Document:

Form of Amend. Change in Control Agree.-Kelly J. Haecker + Roger E. Theodoredis

 Exhibit 10.17 
 AMENDED AND RESTATED 
 CHANGE IN CONTROL AGREEMENT 

THIS AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (this “Agreement”) is entered into effective as
of                    , by and between WhiteWave Foods Company (the “Company”), and «Executive» (the
“Executive”). 
 RECITALS 
 A. The Board of Directors (the “Board”) of Dean Foods (“Dean Foods”) has determined that the interests of its subsidiary, WhiteWave Foods Company, would be advanced by
providing key executives of the Company with certain benefits in the event of the termination of employment of any such executive in connection with or following a Change in Control (as hereafter defined). 

B. The Board believes that such benefits enable the Company to continue to attract and retain competent and qualified executives, assure
continuity and cooperation of management and will encourage such executives to diligently perform their duties without personal financial concerns, thereby enhancing shareholder value and ensuring a smooth transition. 

C. The Company and the Executive desire to amend such Change in Control Agreement to make changes necessary or appropriate to avoid
adverse income tax consequences to the Executive under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 AGREEMENTS 
 NOW, THEREFORE, for good and valuable consideration, including
the mutual covenants set forth herein, the parties hereto agree as to amend and restate the Change in Control Agreement (as so amended, and restated, the “Agreement”) as follows: 

1. Definitions. The following terms shall have the following meanings for purposes of this Agreement. 

“Affiliate” means any entity controlled by, controlling or under common control with, a person or entity. 

“Annual Pay” means the sum of (i) an amount equal to the annual base salary rate payable to the Executive by the
Company at the time of termination of his or her employment plus (ii) an amount equal to the target bonus established for the Executive for the Company’s fiscal year in which his or her termination of employment occurs, but in
either case, without giving effect to any reduction therein occurring following a Change in Control. 

 “Cause” means the Executive’s (i) willful and intentional
material breach of this Agreement, (ii) willful and intentional misconduct or gross negligence in the performance of, or willful neglect of, the Executive’s duties, which has caused material injury (monetary or otherwise) to the Company,
(iii) breach of the Dean Foods’ Code of Ethics, or (iv) conviction of, or plea of nolo contendere to, a felony; provided, however, that no act or omission shall constitute “Cause” for purposes of this Agreement unless the
Board or the Chairman of the Board provides to the Executive (a) written notice clearly and fully describing the particular acts or omissions which the Board or the Chairman of the Board reasonably believes in good faith constitutes
“Cause” and (b) an opportunity, within thirty (30) days following his or her receipt of such notice, to meet in person with the Board or the Chairman of the Board to explain or defend the alleged acts or omissions relied upon by
the Board and, to the extent practicable, to cure such acts or omissions. Further, no act or omission shall be considered as “willful” or “intentional” if the Executive reasonably believed such acts or omissions were in the best
interests of the Company and Dean Foods. 
 “Change in Control” means (1) any “person” (as such
term is used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but specifically excluding Dean Foods or the Company, any wholly-owned subsidiary of Dean Foods or the Company and/or any
employee benefit plan maintained by Dean Foods or the Company, or any wholly-owned subsidiary of the Company or Dean Foods) becomes the “beneficial owner” (as determined pursuant to Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of Dean Foods representing thirty percent (30%) or more of the combined voting power of Dean Foods’ then outstanding securities; or (2) individuals who currently serve on the Board, or whose election to the
Board or nomination for election to the Board was approved by a vote of at least two-thirds (2/3) of the directors who either currently serve on the Board, or whose election or nomination for election was previously so approved, cease for any
reason to constitute a majority of the Board; or (3) Dean Foods or any subsidiary of Dean Foods shall merge with or consolidate into any other corporation, other than a merger or consolidation which would result in the holders of the voting
securities of Dean Foods outstanding immediately prior thereto holding immediately thereafter securities representing more than sixty percent (60%) of the combined voting power of the voting securities of Dean Foods or such surviving entity (or
its ultimate parent, if applicable) outstanding immediately after such merger or consolidation; or (4) the stockholders of Dean Foods approve a plan of complete liquidation of Dean Foods or an agreement for the sale or disposition by Dean Foods
of all or substantially all of Dean Foods’ assets, or such a plan is commenced. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Competing Business” means a company or business which is
engaged, or intends to engage in the manufacture, distribution, sale or marketing of any products which compete directly with the products of Dean Foods, the Company or any of their respective Affiliates. 

“Confidential Information” means all information, whether oral or written, previously or hereafter developed, acquired
or used by the Company or its Affiliates and relating to the business of the Company and any of its Affiliates that is not generally known to others in the Company’s or its Affiliates’ areas of business, including without limitation trade
secrets, methods 

  
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or practices developed by the Company or any of its Affiliates, financial results or plans, customer or client lists, personnel information, information relating to negotiations with clients or
prospective clients, proprietary software, databases, programming or data transmission methods, or copyrighted materials (including without limitation, brochures, layouts, letters, art work, copy, photographs or illustrations). It is expressly
understood that the foregoing list shall be illustrative only and is not intended to be an exclusive or exhaustive list of “Confidential Information.” 
 “Good Reason” means any of the following events occurring, without the Executive’s prior written consent specifically referring to this Agreement, within two (2) years following
a Change in Control: 
 (1) (A) Any material reduction in the amount of the Executive’s Annual Pay,
(B) any material reduction in the amount of Executive’s other incentive compensation opportunities, or (C) any material reduction in the aggregate value of the Executive’s benefits as in effect from time to time (unless in the
case of either B or C, such reduction is pursuant to a general change in compensation or benefits applicable to all similarly situated employees of the Company and its Affiliates); 

(2) (A) the removal of the Executive from the position held by him or her immediately prior to the Change in Control or
(B) any other significant reduction in the nature or status of the Executive’s duties or responsibilities; 
 (3) transfer of the Executive’s principal place of employment to a metropolitan area other than that of the Executive’s place of employment immediately prior to the Change in Control; or

 (4) failure by the Company to obtain the assumption agreement referred to in Section 7 of this Agreement
prior to the effectiveness of any succession referred to therein, unless the purchaser, successor or assignee referred to therein is bound to perform this Agreement by operation of law. 

In order for a termination by the Executive to constitute a termination for Good Reason, (i) the Executive must notify the Company
of the circumstances claimed to constitute Good Reason in writing not later than the 90th day after it has arisen or occurred, (ii) the Company must not have cured such circumstances within 30 days of receipt of the notice and (iii) the
Executive must actually terminate employment on or before the 24th month anniversary of the Change in Control. 

“Termination Pay” means a payment made by the Company to the Executive pursuant to Section 2(a)(ii). 

2. Change in Control Termination Payment and Benefits. 
 (a) Involuntary or Constructive Termination. In the event that the Executive’s employment with the Company or its successor is terminated by the Company or its successor without Cause or by
the Executive for Good Reason in connection with or within two years after a Change in Control, the Executive shall be entitled to the following payments and other benefits: 

  
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 (i) The Company shall pay to the Executive a cash payment in an amount equal to the sum of
(A) the Executive’s accrued and unpaid salary as of his or her date of termination of employment, as required by law, plus (B) his or her accrued and unpaid bonus, if any, for the Company’s prior fiscal year, plus (C) an
amount equal to the greater of the following, paid on a pro rata basis for the portion of the year between January 1 and the date of the Executive’s termination of employment: (x) Executive’s target bonus for the year of
termination, or (y) the actual bonus to which the Executive would be entitled in the year of termination, if calculable at the date of termination, plus (D) reimbursement for all unreimbursed expenses reasonably and necessarily incurred by
the Executive (in accordance with Company policy) in connection with the business of the Company prior to termination and since the beginning of the calendar year prior to the date of termination. This amount shall be paid within five
(5) business days of the date of the Executive’s termination of employment. 
 (ii) The Company shall pay to the
Executive a cash payment in an amount equal to two (2) times the Executive’s Annual Pay. This amount shall be paid by the Company in accordance with Section 2(d) hereof. 

(iii) The Company shall pay to the Executive a cash payment in an amount equal to the sum of (A) the Executive’s unvested
account balance under the Company’s 401(k) plan, if any, and (B) two (2) times the amount of the aggregate matching contributions payable in respect of Executive’s contributions into the Executive’s 401(k) account for the
last completed calendar year (which for this purpose shall be annualized if the Executive was not eligible to participate in such 401(k) plan for the entire calendar year). This amount shall be paid within 60 days after the date of the
Executive’s termination of employment. 
 (iv) The Executive and his or her eligible dependents shall be entitled for a
period of two (2) years following his or her date of termination of employment to continued coverage, on the same basis as similarly situated active employees, under the Company’s group health, dental, long-term disability and life
insurance plans as in effect from time to time (but not any other welfare benefit plans or any retirement plans); provided that coverage under any particular benefit plan shall expire with respect to the period after the Executive becomes covered
under another employer’s plan providing for a similar type of benefit. In the event the Company is unable to provide such coverage on account of any limitations under the terms of any applicable contract with an insurance carrier or third party
administrator, the Company shall pay the Executive an amount equal to the cost of the Company providing such coverage within 60 days after the date of the Executive’s termination of employment. To the extent that Company’s group health or
dental benefits are self-insured, then in addition to any other limitation provided here, the period of coverage provided by this Section 2(a)(iv) under the self-insured health or dental plan shall not exceed the period of time during which the
Executive would be entitled to receive continuation coverage under a group health plan under section 4980B (COBRA) if the Executive had elected such coverage and paid such premiums. To the extent that the immediately preceding sentence applies, the
Company shall pay the Executive an 

  
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amount equal to the cost of such COBRA coverage for a period equal to the excess of (i) 24 months minus (ii) the number of months of COBRA coverage initially available to the Executive,
as determined in good faith by the Company, with such payment to be made within 60 days after the date of the Executive’s termination of employment. 
 (v) The Company shall pay all costs and expenses, up to a maximum of $25,000, related to outplacement services for the Executive, the provider of which shall be selected by the Executive in his or her
sole discretion. This amount shall be paid directly to the provider of such services but only with respect to services rendered prior to the last day of the second calendar year following the calendar year in which the Executive’s termination
date occurs. The Company shall pay such expenses within 90 days of the date of receipt of an invoice for such services, but in no event later than the end of the third calendar year following the calendar year in which the Executive’s
termination date occurs. 
 (vi) Accelerated Vesting. All of the Executive’s unvested awards under the
Company’s stock award plans shall automatically and immediately vest in full upon the occurrence of a Change of Control. 

(b) No Duplication; Other Severance Pay. There shall be no duplication of severance pay in any manner. In this regard, the
Executive shall not be entitled to Termination Pay hereunder for more than one position with the Company and its Affiliates. If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by
Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the severance compensation to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any
such payment in lieu of notice. If Executive is entitled to any severance or termination payments (but excluding retirement and similar benefits) under any employment or other agreement (other than any stock award or stock option agreements) with
the Company or any of its Affiliates, the severance compensation payable under any such plan, program, arrangement or agreement shall be deemed to satisfy to the extent of such payment, the obligations to the Executive in respect of Termination Pay.
Except as set forth in the immediate preceding sentence, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Executive and his or her dependents may otherwise be entitled to under the
Company’s compensation and employee benefit plans. Subject to subparagraph 1(c) of the definition of Good Reason, nothing herein shall be deemed to restrict the right of the Company from amending or terminating any such plan in a manner
generally applicable to similarly situated active employees of the Company and its Affiliates, in which event the Executive shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated
active executives of the Company and its Affiliates. 
 (c) Mutual Release. Termination Pay shall be conditioned upon
the execution by the Executive within 60 (sixty) days after the Executive’s termination of employment of a valid release prepared by the Company pursuant to which the Executive shall release the Company, to the maximum extent permitted by law,
from any and all claims the Executive may have against the Company that relate to or arise out of the employment or termination of employment of the Executive, except such claims arising under this Agreement, any employee

  
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benefit plan, or any other written plan or agreement (a “Release”). The full amount of Termination Pay shall be paid in a lump sum in cash to the Executive within ten
(10) days following receipt by the Company of a properly executed Release (which, if revocable, has not been revoked) by the Executive. In addition, if the Executive shall timely deliver (and shall not have revoked) the Release, the Company
shall simultaneously with the payment of Termination Pay execute a release of all claims it may have against the Executive arising out of the Executive’s employment, other than claims arising under this Agreement or otherwise relating to
covenants and obligations of the Executive intended to continue following the Executive’s termination of employment. 

3. Excise Taxes. If the Company reasonably determines that (i) the termination benefits payable to the Executive pursuant to
this Agreement would subject the Executive to an excise tax under Section 4999 of the Code, and (ii) the net amount that the Executive would realize from such benefits on an after-tax basis would be greater if the benefits payable
hereunder were limited, then the benefits payable hereunder shall be limited such that the Executive’s net payment received on after-tax basis is $1 less than the amount at which the payment would be subjected to the excise tax under
Section 4999 of the Code. Any reduction in the amount of benefits hereunder shall be debited, in order, from amounts payable under Section 2(a)(ii) then 2(a)(iii) and then 2(a)(iv). 

4. Certain Covenants by the Executive. 
 (a) Covenant Not to Compete or Solicit. The Executive hereby agrees that, during the term of his or her employment with the Company or any of its Affiliates and for a period of two years
thereafter, he or she will not, directly or indirectly, individually or on behalf of any person or entity other than Dean Foods, the Company or any of its Affiliates: 
 (i) develop, own, manage, operate, or otherwise engage in, participate in, represent in any way or be connected with, as officer, director, partner, owner, employee, agent, independent contractor,
consultant, proprietor, stockholder or otherwise, any Competing Business, in any geographic territory (within or outside the United States) in which Dean Foods or the Company does business; or 

(ii) act in any way, directly or indirectly, on behalf of any Competing Business, with the purpose or effect of soliciting, diverting or
taking away any business, customer, client, supplier, or good will of Dean Foods or the Company; or 
 (iii) solicit, induce,
recruit or encourage, either directly or indirectly, any employee of Dean Foods, the Company or any of its respective Affiliates to leave his or her employment with Dean Foods, the Company or any of its Affiliates, or employ or offer to employ any
employee of Dean Foods, the Company or any of its respective Affiliates. For the purposes of this section, an employee of Dean Foods, the Company or any of its Affiliates shall be deemed to be an employee of Dean Foods, the Company or any such
Affiliate while employed by the Dean Foods, the Company or such Affiliate and for a period of 60 days thereafter. 

  
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 Notwithstanding the foregoing, the Executive is not prohibited from (i) owning, either
of record or beneficially, not more than two percent (2%) of the shares or other equity of any publicly traded company or (ii) acting as an officer, employee, agent, independent contractor or consultant to any company or business which
engages in multiple lines of business, one or more of which may be a Competing Business, if Executive has no direct or indirect involvement, oversight or responsibility with respect to the unit, division, group or other area of operations which
cause such company or business to be a Competing Business. 
 The provisions of this Section 4(a) are not intended to
override, supercede, reduce, modify or affect in any manner any other non-competition or non-solicitation agreement between the Executive and Dean Foods, the Company or any of its respective Affiliates. Any such covenant or agreement shall remain in
full force and effect in accordance with its terms. Dean Foods and the Company will be entitled to injunctive and other relief to prevent or enjoin any violation of the provisions of this Agreement. 

Executive further acknowledges the following provisions of Colorado law, set forth in Colorado Revised Statutes 

Section 8-2-133(2): 

“Any covenant not to compete which restricts the right of any person to receive compensation for performance of skilled or unskilled
labor for any employer shall be void, but this subsection (2) shall not apply to: 
 (a) Any contract for the purchase and
sale of a business or the assets of a business; 
 (b) Any contract for the protection of trade secrets; 

(c) Any contract provision providing for the recovery of the expense of educating and training an employee who has served an employer for
a period of less than two years; and 
 (d) Executive and management personnel and officers and employees who constitute
professional staff or executive and management personnel.” 
 Executive acknowledges that this Agreement is executed for
the protection of trade secrets under Section 8-2-113(2)(b), and is intended to protect the confidential information and trade secrets of Dean Foods and the Company. Executive also acknowledges that he or she is an executive or manager within
the meaning of Section 8-2-113(2)(d). 
 (a) Protection of Confidential Information. The Executive agrees that he or
she will not at any time during or following his or her employment by the Company, without Dean Foods or the Company’s prior written consent, divulge any Confidential Information to any other person or entity or use any Confidential Information
for his or her own benefit. Upon termination of employment, for any reason whatsoever, regardless of whether either party may be at fault, the Executive will return to the Company all physical Confidential Information in the Executive’s
possession. 

  
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 (b) Nondisclosure of Agreement. The Executive agrees, at all times during his or her
employment by the Company, not to disclose or discuss in any manner (whether to individuals inside or outside the Company), the existence or terms of, this Agreement without the prior written consent of the Company, except to the extent required by
law. 
 (c) Nondisparagement. The Executive and the Company agree that, for so long as the Executive remains employed by
the Company, and for a period of two years following the termination of the Executive’s employment, neither the Executive nor the Company will make or authorize any public statement, whether orally or in writing, that disparages the other party
hereto with respect to such other party’s business interests or practices; provided, that neither party shall be restricted in connection with statements made in context of any litigation, arbitration or similar proceeding involving the other
party hereto. 
 (d) Extent of Restrictions. The Executive acknowledges that he or she has given careful consideration to
the restraints imposed by this Section 4 and he or she fully agrees that the restrictions contained in this Section 4 correctly set forth the understanding of the parties at the time this Agreement is entered into, are reasonable and
necessary to protect the legitimate interests of Dean Foods and the Company, and that any violation will cause substantial injury to Dean Foods and the Company. In the event of any such violation, Dean Foods and the Company shall be entitled, in
addition to any other remedy, to preliminary or permanent injunctive relief. If any court having jurisdiction shall find that any part of the restrictions set forth in this Agreement are unreasonable in any respect, it is the intent of the parties
that the restrictions set forth herein shall not be terminated, but that this Agreement shall remain in full force and effect to the extent (as to time periods and other relevant factors) that the court shall find reasonable. 

5. Tax Withholding. All payments to the Executive under this Agreement will be subject to the withholding of all applicable
employment and income taxes. 
 6. Severability. In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 
 7. Successors. This Agreement shall be binding upon and inure to the benefit of Dean Foods, the Company and any successor of each. Dean Foods and the Company will require any successor to all or
substantially all of the business and/or assets Dean Foods or the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Dean Foods or the Company would be required to perform if no succession
had taken place. 
 8. Entire Agreement. By executing this Agreement, the Executive agrees that any and all agreements
executed between Dean Foods or the Company (or any predecessor of the Company) and the Executive prior to the date hereof regarding benefits resulting from a Change in Control are hereby nullified and cancelled in their entirety, and this Agreement
shall substitute for and fully replace any such prior agreements. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof. This Agreement may not be modified in any manner except by a
written instrument signed by Dean Foods and the Executive. 

  
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 9. Termination of Employment. For all purposes under this Agreement, the Executive
shall not have a “termination of employment” (and corollary terms) from the Company unless and until the Executive has a “separation from service” (as determined under Treas. Reg. Section 1.409A-1(h), as uniformly applied in
accordance with such rules as shall be established by the Company) from time to time by the Company. 
 10. Notices. Any
notice required under this Agreement shall be in writing and shall be delivered by certified mail return receipt requested to each of the parties as follows: 
 To the Executive: 
 «Executive» 

«Address1» 
 «Address2» 
 To Dean Foods or the Company: 

DEAN FOODS COMPANY 
 2515 McKinney Avenue, Suite 1200 
 Dallas, Texas 75201 

Attention: General Counsel 
 Telephone: 214-303-3400 
 Facsimile: 214-303-3499 

11. Governing Law. The provisions of this Agreement shall be construed in accordance of the laws of the State of Delaware, except
to the extent preempted by ERISA or other federal laws, as applicable, without reference to the conflicts of laws provisions thereof. 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written. 
  

			
	WHITEWAVE FOODS COMPANY
		
	By:	 	 
		 	Name:
                                         
                                         
  
		 	 Title:
                                         
                                         
     
  

	«Executive»

  
 10Mortgage Loan Application, dated September 12, 2012

 Exhibit 10.1 
 METROPOLITAN LIFE INSURANCE COMPANY 
 Mortgage Loan Application

 Borrower applies for, and agrees to accept from Metropolitan Life Insurance Company or any of its subsidiaries or affiliates
(“MetLife”) the mortgage loan described below (“Loan”), on the terms and conditions set forth below including, without limitation, the Closing Conditions which are attached hereto as Exhibit A. 

TERMS 
 1. GENERAL
TERMS 
  

	 	(a)	Property Name and Address: Hyatt Regency at Aventine Hotel located at 3777 La Jolla Village Drive, La Jolla, San Diego County, California 92122

  

	 	(b)	Improvements: Comprised of the Hyatt Regency at Aventine Hotel, a 419 room, full service lodging facility (the “Hotel”) and The Sporting Club at
Aventine, a three-story, 32,500 square foot sports facility and spa located at 8930 University Center Lane, La Jolla, San Diego County, California 92122 (“Sporting Club”). In addition, the Improvements include the unencumbered
marketable, leasehold interest in the restaurant property known as Café Japengo located at 8960 University Center Lane, San Diego, California 92122 (“Restaurant”). 

 

	 	(c)	Real Property Description: Approximately 4.75 acres of land located at 3777 La Jolla Village Drive and 8930 University Center Lane, La Jolla, San Diego County,
California 92122. 

  

	 	(d)	Loan Amount: The lesser of (i) $90,000,000, or (ii) an amount not to exceed 83% of the Total Collateral Value. Total Collateral Value means an
amount equal to (a) the appraised value of the Property as determined in the MAI Appraisal (defined in the Closing Conditions), plus (b) the Capital Reserve (defined in Provision 16(a)). 

The Loan will be comprised of (a) an “A” Note equal to $72,000,000 and (b) a “B” Note equal to the remaining
portion of the Loan Amount but in no event shall the original principal amount of the B Note be greater than $18,000,000. The A Note and the B Note are not independent loans, but are used for definitional purposes, and are collectively known herein
as the “Loan”. 
  

	 	(e)	Term: Five (5) years. 

  

	 	(f)	Amortization: Monthly payments on both the A Note and the B Note during the entire Loan term will be interest only, subject to amortization of the B Note
pursuant to the terms of Provision 16(g) below. 

  

	 	(g)	Annual A Note Interest Rate: shall be the sum of (i) 400 basis points plus (ii) the one month LIBOR Rate (as hereinafter defined), but in no event less
than 4.50%. Interest on the A Note shall be calculated on a daily basis of the actual number of days elapsed over a 360-day year. 

 Determination of Annual Interest Rate: The Annual A Note Interest Rate will be determined as of approximately 11:00 a.m. London time on the second Business Day prior to the Closing which
initial Annual Interest Rate shall be effective as of the Closing. The Annual A Note Interest Rate will be reset by MetLife, effective the first day of the second month following the month during which the Closing occurs, and effective the first day
of the first month of each successive one month period thereafter during the term of the Loan (the “Rate Reset Dates”). The Annual A Note Interest Rate will be reset as aforesaid to the rate equal to the greater of (a) 4.50%
[floor rate] or (b) the sum of (i) 4.00 % plus (ii) the one month LIBOR Rate as of approximately 11:00 a.m. London time on the second Business Day prior to each of the Rate Reset Dates. “Delivery Date” means
the date upon which MetLife receives this Application executed by Borrower in a form satisfactory to MetLife together with the Commitment Fee, the Non-Refundable Processing Fee and the Good Faith Deposit. A “Business Day” is a day
that both (x) commercial banks in London are open for international business (including dealings in U.S. dollar deposits) and (y) MetLife is open for business in New York City. The term “LIBOR Rate” as used herein
shall mean the one month London interbank offered rate for deposits 

 
in U.S. dollars rounded upwards if necessary to the nearest one one-hundredth (1/100th) of one percent appearing on the display designated as Reuters Screen LIBOR01 Page, or such other page as may
replace LIBOR01 on that service (or such other service as may be nominated as the information vendor by the British Bankers’ Association for the purpose of displaying British Bankers’ Association interest settlement rates for U.S. dollar
deposits as the composite offered rate for London interbank deposits). If the aforementioned sources of the LIBOR Rate are no longer available, then the term “LIBOR Rate” shall mean the one month London interbank offered rate for
deposits in U.S. dollars rounded upwards if necessary to the nearest one one-hundredth (1/100th) of one percent as shown on the appropriate Bloomberg Financial Markets Services Screen or any successor index on such service under the heading “USD”. 

Annual B Note Interest Rate: shall be fixed at 10.00%. Monthly installments on the B Note shall be based on a 30 day month/360 day
year. 
 The Annual A Note Interest Rate and the Annual B Note Interest Rate are each or collectively referred to from time to
time as the “Annual Interest Rate”, as the context may require. 
  

	 	(h)	Monthly Payment Terms: Borrower shall pay interest only in advance on the date of Closing and shall then pay interest only on the A Note and, subject to the
terms of Provision 16(g) below, interest only on the B Note, in each case, in arrears, on the first day of the second month following the Closing. Thereafter, Borrower shall make payments of interest only on the A Note and, subject to the terms of
Provision 16(g) below, interest only on the B Note, on the first day of each month through and including the 60th month following the Closing. The entire outstanding principal balance of the Loan together with all accrued interest and all other sums
due under the Loan Documents, shall be paid on the first day of the 61st month following the Closing (the “Maturity Date”). 

  

	 	(i)	Prepayment Lockout Period: Not applicable. 

  

	 	(j)	Expiration Date: 90 days after the Delivery Date. 

  

	 	(k)	Non-Refundable Processing Fee: $25,000.00 

  

	 	(l)	Commitment Fee: 0.50% of the A Note Amount or $360,000.00 

  

	 	(m)	Good Faith Deposit: 1.0% of the Loan Amount, or $900,000.00 

  

	 	(n)	Borrower: New Aventine, L.L.C., a Delaware limited liability company, 200 West Madison, Suite 1700, Chicago, Illinois 60606 Attention: Diane Morefield, Executive
Vice President & Chief Financial Officer. 

 Tax identification number: 20-1231237. 

 

	 	(o)	Liable Party(ies): 

Strategic Hotel Funding, L.L.C., a Delaware limited liability company 

Tax identification number: 36-4200430. 
  

	 	(p)	Broker: Not Applicable.- 

  
 2 

 PROVISIONS 
 2. CLOSING. If all of the terms and provisions of this Application including the Closing Conditions have been fulfilled on or before the Expiration Date set forth on page 1, the disbursement
of the Loan (the “Closing”) shall occur on a date to be specified by MetLife, but in no event shall MetLife be required to close the Loan after the Expiration Date unless MetLife, in its discretion, elects to extend the date of
Closing by written notice to Borrower. 
 3. PROPERTY. “Property” shall mean the Real Property, the Personal
Property and the Intangible Property collectively. “Real Property” shall mean the land which is described in Provision 1(c) (although the actual description of the land will be set forth in the Mortgage) and the
Improvements and all other improvements located on the land, and all fixtures, together with all easements and appurtenances. “Personal Property” shall mean the appliances, equipment, machinery, furnishings, furniture and other
personal property (including intellectual property) at any time located on or used in connection with the Real Property, other than trade fixtures and other personal property of tenants. “Intangible Property” shall mean
Borrower’s interest in all leases, policies of insurance, licenses, franchises, permits, goodwill, trade names, service contracts and other agreements and rights relating to the Real Property. 

4. DOCUMENTATION AND APPROVALS BY METLIFE. Borrower shall execute a note which evidences the Indebtedness (the “Note”), a
mortgage, deed to secure debt, or deed of trust to secure the Note (the “Mortgage”), an assignment of leases (the “Assignment”), an environmental unsecured indemnity agreement (the “Environmental Indemnity
Agreement”) and such other documents as MetLife deems appropriate for the Loan. In addition, the Liable Party shall execute (a) a guaranty to guaranty the obligations of Borrower with respect to the recourse provisions of the Loan
which are set forth in Provision 5(f) of this Application (the “Guaranty”) and (b) the Environmental Indemnity Agreement. The Note, Mortgage, Assignment, and such other documentation as MetLife may require in connection
with the Loan are collectively referred to as “Loan Documents”. The Environmental Indemnity Agreement and Guaranty are not Loan Documents and shall survive repayment of the Loan or other termination of the Loan Documents. The Loan
Documents, the Environmental Indemnity Agreement and the Guaranty shall be in a form Approved by MetLife. Whenever reference is made in this Application or in the Closing Conditions to “MetLife’s Approval” or “Approved
by MetLife”, each term means accepted or approved in writing by an officer of MetLife. 
 5. SPECIFIC PROVISIONS IN LOAN
DOCUMENTS. In addition to any other provisions that MetLife may require, the Note and/or Mortgage shall provide for the following: 
 (a) Late Charge and Default Interest. 
  

	Late Charge:	4% on amounts after 7 day grace period. 

	Default Interest:	4% plus Annual Interest Rate. 

(b) Prepayment Fee and Default Prepayment Fee. The Loan may not be prepaid in whole or in part at any time prior to its
maturity date except as follows: 
 A Note: Commencing on the first day of the first month following the Closing, Borrower may prepay, in
full and not in part, the outstanding principal balance of the A Note portion of the Loan, accrued interest and all other sums due and payable under the Loan Documents (the “A Note Indebtedness”) with a Prepayment Fee on 30
days prior written notice to MetLife. The Prepayment Fee shall be equal to 2.00% if the Loan is prepaid during months 1 through 12 of the Loan term, 1.50% if the Loan is prepaid during months 13 through 24 of the Loan term, 1.00% if the Loan prepaid
during months 25 through 36 of the Loan term, 0.50% if the Loan is prepaid during months 37 through 48 of the Loan term, 0.00% if the Loan is prepaid during months 49 through 60 of the Loan term. 

If the A Note is prepaid on a day other than the last day of a LIBOR interest period, Borrower shall in addition to the prepayment fee specified above,
pay any actual, out-of-pocket, third party LIBOR breakage costs incurred by MetLife as a result of such prepayment. 
 B Note: Commencing
on the first day of the first month following the Closing, Borrower may prepay, in full or in part, the outstanding principal balance of the B Note portion of the Loan, accrued interest and all other sums due and payable under the Loan Documents
(the “B Note Indebtedness”, and together with the A Note Indebtedness, the “Indebtedness”) on 30 days prior written notice to MetLife. Except as set forth below, no prepayment fee will be due with respect to any
prepayment of the B Note. If the A Note is prepaid, the B Note must be concurrently prepaid in full. 

  
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 If a prepayment of all or any part of the Loan is made following an acceleration of the maturity date, the
application of proceeds to the principal of the Loan after a casualty or condemnation, or in connection with a purchase of the Property at a foreclosure sale, then to compensate MetLife for the loss of the investment, Borrower shall pay an amount
equal to the Default Prepayment Fee. Notwithstanding the foregoing, so long as Borrower makes a good faith effort to recover any Prepayment Fee which would be due as a result of a casualty or condemnation, from the insurer in the case of a casualty
or from the condemning authority, then the Default Prepayment Fee due as a result of the casualty or condemnation shall be waived except to the extent recovered by Borrower. The “Default Prepayment Fee” shall be equal to the greater
of (a) the present value of all remaining Partial Monthly Payments of Interest (as defined below), discounted at the rate which, when compounded monthly, is equivalent to the Treasury Rate, compounded semi-annually (to be adjusted in the event
of a partial prepayment), or (b) one percent (1%) of the amount of the principal being prepaid. A “Partial Monthly Payment of Interest” shall be defined as the outstanding principal balance of the A Note multiplied by the
Annual A Note Interest Rate, divided by 360, multiplied by 365 and divided by 12. The number of “remaining” Partial Monthly Payments of Interest to be used in the calculation of the Default Prepayment Fee shall be equal to the number of
remaining monthly installments of interest due on the A Note to and including the Maturity Date. The “Treasury Rate” shall be set forth in the Loan Documents. 
 (c) Deposits for Impositions and Insurance Premiums. Borrower will make monthly deposits of all real estate and other taxes, assessments (collectively,
“Impositions”) and insurance premiums in an amount equal to one-twelfth (1/12) of the annual charges for these items as reasonably estimated by MetLife until such time as Borrower has deposited an amount equal to the
annual charges for these items. Borrower shall pay Impositions and insurance premiums thirty (30) days’ prior to their due date unless Borrower has paid deposits for such amounts to MetLife. The deposits shall be held by MetLife without
interest being payable to Borrower and MetLife may commingle the deposits with other funds of MetLife. 
 Notwithstanding the
foregoing so long as Hotel Manager pays, reserves or sets aside funds on a monthly basis in amounts sufficient to provide for the payment of all real estate and other taxes, assessments (collectively, “Impositions”) and
insurance premiums, as and when due, MetLife will not require deposits of Impositions and insurance premiums as described in the preceding paragraph unless and until the occurrence of any of the following: (i) there is a default under the
Loan Documents, the Guaranty or the Environmental Indemnity Agreement; (ii) Borrower no longer owns the Property; (iii) except as permitted and in accordance with the terms of Provision 5(d)(B), there has been a change in the Borrower or
in the general partners, stockholders or members of Borrower or in the constituent general partners or controlling shareholders or controlling members of any of the entities comprising Borrower; (iv) with respect to Impositions or insurance
premiums, or both, as the case may be, such deposits are required in connection with a securitization or participation of the Loan; or (v) with respect to insurance premiums only, at any time Borrower fails to furnish MetLife, not later than
thirty (30) days before the dates on which any insurance premiums would become delinquent, receipts for the payment of such insurance premiums or appropriate proof of issuance of a new policy which continues in force the insurance coverage of
the expiring policy. Upon the occurrence of any of these events Borrower will make, or will cause Hotel Manager to make, monthly deposits of Impositions and/or insurance premiums, as applicable, to MetLife notwithstanding the fact that the default
may be cured, or that the transfer or change be approved by MetLife. In the event deposits of Impositions and/or insurance premiums are required pursuant to this provision, Borrower will make, or will cause Hotel Manager to make, monthly deposits of
all Impositions and/or insurance premiums, as applicable, in an amount equal to one-twelfth (1/12) of the annual charges for these items as reasonably estimated by MetLife until such time as Borrower has deposited an amount equal to the annual
charges for these items. The deposits shall be held by MetLife without interest being payable to Borrower and MetLife may commingle the deposits with other funds of MetLife. 
 (d) Transfers. 
 (A) Borrower may not cause or permit, directly or
indirectly, (i) any part of the Property or any interest in the Property, to be conveyed, transferred, assigned, encumbered, sold or otherwise disposed of, or (ii) any change in the individual(s) comprising, or in the partners, or
stockholders, or members or beneficiaries of, or the constituent entities owning, directly or indirectly, interests in Borrower from those set forth in this Application, or (iii) any merger, reorganization, dissolution or other change in the
ownership structure of Borrower or any of the general partners or members of Borrower, including, without limitation, any conversion of the Borrower or any member or general partner of Borrower to a limited partnership, a limited liability
partnership or a limited liability company (collectively, “Transfers”), any such Transfers shall be an event of default under the Loan Documents. However, these prohibitions will not apply to (x) transfers

  
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of ownership as a result of the death, or in connection with estate planning, of a natural person to a spouse, son or daughter or descendant of either, or to a stepson or stepdaughter or
descendant of either, or (y) Leases for occupancy of premises within the Improvements undertaken pursuant to and in accordance with the terms Article V of the Mortgage [the provisions of the Mortgage pertaining to Leases and other agreements
affecting the Property]. Borrower shall pay all costs and expenses, including reasonable attorneys’ fees and disbursements, incurred by MetLife in connection with any transfer. MetLife acknowledges that the fact of Borrower or its predecessor
in interest having entered into the Hotel Management Agreement (defined in Provision 15(c)) and Operating Lease (defined in Provision 6(d)), is, in each case, not subject to the prohibitions in this Provision 5(d)A). 

(B) Notwithstanding the prohibitions in Provision 5(d)(A) above, subject to the conditions set forth below, the following Transfers shall
be permitted without MetLife’s consent: 
 (i) Transfers of direct or indirect ownership interests in New Aventine, L.L.C.,
by, among and between Strategic Hotel Funding, LLC, a Delaware limited liability company (“Funding”), and Government of Singapore Investment Corporation (Realty) Pte Ltd. (“GICR”). 

(ii) The issuance, exchange, redemption or other Transfer of common, preferred or other beneficial ownership interests in Strategic Hotels
and Resorts, Inc. (“SHRI”) through the New York Stock Exchange, the NASDAQ national market, or other national or international exchange. 
 (iii) Transfers of ownership interests in Funding provided that at all times, (A) Funding individually or jointly with GICR (either through direct or indirect ownership interests) owns 99% of the
direct and indirect ownership interests of Borrower and Operating Lessee, and Funding individually or jointly with GICR, directly or indirectly Controls Borrower and Operating Lessee, and (B) SHRI owns at least 99% of the ownership interests of
Funding and Controls Funding. 
 Each of the Transfers permitted in Provision 5(d)(B) shall be subject to the following conditions:
(i) after giving effect to the Transfer, the entity that comprises the Borrower shall continue to be able to make the representations and warranties set forth in Provisions 8 and 9 hereof and Borrower shall, upon MetLife’s request, furnish
to MetLife such information as MetLife requests in order for MetLife to conduct due diligence, satisfactory to MetLife, with respect to OFAC, (ii) Borrower shall pay all costs and expenses incurred by MetLife in connection with the Transfer,
including, as applicable, title insurance premiums, documentation costs and reasonable attorneys’ fees and costs, and (iii) MetLife receives written notice thereof not later than thirty (30) days prior to such contemplated transfer.
Any Transfer pursuant to this Provision 5(d)(B) will not relieve Borrower of its obligations under the Note or any other Loan Documents or the Environmental Indemnity Agreement, or Liable Parties of their obligations under the Environmental
Indemnity Agreement, the Guaranty, or under the Loan Documents to the extent applicable. 
 As used in this Provision 5(d),
“Control” means the ability, directly or indirectly, whether through the ownership of voting securities, by contract, or otherwise (including by being a managing member, general partner, officer or director of the person or entity
in question) to both (A) direct or cause the direction of the management, policies, business and affairs of the Person in question, and (B) conduct the day to day business operations of the Person in question. “Controlled by,”
“controlling” and “under common control with” shall have the respective correlative meaning thereto. 

(e) Secondary Financing. It will be an event of default under the Loan Documents if there is (i) any financing in
addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property, or (ii) any pledge or encumbrance of a partnership, member, shareholder or beneficial interest or other direct or indirect
interest in Borrower (individually or collectively, “Secondary Financing”). 
 (f) Exculpation of
Borrower. MetLife will look solely to the Property and the Assignment as security for the repayment of the Loan and will not enforce a deficiency judgment against Borrower except as set forth in this provision. However, nothing contained in
this provision shall limit the rights of MetLife to proceed against Borrower and the general partners of Borrower and/or the Liable Party, if any, (i) to enforce any leases entered into by Borrower or its affiliates as tenant; (ii) to
recover damages for fraud, material misrepresentation, material breach of warranty or waste; (iii) to recover any condemnation proceeds or insurance proceeds or other similar funds which have been misapplied by Borrower or which, under the
terms of the Loan Documents, should have been paid to MetLife; (iv) to recover any tenant security deposits, tenant 

  
 5 

 
letters of credit or other deposits or fees paid to Borrower or prepaid rents for a period of more than 30 days; (v) to recover Rents and Profits [as defined in the Mortgage] received
by Borrower after the first day of the month in which an event of default occurs and prior to the date MetLife acquires title to the Property which have not been applied to the Loan or in accordance with the Loan Documents to operating and
maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or in connection with, the provisions of the Mortgage pertaining to hazardous materials or the Environmental Indemnity Agreement; (vii) to
recover all amounts due and payable pursuant to Sections 11.06 and 11.07 of the Mortgage [the provisions of the Mortgage which refer to out-of-pocket expenses incurred by MetLife] and any amount expended by MetLife in connection with the
foreclosure of the Mortgage; (viii) to recover costs and damages arising from Borrower’s failure to pay any insurance premiums or Impositions in the event Borrower is not required to deposit such amounts with lender pursuant to
Section 5(c) hereof; (ix) to recover damages arising from Borrower’s failure to comply with the provisions of the Mortgage pertaining to ERISA; (x) to recover any damages, costs, expenses or liabilities, including
attorneys’ fees, incurred by MetLife and arising from any breach or enforcement of any “environmental provision” (as defined in California Code of Civil Procedure Section 736, as such Section may be amended from time to time)
relating to the Property or any portion thereof; and/or (xi) in accordance with California Code of Civil Procedure Section 726.5, as such Section may be amended from time to time, limit the right of MetLife to waive the security of the
Mortgage as to any parcel of Real Property that is “environmentally impaired” or is an “affected parcel” (as such terms are defined in such Section), and as to any Personal Property attached to such parcel, and thereafter to
exercise against Borrower, to the extent permitted by such Section 726.5, the rights and remedies of an unsecured creditor, including reduction of MetLife’s claim against Borrower to judgment, and any other rights and remedies permitted by
law. If MetLife exercises the rights and remedies of an unsecured creditor in accordance with clause (xi) above, Borrower promises to pay to MetLife, on demand by MetLife following such exercise, all amounts owed to MetLife under any Loan
Document, and Borrower agrees that it and the Liable Parties, if any, will be personally liable for the payment of all such sums. 
 This limitation of liability shall not apply and the Loan will be a recourse loan in the event that Borrower commences a voluntary bankruptcy or insolvency proceeding or an involuntary bankruptcy or
insolvency proceeding is commenced against Borrower and is not dismissed within 90 days of filing. Notwithstanding the previous sentence, neither Borrower nor Liable Party shall be personally liable for payment of the Loan merely by reason of an
involuntary bankruptcy (irrespective of its duration) as to which the following conditions are satisfied (1) such involuntary bankruptcy is not solicited, procured or supported by Borrower or any Related Person (defined below); (2) there
is no debt or other obligation and there are no creditors, in any case which are prohibited by the Loan Documents; (3) Borrower and each Related Person in such involuntary bankruptcy proceeding will consent to and support and perform all
actions requested by MetLife to obtain relief from the automatic stay and to obtain adequate protection for MetLife; (4) none of the Borrower nor any Related Persons shall propose or in any way support any plan of reorganization which in any
way modifies or seeks to modify any provisions of the Loan Documents or any of MetLife’s rights under the Loan documents; and (5) none of Borrower nor any Related Persons shall propose or consent to any use of cash collateral except with
MetLife’s consent, which may be withheld in MetLife’s sole discretion. As used herein, a “Related Person” shall mean (a) any guarantor or other person or entity which is liable in any way (including contingently
liable) for any part of the Loan, (b) person or entity which has any direct or indirect interest in Borrower or in which Borrower has any direct or indirect interest, or (c) any person who, by reason of any relationship with any of the
foregoing, would be reasonably expected to act in accordance with the request of any of the foregoing. 
 Notwithstanding the
foregoing, the Loan shall be recourse to Borrower and the Liable Party, if any, in the event there is a Transfer or Secondary Financing except as permitted in the Loan Documents or as otherwise Approved by MetLife. 

Notwithstanding anything in this Provision 5(f) to the contrary, the liability of the Liable Party under the Guaranty shall be limited to
(i) an aggregate amount of $50 million, plus (ii) the full amount of any outstanding B Note Accrual Amount, exclusive of the costs of enforcing the Guaranty (the amount under clause (i) and clause (ii), in the aggregate, the
“Guaranty Cap”). Liable Party shall at all times during the term of the Loan maintain a net worth not less than the then current amount of the Guaranty Cap (“Liable Party Minimum Net Worth”). In addition, the
Consolidated Group, as defined in Exhibit B, shall be and remain in compliance with the Minimum Net Worth Requirements (defined in Exhibit B) at all times during the term of the Loan. Liable Party shall provide financial statements and
reports satisfactory to MetLife quarterly evidencing the Liable Party Minimum Net Worth and evidencing compliance with the Minimum Net Worth Requirements. 

  
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 (g) Transfer of Loan. The Loan Documents shall provide that MetLife may, at any time,
sell, transfer or assign all or any portion of the Loan, and its servicing rights with respect to the Loan, grant participations in the Loan or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in the Loan
in a rated or unrated public offering or private placement (the “Securities”). MetLife may forward to each purchaser, transferee, assignee, servicer, participant, investor or prospective investor in such Securities (collectively,
the “Investor”), or any “Rating Agency” rating or assigning value to such Securities, or prospective Investor all documents and information MetLife has with respect to the Loan. Borrower and Liable Party shall provide an
estoppel certificate or any other documents to the Investor or the Rating Agency as may be reasonably requested by MetLife. “Rating Agency” shall mean any credit rating agency which rates or assigns values to Securities. 

(h) Reports. Borrower shall deliver to MetLife in a form satisfactory to MetLife (in addition to other
financial reports related to the Property which may be required) (i) an annual balance sheet and income statement for Borrower, (ii) an ARGUS© valuation file in electronic form which includes, without limitation, a then current rent roll, all income of the Property and all Property expenses, (iii) an
annual operating budget for Borrower presented on a monthly basis for the upcoming twelve month period at least fifteen (15) days prior to the beginning of each calendar year, (iv) a STR and PACE Bookings Report, (v) monthly operating
statements and rent rolls for the Property, STR and PACE Bookings Reports, (vi) an annual income statement for the Hotel, an annual operating budget for the Hotel presented on a monthly basis for the upcoming twelve month period at least
fifteen (15) days prior to the beginning of each calendar year, and monthly operating statements for the Hotel, in the case of each of the foregoing items in this clause (vi), without adjustment for corporate overhead. 

6. LEASES. 

(a) Form of Lease. All existing leases and leases entered into after the Closing (the “Leases”) shall be
assigned to MetLife as security for the Loan. All Leases shall be on a standard form of lease which shall be subject to MetLife’s Approval. Leases entered into after the Closing which are not on the standard form or which do not comply with the
Leasing Guidelines (as defined below) must be Approved by MetLife. 
 (b) Leasing Guidelines.
“Leasing Guidelines” shall mean the guidelines approved in writing by MetLife, from time to time, with respect to the Leasing of the Property. The following are the initial Leasing Guidelines which will be contained in the Mortgage:

  

	 	(i)	All Leases shall be on the standard form of lease approved by MetLife in writing; 

 

	 	(ii)	All Leases shall have an initial term of at least 1 years but not more than 5 years; 

 

	 	(iii)	None of the Leases shall be for more than 1,000 square feet of net leasable area; 

 

	 	(iv)	No Leases shall be entered into if there is an event of default under any of the Loan Documents; and 

 

	 	(v)	All payments of rent, additional rent or any other amounts due from a tenant to a landlord under any Lease shall be made in money of the United States of America that
at the time of payment shall be legal tender for the payment of all obligations. 

 (c)
Subordination. All Leases shall be subordinate to the lien of the Mortgage and shall provide that MetLife may elect to make the Lease superior to the Mortgage and to require the tenant to attorn to MetLife. MetLife may, at its election,
provide a non-disturbance agreement to any tenant. Any tenant to whom non-disturbance is granted shall execute MetLife’s standard form of non-disturbance agreement. Borrower shall pay costs and expenses incurred by MetLife in connection with
granting a non-disturbance agreement. 
 (d) Operating Lease. The Lease Agreement dated as of January 1, 2012
by and between Borrower and New DTRS La Jolla, L.L.C., a Delaware limited liability company (the “Operating Lease”), and any amendments thereto, shall be subordinate to the lien of the Mortgage. 

  
 7 

 7. ENVIRONMENTAL INDEMNITY AGREEMENT. The Environmental Indemnity Agreement will
indemnify and hold MetLife harmless from any losses, costs, damages or liabilities (including without limitation, reasonable attorneys’ fees and disbursements and/or reasonable environmental investigation costs and fees) which result from
the presence of hazardous materials on or under the Property, including costs incurred in enforcement proceedings. The Environmental Indemnity Agreement shall survive repayment of the Loan or other termination of the Mortgage and is not a Loan
Document. 
 8. ERISA REPRESENTATIONS. The Loan Documents shall contain a provision in substantially the following form, effective
as of the date of the Closing: 
 Borrower hereby represents, warrants and agrees that (i) it is acting on its own behalf and that it is not
an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to Title 1 of ERISA, nor a plan as defined in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (each of the foregoing hereinafter referred to collectively as a “Plan”), (ii) Borrower’s assets do not constitute “plan assets” of
one or more such Plans within the meaning of Department of Labor Regulation Section 2510.3-101 and (iii) it will not be reconstituted as a Plan or as an entity whose assets constitute “plan assets”. 

9. REPRESENTATIONS OF BORROWER. Borrower represents that, and agrees to furnish MetLife on request evidence confirming that:
(i) neither Borrower nor any general partner, member, director or officer of Borrower nor, to Borrower’s knowledge any general partner, member or shareholder of any entity which is a general partner, shareholder, or member of Borrower, is
an officer or director of MetLife or is a son, daughter, mother, father or spouse of an officer or director of MetLife; (ii) neither Borrower nor any partner, member, or holder of any direct or indirect ownership interest in Borrower is a
“foreign person” in accordance with those codes and regulations relating to FIRPTA (Sections 1445 and 7701 of the Internal Revenue Code of 1986, as amended); (iii) neither Borrower nor any partner, member or stockholder of Borrower
is, and no legal or beneficial interest in a partner, member or stockholder of Borrower is or will be held, directly or indirectly by persons or entities appearing on a US Treasury Office of Foreign Assets Control
(“OFAC”) list, with respect to which entering into transactions with such a person or entity would violate OFAC or any other law; (iv) the information and statements contained in this Application are true and correct in
all material respects; (v) neither Borrower nor any partner, member or stockholder of Borrower has been convicted of, or been indicted for a felony criminal offense; (vi) neither Borrower nor any partner, member or stockholder of Borrower
is in default under any mortgage, deed of trust, note, loan or credit agreement; and (vii) neither Borrower nor any partner, member or stockholder of Borrower is involved in any litigation, arbitration, or other proceeding or governmental
investigation pending which if determined adversely would materially adversely affect Borrower’s ability to perform in accordance with the Loan Documents. 
 10. FEES AND GOOD FAITH DEPOSIT. The following fees and Good Faith Deposit shall be delivered to MetLife when Borrower submits this Application: 

(a) Non-Refundable Processing Fee. Funds in the amount of the Non-Refundable Processing Fee shall be wire transferred to
MetLife when Borrower submits this Application. If agreed to by MetLife, the Non-Refundable Processing Fee may also be in the form of a cashier’s or certified check. Borrower acknowledges that the Non-Refundable Processing Fee has already been
earned by MetLife and that no portion of this fee will be returned under any circumstances whatsoever. 
 (b) Commitment
Fee. Funds in the amount of the Commitment Fee shall be wire transferred to MetLife when Borrower submits this Application. If agreed to by MetLife, the Commitment Fee may also be in the form of a cashier’s or certified check. If
MetLife accepts this Application, the Commitment Fee shall be retained by MetLife as its fee for acceptance of the Application. If MetLife does not accept this Application, the Commitment Fee shall be returned to Borrower except for any out of
pocket expenses incurred by MetLife in connection with this Application or the Closing Conditions. 
 (c) Good Faith
Deposit. Funds in the amount of the Good Faith Deposit shall be wire transferred to MetLife when Borrower submits this Application. If agreed to by MetLife, the Good Faith Deposit may also be in the form of a cashier’s or certified
check, or a clean irrevocable sight draft letter of credit, issued by a bank and in a form Approved by MetLife. The Good Faith Deposit will be returned to Borrower on the date of the Closing, subject to MetLife’s right to keep the Good Faith
Deposit in the circumstances described below. Borrower agrees that the acceptance of the Good Faith Deposit does not constitute an acceptance of this Application by MetLife. If MetLife does not accept this Application, the Good Faith Deposit shall
be returned to Borrower except for any out of pocket expenses incurred by MetLife in connection with this Application or the Closing Conditions which exceed the amount of the Commitment Fee. 

 

  
 8 

 METLIFE WILL BE ENTERING INTO CONTRACTS WITH OTHER PARTIES IN RELIANCE UPON BORROWER’S FULFILLMENT
OF BORROWER’S OBLIGATIONS UNDER THIS APPLICATION, INCLUDING AGREEMENTS WITH RESPECT TO THE FIXING OF THE INTEREST RATE PRIOR TO THE FUNDING OF THE LOAN. IF BORROWER ATTEMPTS TO REVOKE THIS APPLICATION PRIOR TO THE DATE OF ITS ACCEPTANCE BY
METLIFE OR IF METLIFE ACCEPTS THIS APPLICATION, AND THE TERMS OF THIS APPLICATION AND THE CLOSING CONDITIONS ARE NOT COMPLETED OR SATISFIED BY THE EXPIRATION DATE FOR ANY REASON OTHER THAN AN EXPRESS DEFAULT BY METLIFE HEREUNDER, AND METLIFE DOES
NOT DISBURSE THE LOAN, METLIFE SHALL BE ENTITLED TO LIQUIDATED DAMAGES IN AN AMOUNT EQUAL TO THE AMOUNT OF THE GOOD FAITH DEPOSIT. THESE LIQUIDATED DAMAGES ARE INTENDED TO COMPENSATE METLIFE FOR LOSSES SUSTAINED ON ITS OTHER CONTRACTS, TIME SPENT,
LABOR AND SERVICES PERFORMED, LOSS OF INTEREST AND ANY OTHER LOSS WHICH MIGHT BE INCURRED BY METLIFE IN CONNECTION WITH THIS TRANSACTION. BOTH PARTIES AGREE THAT METLIFE’S DAMAGES AS A RESULT OF A DEFAULT ARE NOT FULLY CAPABLE OF BEING
ASCERTAINED AT THIS TIME AND THE AMOUNT OF LIQUIDATED DAMAGES REPRESENTS BORROWER’S AND METLIFE’S BEST ESTIMATION AT THIS TIME OF THESE DAMAGES. HOWEVER, NOTHING CONTAINED IN THIS PROVISION SHALL RELEASE BORROWER FROM OR LIMIT THE
LIABILITY OF BORROWER FOR THE COSTS AND EXPENSES SET FORTH IN PROVISION 11 OF THIS APPLICATION. 
 11. EXPENSES. Borrower
shall be responsible for payment of all fees, costs, and expenses incurred by MetLife and/or Borrower in connection with the Loan and the transactions contemplated by this Application, including without limitation all survey costs, costs of
inspections and reports required in this Application or in the Closing Conditions, appraisal fees, brokerage commissions, title charges, title insurance premiums, recording charges, architect’s, engineer’s, environmental consultant’s
and reasonable attorney’s fees and expenses, taxes and revenue stamps applicable to the Note and/or Mortgage, travel expenses of MetLife’s Architectural and Engineering Services employees and a real estate tax service contract. These
expenses shall be paid by Borrower even if MetLife does not accept this Application or, if this Application is accepted and MetLife does not disburse the Loan, unless the failure to disburse constitutes a default by MetLife. Borrower’s
obligation for the expenses set forth in this provision is in addition to its obligation to pay the Commitment Fee, Non-Refundable Processing Fee and Good Faith Deposit. 
 12. BROKER. Borrower represents that it has not retained nor otherwise engaged a broker in connection with this Application. MetLife shall have no obligation for, and Borrower shall
indemnify and hold MetLife harmless from, the payment of any brokerage commissions or fees of any kind and any legal fees and/or expenses incurred by MetLife in connection with any claims (by parties other than MetLife or its subsidiaries) for
brokerage commissions or fees with respect to this Application or the Loan. 
 13. PROHIBITIONS ON ASSIGNMENT. Borrower may not
assign or otherwise transfer its rights under this Application whether voluntarily or by operation of law without MetLife’s Approval, which may be given or withheld in its sole discretion. Any assignment or transfer without MetLife’s
Approval or any change in Borrower’s structure (if Borrower is a legal entity other than an individual), including but not limited to, a change in partners, or stockholders, or members, or trustees or beneficiaries, or other constituent
entities owning directly or indirectly interests in Borrower, without MetLife’s Approval, which may be given or withheld in its sole discretion, shall constitute a default and release MetLife from its obligations under this Application. MetLife
may, at its option, assign this Application to, or enter into co-lending arrangements with, its subsidiaries and/or affiliates. 
 14.
SINGLE PURPOSE ENTITY. Borrower shall be a single purpose entity and the Loan Documents and its organizational documents shall provide that Borrower shall not: (i) engage in business other than owning and operating the Property;
(ii) acquire or own a material asset other than the Property and incidental personal property; (iii) maintain assets in a way difficult to segregate and identify or commingle its assets with the assets of any other person or entity;
(iv) fail to hold itself out to the public as a legal entity separate from any other; (v) fail to conduct business solely in its name or fail to maintain records, accounts or bank accounts separate from any other person or entity;
(vi) file or consent to a petition pursuant to applicable bankruptcy, insolvency, liquidation or reorganization statutes, or make an assignment for benefit of creditors without the unanimous consent of its partners or members, as applicable;
(vii) incur additional indebtedness except 

  
 9 

 
for trade payables in the ordinary course of business of owning and operating the Property, provided that such indebtedness is paid within 90 days of when incurred, and Permitted Debt (as
provided and in accordance with Provision 16(l)); (viii) dissolve, liquidate, consolidate, merge or sell all or substantially all of its assets; or (ix) modify, amend or revise its organizational documents with respect to any of the
foregoing matters described in this Provision 14. 
  

	15.	MISCELLANEOUS. 

(a) The rights and obligations of the parties with respect to this Application, the Closing Conditions and any commitment
resulting from the acceptance by MetLife of the offer contained in this Application, shall be determined in accordance with the laws of the state of New York. The rights and obligations of the parties with respect to the Loan Documents, the
Environmental Indemnity Agreement and the Guaranty shall be determined in accordance with the laws of the state in which the Property is located. 
 (b) All waivers of any breach or default must be in writing to be effective. No waiver shall be deemed or construed to be a waiver of any other breach or default. The failure on the part of either
party to complain of any act, or failure to act, or to declare the other party in default shall not constitute a waiver by such party of its rights under this Application or the Closing Conditions. 

(c) This Application and the Closing Conditions contain the entire agreement and understanding of the parties with respect to the
Loan. All prior discussions, negotiations, commitments, and understandings related to the Loan are merged into this Application and the Closing Conditions. Except for the exercise of unilateral rights which are granted to a party under this
Application or the Closing Conditions, this Application cannot be changed, modified or amended except by an instrument in writing signed by the affected party. Titles used in this Application and the Closing Conditions are for convenience only and
neither limit nor amplify their provisions. 
 (d) Time is of the essence with respect to the performance of
Borrower’s obligations contained in this Application and the Closing Conditions. 
 (e) In order to expedite the
transaction contemplated herein, a telecopy of, or an electronic PDF file with, signatures may be used in place of original signatures on this Application. Borrower and MetLife intend to be bound by the signatures on the telecopy or PDF file
document, are aware that the other party will rely on the telecopy or PDF file signatures, and hereby waive any defenses to the enforcement of the terms of this Application based on the form of signature. 

(f) At Closing, all information contained in material submitted by Borrower shall be true and correct without material, adverse
change and Borrower shall so certify. Except as may be otherwise permitted by MetLife neither Borrower, nor any person or entity comprising Borrower which is a partner, member or shareholder of Borrower, nor any liable party, nor any tenant or
combination of tenants renting 10% or more of the space in the Improvements, nor any guarantor of any lease of 10% or more of the space in the Improvements shall be involved as a debtor in a bankruptcy or reorganization proceeding. Except as may be
otherwise permitted by MetLife, no part of the Property shall have been damaged and not repaired to MetLife’s satisfaction nor taken in condemnation, or involved in a pending condemnation proceeding. 

 

	16.	ADDITIONAL APPLICATION PROVISIONS. 

 (a) Capital Reserve. Borrower shall, at Closing, deposit $12,000,000.00 (“Capital Reserve”) into a non-interest bearing escrow account with MetLife for renovation of the
guest rooms and bathrooms and lobby corridors and certain capital improvements to the property identified and recommended in the Building Consultant, Ltd. Report dated May 26, 2010 (collectively, “Renovations”), which items
shall be completed as required by MetLife to MetLife’s satisfaction not later than twenty-four (24) months after the Closing. The Capital Reserve shall represent 100% of the estimated cost to complete the Renovations. For purposes of
Provision 5(f) of the Application, the Capital Reserve shall be deemed to be part of the Property. 
 MetLife shall
disburse amounts from the Capital Reserve to reimburse Borrower for the costs incurred in connection with the Renovations upon Borrower’s request and satisfaction by Borrower of certain conditions and the delivery of certain items required by
MetLife. Borrower will be permitted to request disbursements from the Capital Reserve one time per calendar month in amounts not less than $100,000. Renovations work shall be overseen by a general contractor, acceptable to MetLife, who will manage
the Renovations work and prepare documentation for draw requests. MetLife will have the right to inspect work during the process and prior to final disbursement of Capital Reserve funds. The capital reserve budget and any changes thereto, for the
Renovations shall be subject to MetLife’s approval. 

  
 10 

 (b) Licenses and Permits. All authorizations, licenses and permits, including
without limitation, operating permits, liquor licenses and all other authorizations or permits necessary or appropriate for the Improvements to be fully operated as a first-class hotel shall have been validly obtained, paid for and be in full force
and effect. These authorizations, licenses and permits shall, to the extent permitted by law, be assigned to MetLife as additional security for the Loan. 
 (c) Management Agreement. The Hotel Management Agreement (as defined below) shall be in full force and effect and Manager (as defined below) shall have no defenses or claims
against Borrower with respect thereto, and MetLife shall be furnished with evidence satisfactory to MetLife, including but not limited to an estoppel certificate from Manager, that the foregoing are true as of the Closing of the Loan. The Hotel
Management Agreement shall be subordinated to the lien of the Mortgage pursuant to a subordination and nondisturbance agreement (“Subordination of Hotel Management Agreement”) which is to be insured under MetLife’s title
policy, and further shall be assigned to MetLife as additional security for the Loan. The Subordination of Hotel Management Agreement and the assignment agreement shall be in recordable form and subject to MetLife’s approval. 

The term “Hotel Management Agreement” shall mean the agreement dated as of September 20, 1985, as amended by
amendments dated July 25, 1986, July 24, 1987, August 31, 1988, Letter dated June 30, 1999, Assignment and Assumption of Leases, Contracts, Licenses, Warranties and Permits dated March 2001, Letter dated
February 5, 2003, Letter dated August 22, 2003, Assignment and Assumption of Leases, Contracts, Licenses and Permits dated June 29, 2004, Letter dated April 4, 2006, Letter dated April 3, 2007 and Assignment and Assumption
of Management Agreement and Manager Consent dated August 31, 2007 between New DTRS La Jolla, L.L.C. (or its predecessor in interest) and Hyatt Corporation (the “Hotel Manager”), which Hotel Management Agreement shall be subject
to MetLife’s approval. Any amendment or modification of the Hotel Management Agreement or new or subsequent agreements providing for the management and operation of the Hyatt Regency at Aventine Hotel shall also be subject to MetLife’s
approval. 
 (d) Accounts Receivable. The Accounts Receivable (as defined below) and all other property
required to be assigned to MetLife as additional security for the Loan shall be assigned to MetLife as collateral security for the Loan. The term “Accounts Receivable” shall mean any right of Borrower, arising from the operation of
the Property, to payment for goods sold or leased, for services rendered, or for the rental or use of the Property, whether or not yet earned by performance, including, without limiting the generality of the foregoing, (i) all accounts arising
from the operation of the Property, and (ii) all rights to payment from any consumer credit or charge card organization or entity (such as or similar to the organizations or entities which sponsor and administer the American Express Card, the
Visa Card, the Carte Blanche Card and the Master Card). Accounts Receivable shall include all of the foregoing rights to payment, whether now existing or hereafter created, and all substitutions therefor, proceeds thereof (whether cash or non-cash,
movable or immovable, tangible or intangible) received upon the sale, exchange, transfer, collection or other disposition thereof or substitution therefor, and all of the proceeds from all of the foregoing. 

(e) Furniture, Fixtures and Equipment. MetLife shall require a first lien security interest on all furniture, fixtures and
equipment, and any reserve(s) for such items held by the Hotel Manager, located on or used in connection with the Real Property or its occupancy or operation, including but not limited to restaurant equipment. Borrower shall execute and deliver to
MetLife a security agreement with a complete inventory of the furniture, fixtures and equipment located on or used in connection with the Real Property. Proof satisfactory to MetLife shall be furnished that all furniture, fixtures and equipment have
been paid for in full. If any equipment is leased and MetLife consents to such leasing, MetLife shall have the right to approve the terms of any leases and to receive an assignment of the tenant’s interest in any leased equipment. MetLife shall
also receive from the lessor of such equipment (i) an estoppel certificate reflecting the lease agreement and the defaults, if any, of Borrower under the lease agreement, and (ii) an agreement providing that if MetLife shall ever become
the owner of the Real Property, such lessor’s lease, at MetLife’s option, may be assumed by MetLife at the same rental charges, and under the same terms and conditions as are presently contained in such lease. Any lease referred to in the
preceding sentence shall be subject to MetLife’s Approval. 
 (f) Security for Loan. For purposes of
Provision 5(f) of the Application, the licenses and permits, the Capital Reserve, the Hotel Management Agreement, the Accounts Receivable, Impounds for Impositions or Insurance Premiums, Furniture, Fixtures and Equipment and any Reserve for the
replacement of Furniture, Fixtures and Equipment shall be deemed to be part of the Property. 

  
 11 

 (g) Continuous Operations. The Property shall be continuously open for
business with the public and operated as a full service hotel, sports facility and spa, and restaurant, without interruption unless otherwise approved by MetLife in its commercially reasonable discretion, except in the event of (i) casualty or
condemnation, (ii) a force majeure event, such as but not limited to, inclement weather, strike or labor stoppage, riot or other civil unrest, and closings ordered or recommended by governmental authorities, and/or (iii) temporary, rolling
closures of portions of the Property for customary repairs and maintenance and/or room renovations or other capital improvements; provided however, without limitation of the foregoing, (A) in no event shall more than 20% of the guest rooms at
the Property be closed at any one time, and (B) in no event shall any closure of any single part of the Property continue for more than four (4) months. Any renovations, capital improvements and/or repairs and/or closures of the Property
that would violate the conditions set forth in clauses A or B shall require MetLife’s consent in its sole discretion. 

(h) Lockbox Agreement. At Closing, Borrower shall deliver an active present assignment (“Lockbox
Agreement”) to MetLife of rents, issues and profits (“Rents”) derived from the Property and operations relating to the Property. The Lockbox Agreement shall require (i) all tenants under leases (and similar
income producing agreements) at the Property, which do not pay Rent directly to the Hotel Manager, to pay all Rents directly to the depository institution selected by Lender to accept Rents (the “Lockbox”), and (ii) the Hotel
Manager to pay directly to the Lockbox, all Rents of the Hotel net of all of Hotel Manager’s costs and expenses of operation of the Hotel (including without limitation, payment of any amounts required to be paid to Hotel Manager under the Hotel
Management Agreement), and deposits to operating accounts and reserves required under the Hotel Management Agreement in order to ensure the uninterrupted and continuous operation of the Property. The sums held in the Lockbox shall be applied, absent
a default, to pay, the following in the following order of priority, as they become due: (a) deposits for Impositions and insurance premiums, as applicable, pursuant to Provision 5(c); (b) A Note debt service (“Monthly A Note
Payment”), (c) B Note debt service (“Monthly B Note Payment”), and to the extent funds are available (d) (1) an Asset Management Fee (defined below) to Strategic Hotels & Resorts (“Monthly
Asset Management Fee”) and as applicable, then (2) the Asset Management Fee Accrual Amount, and the remaining balance, if any, to (e) (1) any B Note Accrual Amount, and then (2) amortization of the original principal
amount of the B Note. The amount of the Asset Management Fee shall be equal to the greater of (i) one percent (1.0%) of Gross Revenues (as defined in the Hotel Management Agreement) of the Hotel, or (ii) three and one-half percent
(3.5%) of EBITDA determined in accordance with generally accepted accounting principles; provided that for purposes of the Loan, EBITDA shall mean Hotel earnings before interest, income taxes, depreciation and amortization and before payment,
if any, of any Asset Management Fees or Asset Management Fee Accrual Amount. The calculation of the Asset Management Fee and Asset Management Fee Accrual Amount is subject to the review and approval by MetLife. 

Notwithstanding the terms of the preceding paragraph, in the event that net cash flow, as determined by MetLife in is sole discretion, in
any month is insufficient to pay the next Monthly B Note Payment, the unpaid amount of the Monthly B Note Payment for such month (each such unpaid monthly amount and all such amounts, together in the aggregate the “Monthly B Note Accrual
Amount) shall be added to the principal balance of the B Note; interest on the Monthly B Note Accrual Amount shall accrue and compound monthly at the B Note Annual Interest Rate (the Monthly B Note Accrual Amount plus all accrued and compounded
interest thereon shall be referred to in the aggregate as the “B Note Accrual Amount”). In no event shall more than twenty four (24) months of Monthly B Note Payments (or portions of a Monthly B Note Payment) be accrued during
the Loan Term, nor shall the aggregate Monthly B Note Accrual Amount exceed Four Million Dollars ($4,000,000) during the Loan Term (“B Note Accrual Cap”). In addition, in the event that net cash flow, as determined by MetLife in is
sole discretion, in any month is insufficient to pay the next Monthly Asset Management Fee due to be paid, the unpaid amount of the Monthly Asset Management Fee for such month (each such monthly amount and all such amounts, together in the aggregate
the “Asset Management Fee Accrual Amount), may be accrued. For purposes of the Loan, the Asset Management Fee Accrual Amount shall not accrue interest. All aspects of the Asset Management Fee and Asset Management Fee Accrual Amount shall
in all events be subordinate to the lien of the Mortgage and Borrower shall cause to be delivered to MetLife, prior to and as a condition to Closing, written agreement by Strategic Hotel Funding, L.L.C. of such subordination, among other terms, in
form and substance reasonably acceptable to MetLife. 
 (i) Independent Director. In addition to the requirements
set forth in this Application, the board of directors of Borrower or its special purpose entity general partner, if applicable, must include at least one independent director (or its equivalent if Borrower is an entity other than a
corporation) who is not employed by, related to or affiliated with Borrower or with any entity or person which is a constituent member of Borrower. The independent director shall be subject to the approval of the then holder of the Loan.

  
 12 

 (j) Non-Consolidation Opinion. In addition to the requirements set forth in
the Application, MetLife may require a “non-consolidation” opinion Approved by MetLife from Borrower’s counsel in the form customarily required for loan securitizations. The non-consolidation opinion shall include opinions to the
effect that (i) the assets of Borrower shall not be consolidated with the assets of Borrower’s general partner(s), managing member(s) or principal shareholder(s), as the case may be (“Controlling Party”) or any
other person or entity owning directly or indirectly more than a 49% interest in Borrower in the event of a bankruptcy or insolvency of such persons or entities, and (ii) the assets of the Controlling Party shall not be consolidated with the
assets of any persons or entities owning directly or indirectly more than 49% of the Controlling Party in the event of a bankruptcy or insolvency of such persons or entities. 
 (k) Interest Rate Protection. At or prior to the Closing Date, Borrower shall enter into an interest rate cap agreement (Initial Interest Rate Cap) with a LIBOR Strike Rate (LIBOR 30 days)
of not greater than 2.50% (resulting in an Annual Interest Rate for the A Loan of 6.50%) for a term of not less than one year and not greater than 3 years in duration. Not later than 30 days prior to the expiration of the Initial Cap Agreement and
any Replacement Cap Agreement, Borrower shall enter into an Interest Rate Cap Agreement (the “Replacement Cap Agreement”, and together with the Initial Cap Agreement and any subsequent replacement or renewal of either of them,
collectively, the “Rate Cap Agreement”), which shall protect against an increase in interest rates which would cause the Debt Service Coverage Ratio to be less than 1.10. Each Replacement Cap Agreement shall have a
term of not less than one year and comply with all terms of this Provision 16(k). Each Rate Cap Agreement (i) shall be in form acceptable to MetLife, (ii) shall be with a counterparty acceptable to MetLife and which counterparty shall have
a credit rating of “A2” or better by Moody’s Investors Service, Inc., and “A” or better by Standard and Poor’s Rating Group, (iii) shall direct such acceptable counterparty to deposit any and all payments due under
the Rate Cap Agreement directly into an account designated by MetLife so long as any portion of the Loan remains outstanding, provided however, for purposes of this requirement, the Loan shall be deemed to be remaining outstanding if the Property is
transferred to MetLife (or its nominee or designee) by judicial foreclosure or non-judicial foreclosure or by deed-in-lieu thereof, (iv) [reserved], and (v) shall have an initial notional amount equal to the principal balance of the
Loan. Borrower shall collaterally assign to MetLife all of its right, title and interest to receive any and all payments under the Rate Cap Agreement, and shall deliver to MetLife an executed counterpart of such Rate Cap Agreement which shall by its
terms authorize the assignment to MetLife and require that payments be deposited directly into the account as shall be designated by MetLife. Borrower shall comply with all of its obligations under the Rate Cap Agreement. All amounts paid by the
counterparty under the Rate Cap Agreement to Borrower or MetLife shall be deposited immediately into such account as shall be designated by MetLife. The Rate Cap Agreement and the aforesaid account designated by MetLife shall be deemed to be part of
the “Property” for purposes of Provision 5(f) of the Application. Borrower shall take all actions reasonably required by MetLife to enforce MetLife’s rights under the Rate Cap Agreement in the event of a default by the
counterparty and shall not waive, amend or otherwise modify any of its rights thereunder. In the event of a downgrade, withdrawal or qualification of the rating of the counterparty by Moody’s Investors Service, Inc., or by Standard &
Poor’s Ratings Group, at MetLife’s option, Borrower shall replace the Rate Cap Agreement with a replacement Rate Cap Agreement with a counterparty acceptable to MetLife not later than ten (10) business days following receipt of notice
from MetLife of such downgrade, withdrawal or qualification. In the event that Borrower fails to purchase, deliver and/or maintain the Rate Cap Agreement or any replacement thereof as required hereby, MetLife may (in addition to exercising any of
its other rights and remedies) purchase such Rate Cap Agreement or any replacement thereof and the costs incurred by MetLife in purchasing and maintaining the same shall be paid by Borrower with interest thereon at the default rate from the
date such cost was incurred by MetLife until such cost is paid by Borrower to MetLife. In connection with the Rate Cap Agreement, Borrower shall obtain and deliver to MetLife at the Closing and at the time of each renewal or replacement of the Rate
Cap Agreement, an opinion of counsel for the counterparty (upon which MetLife and its successors and assigns may rely) in form, scope and substance acceptable to MetLife regarding the authorization of the counterparty, the legality, validity,
and binding effect of the Rate Cap Agreement, and such other matters as MetLife shall reasonably require. In each instance prior to purchasing a Rate Cap Agreement, Borrower shall provide a copy of its bid package to MetLife for MetLife’s
review and approval for conformity with the requirements set forth herein. The obligation to purchase and maintain the Rate Cap Agreement and any replacement thereof shall be fully recourse to Borrower and the Liable Parties. 

As used herein the following terms shall have the following meanings. 

“Debt Service Coverage Ratio” shall mean the ratio of Projected Adjusted Net Operating Income derived from the
Property divided by the aggregate annual Projected Debt Service Payments, as reasonably determined by MetLife. 

  
 13 

 “Total Revenue” means, without duplication,
(A) all revenue, derived from the ownership and/or operation of the Hotel, Sporting Club and Restaurant, from whatever source, including, but not limited to, Rents, but (B) excluding sales, use and occupancy or other taxes on receipts
required to be accounted for by Borrower to any governmental authority, security deposits, refunds and uncollectible accounts, proceeds of casualty insurance and condemnation awards (other than rental insurance or other loss of income insurance),
income from the sale of Furniture, Fixtures and Equipment and any disbursements from the Capital Reserve Account. 

“Operating Expenses” means the sum of (i) departmental expenses, (ii) undistributed operating expenses,
(iii) management fees, (iv) insurance, (v) real estate taxes, (vi) rental payments (made pursuant to the Cafe Japengo lease dated July 2, 1999 and amended October 19, 2000), (vii) other required disbursements to
the owner of the office building adjacent to the Property in accordance with the Declaration of Covenants, Easements and Restrictions (Aventine) dated July 2, 1999, and (viii) deposits to reserves to replace furniture, fixtures, and
equipment held by Hotel Manager. Operating Expenses shall exclude (a) incentive management fees, (b) Operating Lease payments with respect to the Hotel which are payable after payments of debt service with respect to the Loan pursuant to
the Hotel Management Agreement, (c) total debt service for such period, (d) financing costs, (e) depreciation and amortization, (f) capital expenditures, (g) capital improvements, (h) income taxes, (i) sales, use
and occupancy or other taxes on receipts and (j) all other non-cash charges or expenses. 
 With respect to Total Revenues
and Operating Expenses, the above definitions are based on the Uniform System of Accounts for the Lodging Industry (Tenth Revised Edition). 
 “Projected Adjusted Net Operating Income” means Total Revenues less Operating Expenses for the Property, in each case as projected by the Borrower for the succeeding twelve month
period. 
 “Projected Debt Service Payments” means the total Projected Debt Service Payments for the A
Note and the B Note during the fiscal period being evaluated, determined by MetLife as follows:. 
 Projected Debt Service
Payments for the A Note will be the product of (a) the Estimated Annual Interest Rate for the A Note multiplied by (b) $72 million. The “Estimated Annual Interest Rate” for the A Note for the succeeding twelve month period
shall be the sum of (x) the average forward LIBOR – 30 day rate (based on the forward LIBOR – 30 day Rate derived from Bloomberg or other similar service) plus (y) 400 basis points, but in no event shall the Estimated Annual
Interest Rate for the A Note be less than 4.50%. 
 Projected Debt Service Payments for the B Note will be the product of
(c) the Annual B Note Interest Rate multiplied by (d) the outstanding principal balance of the B Note at the time of determination including any outstanding B Note Accrual Amount. 

(l) Permitted Debt. Borrower and Operating Lessee shall be allowed to incur the following indebtedness and obligations
(“Permitted Debt”), which other than the Loan under the following clause (i) shall not be secured by the Property: (i) the Loan and any related obligations to MetLife, (ii) unsecured amounts payable for or in respect
of the operation of the Property incurred in the ordinary course of Borrower’s business (“Trade Payables”), paid by Borrower within sixty (60) days of incurrence, provided that in no event shall the aggregate amount of
such Trade Payables incurred by Borrower exceed two percent (2%) of the aggregate Loan Amount, (iii) capital lease obligations incurred in the ordinary course of business and operation of the Property, but in no event shall the annual
scheduled debt service on such indebtedness or obligations exceed the aggregate amount of $250,000.00, (iv) any management fees accrued in accordance with the terms of the Management Agreement but which are not yet due and payable,
(v) subject to the terms and conditions of Provision 5(c), Impositions not yet due and payable or delinquent, or which are being diligently contested in good faith provided that Borrower shall have first deposited cash (or other security
approved by MetLife such as a bond or letter of credit) with MetLife as a reserve in an amount that MetLife determines is sufficient to pay the Impositions plus all fines, interest, penalties and costs which may become due pending the determination
of the contest, and (vi) indebtedness relating to liens in respect of Property or assets imposed by law which were incurred in the ordinary course of business (individually or collectively as the context requires, “Mechanics’
Lien(s)”), such as carriers’, warehousemen’s, landlord’s, mechanic’s, materialmen’s, repairmen’s and other similar liens arising in the ordinary course of business, and liens for workers’ compensation,
unemployment insurance and similar programs, in each case arising in the ordinary course of business which are either not yet due and payable, or which are being diligently contested in good faith

  
 14 

 
provided that Borrower shall have first deposited cash (or other security approved by MetLife such as a bond or letter of credit) with MetLife as a reserve in an amount that MetLife determines is
sufficient to pay the Mechanic’s Lien plus all fines, interest, penalties and costs which may become due pending the determination of the contest. 
 17. CLOSING CONDITIONS. If MetLife accepts this Application, its obligations shall be conditioned upon the fulfillment by Borrower of the terms of this Application as well as each of the
Closing Conditions attached as Exhibit A. 
 18. IRREVOCABLE OFFER. This Application constitutes an offer to borrow which
shall be irrevocable by Borrower for a period of 40 days following the date this Application has been received by MetLife, together with the Commitment Fee, the Non-Refundable Processing Fee and the Good Faith Deposit. MetLife may accept this offer
by signing in the space provided on the enclosed copy and mailing the signed copy to Borrower. If MetLife accepts this offer to borrow, this Application shall constitute a commitment that shall be binding upon Borrower and MetLife and enforceable by
both parties. If MetLife does not accept this offer within this 40 day period, this Application shall be void (except provisions that impose obligations on the Borrower even if this Application is not accepted) unless MetLife, having the sole
option to do so, extends the period in which this Application is irrevocable and the Expiration Date for 10 days by written notice to Borrower. 
  

							
	Dated: August 3rd, 2012	 		 	 NEW AVENTINE, LLC

A Delaware limited liability company

				
		 		 	By:	 	/s/ Diane M. Morefield
		 		 	Name:	 	Diane M. Morefield
		 		 	Title:	 	Executive Vice President/Chief Financial Officer

 MetLife hereby accepts this Application this 12th day of September, 2012. 

 

							
		 		 	 METROPOLITAN LIFE INSURANCE COMPANY,
 a New York corporation

				
		 		 	By:	 	/s/ John D. Menne
		 		 	Name:	 	John D. Menne
		 		 	Title:	 	Managing Director

 ECOA Notice. If this Application is not accepted by MetLife, Borrower has the right to a written statement of the
specific reasons for the non-acceptance. To obtain the statement, please contact the person whose name, address and telephone number is set forth below as Borrower’s Loan Representative, within 60 days from the date Borrower is notified of
MetLife’s decision. MetLife will send to Borrower a written statement of reasons for the denial within 30 days of receiving Borrower’s request for the statement. 
 Notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age
(provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the
Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission—Equal Credit Opportunity—Washington, D.C. 20580. 

USA Patriot Act Notice. In accordance with the USA Patriot Act, notice is hereby given that MetLife intends to obtain, verify and record
information related to Borrower’s identity in connection with the transaction contemplated by this Application. In connection with the foregoing, Borrower hereby consents to MetLife seeking and obtaining information that will allow MetLife to
verify Borrower’s identity including requesting identifying documents (such as in the case of an individual, a driver’s license or other identifying documents), checking references with financial institutions and using commercially
available information and databases to verify Borrower’s identity. 
 California Insurance Notice. Borrower is advised of the
provisions of California Civil Code Section 2955.5 (a), which provides that “No lender shall require a borrower as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks
to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property.” 

  
 15 

 LOAN REPRESENTATIVE: 
 Mark Fritz 
 MetLife – Real Estate Investments 

333 South Hope Street, Suite 3650 
 Los Angeles,
CA 90071 
 Telephone:  213-576-1866 
 Facsimile:   213-627-4334 
 Main:
         213-625-3700 

  
 16 

 EXHIBIT A 

CLOSING CONDITIONS 

Following is a summary list of MetLife’s due diligence conditions. Each of the items below shall be delivered by Borrower within the time frame set
forth below and is subject to MetLife’s Approval. 
 GENERAL REQUIREMENTS 

 

	1.)	Certified financial statements – for Borrower and for Strategic Hotel Funding, L.L.C. (within 7 days after Delivery Date). 

 

	2.)	Certified current operating expense statement and budget for Property (within 7 days after Delivery Date). 

 

	3.)	Leases – the standard form of lease, if any, and each Lease affecting the Improvements including all amendments (within 7 days after Delivery Date).

  

	4.)	Certified Rent Roll – listing all tenants (within 7 days after Delivery Date). 

 

	5.)	MAI appraisal – an appraisal of the Property based on the “As—Is” value of the Property as determined in a self-contained narrative appraisal
report (USPAP compliant) prepared by a MAI appraiser retained by MetLife (within 21 days after the Delivery Date). 

  

	6.)	Tenant estoppel certificates – from all tenants (within 25 days after MetLife’s acceptance of this Application). 

 

	7.)	Evidence regarding Leasing Commissions – evidence that all agreements to pay leasing commissions, brokers fees or management fees are subordinate to the
Mortgage and shall not be enforced against MetLife (within 25 days after MetLife’s acceptance of this Application). 

  

	8.)	Subordination, non-disturbance and attornment agreements (“SNDA”) – from tenants as requested by MetLife (within 25 days after MetLife’s
acceptance of this Application). Within such time period, Borrower shall also provide any information in Borrower’s possession, or will request such information from the respective tenant(s) if not in Borrower’s possession, with respect to
any tenant(s) from whom an SNDA is sought, as is reasonably necessary for MetLife to complete its Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) due diligence procedures in accordance with MetLife’s
current policies. 

 ARCHITECTURAL REQUIREMENTS 

 

	1.)	Plans and Specifications, Architectural Reports and Flood Zone Information. Within 7 days after delivery of the Application, (i) 2 copies of detailed
plans and specifications or a PDF electronic version and 1 paper copy, (ii) any existing reports or studies such as environmental, architectural, geotechnical, structural, mechanical, electrical, plumbing, vertical transportation, curtain wall
and construction and (iii) evidence showing that no part of the Improvements or parking areas is located within a flood zone. 

  

	2.)	Property Condition Assessment (“PCA”). MetLife and its representatives, including an engineering or architectural firm designated by MetLife,
shall have the right, at Borrower’s expense to perform a PCA or other inspections of the Improvements deemed necessary by MetLife. MetLife shall not be obligated to disburse the Loan unless all matters disclosed by or reflected in the
inspections conducted by MetLife have been Approved by MetLife. In the event that MetLife and Borrower agree that Borrower shall provide the PCA, then 3 copies of the PCA and a letter Approved by MetLife permitting MetLife to rely on the PCA shall
be provided to MetLife within 21 days after MetLife’s acceptance of the Application. 

  

	3.)	Probable Maximum Loss Study (“PML”). The PML Study is a required component of the PCA for properties located within high risk
seismic zones defined by the Uniform Building Code to be Zones 3 and 4. This study must be conducted by a consultant Approved by MetLife and must be satisfactory to MetLife in its sole discretion. 

	4.)	Environmental Site Assessment (“ESA”). The Real Property shall not have been used for the disposal or storage of hazardous wastes
or toxic materials or otherwise subjected to hazardous wastes or toxic materials. MetLife, at Borrower’s sole cost and expense, shall have an engineer or environmental consultant Approved by MetLife perform an ESA and, if deemed necessary by
MetLife additional investigations and reports, including, without limitation, a Phase II site investigation and environmental audit of the Real Property and the immediate surrounding area in accordance with MetLife’s guidelines. Borrower shall
comply fully with all of the requirements and recommendations set forth in the reports and if appropriate, revised reports will be obtained and forwarded to MetLife. In the event that MetLife and Borrower agree that Borrower shall provide the ESA
then 3 copies of the ESA and a letter Approved by MetLife permitting MetLife to rely on the ESA shall be provided to MetLife within 21 days after MetLife’s acceptance of the Application. 

 

	5.)	Streets and Utilities. Evidence that (i) all streets adjoining the Land have been completed, dedicated and accepted for maintenance and public use by
the appropriate governmental authorities, (ii) there is access from the streets adjoining the Land to the Real Property sufficient to support the operation of the Property for its intended use, and (iii) all utilities for the Improvements
enter the Land from public streets or through valid easements Approved by MetLife. 

  

	6.)	Survey and Surveyor’s Certificate. Within 21 days after acceptance of the Application by MetLife, Borrower shall provide for MetLife’s Approval
a survey and licensed surveyor’s certificate dated after completion of the Improvements and not more than 90 days prior to the Expiration Date. The survey shall be made in accordance with the 2011 Minimum Standard Detail Requirements for
ALTA/ACSM Land Title Surveys including Items from Table A thereof as required by MetLife. In addition, the survey shall show any material property specific physical matters reasonably required by MetLife. 

LEGAL REQUIREMENTS 
  

	1.)	Title and Title Insurance. Borrower shall furnish a title commitment and copies of all recorded documents affecting title within 7 days after acceptance
of the Application. The Mortgage shall be a first lien on the unencumbered, marketable, fee simple absolute title to the Real Property free of any (a) mechanics’ or materialmen’s liens which are or may become prior to the Mortgage, or
(b) special assessments for work completed or under construction on the Closing date. All title exceptions and endorsements shall be subject to MetLife’s Approval. Reciprocal easement agreements, operating covenants and all other
agreements affecting the use and occupancy of the Real Property in common with others shall be subject to MetLife’s Approval. Easements which benefit the Property shall not be affected by a tax foreclosure sale of the property through which the
easements run. 

 The pro-forma title insurance policy shall be delivered to MetLife no later than 25 days after
the acceptance of the Application insuring MetLife as the holder of the Mortgage. The title policy or policies, including endorsements required by MetLife, shall be issued by a company or companies Approved by MetLife and in a form Approved by
MetLife, with reinsurance as may be required by MetLife and shall be delivered at Closing. In addition, co-insurance shall be provided for loans of more than $100,000,000. 

 

	2.)	Personal Property. Borrower shall furnish MetLife with preliminary UCC searches on the Borrower and all principals of the Borrower within 21 days after
acceptance of the Application. A first priority security interest in the Personal Property shall be created by the Mortgage or such other UCC instrument as MetLife shall reasonably require and be properly perfected under applicable state law.

  

	3.)	Organizational Documents and Authorizations. Within 21 days after acceptance of the Application, Borrower shall submit organizational documents,
incumbency certificates and borrowing authorizations for itself and all Liable Party. 

	4.)	Opinions. MetLife shall be represented by counsel selected by it. At the Closing, Borrower’s counsel and, if requested by MetLife, MetLife’s
counsel, shall deliver to MetLife an opinion addressed to MetLife, which shall be subject to MetLife’s Approval, concerning the legality, validity, enforceability and binding effect of all documents required in connection with the Loan. A draft
opinion letter shall be delivered to MetLife no later than 21 days after the acceptance of the Application by MetLife. 

  

	5.)	Compliance with Governmental and Other Requirements. Within 21 days after acceptance of the Application, Borrower shall furnish for MetLife’s
Approval evidence establishing that (1) the Real Property, the Improvements and their use comply with all (a) applicable zoning, subdivision, environmental, fire safety, building and other governmental laws, ordinances, codes, regulations
and orders, and (b) all applicable state and federal laws with respect to design and construction, including but not limited to the Fair Housing Act of 1968 (as amended), the Americans with Disabilities Act of 1990, and (c) all covenants,
conditions or restrictions affecting the Real Property and (2) the Property is a separate subdivided lot with a separate tax assessment and billing and (3) the zoning and/or subdivision approval is based solely on the Real Property and on
no other real property. This evidence may include, without limitation, (i) a certificate of Borrower, (ii) a certificate or certificates of occupancy, (iii) title insurance endorsements, (iv) letters from governmental agencies,
and (v) to the extent there is no evidence of compliance Approved by MetLife, an opinion of Borrower’s counsel. 

 Borrower shall also provide such evidence and such information as may be requested by MetLife so as to ensure compliance with the USA Patriot Act. 
 INSURANCE REQUIREMENTS 
 All coverages (including, without limitation, coverage for
acts of terrorism), forms, amounts, issuers, deductibles and exclusions subject to MetLife’s Approval. As evidence of insurance, MetLife will accept insurance policies and may accept certificates evidencing such insurance policies; however
MetLife will not accept certificates which do not confer rights on MetLife as certificate holder which are satisfactory to MetLife, in its sole discretion. Additionally, in the event MetLife accepts an insurance binder as evidence of insurance, an
insurance policy or certificate, satisfactory to MetLife must be submitted to MetLife at least 10 days prior to the expiration date of the binder. MetLife’s insurance requirements are summarized below. 

 

	1.	Insurance must be provided on all insurable perils. (All Risk or Special form with Replacement Cost endorsement and agreed amount endorsement waiving all
co-insurance provisions). 

  

	2.	MetLife must be included as a named Mortgagee and Loss Payee on all Property policies and a named Additional Insured on all Liability policies regardless of the
terms or requirements of the Loan. 

  

	3.	Insurance must be provided by an A.M. Best “Excellent” rated company with a financial size X ($500mm—$750mm) and for areas with the potential
for catastrophic loss (e.g. earthquake, flood) an A.M. Best “Superior” rated company with a financial size of X (or such other financial size as approved by MetLife). 

 

	4.	Cut-through endorsements are not allowed. 

Property Program: (limits/sublimits for each type of coverage must be indicated as part of evidence of insurance provided). 

					
	 All Risk
	  	Full Replacement Cost	  	
	 All Risk Deductible
	  	Loans      <$10mm	  	$50,000
		  	                >$10mm<$25mm	  	$100,000
		  	                >$25mm	  	$250,000
	 Loss of Rents/Business Income
	  	(TBD) Months	  	
	 Extended Period of Indemnity (“EPI”)
	  	12 months	  	
	 Boiler & Machinery
	  	Full Replacement Cost	  	
	 Ordinance and Law

conform to
	  	Full Replacement Cost plus increase cost of construction to	  	
		  	current codes	  	

							
	 Windstorm

subject to
	  	Full Replacement Cost plus loss of rents and EPI as above and deductibles as Approved by MetLife
	 Terrorism
	  	Full Replacement Cost	  		  	
	 Earthquake

Approved by MetLife
	  	 Required for UBC Zones 3 and 4 in an amount otherwise
 plus loss of rents and EPI

	 Flood

or FEMA max
	  	Required except for Flood Zones B, C or X -  Replacement Cost
	 Environmental
	  	Subject to Environmental Site Assessment
		
	 Liability Program: (“occurrence” form with combined single limits as set forth
below):
	  	
	 General Liability
	  	Loans <$10mm	  	$ 5,000,000 total coverage	  	
		  	>$10mm<$25mm	  	$15,000,000 total coverage	  	
		  	>$25mm<$50mm	  	$25,000,000 total coverage	  	
		  	>$50mm	  	$50,000,000 total coverage	  	
	 Auto Liability
	  	$1,000,000 owned/hired/non-owned
		
	 Workers Compensation:
	  	Statutory
		
	 Employer’s Liability:

in the
	  	 $1,000,000 per accident/per disease/per employee and per disease in the

aggregate

		
	 Fidelity:
	  	If Coop or Condo association - $500,000
		
	 Other:
	  	Other insurance as may be reasonably required by MetLife against
	 other insurable hazards
	  	
		
	 Mortgagee Designation:
	  	Metropolitan Life Insurance Company,
		  	 its affiliates and/or successors and assigns

		  	 10 Park Avenue

		  	 Morristown, New Jersey 07962

		  	 Attention: Insurance Risk Manager

 EXHIBIT B 
 COVENANTS AND AGREEMENTS WITH RESPECT TO 
 LIABLE PARTY AND STRATEGIC
HOTELS & RESORTS. INC. 
 (a) Borrower covenants and agrees that at all times during the term of the Loan, as
tested at the end of each fiscal quarter, the Consolidated Group (as hereinafter defined in (c) (iii) below) shall be and remain in compliance with the following net worth requirement (the “Minimum Net Worth
Requirements”): 
 (i) (x) SHRI shall retain a Market Capitalization (as hereinafter defined in (c)(i) below) of no
less than $175,000,000, and (y) Liable Party shall be the direct or indirect beneficial owner of no less than ten (10) luxury or upper upscale hotels located in North America; or, in the event and only in the event that the requirements in
this subsection (a)(i) are not met, then, 
 (ii) (x) The Consolidated Group Leverage Ratio (as hereinafter defined in (c)(ii)
below) of the Consolidated Group shall be no greater than 80% and (y) Liable Party shall be the direct or indirect beneficial owner of no less than ten (10) luxury or upper upscale hotels located in North America. 

(b) In the event that Market Capitalization is determined to be less than $175,000,000 as of any reporting date
required under the Loan Documents (the “MC Determination Date”), Borrower shall have 90 days from the MC Determination Date to commission and finalize appraisals by a third party valuation firm for use in determining the
Consolidated Group Leverage Ratio. The valuation firm shall be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld. Notwithstanding the
foregoing; appraisals which have been finalized by an
approved third party valuation firm no more than 6 months prior to the MC Determination Date calculation shall he deemed valid for the determination of the Consolidated Group Leverage Ratio calculation. 

(c) Unless otherwise specifically referenced, the following terms shall have the following meanings for purposes of this Section only:

 (i) “Market Capitalization” shall be calculated as “Consolidated Shares Outstanding” multiplied by
the “Average Share Price.” “Consolidated Shares Outstanding” shall be the sum of consolidated: (i) common shares outstanding, (ii) operating partnership units outstanding, (iii) stock options outstanding,
(iv) restricted stock units outstanding, and (v) value creation plan units outstanding under the deferral program, as detailed in the Consolidated Group’s quarterly supplemental financial information or as determined from other
sources. “Average Share Price” shall be determined by calculating the average daily closing price of SHRI common stock over the relevant quarter. 

 (ii) “Consolidated Group Leverage Ratio” shall be calculated by dividing
Total Debt by Total Consolidated Appraisal Value. “Total Debt” shall be the sum of: (i) total mortgages and other debt payable, (ii) exchangeable senior notes, net of discount, and (iii) bank credit facility minus the
lesser of $40 million or 50% of cash and cash equivalents, as detailed in the Consolidated Group’s quarterly supplemental financial information or as determined from other sources. “Total Consolidated Appraisal Value” shall be
the sum of the market value of each hotel under the ownership of the Liable Party, which is consolidated on the consolidated balance sheets on the Consolidated Group’s quarterly financial statements. The following hotel assets are included in
the Consolidated Group Leverage Ratio as of the date of the Loan: 
 Fairmont Chicago 

Four Seasons Jackson Hole 
 Four Seasons Punta Mita 
 Four Seasons Silicon Valley 

Four Seasons Washington, D.C. 
 Hyatt Regency La Jolla 
 InterContinental Chicago 

InterContinental Miami 
 Loews Santa Monica Beach Hotel 
 Marriott Grosvenor Square 

Marriott Lincolnshire Resort 
 Ritz-Carlton Half Moon Bay 
 Ritz-Carlton Laguna Niguel 

Westin St. Francis 
 (iii) “Consolidated Group” shall mean Liable Party, SHRI and their Subsidiaries (for all purposes in connection herewith, a “Subsidiary” is for any entity, any other entity in which such first entity
or a subsidiary of such entity holds capital stock and whose financial results would be consolidated under generally accepted accounting principles (“GAAP”) with the financial results of such first entity on the consolidated financial statement of such
first entity).

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