) Buyer shall not, and shall cause its Representatives, Subsidiaries (including the Company and the
Company Subsidiaries) and other Affiliates not to, directly or indirectly, for a period of three (3) years after the Closing Date, without the prior written consent of Seller, disclose to any third party (other than each other and their
respective Representatives) any confidential or proprietary information related to Seller; provided that the foregoing restriction shall not (i) apply to any information (A) generally available to, or known by, the public (other
than as a result of disclosure in violation of this Section 5.07(c)) or (B) independently developed by Buyer or any of its Subsidiaries without reference to or use of the applicable confidential or proprietary information, or
(ii) prohibit any disclosure (A) required by Law so long as, to the extent legally permissible and feasible, Buyer provides Seller with reasonable prior notice of such disclosure and a reasonable opportunity to contest such disclosure or
(B) made in connection with the enforcement of any right or remedy relating to this Agreement or any of the other Transaction Documents or the transactions contemplated hereby or thereby. Notwithstanding anything to the contrary set forth in
this Section 5.07(c), Buyer and its Subsidiaries, Affiliates and Representatives shall be deemed to have satisfied their obligations hereunder with respect to confidential or proprietary information related to Seller if they exercise the
same degree of care (but no less than a reasonable degree of care) as they take to preserve confidentiality for their own similar information. 

Section 5.08. Non-Competition; Non-Solicitation. 

(a) For a period of two (2) years from and after the Closing (the “Restricted Period”), Seller agrees that it shall not,
directly or indirectly, be involved in (i) developing any new Hotel Brand (as defined below) or (ii) providing hotel management services to third parties, in each case, to the extent in the upscale or upper upscale segment as determined by
Smith Travel Research that is comparable to those hotels that are considered to be, and compete with, other boutique and lifestyle brands such as Hotel Indigo, Kimpton, Monaco, Palomar, Autograph, 

  
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Curio, Aloft, AC Hotels, W, Canopy, Edition, etc., relative to their style, service offerings, targeted customer base and price segments as of the Closing Date (collectively, a
“Restricted Business”). For the avoidance of doubt, the foregoing will not preclude Seller from engaging and continuing to engage in the business of (i) raising capital and operating investment funds for the purpose of buying,
selling, developing and/or owning hotels or (ii) managing the hotels acquired, developed or owned by Seller, its Affiliates or third parties, so long as such activities do not constitute a Restricted Business. “Hotel Brand”
shall mean the naming or identification of a hotel and its services which name or identification is associated with or intended to be associated with more than one hotel. 

(b) Notwithstanding the provisions of Section 5.08(a), (i) Seller may own not more than ten percent (10%) of the equity
interests of any Person that is engaged in any Restricted Business, so long as Seller does not manage or exercise control over any such Person or otherwise take any part in any of its businesses, other than exercising its rights as a shareholder,
and (ii) Seller shall not be prohibited from acquiring (whether by means of acquisition, asset purchase, merger, consolidation, similar business combination or otherwise) a Person engaged in a Restricted Business together with other lines of
business if (A) the portion of the revenues of such Person and its Affiliates on a consolidated basis for the last fiscal year ending prior to the date of such acquisition that are attributable to the Restricted Business by such Person and its
Affiliates account for less than twenty five percent (25%) of the revenues of such Person and its Affiliates on a consolidated basis for such fiscal year, or (ii) Seller uses its commercially reasonable efforts to divest that portion of
such Person or business that engages in the Restricted Business within twelve (12) months after its acquisition of such Person or Restricted Business. 

(c) For a period of eighteen (18) months from and after the Closing Date, Seller shall not, directly or indirectly: 

(i) request, induce or attempt to influence any Company Employee (other than those Company Employees set forth on Schedule
5.08) to terminate his or her employment with or service to Buyer or the Company and the Company Subsidiaries; or 
 (ii)
hire or employ, or solicit the employment of, or make or extend any offer of employment to, any Company Employee (other than those Company Employees set forth on Schedule 5.08) who is then employed by Buyer, the Company or the Company
Subsidiaries. 
 Nothing in this Section 5.08(c) shall restrict or prevent Seller from making generalized searches for employees by the use of
advertisements in the media of any form (including trade media) or by engaging search firms that are not instructed to directly solicit the Company Employees or, in either case, hiring any Company Employee who responds to such generalized searches
or search firm solicitations. 
 (d) Seller acknowledges and agrees that Buyer may be irreparably damaged if any provision of this
Section 5.08 is not performed in accordance with its terms or otherwise is breached. Accordingly, Seller acknowledges and agrees that, notwithstanding any other provision of this Agreement, Buyer may be entitled, subject to a determination by
a court of competent jurisdiction, to injunctive relief to prevent any failure of performance or breach and to enforce specifically this Section 5.08 and any of the terms and provisions hereof. 

  
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 (e) Seller will (i) reasonably cooperate with and assist Buyer in entering into
(x) retention agreements with key personnel of the Company and the Company Subsidiaries as identified by Buyer and (y) consulting agreements with the senior executives identified on Schedule 5.08(e) (such agreements, the
“Consulting Agreements”) and (ii) accomplish the transfer of those persons identified by Buyer and Seller pursuant to Schedule 2.09 without any post-Closing cost to the Company and the Company Subsidiaries. 

Section 5.09. Public Announcements. The timing and content of all press releases or public announcements regarding any aspect of
this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby to the financial community, government agencies or the general public shall be mutually agreed upon in advance by the Parties. Notwithstanding the
foregoing, each Party may make any such announcement that it in good faith believes, based on advice of counsel, is required by Law or any listing agreement with any national securities exchange to which such Party is subject; provided that
such Party shall consult with and agree on the language of any such announcement with the other Party prior to any such announcement to the extent practicable, and shall in any event promptly provide the other Party with copies of any such
announcement. 
 Section 5.10. Indemnification and Exculpation. 

(a) From and after the Closing Date, subject to the express limitations in Section 5.10(h), Buyer shall, and shall cause the
Company and each Company Subsidiary to, indemnify, defend and hold harmless, to the fullest extent permitted under Law and the respective Organizational Documents of Seller, the Company and the Company Subsidiaries, in each case, in effect as of the
date of this Agreement, the individuals who on or prior to the Closing Date were directors, managers, officers or employees of Seller, the Company or any Company Subsidiary (collectively, the “D&O Indemnitees”), as applicable,
with respect to all acts or omissions by them in their capacities as such or taken at the request of Seller, the Company or the Company Subsidiaries on or prior to the Closing Date. Buyer agrees that, subject to Section 5.10(h), all
rights of the D&O Indemnitees to indemnification and exculpation from Liabilities for acts or omissions occurring at or prior to the Closing Date pursuant to any Organizational Documents or other arrangements of the Company and each of the
Company Subsidiaries shall survive the Closing Date and shall continue in full force and effect to the same extent as on the Closing Date and in accordance with their terms, and otherwise to the fullest extent permitted by Law. Such rights shall not
be amended, or otherwise modified in any manner that would adversely affect the rights of the D&O Indemnitees, unless such modification is required by applicable Law. In addition, Buyer shall cause the Company and each of the Company
Subsidiaries to advance and pay any expenses of any D&O Indemnitee under this Section 5.10 (except in relation to the Asset Management Business or with respect to any portion of the Seller’s business expressly excluded as
provided in Section 5.10(h)) as incurred to the fullest extent permitted under Law and the Organizational Documents of Seller, the Company and the Company Subsidiaries in effect as of the date of this Agreement; provided that the
Person to whom expenses are advanced provides an undertaking to repay such advances to the extent required by Law. 

  
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 (b) If any Action is asserted or made with respect to which a D&O Indemnitee may seek or
obtain indemnification hereunder, any determination required to be made with respect to whether a D&O Indemnitee’s conduct complies with the standards set forth under Law or any Organizational Documents of Seller, the Company or the Company
Subsidiaries shall be made by independent legal counsel with expertise in applicable Delaware law selected by such D&O Indemnitee and reasonably acceptable to Buyer and any D&O insurer of the Company, the Company Subsidiaries, or Buyer. 

(c) Buyer and each D&O Indemnitee shall cooperate, and cause their respective Affiliates to cooperate, in the defense of any such Action
and shall provide access to properties and individuals as reasonably requested and furnish or cause to be furnished records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be
reasonably requested in connection therewith. 
 (d) If Buyer, the Company or any of the Company Subsidiaries or any of their respective
successors or assigns (i) consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its
properties and assets to any Person, then, and in each such case, proper provision shall be made so that such successors and assigns of Buyer shall assume all of the obligations thereof set forth in this Section 5.10. 

(e) Buyer hereby acknowledges that any D&O Indemnitee may have certain rights to indemnification, advancement of expenses or insurance
provided by the Seller, the Company or the Company Subsidiaries. Buyer hereby agrees that (i) it is the indemnitor of first resort (i.e., its obligations to such D&O Indemnitee are primary to the same extent as the obligation of Seller, the
Company or any of the Company Subsidiaries as of the Closing Date, and any obligation of Seller, the Company and the Company Subsidiaries to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such D&O
Indemnitee are secondary, except in relation to the Asset Management Business or with respect to any portion of the Seller’s business expressly excluded as provided in Section 5.10(h), which shall be sole responsibility of Seller),
(ii) it shall be required to advance the full amount of expenses incurred by such D&O Indemnitee and shall be liable for the full amount of all Liabilities paid in settlement to the same extent as the obligation of Seller, the Company or
any of the Company Subsidiaries as of the Closing Date and to the extent legally permitted and as required by the terms of this Section 5.10, without regard to any rights such D&O Indemnitee may have against Seller, the Company or
the Company Subsidiaries, and (iii) it irrevocably waives, relinquishes and releases Seller from any and all claims against Seller for contribution, subrogation or any other recovery of any kind in respect thereof, except for claims for
indemnification in accordance with Article IX. Buyer further agrees that no advancement or payment by Seller on behalf of such D&O Indemnitee with respect to any claim for which such D&O Indemnitee has sought indemnification from
Buyer shall affect the foregoing and Seller shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such D&O Indemnitee against Buyer to the extent such rights are
provided herein. Buyer and each D&O Indemnitee agree that Seller is an express third party beneficiary of the terms of this Section 5.10(e). 

  
 47 

 (f) The obligations of Buyer under this Section 5.10 shall not be terminated or
modified in such a manner as to adversely affect any D&O Indemnitee to whom this Section 5.10 applies without the consent of the affected D&O Indemnitee. The provisions of this Section 5.10 (i) are intended to be for the
benefit of, and shall be enforceable by, each D&O Indemnitee and such D&O Indemnitee’s heirs and Representatives and (ii) are in addition to, and not in substitution for, any other rights to indemnification or contribution that any
such Person may have by Contract, at Law or otherwise. 
 (g) For a period of six (6) years from and after the Closing Date, the
Company and the Company Subsidiaries shall (and Buyer shall cause the Company and Company Subsidiaries to) procure and maintain in effect with respect to all periods prior to the Closing Date, directors’ and officers’ liability insurance
covering those present and former officers, directors and managers of Seller (excluding matters related to the Asset Management Business or with respect to any portion of the Seller’s business expressly excluded as provided in
Section 5.10(h)) and the Company and the Company Subsidiaries that is substantially equivalent to and in any event on terms no less favorable in the aggregate than the terms of Seller’s, the Company’s and the Company
Subsidiaries’ current directors’ and officers’ liability insurance coverage; provided, however, Buyer, the Company and the Company Subsidiaries shall not be required to pay an annual premium for such insurance in excess
of 350% of the last annual premium paid by the Company and the Company Subsidiaries prior to the date of this Agreement. The provisions of this Section 5.10(g) shall be deemed to have been satisfied if prepaid “tail” policies
have been obtained prior to the Closing, which policies provide such directors and officers with coverage for an aggregate period of six (6) years with respect to claims arising from facts or events that occurred on or before the Closing Date,
including in respect of the transactions contemplated by this Agreement. 
 (h) Notwithstanding any other provision of this
Section 5.10, Buyer and its Affiliates shall have no obligation under this Section 5.10 in respect of any acts or omissions of any D&O Indemnitee to the extent they (i) relate to the Asset Management Business or
(ii) do not relate to the business (excluding the Asset Management Business) conducted by the Company and the Company Subsidiaries (whether conducted directly or in the D&O Indemnitee’s capacity as a director, manager, officer or
employee of Seller) or the transactions contemplated by this Agreement or any of the Transaction Documents. For the avoidance of doubt, (x) Seller will be solely responsible for all indemnification and exculpation of D&O Indemnitees with
respect to any and all matters related to (A) the Asset Management Business, and (B) the other businesses of Seller to the extent they do not relate to the businesses conducted by the Company and the Company Subsidiaries (whether such
businesses have been conducted directly or in the D&O Indemnitee’s capacity as a director, manager, officer or employee of Seller) and (y) no D&O Indemnitee will be entitled to indemnification or exculpation with respect to Fraud.
Seller will indemnify Buyer for any indemnification or exculpation with respect to D&O Indemnitees with respect to any acts or omissions by them prior to Closing with respect to the matters that are the sole responsibility of Seller as set forth
herein. 
 Section 5.11. Notice of Certain Events. 

(a) Prior to the Closing Date, Buyer shall give Seller, and Seller shall give Buyer, prompt written notice if such Party becomes aware of
(a) any written communication from any 

  
 48 

 
Person to such Party alleging that a Third Party Approval of or by such Person (or another Person) is required in connection with the transactions contemplated by this Agreement, (b) any
material Action commenced or threatened against such Party that arises out of the transactions completed by this Agreement, and (c) any development that would reasonably be expected to result in a failure of a condition set forth in Article
VIII. The delivery of any such notice pursuant to this Section 5.11(a) shall not cure any breach of any representation, warranty, covenant or agreement contained in this Agreement or otherwise limit or affect the remedies available
hereunder to the Party receiving such notice; provided that if the disclosure of the facts, circumstances and events included in such notice would give the Party receiving such notice the right to elect to terminate this Agreement pursuant to
Sections 10.01(d) or 10.01(e), as applicable, assuming for these purposes that any applicable cure period described in Sections 10.01(d) and 10.01(e) had lapsed and the Party receiving such notice does not make such
election within fifteen (15) Business days of its receipt of such notice, the matters set forth in such notice shall be deemed to be an amendment to this Agreement for all purposes hereof, including with respect to Article IX and the
conditions set forth in Sections 10.01(d) or 10.01(e). 
 (b) Without limiting Section 5.11(a), (i) all
Schedules providing disclosures “as of the date hereof” will be updated as of the Closing Date, and as of the Closing Date, all references in the Seller representations and warranties or the Schedules to “as of the date hereof”
shall be deemed to refer to the Closing Date and (ii) prior to the Closing, Seller shall provide to Buyer updates to the other Schedules to include any known development that could reasonably be expected to result in a breach of the
representations and warranties set forth in this Agreement; provided, that any matter disclosed in the Schedules delivered pursuant to this Section 5.11(b) arising prior to the date hereof shall not be deemed to amend this
Agreement or the Schedules for any purposes under this Agreement; provided, further, that any matter disclosed in the Schedules delivered pursuant to this Section 5.11(b) arising after the date hereof shall not be deemed to
amend this Agreement or the Schedules for purposes of determining whether the condition set forth in Section 8.02(b) has been satisfied, but shall be deemed to amend this Agreement and the Schedules for all purposes under Article
IX, provided that if such matter (i) should have been disclosed prior to signing this Agreement but was not, or (ii) would constitute a breach of Section 5.01, such matter may still be the basis of a claim under
Article IX. 
 Section 5.12. No Solicitation of Transactions. 

(a) From and after the date hereof until the Closing or, if earlier, the termination of this Agreement in accordance with Article X,
Seller agrees that it shall not (and shall not permit the Company or any Company Subsidiary to), and that it shall use its commercially reasonable efforts to cause its Representatives not to, directly or indirectly: (i) solicit, initiate or
knowingly facilitate or encourage the submission of any Competing Proposal; (ii) participate in any negotiations regarding, or furnish to any Person any material nonpublic information in connection with, any Competing Proposal; (iii) engage in
discussions with any Person with respect to any Competing Proposal; (iv) approve or recommend any Competing Proposal; (v) withdraw, change, amend, modify or qualify, in a manner adverse to Buyer, the Seller Managing Board Recommendation; or (vi)
resolve or agree to do any of the foregoing (any act or failure to act relating to clauses (iv) and (v) above, a “Change of Recommendation”); provided that none of Seller, the Company or the Company Subsidiaries
or any of their respective Representatives shall be prohibited from taking any of the foregoing actions to the extent related to the Asset Management Business. 

  
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 (b) Notwithstanding anything to the contrary contained in Section 5.12(a), if at any
time following the date hereof and prior to the receipt of the Seller Member Approval, Seller receives a Competing Proposal that (i) constitutes a Superior Proposal or (ii) the Seller Managing Board determines in good faith, after
consultation with Seller’s outside legal and financial advisors, could reasonably be expected to result, after the taking of any of the actions referred to in either of clause (A) or (B) below, in a Superior Proposal,
Seller may take the following actions: (A) furnish nonpublic and other information and provide access to Company facilities, personnel and Representatives to the third party making such Competing Proposal, if, and only if, prior to so
furnishing such information and providing such access, the Company receives from the third party an executed Acceptable Confidentiality Agreement, and (B) engage in discussions or negotiations with the third party with respect to the Competing
Proposal; provided, however, that as promptly as reasonably practicable following the Company taking such actions as described in clauses (A) and (B) above, Seller shall (x) provide written notice to Buyer
of such Superior Proposal or the determination of the Seller Managing Board as provided for in clause (ii) above, as applicable, and (y) provide to Buyer any material non-public information concerning the Company provided to such
third party which was not previously provided to Buyer. 
 (c) Notwithstanding the limitations set forth in Section 5.12(a), if
the Seller Managing Board has concluded, after consultation with Seller’s outside legal and financial advisors, that a Competing Proposal constitutes a Superior Proposal, then the Seller Managing Board may, prior to the earlier of (i) the
expiration of the five (5)-day period during which the members of Seller are permitted to give notice to call for Seller to hold a meeting of the members of Seller in accordance with the Organizational Documents of Seller to consider the approval of
this Agreement and the consummation of the transactions contemplated hereby (the “Seller Member Meeting”) without such notice being duly given and (ii) if such notice with respect to a Seller Member Meeting shall have been
given, at any time prior to receipt of the Seller Member Approval, cause Seller to, after complying with Section 5.12(d), effect a Change of Recommendation. 

(d) Neither Seller nor the Seller Managing Board shall take any of the actions described in Section 5.12(c) unless (i) Seller
shall have complied in all material respects with this Section 5.12 with respect to such Superior Proposal, (ii) Seller shall have given Buyer prompt (but in any event, within forty-eight (48) hours of such determination being
reached by the Seller Managing Board) written notice (a “Notice of Superior Proposal”) advising them of the decision of the Seller Managing Board to effect a Change of Recommendation, detailing the terms and conditions of the
Competing Proposal that serves as the basis of such action, and (iii)(A)(x) in the case of the initial Superior Proposal, Seller shall have given Buyer forty-eight (48) hours after delivery of such notice to propose revisions to the terms of
this Agreement or the transactions contemplated hereby (or make any other proposals) (a “Matching Bid”) and during such time shall have negotiated and directed Seller’s Representatives to negotiate (if Buyer has notified Seller
that it desires to negotiate), in good faith with Buyer as to such Matching Bid, or (y) if the Competing Proposal to which the initial Notice of Superior Proposal applied is modified in response to a Matching Bid (or otherwise) and a new Notice
of Superior 

  
 50 

 
Proposal is as a result given, Seller shall have given Buyer forty-eight (48) hours after delivery of such new notice to propose a second Matching Bid and during such time shall have
negotiated and directed the Company Representatives to negotiate (if Buyer has notified Seller that it desires to negotiate), in good faith with Buyer as to such Matching Bid, and (B) the Seller Managing Board shall have concluded, after
consultation with its outside financial and legal advisors and consideration of the applicable Matching Bid, that such Competing Proposal nevertheless remains a Superior Proposal. 

(e) Notwithstanding the limitations set forth in Section 5.12(a) and prior to the earlier of (i) the expiration of the five
(5)-day period during which the members of Seller are permitted to give notice to call for Seller to hold a Seller Member Meeting without such notice being duly given and (ii) if such notice with respect to a Seller Member Meeting shall have
been given, at any time prior to receipt of the Seller Member Approval, the Seller Managing Board may effect a Change of Recommendation in response to an Intervening Event if the Seller Managing Board has concluded in good faith, after consultation
with Seller’s outside legal and financial advisors, that the failure of the Seller Managing Board to effect a Change of Recommendation would be inconsistent with the proper exercise of the fiduciary duties of the Seller Managing Board to
Seller’s members under applicable Law. 
 (f) Nothing contained in this Agreement shall prohibit Seller or the Seller Managing Board
from making any disclosure to its members if the Seller Managing Board has reasonably determined in good faith, after consultation with outside legal counsel, that the failure to do so would be inconsistent with any applicable Law; provided
that disclosures under this Section 5.12(f) shall not be a basis, in themselves, for Buyer to terminate this Agreement pursuant to Section 10.01(f). 

(g) The Seller Managing Board shall, as soon as practicable (and, in any event, within five (5) Business Days) following the date of this
Agreement, duly call for the written approval of Seller’s members without a meeting, to approve this Agreement and the consummation of the transactions contemplated hereby for the purposes of obtaining the Seller Member Approval in accordance
with the Organizational Documents of Seller. 
 (h) In the event that a member or members of Seller representing ten percent (10%) or
more of the outstanding limited liability company interests of Seller shall have duly given notice to call for a Seller Member Meeting in accordance with the Organizational Documents of Seller, the Seller Managing Board shall duly call and give
notice of, and, no later than fifteen (15) Business Days following the receipt of notice from such member(s), convene and hold such Seller Member Meeting. Notwithstanding any Change of Recommendation, unless this Agreement is terminated in
accordance with its terms, the Seller Managing Board shall submit this Agreement and the consummation of the transactions contemplated hereby to its members at or promptly following the Seller Member Meeting for the purposes of obtaining the Seller
Member Approval in accordance with the Organizational Documents of Seller. 
 Section 5.13. Further Assurances. In furtherance
and not in limitation of Sections 5.03, 5.04 and 5.05, each of the Parties shall use their commercially reasonable efforts to (a) take, or cause to be taken, all actions, and to do, or cause to be done, all things
reasonably necessary, proper or advisable under applicable Laws to consummate and make effective the transactions 

  
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contemplated by this Agreement and (b) cause the satisfaction at the earliest practicable date of all of the conditions to their respective obligations to consummate the transactions
contemplated by this Agreement; provided that the foregoing shall in no event be interpreted to require any Party to waive any condition precedent to its obligations to close the transactions contemplated hereby. 

Section 5.14. Post-Closing Books and Records. 

(a) After the Closing, Buyer shall, and Buyer shall cause the Company and the Company Subsidiaries to, hold at least one copy of all Business
Records relating to the Company and the Company Subsidiaries on or before the Closing Date and not to destroy or dispose of such copy for a period of seven (7) years from the Closing Date or such longer time as may be required by applicable
Law, and Buyer agrees, upon the request of Seller prior to such date, to provide a copy of the applicable Business Records prior to the destruction or disposition thereof. Subject to the confidentiality obligations set forth herein, Seller may
retain a copy of any or all of the Business Records and any other materials included in any electronic data room or that are otherwise in the possession or under the control of Seller relating to the Company and the Company Subsidiaries on or before
the Closing Date. 
 (b) From and after the Closing Date, Buyer shall, and shall cause the Company and the Company Subsidiaries to,
(i) afford Seller and its Representatives reasonable access to the offices, properties, books and records of the Company and the Company Subsidiaries during normal business hours and upon reasonable prior written notice, (ii) furnish to
Seller and its Representatives copies of such Business Records as such Persons may reasonably request and (iii) cause the employees, counsel and financial advisors of Buyer, the Company and the Company Subsidiaries to cooperate with Seller
solely in connection with clauses (i) and (ii) above; provided, that any such access shall be granted in a manner as not to unreasonably interfere with the conduct of the business of Buyer, the Company or the Company
Subsidiaries. Buyer, the Company, the Company Subsidiaries may withhold any document or information, the disclosure of which could reasonably be expected to violate any Contract or any Law, result in the loss of protectable interests in trade
secrets, or result in the waiver of any legal privilege or work-product privilege (provided that Buyer shall give notice to Seller of the fact that such documents or information are being withheld and thereafter Buyer shall use its
commercially reasonable efforts to cause such documents or information, as applicable, to be made available in a manner that would not reasonably be expected to cause such a violation, disclosure or waiver). 

(c) From and after the Closing Date, all Asset Management Information shall be the sole property of Seller, and, except to the extent
necessary for Buyer to address (i) any claims against the Company and the Company Subsidiaries based on the conduct of the Asset Management Business prior to the Closing (which claims are not assumed by Buyer and are the subject of
indemnification pursuant to Section 9.02(a)(iii)), or (ii) any accounting, tax or other purpose related to the pre-Closing operations of the Company and/or the Company Subsidiaries, Seller shall not be required to provide copies of
or access to any Asset Management Information to Buyer, the Company or the Company Subsidiaries. To the extent any Asset Management Information remains in the possession of the Company and the Company Subsidiaries after the Closing Date, the Company
and the Company Subsidiaries shall promptly notify Seller of the existence of such Asset Management Information, and Seller shall be permitted to cause such 

  
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Asset Management Information to be transferred to Seller. With respect to retention of records by Seller and access to records by Buyer to the extent provided in this Section 5.14(c),
the provisions of Sections 5.14(a) and 5.14(b) shall apply to Asset Management Information, mutatis mutandis. 

Section 5.15. Liquor Licenses and Related Entities. Seller will use its commercially reasonable efforts to take all actions
reasonably necessary, and will cooperate fully with Buyer, both prior to and following the Closing, to assure that any and all liquor licenses related to the business of the Company and the Company Subsidiaries, whether currently held by the Company
and the Company Subsidiaries or, whether at the direction or for the convenience of the Company, by third party entities, are properly transferred to Buyer, including completing and filing all necessary forms, applications and supporting documents
with relevant Government Authorities both before and after the Closing. Buyer and Seller will collaborate fully prior to Closing to assure the liquor licenses are transferred at Closing, including with respect to the transfer of any entity holding a
liquor license as nominee for the Company and the Company Subsidiaries, and to the extent reasonably necessary, Seller and its Affiliates or principals will enter into bridge agreements transitioning liquor licenses post-closing, in a form
reasonably acceptable to Buyer and Seller. Any entity nominee to be transferred to Buyer will be transferred without any additional consideration from Buyer. For the avoidance of doubt, the transfer of any liquor license shall not be a condition to
the Closing. 
 Section 5.16. Seller’s Maintenance of Net Worth. For the thirty-six (36) months following the Closing
Date, Seller covenants and agrees to maintain its net worth at not less than $12,000,000 (less any amounts paid to Buyer by Seller pursuant to Article IX and without regard to any accrued Liabilities with respect to claims for indemnification
pursuant to Article IX), provided that if there are any Unresolved Indemnity Claims pending as of the date that is thirty-six (36) months following the Closing Date, Seller covenants and agrees to maintain its net worth at not less than
the aggregate amount of all Unresolved Indemnity Claims (less any amounts retained in the Escrow Account for Unresolved Indemnity Claims) until such time as there is a final resolution of the Unresolved Indemnity Claims. 

Section 5.17. Pre-Closing and Retention Bonuses. For the avoidance of doubt, (a) any amounts payable by the Company or the
Company Subsidiaries prior to, at, or in connection with the Closing pursuant to any bonus arrangements related to the consummation of the transactions contemplated by this Agreement, including but not limited to retention, stay, transaction
completion or similar bonus arrangement (other than pursuant to any such arrangements entered into at the direction of Buyer) shall be deducted from the Purchase Price as Company Transaction Expenses or otherwise paid by Seller and (b) any
amounts payable by the Company or the Company Subsidiaries pursuant to performance bonus arrangements or other ordinary course employment-related bonus arrangements for any period ending on or prior to the Closing Date will either be paid by the
Company prior to the Closing and result in a reduction in the calculation of Closing Date Cash, or, to the extent not paid prior to Closing, be accrued as a Liability in the calculation of Net Working Capital. 

Section 5.18. Certain Liens. The Seller shall use its commercially reasonable efforts to, and to cause the Company and the Company
Subsidiaries to, obtain releases of the outstanding UCC liens set forth on Schedule 5.18 prior to the Closing. Seller will continue to use its 

  
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commercially reasonable efforts for up to 120 days following the Closing to obtain the release of any such liens not released prior to Closing. For the avoidance of doubt, the release of any
liens set forth on Schedule 5.18 shall not be a condition to Closing. 
 Section 5.19. Certain Guarantees. Seller and
Buyer shall cooperate and use their respective commercially reasonable efforts to obtain from the respective beneficiary, in form and substance reasonably satisfactory to Seller, on or before the Closing, valid and binding written releases of Seller
from any Liability, whether arising before, on or after the Closing Date, under the guarantees listed on Schedule 5.19 (each a “Scheduled Guarantee”), which shall be effective as of the Closing, including, as applicable, by
providing substitute guarantees. If any Scheduled Guarantee has not been released as of the Closing Date, then Seller and Buyer shall use their respective commercially reasonable efforts after the Closing to cause each such unreleased Scheduled
Guarantee to be released promptly. Buyer shall indemnify and hold harmless Seller from and after the Closing for any amounts required to be paid under any Scheduled Guarantees. 

Section 5.20. Trademark Filings. Seller and Buyer shall cooperate and use their respective commercially reasonable efforts to
complete (i) the filing of trademark applications simultaneously with or soon after execution of this Agreement in Seller’s name in the United States (establishing priority in other jurisdictions), Taiwan, Macau, Ethiopia, Aruba and Hong
Kong for the KIMPTON, KIMPTON KARMA, PALOMAR and HOTEL MONACO marks; and (ii) filings necessary to correct any erroneous references to Seller’s state of formation. Any such filings will be prepared by Buyer but subject to approval of Seller.

 ARTICLE VI 

TAX MATTERS 

Section 6.01. Straddle Tax Period Allocations. In the case of any Straddle Tax Period, for purposes of calculating Net Working
Capital and for purposes of Section 6.05, (i) the amount of any real property, personal property and other similar ad valorem Taxes of the Company and the Company Subsidiaries for the Straddle Tax Period which relate to the portion
of such Straddle Tax Period ending as of an applicable date shall be deemed to be the amount of such Taxes for the entire taxable period multiplied by a fraction the numerator of which is the number of days in the portion of such Straddle Tax Period
ending on such date and the denominator of which is the number of days in the entire Straddle Tax Period and (ii) the amount of all other Taxes of the Company and the Company Subsidiaries for the Straddle Tax Period which relate to the portion
of such Straddle Tax Period ending as of an applicable date shall be determined based on an interim closing of the books of the Company and the Company Subsidiaries. 

Section 6.02. Cooperation. Buyer and Seller shall cooperate fully, and shall cause their respective Affiliates to cooperate fully, as
and to the extent reasonably requested by the other Party, in connection with the preparation and filing of Tax Returns and in connection with any Action regarding Taxes of or with respect to the Company and the Company Subsidiaries. Such
cooperation shall include the retention and (upon the other Party’s request) the provision of, and ability to inspect, the records and information reasonably relevant to any such Tax Return or Action and making employees available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder. 

  
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 Section 6.03. Post-Closing Actions. Without the prior written consent of Seller,
Buyer shall not, and shall cause the Company and the Company Subsidiaries not to, amend or take a position on any Tax Return for any Pre-Closing Period, make any Tax election with respect to any Pre-Closing Period, make any voluntary Tax disclosure
that could relate to any Pre-Closing Period or take any other action or enter into any transaction affecting a Pre-Closing Period that, in each case, could adversely affect the Tax Liability (whether pursuant to Law or Article IX) of Seller,
any of its Affiliates or direct or indirect equity holders. 
 Section 6.04. Transfer Taxes. All transfer, sales, use,
documentary, gains, stock transfer and stamp Taxes, conveyance fees, recording charges and other similar Taxes, fees and charges (including any penalties and interest) incurred in connection with the transactions contemplated by the Transaction
Documents (collectively, “Transfer Taxes”) shall be borne and paid by Buyer. Buyer shall prepare and timely file all Tax Returns required to be filed in respect of Transfer Taxes in accordance with applicable Law. Each party hereto
shall use its commercially reasonable efforts to minimize the amount of such Transfer Taxes and to cooperate in the preparation, execution and filing of all Tax Returns and other documents required in connection with such Transfer Taxes. 

Section 6.05. Certain Refunds. All refunds, credits or similar benefits relating to Taxes of the Company and the Company
Subsidiaries that were either (i) paid prior to the close of business on the date immediately prior to the Closing Date, (ii) included as a current liability in Final Net Working Capital, (iii) indemnified pursuant to Article
IX, (iv) income Taxes attributable to any income or gains of the Company or of any Company Subsidiary that was treated as a passthrough entity for the relevant income Tax purposes or otherwise (v) borne by Seller or its Affiliates
shall be for the benefit of Seller, except to the extent such refund or similar benefit was specifically included as a current asset in Final Net Working Capital. Following the Closing, Buyer shall, and shall cause its Affiliates (including the
Company and the Company Subsidiaries) to, use reasonable efforts to obtain any such refunds, credits or similar benefits to the extent permitted by Law. In the event Buyer or its Affiliates (including the Company or the Company Subsidiaries) realize
such a refund, credit or similar benefit following the Closing that is for Seller’s benefit pursuant to the previous sentence, Buyer or such Affiliate (as applicable) shall promptly pay over to Seller an amount in cash equal to such refund,
credit or benefit, together with any evidence reasonably requested by Seller to confirm the calculation of such amount. 

Section 6.06. Certain Tax Contests and Returns. Notwithstanding anything to the contrary in this Agreement, all Actions relating
to Taxes that could result in a Liability to Seller or its Affiliates shall be governed by the provisions of Section 9.03, including all Actions relating to income Taxes of the Company and/or the Company Subsidiaries for which Seller
could be expected to be liable (whether pursuant to Law or Article IX). Seller shall have the right and obligation to prepare all income Tax Returns with respect to a taxable period ending on or before the Closing Date that relate to income
or gains of the Company or of any Company Subsidiary that is a pass-through entity for the relevant income Tax purposes for such taxable period. To the extent these Tax Returns require Buyer’s signature post-closing, then Buyer shall cooperate
in the execution and filing of such Tax Returns as reasonably requested by Seller. Buyer shall prepare, or cause to be prepared, all other Tax Returns of the Company and the Company Subsidiaries that are required to be filed after the Closing with
respect to any taxable period. 

  
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 ARTICLE VII 

EMPLOYEE MATTERS 

Section 7.01. Employees. 

(a) For the one-year period following the Closing Date or such longer period as may be required by applicable Law or Contract, the Company and
the Company Subsidiaries shall provide the Company Employees with base salaries or wage rates and cash bonus opportunities at least equal in the aggregate to the base salaries or wage rates and cash bonus opportunities that are in effect for Company
Employees immediately prior to the Closing and other cash compensation (excluding equity or equity-based compensation) and employee benefits that are not materially less favorable in the aggregate than the compensation and employee benefits provided
to the Company Employees immediately prior to the Closing under Company Plans or otherwise. 
 (b) Buyer and its Subsidiaries shall to the
extent feasible under the Applicable Plans, (i) give each Company Employee credit under each employee benefit plan and personnel policy of Buyer or its Subsidiaries that covers such Company Employee after the Closing Date (including any
vacation, sick leave and severance policies) (collectively, the “Applicable Plans”) for purposes of eligibility, vesting and entitlement to benefits for such Company Employee’s service with Seller, the Company and the Company
Subsidiaries (and any predecessors thereto), (ii) allow such Company Employee to participate in each plan providing welfare benefits (including medical, dental, vision, life insurance, short-term and long-term disability insurance) without
regard to preexisting-condition limitations, waiting periods, evidence of insurability or other exclusions or limitations not imposed on such Company Employee by the corresponding Company Plans immediately prior to the Closing Date, and
(iii) credit such Company Employee with any expenses that were covered by (or paid to) the Company Plans immediately prior to the Closing Date for purposes of determining deductibles, co-pays and other applicable limits under any Applicable
Plan, except in each case of clauses (i) through (iii) above, where such crediting would result in duplicate benefits with respect to the same period of service and only to the same extent such service and expenses were
credited under the Company Plan immediately prior to the Closing Date. 
 (c) Notwithstanding Section 7.01(b), and without
limiting Section 7.01(a), the Company and the Company Subsidiaries shall (i) at or following the Closing, for the avoidance of doubt, be solely responsible for any retention, bonus, commission and severance benefits owed to any
Company Employee employed as of the Closing pursuant to a Company Plan or otherwise and (ii) for the one-year period following the Closing Date or such longer period as may be required by applicable Law or Contract, provide or make available to
eligible Company Employees not covered under a Bargaining Agreement, the Severance Arrangements (or the equivalent thereof). Company Employees covered under a Bargaining Agreement will continue under the severance policy entitlements in their
applicable Bargaining Agreement. 

  
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 (d) This Section 7.01 shall survive the Closing and shall be binding on all
successors and assigns of Seller, Buyer, the Company and the Company Subsidiaries. Nothing set forth in this Section 7.01 (i) shall confer any rights or remedies upon any former employee of the Company and the Company Subsidiaries,
any Company Employee or upon any other Person other than the parties hereto and their respective successors and assigns or (ii) shall constitute an amendment to any Company Plan or any other plan or arrangement covering the Company Employees or
any former employee of the Company or any of the Company Subsidiaries. Nothing in this Section 7.01 shall obligate Buyer or the Company and the Company Subsidiaries to continue the employment of any Company Employee for any specific
period. 
 ARTICLE VIII 

CONDITIONS TO CLOSING 

Section 8.01. Mutual Conditions. The respective obligations of each Party to consummate the transactions contemplated by this
Agreement shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any and all of which may be waived, in whole or in part, by the Parties to the extent permitted by applicable Law: 

(a) No Law enacted, entered, promulgated or enforced by any Governmental Authority of competent jurisdiction shall be in effect at the Closing
preventing the consummation of the transactions contemplated by this Agreement (each, a “Closing Legal Impediment”). 
 (b)
No material Action commenced by a Governmental Authority with authority over antitrust matters shall be pending that seeks any decree, judgment, injunction or other order, whether temporary, preliminary or permanent, that would prohibit, prevent,
limit, delay or restrict consummation of the transactions contemplated by this Agreement; provided, that no Party shall be permitted to assert that this condition has not been satisfied unless such Party shall have complied with its obligations set
forth in Section 5.03. 
 (c) Any applicable waiting period (and any extension thereof) under the HSR Act shall have expired or
been terminated and all required filings shall have been made, applicable waiting periods (and extensions thereof) expired or been terminated. 

(d) The Seller Member Approval shall have been obtained and shall be effective. 

Section 8.02. Conditions to the Obligation of Buyer. The obligation of Buyer to consummate the transactions contemplated by this
Agreement shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any and all of which may be waived, in whole or in part, by Buyer to the extent permitted by applicable Law: 

(a) Since the date of this Agreement, no Material Adverse Effect shall have occurred and be continuing. 

(b) All representations and warranties made by Seller contained in Article III (other than the Fundamental Representations), without
giving effect to materiality, Material Adverse Effect or similar qualifications, shall be true and correct in all respects at and as of the Closing 

  
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Date as though such representations and warranties were made at and as of the Closing Date (except in the case of any representation or warranty that by its terms addresses matters only as of
another specified date, which shall be so true and correct only as of such specified date), except to the extent the failure of such representations and warranties to be true and correct would not reasonably be expected to have a Material Adverse
Effect. All Fundamental Representations made by Seller in this Agreement shall be true and correct in all material respects at and as of the Closing Date as though such Fundamental Representations were made at and as of the Closing Date (except in
the case of any representation or warranty that by its terms addresses matters only as of another specified date, which shall be so true and correct only as of such specified date). 

(c) Seller shall have duly performed or complied with, in all material respects, all of the covenants and agreements required to be performed
or complied with by Seller at or prior to Closing under the terms of this Agreement. 
 (d) Seller shall have delivered to Buyer a
certificate dated as of the Closing Date signed by an officer of Seller to the effect that each of the conditions set forth in Section 8.02(b) and Section 8.02(c) have been satisfied. 

(e) Seller shall have delivered, or caused to be delivered, to Buyer the items and documents set forth in Section 2.04(a). 

Section 8.03. Conditions to the Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by
this Agreement shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any and all of which may be waived, in whole or in part, by Seller to the extent permitted by applicable Law: 

(a) All representations and warranties made by Buyer contained in Article IV shall be true and correct in all material respects at and
as of the Closing Date as though such representations and warranties were made at and as of the Closing Date (except in the case of any representation or warranty that by its terms addresses matters only as of another specified date, which shall be
true and correct only as of such specified date). 
 (b) Buyer shall have duly performed or complied with, in all material respects, all of
the material covenants and agreements required to be performed or complied with by Buyer at or prior to the Closing under the terms of this Agreement. 

(c) Buyer shall have delivered to Seller a certificate dated as of the Closing Date signed by an officer of Buyer to the effect that each of
the conditions set forth in Section 8.03(a) and Section 8.03(b) have been satisfied. 
 (d) Buyer shall have
delivered to Seller the Preliminary Purchase Price and the other items and documents set forth in Section 2.04(b). 

Section 8.04. Frustration of Closing Conditions. Neither Seller nor Buyer may rely, either as a basis for not consummating
the transactions contemplated by this Agreement or terminating this Agreement and abandoning the transactions contemplated by this Agreement, on the failure of any condition set forth in this Article VIII to be satisfied if such failure has
been primarily caused by, or is primarily the result of, such Party’s failure to comply with its obligations under this Agreement. 

  
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 ARTICLE IX 

INDEMNIFICATION 

Section 9.01. Survival. The representations, warranties, covenants and agreements contained in this Agreement or in any
closing certificate delivered pursuant hereto shall survive the Closing until the twenty-four (24) month anniversary thereof; provided that (a) the representations in Section 3.14 shall survive until the thirty-six
(36) month anniversary thereof, and (b) the covenants and agreements set forth in Section 5.10 and Section 9.06 shall survive indefinitely and the other covenants and agreements set forth in this Agreement shall
survive until performed in accordance with their terms. The Parties acknowledge and agree that with respect to any claim that any Party may have against any other Party that is permitted pursuant to the terms of this Agreement, the survival periods
set forth and agreed to in this Section 9.01 shall govern when any such claim may be brought and shall replace and supersede any statute of limitations that may otherwise be applicable. 

Section 9.02. Indemnification. 

(a) Subject to the provisions of this Article IX, including the limitations set forth in Section 9.04, effective at and
after the Closing, Buyer and each of its Affiliates, directors, officers, employees, successors, permitted assigns, agents and representatives (collectively, the “Buyer Indemnitees”) shall be indemnified and held harmless by Seller
from and against any and all Damages incurred or suffered by any Buyer Indemnitee to the extent arising out of or relating to (i) any breach of any representation or warranty of Seller in Article III of this Agreement, (ii) any
breach of any covenant or agreement made or to be performed by Seller pursuant to this Agreement, and (iii) any Liabilities to the extent related to the Asset Management Business (including any Liability of Buyer under Section 5.10
with respect to claims related to the Asset Management Business). 
 (b) Subject to the provisions of this Article IX, including the
limitations set forth in Section 9.04, effective at and after the Closing, Buyer agrees to indemnify Seller and its Affiliates, directors, officers, employees, successors, permitted assigns, agents and representatives (collectively, the
“Seller Indemnitees”) against, and agrees to hold each of them harmless from, any and all Damages incurred or suffered by any Seller Indemnitee to the extent arising out of or relating to (i) any breach of any representation or
warranty of Buyer in this Agreement or (ii) any breach of covenant or agreement made or to be performed by Buyer pursuant to this Agreement. 

(c) For purposes of determining the amount of Damages subject to indemnification pursuant to Section 9.02(a)(i) (except for
Damages arising out of or relating to a breach of the representations and warranties in Sections 3.06 (Financial Statements), 3.07 (Absence of Certain Developments), 3.10 (No Undisclosed Liabilities), 3.16 (Material
Contracts) (with respect to the definition of Material Contracts set forth therein), which shall not be subject to this Section 9.02(c)), but not for purposes of determining whether the representations and warranties giving rise to such
right to indemnification have been breached, such Damages shall be determined without regard to any qualification or exception contained in such representation or warranty relating to materiality or Material Adverse Effect applicable thereto. 

  
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 Section 9.03. Procedures. Except as otherwise provided in Section 6.06,
claims for indemnification under this Agreement shall be asserted and resolved as follows: 
 (a) Any Buyer Indemnitee or Seller Indemnitee
seeking indemnification under this Agreement (an “Indemnified Party”) with respect to any claim asserted against the Indemnified Party by a third party (“Third Party Claim”) in respect of any matter that is subject
to indemnification under Section 9.02 shall (i) promptly notify the other Party (the “Indemnifying Party”) of the Third Party Claim (and in any event within sixty (60) Business Days of the date on which the
Indemnified Party knows or reasonably should have known of the Third Party Claim unless the Indemnifying Party is prejudiced by such delay), and (ii) as promptly as practicable transmit to the Indemnifying Party a written notice (a
“Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy of all papers served with respect to such claim (if any), the basis of the Indemnified Party’s request for indemnification under this
Agreement and a reasonable estimate of any Damages suffered with respect thereto. 
 (b) The Indemnifying Party shall have the right to
defend the Indemnified Party against such Third Party Claim. The Indemnifying Party will promptly notify the Indemnified Party (and in any event within ten (10) Business Days after having received any Claim Notice) with respect to whether or
not it is exercising its right to defend the Indemnified Party against such Third Party Claim. If the Indemnifying Party notifies the Indemnified Party that the Indemnifying Party elects to assume the defense of the Third Party Claim (such election
to be without prejudice to the right of the Indemnifying Party to dispute whether such claim is an indemnifiable Damage under this Article IX), then the Indemnifying Party shall have the right to defend such Third Party Claim with counsel
selected by the Indemnifying Party and reasonably satisfactory to the Indemnified Party, in all appropriate proceedings, to a final conclusion or settlement at the discretion of the Indemnifying Party in accordance with this
Section 9.03(b). The Indemnifying Party shall have full control of such defense and proceedings, including any compromise or settlement thereof; provided, however, that the Indemnifying Party shall (i) provide periodic
updates on the progress of the matter and copies of all pleadings to the Indemnified Party, and (ii) not enter into any settlement agreement without the written consent of the Indemnified Party (which consent shall not be unreasonably withheld,
conditioned or delayed). Notwithstanding the foregoing, such consent shall not be required if (x) the settlement agreement is for monetary consideration only with no admission of liability and no restriction on the future operations of the
business of the Company and the Company Subsidiaries and (y) the settlement agreement contains a complete and unconditional general release by the third party asserting the Third Party Claim to all Indemnified Parties affected by the Third
Party Claim. The Indemnified Party may participate in, but not control, any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this Section 9.03(b), and the Indemnified Party shall bear its
own costs and expenses with respect to such participation. Notwithstanding anything to the contrary, in the case of any Action with respect to income Taxes of the Company and/or the Company Subsidiaries that relates solely to taxable periods ending
on or prior to the Closing Date, Seller shall be entitled to control, defend and settle such Action in its sole discretion, and the Buyer Indemnitees shall not be entitled to participate in such Action, provided that (A) Seller will
provide notice of any proposed settlement of such Action to Buyer, and (B) such settlement will not have a material adverse effect on the Tax Liability of the Company or the Company Subsidiaries. 

  
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 (c) If the Indemnifying Party does not notify the Indemnified Party that the Indemnifying Party
elects to defend the Indemnified Party pursuant to Section 9.03(b) within ten (10) Business Days after receipt of any Claim Notice, then the Indemnified Party shall defend itself against the applicable Third Party Claim, and be
reimbursed for its reasonable cost and expense (but only if the Indemnified Party is actually entitled to indemnification hereunder) in regard to the Third Party Claim with counsel selected by the Indemnified Party, in all appropriate proceedings
and in good faith, which proceedings shall be prosecuted diligently by the Indemnified Party. In such circumstances, the Indemnified Party shall defend any such Third Party Claim in good faith and have full control of such defense and proceedings;
provided, however, that the Indemnified Party may not enter into any compromise or settlement of such Third Party Claim if indemnification is to be sought hereunder, without the Indemnifying Party’s consent (which consent shall
not be unreasonably withheld, conditioned or delayed). The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this Section 9.03(c), and the Indemnifying Party
shall bear its own costs and expenses with respect to such participation; provided, however, if at any time the Indemnifying Party acknowledges in writing that such Third Party Claim is an indemnifiable Damage under this Article
IX, the Indemnifying Party shall be entitled to assume the defense of such Third Party Claim in accordance with Section 9.03(b). 

(d) If requested by the Indemnifying Party, the Indemnified Party agrees, at the sole cost and expense of the Indemnifying Party (but only if
the Indemnified Party is actually entitled to indemnification hereunder), to cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim that the Indemnifying Party elects to contest, including providing reasonable
access to documents, records and information. In addition, the Indemnified Party will make its personnel reasonably available at no cost to the Indemnifying Party for conferences, discovery, proceedings, hearings, trials or appeals as may be
reasonably requested by the Indemnifying Party. The Indemnified Party also agrees to cooperate with the Indemnifying Party and its counsel in the making of any related counterclaim against the Person asserting the Third Party Claim or any cross
complaint against any Person and executing powers of attorney to the extent necessary. 
 (e) A claim for indemnification for any matter not
involving a Third Party Claim shall be asserted by notice to the Party from whom indemnification is sought as promptly as practicable (the failure to give prompt notice shall not, however, relieve the Indemnifying Party of its indemnification
obligations if such notice is provided within thirty (30) Business Days of the date on which the Indemnified Party knows or reasonably should have known of the claim for indemnification, unless the Indemnifying Party is prejudiced by such
delay), which notice shall describe in reasonable detail the nature of the claim, the basis of the Indemnified Party’s request for indemnification under this Agreement and a reasonable estimate of the Damages associated with the claim. In the
case of a claim for indemnification relating to Taxes, no such claim may shall be asserted unless a third party has actually commenced a lawsuit, action or regulatory proceeding or issued a written notice of proposed adjustment, assessment or
deficiency, in each case, with respect to the specific matters addressed in such claim. 

  
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 Section 9.04. Limitations on Liability. Notwithstanding anything to the contrary
herein: 
 (a) Seller shall not be liable for any breach of any representation, warranty, covenant or agreement of Seller set forth in this
Agreement unless and until the amount of Damages actually incurred by the Buyer Indemnitees resulting from such breach exceeds $125,000 (“De Minimis Amount”), provided that the De Minimis Amount shall not apply to
indemnification for Damages arising out of or resulting from Fraud, any breach of the Fundamental Representations or Section 3.14, any breach of Section 5.01, or Seller’s indemnification pursuant to
Section 9.02(a)(iii); 
 (b) Seller shall not be liable for (i) any breach of any representation or warranty of Seller set
forth in this Agreement or (ii) any breach of Section 5.01, in either case, unless the aggregate amount of Damages actually incurred by the Buyer Indemnitees for such breach and all other breaches otherwise subject to
indemnification hereunder exceeds $4,000,000 (the “Deductible”), and then only to the extent such aggregate Damages exceed such amount; provided, however, that the Deductible shall not apply to indemnification for
Damages arising out of or resulting from Fraud, any breach of the Fundamental Representations or Section 3.14, any breach of Section 5.01, or Seller’s indemnification pursuant to Section 9.02(a)(iii). For the
avoidance of doubt, Damages attributable to any breach that does not exceed the De Minimis Amount pursuant to Section 9.04(a) shall not be counted towards the calculation of the Deductible; 

(c) Except solely with respect to Fraud and Seller’s indemnification obligations pursuant to Section 9.02(a)(iii), in no
event shall Seller’s aggregate Liability arising out of or relating to Seller’s indemnification obligations under this Agreement exceed $25,000,000; 

(d) in no event shall Seller be liable under Section 9.02(a) for any Damages arising from an action taken or not taken by Seller
at the request of or with the consent of Buyer; 
 (e) Buyer Indemnitees shall not have a right to assert claims for indemnification under
any provision of this Agreement for Damages to the extent that such Damages arise out of actions taken (or omitted to be taken) by Buyer, the Company, any Company Subsidiary or any Buyer Indemnitee after the Closing Date; 

(f) no Buyer Indemnitee shall be entitled to indemnification to the extent a Liability or reserve relating to the matter giving rise to such
Damages has been included in the calculation of Final Purchase Price or to the extent such Buyer Indemnitee has otherwise been compensated with respect thereto pursuant to the post-Closing adjustment contemplated by Section 2.06; 

(g) each Indemnified Party shall have a duty to use commercially reasonable efforts to mitigate any Damages arising out of or relating to this
Agreement or the transactions contemplated hereby, including incurring the minimum costs necessary to remedy any breach that gives rise to such Damages; 

(h) the amount of any Damages for which an Indemnified Party claims indemnification under this Agreement shall be reduced by the amount of
(i) any insurance proceeds actually received from third party insurers with respect to such Damages; and (ii) any indemnification, contribution, offset or reimbursement payments actually received from third

  
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parties with respect to such Damages; provided that such Indemnified Party shall use commercially reasonable efforts to obtain recoveries from insurers, including title insurers, and other
third parties in respect of this Section 9.04(h). If an Indemnified Party (A) actually receives insurance proceeds from third-party insurers with respect to such Damages or (B) actually receives indemnification, contribution,
offset or reimbursement payments from third parties with respect to such Damages, in each case, at any time subsequent to any indemnification payment pursuant to this Article IX, then such Indemnified Party shall promptly reimburse the
applicable Indemnifying Party for any payment made or expense incurred by such Indemnifying Party in connection with providing such indemnification up to such amount actually received by such Indemnified Party; 

(i) in the event an Indemnified Party shall recover Damages in respect of a claim of indemnification under this Article IX, no
other Indemnified Party shall be entitled to recover the same Damages in respect of a claim for indemnification; and 
 (j) notwithstanding
anything provided under applicable Law, no Party shall have any Liability (including under Article III or this Article IX) for, and Damages shall not include, any punitive, incidental, consequential, special or indirect Damages
(including lost profits, loss in value or any damages that are based on a multiple of earnings), in each case, except to the extent any such Damages are awarded and paid with respect to a Third Party Claim as to which a Party is entitled to
indemnification under this Agreement. 
 For the avoidance of doubt, there are no limitations with respect to time or amount with respect to
Seller’s liability for any claims for Fraud and Seller’s indemnification obligations pursuant to Section 9.02(a)(iii). 

Section 9.05. Assignment of Claims. If the Indemnified Party receives any payment from an Indemnifying Party in respect of
any Damages pursuant to Section 9.02 and the Indemnified Party could have recovered all or a part of such Damages from a third party (a “Potential Contributor”) based on the underlying claim asserted against the
Indemnifying Party, the Indemnified Party shall, to the extent permitted by Law and any pertinent Contract, assign such of its rights to proceed against the Potential Contributor as are necessary to permit the Indemnifying Party to recover from the
Potential Contributor the amount of such payment. 
 Section 9.06. Exclusivity. 

(a) After the Closing, except in the case of Fraud, the sole and exclusive remedy for any and all claims, Damages or other matters arising
under, out of, or related to this Agreement or the transactions contemplated hereby shall be the rights of indemnification set forth in this Article IX only, and no Person will have any other entitlement, remedy or recourse, whether in
contract, tort, strict liability, equitable remedy or otherwise, it being agreed that all of such other remedies, entitlements and recourse are expressly waived and released by the Parties to the fullest extent permitted by Law. This
Section 9.06(a) will not operate to interfere with or impede the operation of the covenants contained in this Agreement that by their nature are required to be performed after the Closing, with respect to a Party’s right to seek
equitable remedies (including specific performance or injunctive relief). The provisions of this Section 9.06(a), together with the covenants contained in this Agreement that by their nature are required to be performed after

  
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the Closing, were specifically bargained-for between Seller, on the one hand, and Buyer, on the other hand, and were taken into account by the Parties in arriving at the Purchase Price. Each
Party, respectively, specifically relied upon the provisions of this Section 9.06(a) in agreeing to the Purchase Price and in agreeing to provide the specific representations and warranties set forth in Article III (in the case of
Seller) and Article IV (in the case of Buyer). 
 (b) Except with respect to Fraud, and except with respect to the enforcement of
covenants contained in this Agreement that by their nature are required to be performed after the Closing and a Party’s right to seek equitable remedies (including specific performance or injunctive relief), all claims, demands, remedies or
recoveries from or against Seller under this Agreement, shall be limited as set forth in this Article IX. Except with respect to Fraud and Seller’s indemnification obligations pursuant to Section 9.02(a)(iii), any claims for
indemnification pursuant to this Article IX must be first recovered against the Escrow Account, and if there are insufficient Escrow Funds remaining to satisfy any such claims, such claims may then, at the election of Buyer, be recovered
against Seller in accordance with this Article IX. Claims with respect to Fraud and claims for indemnification pursuant to Seller’s obligations pursuant to Section 9.02(a)(iii) may, in Buyer’s sole discretion, be
recovered against the Escrow Account or Seller, in accordance with this Article IX. 
 Section 9.07. Characterization of
Indemnity Payments. The Parties agree that any indemnification payments made pursuant to this Article IX shall be treated for all Tax purposes as an adjustment to the Purchase Price unless otherwise required by applicable Law. 

Section 9.08. Indemnification Payments and Escrow. 

(a) If any Buyer Indemnitee delivers to Seller any Claim Notice pursuant to Section 9.03(a) or other claim notice pursuant to
Section 9.03(e) (each, a “Buyer Claim Notice”), then Buyer may provide to the Escrow Agent a copy of such Buyer Claim Notice. Upon receipt of any Buyer Claim Notice from Buyer, the Escrow Agent shall, pursuant to the
Escrow Agreement, set aside and hold as a reserve to cover the Third Party Claim or other claim in respect of which such Buyer Claim Notice was delivered (each, a “Buyer Indemnity Claim”) such portion of the Escrow Amount equal to
the amount set forth in such Buyer Claim Notice until there is a final resolution of such Buyer Indemnity Claim. 
 (b) Any payment to the
Buyer Indemnitees in respect of any claim for indemnification properly asserted by the Buyer Indemnitees under this Article IX shall be paid within five (5) Business Days after the date of the final determination of any amounts due and
owing under this Article IX (i) by release of funds to the Buyer Indemnitees from the Escrow Account by the Escrow Agent, or (ii) if there are insufficient Escrow Funds remaining to satisfy any such claims, or, at the election of
Buyer, if such claims relate to Fraud or Seller’s indemnification obligations pursuant to Section 9.02(a)(iii), by payment to Buyer by Seller, provided that except with respect to Fraud, and Seller’s indemnification
obligations pursuant to Section 9.02(a)(iii), under no circumstances may Buyer recover more than $12,000,000 with respect to indemnification claims directly from Seller. 

(c) Any payment to the Seller Indemnitees in respect of any claim for indemnification properly asserted by the Seller Indemnitees under this
Article IX shall be paid by wire transfer by 

  
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Buyer of immediately available funds to an account designated in writing by Seller within five (5) Business Days after the date of the final determination of any amounts due and owing under
this Article IX. 
 (d) On the twenty-four (24) month anniversary of the Closing (the “Escrow Release Date”),
the Escrow Agent shall release all or a portion of the funds remaining in the Escrow Account to Seller such that, following such release, the amount remaining in the Escrow Account, if any, equals not less than the aggregate amount of claims for
Buyer Claim Notices that have been delivered by Buyer pursuant to Section 9.08(a) prior to the Escrow Release Date, but not yet resolved (such unresolved indemnity claims, the “Unresolved Indemnity Claims”). To the
extent applicable, the amounts retained for the Unresolved Indemnity Claims shall be released by the Escrow Agent to the applicable Party upon final resolution of such Unresolved Indemnity Claims. 

Section 9.09. Releases. 

(a) Effective upon the Closing, Buyer and, from and after the Closing, the Company and the Company Subsidiaries and, in each case, each of
their respective partners, members, Affiliates, directors, officers, employees, controlling persons, agents, representatives, successors and assigns (collectively, the “Releasing Parties”) shall be deemed to have remised, released
and forever discharged Seller and its direct and indirect equity holders and their respective Affiliates, and any of the respective partners, members, Affiliates, directors, officers, employees, trustees, controlling persons and agents of any of the
foregoing (collectively, the “Released Parties”) of and from any and all claims which the Releasing Parties, or any of them, now have, ever had, or at the Closing may have, or hereafter shall or may have, against the Released
Parties, or any of them, for, upon or by reason of any matter, cause or thing whatsoever from the beginning of time through the Closing Date, except, for claims for indemnification in accordance with Article IX. For the avoidance of doubt,
Buyer is not releasing (i) any claims with respect to Fraud, (ii) any Released Party that is party to a commercial Contract with Buyer, the Company or the Company Subsidiaries with respect to any matters or claims, known or unknown,
arising out of such Contracts, and (iii) (x) any employee continuing with the business (solely in its capacity as such), (y) any Released Parties who are D&O Indemnitees with respect to any matters which would not entitle such
Released Party to exculpation and indemnification pursuant to Section 5.10 because the conduct of such Released Party did not comply with the standards therefor set forth under Law or any Organizational Documents of the Seller, the
Company or the Company Subsidiaries, as applicable, or (z) any hotel owner (solely in its capacity as such), with respect to any matters or claims, known or unknown, related to or arising out of the prior or ongoing business of the Company and
the Company Subsidiaries which the Company or the Company Subsidiaries may have with respect to such persons or entities. As of the Closing Date, Buyer, on behalf of each of the Releasing Parties, expressly acknowledges that it has had the
opportunity to be advised by independent legal counsel and hereby waives and relinquishes, and does so understanding and acknowledging the significance and consequence of such specific waiver, all rights and benefits afforded by Section 1542 of
the California Civil Code (and any analogous law of any other state, locality or other jurisdiction), which provides: 
 A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR 

  
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HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

(b) Buyer, on behalf of each of the Releasing Parties, hereby agrees that if any Releasing Party hereafter commences, joins in or in any
manner seeks relief through any suit arising out of, based upon or relating to any of the claims released hereunder, or in any manner asserts against any Released Party any of the claims released hereunder, then such Releasing Parties will pay to
such Released Party, in addition to any other Damages, direct or indirect, all attorneys’ fees incurred in defending or otherwise responding to such suit or claims. 

(c) Effective upon the Closing, Seller shall be deemed to have remised, released and forever discharged the Company and the Company
Subsidiaries of and from any and all claims which Seller now has, ever had, or at the Closing may have, or hereafter shall or may have, against the Company or the Company Subsidiaries, or any of them, for, upon or by reason of any matter, cause or
thing whatsoever from the beginning of time through the Closing Date, except for claims (i) arising under this Agreement, (ii) arising from and after the Closing in connection with any commercial Contract between Seller and the Company or
the Company Subsidiaries with respect to any matters or claims, known or unknown, arising out of such Contracts and (iii) arising in connection with any third party claim against Seller to the extent such third party claim is related to the
business conducted by the Company and the Company Subsidiaries (other than the Asset Management Business). The provisions of the last sentence of Section 9.09(a) and the provisions of Section 9.09(b) shall apply to Seller
with respect to the release provided herein, mutatis mutandis. 
 ARTICLE X 

TERMINATION 

Section 10.01. Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time
prior to the Closing: 
 (a) by mutual written agreement of Seller and Buyer; 

(b) by Seller or Buyer if any Governmental Authority having competent jurisdiction has issued a final, non-appealable order, decree, ruling or
injunction or taken any other Action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement; provided that this right of termination shall not be available to any Party whose failure to
comply with its obligations under this Agreement has been the primary cause of, or has primarily resulted in, such order, decree, ruling, injunction or other Action; 

(c) by Seller or Buyer if any of the conditions set forth in Sections 8.01, 8.02 and 8.03 of this Agreement, as
applicable, have not been satisfied or waived on or prior to April 15, 2015 (the “Outside Date”); provided, that if on April 15, 2015 all of the conditions set forth in Article VII have been satisfied or
waived (other than those conditions that by their nature are to be satisfied at the Closing) except for the conditions set forth in Section 8.01(b) or Section 8.01(c), the Outside Date may be extended by either Party in
writing, on one or more occasions to a date no later than August 15, 2015; provided, further, that this right of termination shall not 

  
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be available to any Party whose failure to comply with its obligations under this Agreement has been the primary cause of, or has primarily resulted in, the failure of any such conditions to be
satisfied before such date; 
 (d) by Buyer upon written notice to Seller, in the event of a breach of any representation, warranty,
covenant or agreement on the part of Seller, such that the conditions specified in Section 8.02 would not be satisfied at the Closing, and which, (i) with respect to any such breach that is capable of being cured, is not cured by
Seller within thirty (30) days after receipt of written notice thereof or (ii) is incapable of being cured prior to the Outside Date; provided that Buyer shall not have the right to terminate this Agreement pursuant to this
Section 10.01(d) if it is then in material breach of any of its representations, warranties, covenants or agreements set forth in this Agreement; 

(e) by Seller upon written notice to Buyer, in the event of a breach of any representation, warranty, covenant or agreement contained in this
Agreement on the part of Buyer, such that the conditions specified in Section 8.03 would not be satisfied at the Closing, and which, (i) with respect to any such breach that is capable of being cured, is not cured by Buyer within
thirty (30) days after receipt of written notice thereof, or (ii) is incapable of being cured prior to the Outside Date; provided that Seller shall not have the right to terminate this Agreement pursuant to this
Section 10.01(e) if Seller is then in material breach of any of its representations, warranties, covenants or agreements set forth in this Agreement; or 

(f) by Seller or Buyer if, prior to the receipt of the Seller Member Approval, (i) the Seller Managing Board shall have effected a Change
of Recommendation and (ii) either (x) the Seller Member Approval shall not have been received at, or within the three (3) day period following the completion of, a duly called Seller Member Meeting or (y) if no such Seller Member
Meeting has been called, the Seller Member Approval shall not have been obtained within ten (10) days following the request by the Seller Managing Board for the written approval of Seller’s members without a meeting to approve this
Agreement and the consummation of the transactions contemplated hereby for the purposes of obtaining the Seller Member Approval in accordance with the Organizational Documents of Seller. 

Section 10.02. Effect of Termination. 

(a) In the event of termination of this Agreement pursuant to Section 10.01, this Agreement shall forthwith become null and void
and have no effect, without any Liability on the part of any Party hereto; provided, however, that the last sentence of Section 5.03(b), the provisions of this Section 10.02 and Article XI hereof and,
except as set forth in Section 10.02(c), any Liability of any Party for any willful breach of this Agreement prior to such termination shall survive any termination of this Agreement. The Confidentiality Agreement shall not be
affected by a termination of this Agreement. 
 (b) In the event that this Agreement is terminated pursuant to Section 10.01(f),
then Seller shall pay to Buyer an amount equal to $25,800,000 (the “Termination Fee”) no later than the second Business Day following such termination by wire transfer of immediately available funds. 

  
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 (c) Notwithstanding anything to the contrary in this Agreement, in the event that the Termination
Fee is payable and actually paid to Buyer in accordance with this Section 10.02, payment of the Termination Fee shall be the sole and exclusive remedy of Buyer and its Affiliates and each of their respective partners, members,
Affiliates, directors, officers, employees, controlling persons, agents, representatives, successors and assigns against Seller and its direct and indirect equity holders and their respective Affiliates, and any of the respective partners, members,
Affiliates, directors, officers, employees, trustees, controlling persons and agents of any of the foregoing, for any Damages based upon, arising out of or relating to this Agreement or the negotiation, execution or performance hereof or the
transactions contemplated hereby. Solely for purposes of establishing the basis for the amount thereof, and without in any way increasing the amount of the Termination Fee, expanding the circumstances in which the Termination Fee is to be paid or
restricting or modifying the other rights of any party hereunder, in the event of the valid termination of this Agreement under circumstances in which the Termination Fee is payable pursuant to this Section 10.02, it is agreed that the
Termination Fee is liquidated damages, and not a penalty, and the payment thereof in such circumstances is supported by due and sufficient consideration 

ARTICLE XI 

MISCELLANEOUS 

Section 11.01. Notices. All notices, requests, claims, demands and other communications required or permitted hereunder shall be
in writing and shall be deemed sent, given and delivered (a) immediately if given by personal delivery, (b) one (1) day after deposit with an overnight delivery service, (c) three (3) days after deposit in the mail via
registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other address for a Party as shall be specified by like notice) and (d) upon confirmation of receipt if given by electronic mail or
other customary means of electronic communication (provided that any notice sent via any means of electronic communication must also be sent by a second means set forth above) as provided below: 

if to Buyer, to: 
 Dunwoody
Operations, Inc. 
 c/o InterContinental Hotels Group 

Three Ravina Drive, Suite 100 

Atlanta, Georgia 30346-2149 

Attention: Corp. Finance, Acq. & Mergers, Bob Chitty 

Email: Bob.chitty@ihg.com 
 with a
copy (which shall not constitute notice) to 
 InterContinental Hotels Group 

Three Ravina Drive, Suite 100 

Atlanta, Georgia 30346-2149 

Attention: Legal Dept. - Paul Huang 

Email: Paul.huang@ihg.com 

  
 68 

 and 

DLA Piper LLP (US) 
 One Fountain
Square 
 11911 Freedom Drive, Suite 300 

Reston, Virginia 20190 

Attention: Jay Gary Finkelstein 

Email: Jay.finkelstein@dlapiper.com 

if to Seller, to: 
 Kimpton Group
Holding LLC 
 222 Kearny Street, Suite 200 

San Francisco, California 94108 

Attention:       Judy Miles 

Email: judy.miles@kimptongroup.com 

with a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York, New
York 10022 

					
			Attention:		Edward Sonnenschein
					Gary Axelrod

					
			Email:		ted.sonnenschein@lw.com
					Gary.Axelrod@lw.com

 or to such other address or facsimile number as any Party shall notify the other Parties (as provided above) from time to
time. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt.
Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 

Section 11.02. Amendments and Waivers. 

(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the
case of an amendment, by Seller and Buyer, or in the case of a waiver, by the Party against whom the waiver is to be effective. 
 (b) No
failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. Except as otherwise provided in Section 9.06 or Section 10.02, the rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

  
 69 

 Section 11.03. Expenses. Regardless of whether the transactions provided for in this
Agreement are consummated, except as otherwise provided herein, each Party shall pay its own expenses incident to this Agreement and the transactions contemplated herein. 

Section 11.04. Governing Law; Jurisdiction; WAIVER OF JURY TRIAL. 

(a) This Agreement, and all Actions (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the
negotiation, execution or performance hereof (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this
Agreement), shall be governed by and construed in accordance with the law of the State of New York, without regard to the choice of law or conflicts of law principles thereof. The Parties expressly waive any right they may have, now or in the
future, to demand or seek the application of a governing law other than the law of the State of New York. 
 (b) Each of the Parties hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the state courts sitting in the borough of Manhattan of the State of New York or, if such courts shall not have jurisdiction, any federal court of
the United States of America sitting in the borough of Manhattan of the State of New York, and any appellate court from any appeal thereof, in any Action arising out of or relating to this Agreement or the other Transaction Documents or the
transactions contemplated hereby or thereby or for recognition or enforcement of any judgment relating thereto, and each of the Parties hereby irrevocably and unconditionally (i) agrees not to commence any such Action except in such courts,
(ii) agrees that any claim in respect of any such Action may be heard and determined in any state court sitting in the borough of Manhattan of the State of New York or, to the extent permitted by Law, in such federal court, (iii) waives,
to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such Action in the borough of Manhattan of the State of New York or such federal court and (iv) waives,
to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such Action in the borough of Manhattan of the State of New York or such federal court. Each of the Parties agrees that a final judgment in any such
Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably consents to service of process in the manner provided for notices in
Section 11.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE OTHER
TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH 

  
 70 

 
WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.04(c). 
 Section 11.05. Assignment; Successors and Assigns;
No Third Party Beneficiaries. Except as otherwise provided herein, this Agreement may not, without the prior written consent of the other Parties, be assigned by operation of Law or otherwise, and any attempted assignment shall be null and void.
Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, successors, permitted assigns and legal representatives. No provision of this Agreement is intended to confer any
rights, benefits, remedies or Liabilities hereunder upon any Person other than the Parties and their respective successors and assigns; provided, however, that the Indemnified Parties and the Released Parties shall be express third
party beneficiaries of and have the right to enforce Article IX and the D&O Indemnitees shall be express third party beneficiaries of and have the right to enforce Section 5.10. 

Section 11.06. Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by all of the other Parties. Until and unless
each Party has received a counterpart hereof signed by the other Parties, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other
communication). The exchange of a fully executed Agreement (in counterparts or otherwise) by electronic transmission in .PDF or other equivalent format or by facsimile shall be sufficient to bind the Parties to the terms and conditions of this
Agreement. 
 Section 11.07. Entire Agreement. This Agreement, including the Exhibits and Schedules attached thereto and the
Transaction Documents constitute the entire agreement among the Parties with respect to the matters covered hereby and supersedes all previous written, oral or implied understandings among them with respect to such matters. 

Section 11.08. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 11.09. Specific Performance. The Parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that any breach of this Agreement would not be adequately compensated by monetary damages. Accordingly, each Party agrees

  
 71 

 
that the other Parties shall be entitled to injunctive relief to prevent any such failure of performance or breach and to enforce specifically this Agreement and any of the terms and provisions
hereof, in each case without proof of actual damages and without posting any bond or other indemnity, in addition to any other remedy to which it may be entitled at law or in equity. 

Section 11.10. Disclosure Schedule. The Parties acknowledge and agree that (a) the inclusion of any items or
information in the Disclosure Schedules that are not required by this Agreement to be so included is solely for the convenience of Buyer, (b) the disclosure by Seller of any matter in the Disclosure Schedules shall not be deemed to constitute
an acknowledgement by Seller that the matter is required to be disclosed by the terms of this Agreement or that the matter is material or significant, (c) if any section of the Disclosure Schedules lists an item or information in such a way as
to make its relevance to the disclosure required by or provided in another section of the Disclosure Schedules or the statements contained in any Section of this Agreement reasonably apparent, the matter shall be deemed to have been disclosed in or
with respect to such other Section, notwithstanding the omission of an appropriate cross-reference to such other Section or the omission of a reference in the particular representation and warranty to such section of the Disclosure Schedule,
(d) except as provided in clause (c) above, headings have been inserted in the Disclosure Schedules for convenience of reference only, (e) the Disclosure Schedules are qualified in their entirety by reference to specific
provisions of this Agreement and (f) the Disclosure Schedules and the information and statements contained therein are not intended to constitute, and shall not be construed as constituting, representations or warranties of Seller except as and
to the extent provided in this Agreement. 
 Section 11.11. Retention of Counsel. 

(a) Buyer, for itself and the Company and the Company Subsidiaries, and for Buyer’s and the Company’s and the Company
Subsidiaries’ respective successors and assigns, irrevocably acknowledges and agrees that all communications between Seller, on the one hand, and counsel, on the other hand, including the general counsel of Seller and the attorneys in
Seller’s legal department reporting to her and Latham & Watkins LLP (“Seller’s Counsel”), made in connection with the negotiation, preparation, execution, delivery and closing under, or any dispute or Action arising
under or in connection with, this Agreement, which, immediately prior to the Closing, would be deemed to be privileged communications of Seller and/or any of its respective Subsidiaries (including the Company and the Company Subsidiaries) and their
counsel and would not be subject to disclosure to Buyer in connection with any process relating to a dispute arising under or in connection with this Agreement or otherwise and shall continue after the Closing to be privileged communications between
Seller and such counsel, and neither Buyer nor any Person acting or purporting to act on behalf of or through Buyer shall seek to obtain the same by any process on the grounds that the privilege attaching to such communications belongs to the
Company and/or the Company Subsidiaries and not Seller. Buyer and the Company and the Company Subsidiaries agree that any attorney-client privilege, attorney work-product protection and expectation of client confidence arising from or as a result of
any counsel’s representation of the Company and the Company Subsidiaries, or Seller prior to the Closing, and all information and documents covered by such privilege or protection, shall belong to and be controlled by Seller and may be waived
only by Seller, and not the Company or the Company Subsidiaries and shall not pass to or be claimed or used by Buyer, the Company or any Company Subsidiary. 

  
 72 

 (b) It is acknowledged by each of the Parties that Seller, the Company and the Company
Subsidiaries retained Seller’s Counsel to act as its counsel in connection with the transactions contemplated hereby and that Seller’s Counsel has not acted as counsel for any other Party in connection with the transactions contemplated
hereby and that no other Party has the status of a client of Seller’s Counsel for conflict of interest or any other purposes as a result thereof. Seller and Buyer hereby agree that, in the event that any dispute, or any other matter in which
the interests of Seller, its Affiliates and its direct and indirect equity holders, on the one hand, and Buyer and its Affiliates (including the Company and the Company Subsidiaries following the Closing), on the other hand, are adverse, arises
after the Closing between Buyer or the Company or any of the Company Subsidiaries, on the one hand, and Seller, its Affiliates and its direct and indirect equity holders, on the other hand, Seller’s Counsel may represent Seller, its Affiliates
and its direct and indirect equity holders in such dispute even though the interests of Seller, its Affiliates and its direct and indirect equity holders may be directly adverse to Buyer or, following the Closing, the Company or any of the Company
Subsidiaries, and even though Seller’s Counsel formerly may have represented one or more of the Company or Company Subsidiaries in any matter substantially related to such dispute. 

[Signature pages follow.] 

  
 73 

 
					
	SELLER:
	
	KIMPTON GROUP HOLDING LLC
		
	By:		

		 	  

			Name:		Michael A. Depatie
			Title:		CEO

  
 [Signature Page to
Purchase and Sale Agreement] 

 
					
	BUYER:
	
	DUNWOODY OPERATIONS, INC.
		
	By:		

		 	  

			Name:		 Richard Solomons

			Title:		 Authorized Representative

  
 [Signature Page to
Purchase and Sale Agreement] 

 The exhibits and schedules to this sale and purchase agreement have been omitted from the filing. The following
is a list of omitted exhibits and schedules and a brief description of each. InterContinental Hotels Group PLC agrees to furnish to the Securities and Exchange Commission, upon its request, a copy of any such omitted exhibits and schedules: 

Exhibit A: Form of Support Agreement 
 Exhibit B: Calculation
Principles 
 Exhibit C: Form of Assignment and Assumption Agreement 

Exhibit D: Escrow Agreement 
 Exhibit E: FIRPTA Certificate 

Exhibit F: Sample Preliminary Closing Statement

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