Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 PURCHASE AND SALE AGREEMENT 

BETWEEN 

UST HOTEL JOINT VENTURE, LTD., 
 AS SELLER, 
 AND 

HYATT EQUITIES, L.L.C., 
 AS PURCHASER 
 August 27, 2013 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
		
	 ARTICLE I SALE
	  	 	1	  
		 	 1.1
	 	 Real Property
	  	 	1	  
		 	 1.2
	 	 Personal Property
	  	 	1	  
		 	 1.3
	 	 Contracts and Leases
	  	 	3	  
	 ARTICLE II PURCHASE PRICE
	  	 	3	  
		 	 2.1
	 	 Purchase Price
	  	 	3	  
		 	 2.2
	 	 Allocation of Purchase Price
	  	 	3	  
		 	 2.3
	 	 Deposit
	  	 	3	  
	 ARTICLE III SELLER’S REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	4	  
		 	 3.1
	 	 Good Standing
	  	 	4	  
		 	 3.2
	 	 Title and Rights
	  	 	4	  
		 	 3.4
	 	 No Violations or Defaults
	  	 	4	  
		 	 3.5
	 	 Litigation
	  	 	5	  
		 	 3.6
	 	 Condemnation Actions
	  	 	5	  
		 	 3.7
	 	 Contracts
	  	 	5	  
		 	 3.8
	 	 Equipment Leases
	  	 	5	  
		 	 3.9
	 	 Management, License and Operating Lease Agreements
	  	 	5	  
		 	 3.10
	 	 Space Leases
	  	 	6	  
		 	 3.11
	 	 Violations
	  	 	6	  
		 	 3.12
	 	 Environmental Matters
	  	 	7	  
		 	 3.13
	 	 Real Estate Taxes
	  	 	8	  
		 	 3.14
	 	 Labor and Employment Matters
	  	 	8	  
		 	 3.15
	 	 Insurance
	  	 	8	  
		 	 3.16
	 	 Possession
	  	 	8	  
		 	 3.17
	 	 Purchase Rights
	  	 	8	  
		 	 3.18
	 	 Bankruptcy
	  	 	8	  
		 	 3.19
	 	 FIRPTA
	  	 	9	  
		 	 3.20
	 	 Money Laundering
	  	 	9	  
		 	 3.21
	 	 Financial Information
	  	 	9	  
		 	 3.22
	 	 Taxes
	  	 	10	  
		 	 3.23
	 	 Certain Limitations on Seller’s Representations and Warranties
	  	 	10	  
	 ARTICLE IV PURCHASER’S REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	10	  
		 	 4.1
	 	 Good Standing
	  	 	10	  
		 	 4.2
	 	 Due Authorization
	  	 	10	  
		 	 4.3
	 	 No Violations or Defaults
	  	 	11	  
		 	 4.4
	 	 Litigation
	  	 	11	  
		 	 4.5
	 	 Money Laundering
	  	 	11	  

									
	 ARTICLE V CLOSING
	  	 	11	  
		 	 5.1
	 	 Closing
	  	 	11	  
		 	 5.2
	 	 Costs
	  	 	12	  
	 ARTICLE VI ACTIONS PENDING CLOSING
	  	 	12	  
		 	 6.1
	 	 Conduct of Business and Operation of Property
	  	 	12	  
		 	 6.2
	 	 Title Insurance
	  	 	13	  
		 	 6.3
	 	 Survey
	  	 	14	  
		 	 6.4
	 	 No Action
	  	 	15	  
		 	 6.5
	 	 Cooperation
	  	 	15	  
		 	 6.6
	 	 Inspection
	  	 	15	  
		 	 6.7
	 	 Liquor Permits
	  	 	18	  
		 	 6.8
	 	 WARN Act and Employees
	  	 	18	  
	 ARTICLE VII CONDITIONS PRECEDENT TO PURCHASER’S OBLIGATIONS AT CLOSING
	  	 	20	  
		 	 7.1
	 	 Representations and Warranties
	  	 	20	  
		 	 7.2
	 	 Covenants of Seller
	  	 	20	  
		 	 7.3
	 	 Title
	  	 	20	  
		 	 7.4
	 	 Failure of Condition
	  	 	21	  
	 ARTICLE VIII CONDITIONS PRECEDENT TO SELLER’S OBLIGATIONS AT CLOSING
	  	 	21	  
		 	 8.1
	 	 Representations and Warranties
	  	 	21	  
		 	 8.2
	 	 Covenants of Purchaser
	  	 	21	  
		 	 8.3
	 	 Failure of Condition
	  	 	21	  
	 ARTICLE IX CLOSING DELIVERIES
	  	 	21	  
		 	 9.1
	 	 Seller’s Deliveries
	  	 	21	  
		 	 9.2
	 	 Purchaser’s Deliveries
	  	 	23	  
		 	 9.3
	 	 Possession; Books and Records, Keys
	  	 	24	  
	 ARTICLE X DEFAULT
	  	 	24	  
		 	 10.1
	 	 Purchaser’s Default
	  	 	24	  
		 	 10.2
	 	 Seller’s Default
	  	 	24	  
	 ARTICLE XI “AS IS” SALE; SURVIVAL; INDEMNIFICATION OBLIGATIONS; POST-CLOSING
OBLIGATIONS
	  	 	25	  
		 	 11.1
	 	 AS IS
	  	 	25	  
		 	 11.2
	 	 Survival; Limitations and Holdback
	  	 	25	  
		 	 11.4
	 	 Purchaser’s Knowledge
	  	 	27	  
		 	 11.6
	 	 Indemnification
	  	 	29	  
		 	 11.7
	 	 Damages
	  	 	30	  
		 	 11.8
	 	 Survival of Article
	  	 	30	  
	 ARTICLE XII CASUALTY OR CONDEMNATION
	  	 	30	  
		 	 12.1
	 	 Notice to Purchaser
	  	 	30	  
		 	 12.2
	 	 Condemnation, Casualty or Litigation
	  	 	30	  
		 	 12.3
	 	 Risk of Loss
	  	 	31	  

  
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	 ARTICLE XIII PRORATIONS AND EXPENSES
	  	 	31	  
		 	 13.1
	 	 Prorations Generally
	  	 	31	  
		 	 13.2
	 	 Room Revenue; Receivables and Payables
	  	 	32	  
		 	 13.3
	 	 Food and Beverage Revenue; Vending Machine Revenue
	  	 	33	  
		 	 13.4
	 	 Other Hotel Revenues
	  	 	33	  
		 	 13.5
	 	 Guests’ Property
	  	 	34	  
		 	 13.6
	 	 Real Estate Taxes; Sales Taxes
	  	 	34	  
		 	 13.7
	 	 Rents
	  	 	35	  
		 	 13.8
	 	 Employee Compensation
	  	 	35	  
		 	 13.9
	 	 Reserves
	  	 	36	  
		 	 13.10
	 	 Survival
	  	 	36	  
	 ARTICLE XIV MISCELLANEOUS
	  	 	36	  
		 	 14.1
	 	 Assignment
	  	 	36	  
		 	 14.2
	 	 Consents
	  	 	37	  
		 	 14.3
	 	 Applicable Law
	  	 	37	  
		 	 14.4
	 	 Headings; Exhibits
	  	 	37	  
		 	 14.5
	 	 Notices
	  	 	37	  
		 	 14.6
	 	 Waiver
	  	 	39	  
		 	 14.7
	 	 Partial Invalidity
	  	 	39	  
		 	 14.8
	 	 Entire Agreement
	  	 	39	  
		 	 14.9
	 	 Time is of the Essence
	  	 	40	  
		 	 14.10
	 	 Waiver of Jury Trial
	  	 	40	  
		 	 14.11
	 	 Counterparts; Electronic Copies
	  	 	40	  
		 	 14.12
	 	 Brokerage
	  	 	40	  
		 	 14.13
	 	 Public Announcements
	  	 	40	  
		 	 14.14
	 	 Further Assurances
	  	 	41	  
		 	 14.15
	 	 Attorneys’ Fees
	  	 	41	  
		 	 14.16
	 	 Transition Matters
	  	 	41	  
		 	 14.17
	 	 Confidentiality Agreement
	  	 	43	  
		 	 14.18
	 	 Tax Deferred Exchange Provisions
	  	 	43	  
		 	 14.19
	 	 Radon Gas
	  	 	44	  

  
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 DEFINED TERMS 

 

			
	 	  	Section
		
	 ADA Settlement Agreement
	  	3.11
	 Affiliate
	  	1.2
	 Agreement
	  	Preamble
	 Assignment of Construction Contracts
	  	6.1
	 Audit
	  	3.22
	 Baggage Inventory List
	  	13.5(b)
	 Bankruptcy Code
	  	3.18
	 Bill of Sale
	  	9.1(b)
	 business day
	  	14.9
	 Claims
	  	6.6(e)
	 Closing
	  	5.1
	 Closing Date
	  	5.1
	 Confidentiality Agreement
	  	6.6(g)
	 Contract Date
	  	Preamble
	 Contracts
	  	3.7
	 Contract Vendor
	  	6.9
	 Credit Team
	  	13.2
	 Current Bonus Program
	  	3.14
	 Data Room
	  	6.6(d)
	 Deed
	  	9.1(a)
	 Deposit
	  	2.3
	 Disbursed Amount
	  	11.3(d)
	 Employees
	  	3.14
	 Employee Benefit Payables
	  	13.8
	 Employment Agreements
	  	3.14
	 Environmental Laws
	  	3.12
	 Environmental Reports
	  	3.12
	 Equipment Leases
	  	1.3
	 Equipment Lessor
	  	6.9
	 Escrow Agent
	  	2.1
	 Escrow Instructions
	  	2.3
	 Estoppels
	  	6.9
	 Exchange Documents
	  	14.18
	 Excluded Contracts
	  	3.7
	 Excluded Equipment Leases
	  	1.3
	 FF&E
	  	1.2
	 Fixed Asset Supplies
	  	1.2
	 Government List
	  	3.20(c)
	 Guaranty Cap
	  	11.3(d)
	 Guest Ledger
	  	13.2
	 Hazardous Substances
	  	3.12

  
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	 Hotel
	  	1.1
	 Hyatt Representatives
	  	6.6(a)
	 Improvements
	  	1.1
	 Indemnify
	  	6.6(e)
	 Initial Cap
	  	11.3(c)
	 Interim Agreement
	  	6.7
	 Intermediary
	  	14.18
	 Inventories
	  	1.2
	 Land
	  	1.1
	 legal holiday
	  	14.9
	 Liquor Permits
	  	6.7
	 Management Agreement
	  	3.9
	 Manager
	  	3.9
	 material
	  	12.2
	 Material Adverse Effect
	  	3.5
	 Mold
	  	3.12
	 Monetary Encumbrance
	  	6.2(a)
	 Mortgage Payoff
	  	5.1
	 New Matter
	  	6.2(b)
	 Operating Lease
	  	3.9
	 Orange County Estoppel
	  	6.2(c)
	 Peabody
	  	3.9
	 Peabody License Agreement
	  	3.9
	 Permitted Exceptions
	  	6.2(a)
	 Person
	  	1.2
	 Personal Property
	  	1.2
	 Post-Closing Escrow Agreement
	  	11.3(d)
	 Post-Closing Escrow Amount
	  	11.3(d)
	 Post-Closing Escrow Fund
	  	11.3(d)
	 Post-Closing Guaranty
	  	11.3(d)
	 Pre-Existing Conditions
	  	6.6(e)
	 Pre-Reduction Retained Amount
	  	11.3(d)
	 Property
	  	Article I
	 Prorations
	  	13.1
	 Proration Time
	  	13.1
	 Purchase Price
	  	2.1
	 Purchaser Due Diligence Reports
	  	6.6(g)
	 Purchaser Third-Party Claims
	  	11.6(a)
	 Purchaser
	  	Preamble
	 Purchaser’s Claim
	  	11.3
	 Purchaser’s Initial Cap
	  	11.5(c)
	 Purchaser’s Knowledge
	  	11.4
	 Purchaser’s Reduced Cap
	  	11.5(c)
	 Reduced Cap
	  	11.3(c)

  
 - 5 -

			
	 Reduction Date
	  	11.3(c)
	 Rehired Employees
	  	6.8
	 Remaining ADA Obligations
	  	3.11
	 Revenue Surcharge Reserves
	  	13.1(a)
	 Rents
	  	13.7
	 Reserves
	  	13.9
	 Seller Estoppel
	  	6.9
	 Seller Intellectual Property
	  	1.2
	 Seller Third-Party Claims
	  	11.6(a)
	 Seller
	  	Preamble
	 Seller’s Claim
	  	11.5
	 Seller’s Knowledge
	  	3.23(b)
	 Settlement Statement
	  	13.1(b)
	 Space Leases
	  	1.3
	 Stamp Tax
	  	5.2
	 Survey
	  	6.3
	 Survival Period
	  	11.2
	 Tenant
	  	6.9
	 Threshold
	  	11.3(b)
	 Title Agent
	  	6.2
	 Title Cap
	  	6.2(a)
	 Title Commitment
	  	6.2
	 Title Company
	  	6.2
	 Transition Period
	  	14.16(b)
	 True-up
	  	13.1(c)
	 True-up Statement
	  	13.1(c)
	 2013 Bonuses
	  	13.8
	 Uniform System of Accounts
	  	1.2

  
 - 6 -

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is executed as of the 27th day of August, 2013 (the “Contract Date”) by UST
HOTEL JOINT VENTURE, LTD., a Florida limited partnership (“Seller”), and HYATT EQUITIES, L.L.C., a Delaware limited liability company (together with its permitted assigns, “Purchaser”). 

ARTICLE I 

Sale 
 Subject to the terms and conditions set forth in this Agreement, Seller agrees to sell and convey to Purchaser, and Purchaser agrees to buy and take from Seller the following (collectively, the
“Property”): 
 1.1 Real Property. All of Seller’s right, title and interest in and to that
certain parcel of land more particularly described in Exhibit A attached hereto (collectively, the “Land”) and located at 9801 International Drive, Orlando, Florida, including all right, title and interest of Seller,
if any, in and to the land lying in the bed of any street or highway in front of or adjoining the Land to the center line thereof, all water and mineral rights, development rights and all easements, rights and other interests appurtenant thereto,
and all buildings and improvements located on the Land, including the Peabody Orlando Hotel (the “Improvements”). The Land and the Improvements are sometimes referred to hereinafter together as the “Hotel.”

 1.2 Personal Property. All of Seller’s right, title and interest to the following personalty (collectively
the “Personal Property”): (a) all furniture, furnishings, fixtures, vehicles, rugs, mats, carpeting, appliances, devices, engines, telephone and other communications equipment, televisions and other video equipment, plumbing
fixtures and other equipment located at the Hotel (other than items that are part of the Improvements) (the “FF&E”), (b) all items included within the definition of “Property and Equipment” under the Uniform
System of Accounts for the Lodging Industry, Tenth Revised Edition, as published by the Hotel Association of New York City, Inc. (the “Uniform System of Accounts”) and used in the operation of the Property, including, without
limitation, linen, china, glassware, tableware, uniforms and similar items (the “Fixed Asset Supplies”); (c) all “Inventories” as defined in the Uniform System of Accounts and used in the operation of the Property, such as
provisions in storerooms, refrigerators, pantries, and kitchens, beverages in wine cellars and bars, other merchandise intended for sale or resale, fuel, mechanical supplies, stationery, guest supplies, maintenance and housekeeping supplies and
other expensed supplies and similar items, whether in opened or unopened containers, (the “Inventories”), provided, however, that to the extent that any applicable law prohibits the transfer of alcoholic beverages from
Seller to Purchaser, such beverages shall not be considered a part of Inventories; (d) to the extent in Seller’s possession or control, all surveys, architectural, consulting and engineering blueprints, renderings and images, plans and
specifications and reports, if any, related to the Property, all books and records, if any, 

 
related to the Property, and any goodwill of Seller related to the Property; (e) Seller’s assignable rights, title and interest, if any, in any licenses, permits, consents,
authorizations, applications, development orders, impact fee credits, approvals, registrations and certificates issued by any governmental authority with respect to the Property which are held by or on behalf of Seller, but only to the extent the
same are transferable and/or any consents necessary to effectuate such a transfer are obtained by Purchaser; (f) contractors’, manufacturers’ and vendors’ written guaranties, warranties and other obligations (if any) for the
repair or maintenance of any component of the Property; (g) data and information solely related to guests, patrons and groups of the Hotel (subject to Seller’s non-exclusive right to use pursuant to Section 14.16(e));
and (h) any and all other items of personalty owned by Seller and located at the Hotel, but excluding (i) property of guests, (ii) trade names, trademarks, service marks, logos, domain names and other forms of identification used by
Seller, Peabody or their respective Affiliates (including, without limitation, “Peabody” and any references or images of the ducks associated with “Peabody” and the telephone number “1-800-PEABODY”) to identify the
Property or any of its facilities or operations, including, without limitation, all intellectual property and proprietary rights, rights in registered and unregistered trademarks and service marks, applications for registration of trademarks and
service marks, trade names, trade dress, logos, designs, domain names, registered and unregistered copyrights and copyrightable materials, copyright registration applications, know-how, brand standards, manuals, guides, payroll and human resource
information, emails, trade secrets, confidential information, rights of publicity, and rights of privacy owned by the Seller or its Affiliates and the files and records relating to the foregoing in the Seller’s or any of its Affiliate’s
possession or control, and to the extent the following is proprietary information and other than guest data and information as expressly conveyed above, all specifications, procedures, rules, methods, processes, research and development information,
technology, data, content, and databases (collectively, the “Seller Intellectual Property”), (iii) tax deposits, utility deposits and other deposits held by or on behalf of Seller, except for any transferable deposits assigned
to Purchaser for which Seller is reimbursed and (iv) any tax, insurance, FF&E or other reserves held by Seller, Seller’s lender or other parties by or on behalf of Seller. For avoidance of doubt, Seller is not selling and Purchaser is
not acquiring any of the Seller Intellectual Property. For the purposes of this Agreement, “Affiliate” means, with respect to the Person in question, (x) any other Person that, directly or indirectly, controls, is controlled by
or is under common control with, the Person in question or (y) any other Person in which such Person in question has a direct or indirect equity interest constituting at least a majority interest of the total equity of such other Person. For
the avoidance of doubt, Purchaser’s Affiliates include all partnerships, corporations, limited liability companies or other entities controlling, controlled by or under common control with Hyatt Hotels Corporation, a Delaware corporation. For
the purposes of this definition, the term “control” and its derivations means having the power, directly or indirectly, to influence, direct or otherwise significantly affect major policies, activities, actions, or management of the Person
in question, whether by the ownership of voting securities, contract or otherwise; and “Person” means any individual, corporation, limited liability company, company, partnership, sole proprietorship, joint venture, trust, estate,
association, organization, labor union, governmental authority or other entity. 

  
 2 

 1.3 Contracts and Leases. All rights of Seller under (a) all Contracts
(other than Excluded Contracts), (b) all material written leases of personal property located at, or used in the operation of, the Property executed by Seller, and all other written leases executed on behalf of Seller of personal property
located at, or used in the operation of, the Hotel, as described on Exhibit 3.8 hereto (including all riders, addenda, amendments, supplements and other modifications thereto, the “Equipment Leases”) but expressly
excluding those equipment leases that are listed on Exhibit 3.8A attached hereto (the “Excluded Equipment Leases”), and (c) all leases, subleases and other agreements, if any, that provide for the use or occupancy
of space or facilities on or relating to the Hotel (other than space or facilities rented or otherwise used in connection with a guest or customer booking) as described on Exhibit 3.10 hereto, together with all rents, issues, profits,
revenue, income and other benefits therefrom at Closing, subject to the prorations set forth in Article XIII (including all riders, addenda, amendments, supplements and other modifications thereto, the “Space Leases”); and
(d) all advance bookings and deposits (including pre-paid room rents, deposits and prepayments for space or facilities rented or otherwise used in connection with a guest or customer booking) in connection with the foregoing, subject to the
prorations set forth in Article XIII; 
 ARTICLE II 

Purchase Price 
 2.1 Purchase Price. The purchase price for the Property is SEVEN HUNDRED SEVENTEEN MILLION AND NO/100 DOLLARS ($717,000,000.00) (the “Purchase Price”). The Purchase Price
shall be paid on the Closing Date by Purchaser to Seller, subject to the adjustments, charges and credits set forth herein, by wire transfer of immediately available funds, of which the Deposit shall be deemed a part, to First American Title
Insurance Company, as escrow agent (the “Escrow Agent”), having an address at 2233 Lee Road, Suite 101, Winter Park, FL 32789, Attention: Larry Deal; Phone: (407) 691-5200, for disbursement to Seller on the Closing Date
upon close of escrow or otherwise. If the Closing occurs, the Deposit (defined below) shall be credited against the Purchase Price. 
 2.2 Allocation of Purchase Price. Seller and Purchaser shall each allocate the Purchase Price in such party’s discretion for purposes of filing federal, state and local tax returns. 

 2.3 Deposit. Within one (1) business day following the Contract Date, Purchaser shall deliver to the
Escrow Agent a deposit in the amount of TWENTY-FIVE MILLION DOLLARS ($25,000,000.00) in immediately available funds (together with any interest earned thereon, the “Deposit”). If Purchaser does not deliver the Deposit to the Escrow
Agent within one (1) business day following the Contract Date, at any time prior to Purchaser posting the Deposit with Escrow Agent, Seller shall have the right to terminate this Agreement by giving written notice to Purchaser, and neither
party shall then have any further liability to the other under this Agreement except for obligations that expressly survive termination of this Agreement. The Escrow Agent shall hold the Deposit in an interest bearing account in accordance with
escrow instructions executed by Seller, Purchaser and the Escrow Agent (the “Escrow Instructions”) substantially in the form attached hereto as Exhibit 2.3. The party entitled to the Deposit shall also be entitled to
the benefit of the interest accruing thereon, and to 

  
 3 

 
the extent the Deposit is credited to the Purchase Price at Closing the interest accruing thereon shall also be credited to the Purchase Price at Closing. The Deposit shall be refundable only in
the event of termination of this Agreement upon the failure of any condition precedent set forth in Article VII or otherwise as provided in Article X. 
 ARTICLE III 
 Seller’s Representations, Warranties and Covenants

 In order to induce Purchaser to enter into this Agreement and to consummate the transactions contemplated hereby,
Seller represents and warrants to, and covenants with, Purchaser as follows: 
 3.1 Good Standing. Seller is a
limited partnership duly formed, duly qualified, validly existing and in good standing under the laws of Florida. Seller now has and, at Closing, will have full right, power and authority to execute and deliver all documents and instruments required
of its for the performance of Seller’s obligations under this Agreement. This Agreement constitutes the legal, valid and binding agreement and obligation of Seller, enforceable against Seller in accordance with its terms. 

3.2 Title and Rights. Seller has good and marketable title to the Personal Property, which shall be subject only to the
Permitted Exceptions on the Closing Date, and has all rights as lessor under the Space Leases and lessee under the Equipment Leases. 
 3.3 Due Authorization. Seller is duly authorized to enter into this Agreement, to consummate the transaction herein contemplated and has received all requisite power and authority to execute
and deliver this Agreement and any other documents required in connection herewith or as required to consummate the transactions contemplated herein pursuant to the terms and conditions of this Agreement; no further or additional action or consent
by Seller or any other Person is or shall be necessary in respect thereto; the individuals executing this Agreement and the instruments referenced herein on behalf of Seller have the legal power, right and actual authority to bind Seller to the
terms and conditions hereof and thereof; and the execution and delivery of this Agreement and the consummation of the transactions contemplated herein will not conflict with, breach, result in a default under, or violate any agreement to which
Seller is a party or by which it is bound. 
 3.4 No Violations or Defaults. The execution, delivery and
performance of this Agreement and the consummation by Seller of the transactions contemplated hereby will not (a) violate any law or any order of any court or governmental authority with proper jurisdiction binding against Seller or its assets;
(b) result in a breach or default under any contract or other binding commitment of Seller or any provision of the organizational documents of Seller; (c) result in the creation or imposition of any lien against the Property;
(d) require any consent or approval or vote that has not been taken or given, or as of the Closing Date shall not have been taken or given, or (e) violate any provision of the operating agreement or other organizational documents of Seller
or any judgment, decree, law or order relating to Seller. 

  
 4 

 3.5 Litigation. As of the Contract Date, except as set forth on Exhibit
3.5, there are no actions, suits, arbitrations, governmental investigations or other proceedings pending or, to Seller’s Knowledge, threatened against Seller or affecting the Property before any court or governmental authority, which
would have a Material Adverse Effect on (a) the financial condition or operations of Seller or the Property or (b) Seller’s ability to enter into or perform this Agreement. For the purposes of this Agreement, “Material Adverse
Effect” means any event, condition or change which materially and adversely affects or would reasonably be expected to materially and adversely affect (i) the value of the Property, taken as a whole, (ii) the ability of a party to
consummate the transactions contemplated by this Agreement or any of the documents executed in connection herewith to which it is or will be a party, if such change or effect (a) materially impairs the ability of such party to perform its
obligations hereunder or thereunder, taken as a whole, and (b) was not caused by the act or omission of the party alleging the Material Adverse Effect. 
 3.6 Condemnation Actions. There are no pending or, to Seller’s Knowledge, threatened condemnation actions or special assessments of any nature with respect to the Property or any part
thereof. 
 3.7 Contracts. Exhibit 3.7 attached hereto lists all contracts involving the payment of
or receipt of $50,000 or more in relation to the maintenance ownership, use, possession or operation of the Property (together with all riders, addenda, amendments, supplements and other modifications thereto), other than the Equipment Leases and
the Space Leases (the “Contracts”), and expressly excluding certain contracts and agreements (as identified by Seller or Purchaser) and which are listed on Exhibit 3.7A attached hereto (the “Excluded
Contracts”). Seller has delivered to Purchaser copies of all Contracts in Seller’s possession or control, which copies are true, accurate and complete in all material respects. All of the Contracts are in full force and effect, and to
Seller’s Knowledge, there are no material defaults or events that with notice or the passage of time or both, would constitute a material default by Seller or by any other party under any Contract. To the extent any Contracts have been executed
in the name of Manager and are not Excluded Contracts, Seller shall cause Manager to assign such Contracts in the same manner and to the same extent as all other Contracts in the name of Seller. 

3.8 Equipment Leases. (a) All Equipment Leases are listed on Exhibit 3.8 attached hereto;
(b) Seller has delivered to Purchaser copies of all Equipment Leases in Seller’s possession or control, which copies are true, accurate and complete in all material respects; and (c) all Equipment Leases are in full force and effect,
and to Seller’s Knowledge, there are no material defaults or events that with notice or the passage of time or both, would constitute a material default by Seller or any other party under any Equipment Lease. 

3.9 Management, License and Operating Lease Agreements. Except for (a) that certain Management Agreement, dated as of
September 25, 1997, by and between BOCEP Venturers, as owner, and Belz Hotel Management Co., Inc., as manager (“Manager”), as amended by that certain First Amendment to Management Agreement, dated as of February 1, 2012,
by and between Seller, as successor-in-interest to BOCEP Venturers, and Manager (as 

  
 5 

 
amended, the “Management Agreement”), and (b) that certain License Agreement, dated as of [sic], 1986, by and between Peabody Management, Inc., as licensor
(“Peabody”), and Manager, as licensee (the “Peabody License Agreement”), there are no management contracts, franchise or license agreements, or similar contractual arrangements relating to the management or branding
of the Property to which Seller is a party and which has not been previously disclosed. Seller shall terminate the Management Agreement and the Peabody License Agreement as of the Closing Date and shall be solely responsible for any obligations
accruing thereunder. Seller entered into that certain Net Lease dated as of December 31, 2004 with Belz Partners, L.P., a Tennessee limited partnership, as lessee, thereunder (the “Operating Lease”), and Seller shall terminate
the Operating Lease, and record public record notice of such termination, as of the Closing Date and shall be and remain solely responsible for any obligations thereunder. 
 3.10 Space Leases. (a) All Space Leases executed by Seller and all riders, addenda, amendments, supplements and other modifications thereto, are listed on Exhibit 3.10
attached hereto; (b) Seller has delivered to Purchaser copies of all Space Leases in Seller’s possession or control, which copies are true, accurate and complete in all material respects; and (c) all Space Leases are in full force and
effect, and to Seller’s Knowledge, there are no material defaults or events that with notice or the passage of time or both, would constitute a material default by Seller or any other party under any Space Leases. There are no amendments,
supplements and other modifications to the Space Leases except as set forth on Exhibit 3.10. There are no construction allowances, brokerage commissions or fees or similar inducements due now or payable in the future in connection with
the Space Leases, other than as set forth on Exhibit 3.10. 
 3.11 Violations. Seller has not
received any written notice from any applicable governmental authority (a) of any violation, default, intended or threatened non-renewal, suspension or revocation of any of permits or licenses the loss of which would have a Material Adverse
Effect on the present use and occupancy of the Property, (b) that Seller lacks any permits, licenses or other authorizations or approvals the absence of which would have a Material Adverse Effect on the present use and occupancy of the Property
or (c) of any violation of any law, rule or regulation applicable to the Property that would have a Material Adverse Effect on the present use and occupancy of the Property, the operation of the Hotel and the employment of the Employees. To
Seller’s Knowledge, all building permits, certificates of occupancy, and business licenses required in connection with the ongoing construction, use, occupancy or operation of the Property are in effect and the loss or lack of any other
notices, licenses, permits, certificates, approvals or authority would not have a Material Adverse Effect on the present use, occupancy or operation of the Property. In connection with Seller’s obligations under that certain Confidential
Settlement Agreement and Release between Seller and James R. Harding dated December 30, 2011 (the “ADA Settlement Agreement”), Seller represents that all obligations thereunder with regard to the Property have been fulfilled
other than as set forth on Exhibit 3.11 (the “Remaining ADA Obligations”), and Seller shall assign its rights under the ADA Settlement Agreement to Purchaser and Purchaser shall assume the Remaining ADA Obligations at
Closing. 

  
 6 

 3.12 Environmental Matters. 

(a) Except as disclosed on Exhibit 3.12 or in the environmental reports listed on Exhibit 3.12, Seller
has not received any written notice from any governmental or regulatory authority of the presence or release of any substance that is regulated under any Environmental Laws as a pollutant, contaminant or toxic, radioactive or otherwise hazardous
substance, including petroleum, its derivatives or by-products and other hydrocarbons (collectively and individually, “Hazardous Substances”) in violation of any applicable Environmental Laws which remains uncured. To Seller’s
Knowledge, the items disclosed on Exhibit 3.12 or in the environmental reports listed on Exhibit 3.12 include all of the environmental site assessment reports or similar written information in Seller’s possession
that address the status of the Property in regard to Hazardous Substances or Environmental Laws (the “Environmental Reports”). Seller has delivered to Purchaser copies of the Environmental Reports, which copies are true, accurate
and complete in all material respects to the corresponding copies in Seller’s possession. For the purposes of this Section 3.12, “Environmental Laws” means any and all federal, state, county and local
statutes, laws, regulations, ordinances, codes, decrees, and binding rules promulgated by any applicable governmental authority with respect to Hazardous Substances and in effect on the Contract Date, including, without limitation, the following:
(A) the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. Section 6901 et seq.; (B) the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. Section 9601 et seq.; (C) the Clean Water Act, 33 U.S.C. Section 1251 et seq.; (D) the Safe Drinking Water Act, 42 U.S.C. Section 300f
et seq.; (E) the Toxic Substances Control Act, 15 U.S.C. Sections 2601-2629; (F) the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801 et seq.; (G) the Clean Air Act, 42 U.S.C. Section 7401 et seq.; and
(H) the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. Section 136 et seq. 
 (b) Except
as otherwise disclosed by the Environmental Reports, (A) to Seller’s Knowledge, there are no Hazardous Substances or underground storage tanks in, on, or under the Property, except those that are in material compliance with all
Environmental Laws and with permits issued pursuant thereto and fully disclosed to Purchaser; (B) to Seller’s Knowledge, there is no material threat of any release of Hazardous Substances in, on, under or from the Property which would
require remediation under Environmental Law; (C) to Seller’s Knowledge, there is no past or present material non-compliance with Environmental Laws, or with permits issued pursuant thereto, in connection with the Property; (D) Seller
has not received any written notice relating to the threat of any release of Hazardous Substances migrating to the Property, or relating to the presence of Hazardous Substances in, on or under the Property or remediation thereof, of possible
liability of Seller pursuant to any Environmental Law, or any actual or potential administrative or judicial proceedings in connect with any of the foregoing; (E) to Seller’s Knowledge, no visible Mold (as defined below) is present in the
indoor air of the Property at concentrations exceeding ambient air levels and no visible Mold is present on any building materials or surfaces at the Property in concentrations for which any applicable governmental authority requires removal by
remediation professionals, and Seller does not know of any conditions at the Property that would reasonably be expected to result in the presence of Mold in the indoor air at concentrations that exceed ambient air levels or on building materials or
surfaces 

  
 7 

 
that would require such removal. As used in this Agreement, the term “Mold” means fungi that reproduces through the release of spores or the splitting of cells or other means,
that pose a risk to human health or the environment, including, but not limited to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial organic compounds. 

3.13 Real Estate Taxes. Seller has delivered or made available to Purchaser true, accurate and complete copies of the
current real property tax assessments for the Hotel. 
 3.14 Labor and Employment Matters. Seller is not a party
to any employment agreements with individuals who are employed at the Property (collectively, the “Employees”), except for retention agreements with certain Employees, any payments or cost of which shall be borne by Seller. Prior to
the Contract Date, the details of Seller’s current bonus/incentive programs (the “Current Bonus Program”) have been made available to Purchaser, and other than the Current Bonus Program, Seller is not a party to and has no
obligation under any labor, collective bargaining, union or employment contract or pension, retirement, profit-sharing, stock option, incentive or other similar compensation or retirement plan or arrangement except as set forth on Exhibit
3.14 attached hereto. Seller has not received any written notice from any labor union or group of employees that such union or group represents or believes or claims it represents or intends to represent any of the employees of Seller nor
has Seller received any written notice of any claim of unfair labor practices. To Seller’s Knowledge, there has been no negotiation with any labor organization or association of employees or any attempt, plan, discussion or threat to organize
Seller’s employees. There is not presently pending or existing, and to Seller’s Knowledge there is not threatened: (a) any strike, slowdown, picketing, or work stoppage, (b) any application for certification of a collective
bargaining agent, or (c) any lockout of any employees by Seller, and no such action is contemplated by Seller. 
 3.15
Insurance. Seller has not received any written notice from any insurance company or board of fire underwriters of any defects or inadequacies in or on the Property that would materially and adversely affect the insurability of the Hotel
or cause any material increase in the premiums for insurance for the Property. 
 3.16 Possession. Seller has not
granted to any party any license, lease, or other right relating to the use or possession of the Property or any part thereof, except tenants under the Space Leases and Hotel guests in the ordinary course of business. 

3.17 Purchase Rights. Neither Seller nor the Property is bound by any right of first refusal, purchase option, right of
first offer or other agreement pursuant to which Seller is obligated, or after the passage of time or the fulfillment of certain conditions may be obligated, to convey or encumber the Property, any portion thereof or any interest therein to or for
the benefit of a party other than Purchaser. 
 3.18 Bankruptcy. Seller has not filed or taken any action to file
a voluntary petition, case or proceeding under any section or chapter of Title 11 of the United States Code, as amended, (the “Bankruptcy Code”) or under any similar law or statute of the United States or any state thereof, relating
to bankruptcy, insolvency, reorganization, winding up or composition 

  
 8 

 
or adjustment of its debts; and no such petition, case or proceeding has been filed against it which has not been dismissed, vacated or stayed on appeal; and it has not been adjudicated as a
bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. It has not sought, or consented to or acquiesced in, the appointment of any receiver, trustee,
liquidator or other custodian of it or a material part of its assets, and has not made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no tax lien or other
governmental or similar lien has been filed, against it or a material part of its properties, which has not been duly and fully discharged prior to the Contract Date. 
 3.19 FIRPTA. Seller is not a foreign person, each as defined in the Foreign Investment in Real Property Tax Act or the Treasury Regulations relating thereto. 

3.20 Money Laundering. (a) Seller is not acting, directly or indirectly, for or on behalf of any person, group, entity
or nation named by the United States Treasury Department as a Specifically Designated National and Blocked person, or for or on behalf of any person, group, entity or nation designated in the Executive Order as a person who commits, threatens to
commit, or supports terrorism; and it is not engaged in this transaction directly or indirectly on behalf of, or facilitating this transaction directly or indirectly on behalf of, any such person, group, entity or nation terrorists, terrorist
organizations or narcotics traffickers, including, without limitation, those persons or entities that appear on the Annex to the Executive Order, or are included on any relevant lists maintained by the Office of Foreign Assets Control of U.S.
Department of Treasury, U.S. Department of State, or other U.S. government agencies, all as may be amended from time to time. 

(b) Neither Seller, nor any Person controlling or controlled by Seller, is a country, territory, individual or entity named on a
Government List, and the monies used in connection with this Agreement and amounts committed with respect thereto, were not and are not derived from any activities that contravene any applicable anti-money laundering or anti-bribery laws and
regulations (including, without limitation, funds being derived from any person, entity, country or territory on a Government List or engaged in any unlawful activity defined under 18 USC §1956(c)(7)). 

(c) For purposes of this Agreement, “Government List” means of any of (i) the two lists maintained by the United
States Department of Commerce (Denied Persons and Entities), (ii) the list maintained by the United States Department of Treasury (Specially Designated Nationals and Blocked Persons) and (iii) the two lists maintained by the United States
Department of State (Terrorist Organizations and Debarred Parties). 
 3.21 Financial Information. Seller has
delivered to Purchaser true, accurate and complete audited financial statements regarding the Hotel for the years ending December 31, 2011 and December 31, 2012 and unaudited operating statements as of July 31, 2013 with respect to
the Hotel. 

  
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 3.22 Taxes. Seller has paid and shall pay any and all sales and use taxes and
all other taxes in connection with the ownership and operation of the Property that are due and payable prior to Closing, except for any sales and use taxes that may become due as a result of the Notice of Intent to Audit Books and Records issued by
the Florida Department of Revenue on August 5, 2010 with respect to Seller’s sales and use taxes for the period from July 1, 2007 through June 30, 2010 (the “Audit”), which Seller shall pay when due; and Seller
shall pay when due any and all sales and use taxes and all other taxes in connection with the ownership and operation of the Property prior to Closing. Seller shall Indemnify Purchaser against any Purchaser’s Claims in connection with the
results of the Audit, and such indemnification obligation shall not be subject to the Cap pursuant to Section 11.3. 
 3.23 Certain Limitations on Seller’s Representations and Warranties. The representations and warranties of Seller set forth in this Article III are subject to the
following express limitations: 
 (a) The expiration or termination of any Space Lease, Equipment Lease, rooms or other guest or
customer agreement or Contract by its terms, except in the event of a default by Seller thereunder, shall not affect the obligations of Purchaser hereunder or render any representation or warranty of Seller untrue; 

(b) For purposes of this Agreement, “to the best of Seller’s Knowledge”, “to the Knowledge of Seller”,
“known to Seller” or “to Seller’s Knowledge” (or words of similar meaning) shall mean to the actual, present knowledge of Jimmie Williams, Martin Belz, Ronald Belz, the general manager and the controller of the Hotel on the
Contract Date, without any personal liability with respect to any representation, warranty or other statement made in connection with this Agreement; Seller hereby represents that the above-named individuals are familiar with the Property and the
operation and maintenance thereof; and 
 (c) Seller’s liability shall be limited as set forth in
Section 11.2 hereof. 
 ARTICLE IV 

Purchaser’s Representations, Warranties and Covenants 

In order to induce Seller to enter into this Agreement and to consummate the transactions contemplated hereby, Purchaser represents and
warrants to, and covenants with, Seller as follows: 
 4.1 Good Standing. Purchaser is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware, and is, or as of the Closing Date shall be, qualified to do business in all jurisdictions where the ownership of its assets or the conduct of its business
makes such qualification necessary. 
 4.2 Due Authorization. The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby have been authorized by all requisite actions of Purchaser (none of which actions have been modified or rescinded, and all of which actions are in full force and effect). This
Agreement constitutes a valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms. 

  
 10 

 4.3 No Violations or Defaults. The execution, delivery and performance of this
Agreement and the consummation by Purchaser of the transactions contemplated hereby will not (a) violate any law or any order of any court or governmental authority with proper jurisdiction; (b) result in a breach or default under any
contract or other binding commitment of Purchaser or any provision of the organizational documents of Purchaser; or (c) require any consent or approval or vote that has not been taken or given, or as of the Closing Date shall not have been
taken or given. 
 4.4 Litigation. As of the Contract Date, there are no actions, suits, arbitrations,
governmental investigations or other proceedings pending or, to the Knowledge of Purchaser (defined below in Section 11.4), threatened in writing against Purchaser, before any court or governmental authority, an adverse
determination of which might adversely affect (a) the financial condition or operations of Purchaser in a material manner or (b) Purchaser’s ability to enter into or perform this Agreement. 

4.5 Money Laundering.  
 (a) Purchaser is not acting, directly or indirectly, for or on behalf of any person, group, entity or nation named by the United States Treasury Department as a Specifically Designated National and
Blocked person, or for or on behalf of any person, group, entity or nation designated in the Executive Order as a person who commits, threatens to commit, or supports terrorism; and it is not engaged in this transaction directly or indirectly on
behalf of, or facilitating this transaction directly or indirectly on behalf of, any such person, group, entity or nation terrorists, terrorist organizations or narcotics traffickers, including, without limitation, those persons or entities that
appear on the Annex to the Executive Order, or are included on any relevant lists maintained by the Office of Foreign Assets Control of U.S. Department of Treasury, U.S. Department of State, or other U.S. government agencies, all as may be amended
from time to time. 
 (b) Neither Purchaser, nor any Person controlling or controlled by Purchaser, is a country, territory,
individual or entity named on a Government List, and the monies used in connection with this Agreement and amounts committed with respect thereto, were not and are not derived from any activities that contravene any applicable anti-money laundering
or anti-bribery laws and regulations (including, without limitation, funds being derived from any person, entity, country or territory on a Government List or engaged in any unlawful activity defined under 18 USC §1956(c)(7)). 

ARTICLE V 

Closing 
 5.1 Closing. The consummation of the purchase and sale of the Property as contemplated by this Agreement (the “Closing”) shall take place by no later than 10 a.m.

  
 11 

 
(Central Time) on October 1, 2013, or such other earlier date as may be agreed to in writing by the parties (the “Closing Date”). The parties shall deliver to the Title
Agent, in escrow, by no later than 3:00 p.m. Central Time on September 30, 2013, all of Seller’s and Purchaser’s closing and other documents required hereunder to be delivered at Closing (except for those the parties agree shall be
delivered directly from Seller to Purchaser, including delivery by the presence of such document deliveries at the Hotel). By no later than 12:00 Eastern Time on September 30, 2013, the parties shall execute and deliver joint written
instructions to the Escrow Agent directing them to deliver the Deposit (including all interest accrued thereon) to the Title Agent. By no later than 8 a.m. Eastern Time on October 1, 2013, Purchaser shall initiate a wire of the funds necessary
to satisfy the mortgage lien against the Property (the “Mortgage Payoff”) directly to the mortgagor thereunder pursuant to a payoff statement and wiring instructions provided by Seller to Purchaser at least three (3) business
days prior to Closing. Purchaser shall initiate a wire to Title Agent for the remaining cash payment of the Purchase Price (less the amount of the Mortgage Payoff), and sufficient additional cash necessary for the parties to pay the costs
contemplated by Section 5.2, by no later than 8:00 a.m. Eastern Time on October 1, 2013. Title Agent shall promptly disburse all funds received according to the Closing Statement executed by both parties. The Closing
shall be conducted as an “escrow closing” which shall take place at the offices of the Title Agent without either party being present, and there shall be no requirement that the parties attend a formal settlement. All transactions at the
Closing shall be interdependent and simultaneous, so that none are effective until all are effective. 
 5.2
Costs. Seller shall pay all costs of removing any title defects which Seller is required to remove pursuant to the provisions hereof. Seller and Purchaser shall aggregate and split 50/50 all state and county transfer and recordation taxes
or documentary stamps imposed on the Deed (the “Stamp Tax”), provided that Seller and Purchaser shall first agree in good faith on the amount of consideration related to real property to be stated in the Deed for purposes of
calculating the Stamp Tax, and provided further that in no event shall Seller be obligated to pay more than Two Million Two Hundred Thousand Dollars ($2,200,000) of the Stamp Tax. Purchaser shall pay (i) all recording fees connected with the
transfer of the Property and the recordation of the Deed, and (ii) all bulk sales taxes and other personal property taxes, if any. Purchaser shall pay the costs of Purchaser’s title insurance policy and survey and all taxes associated with
the placement of a mortgage or deed of trust on the Property. Seller and Purchaser shall each pay for fifty percent (50%) of all fees of the Escrow Agent in connection with the Escrow Instructions and the Closing. Each party shall pay
its own accountants and attorneys’ fees incurred in connection with the preparation, negotiation and execution of this Agreement and the consummation of the transactions contemplated hereby. 

ARTICLE VI 

Actions Pending Closing 
 6.1 Conduct of Business and Operation of Property. Between the Contract Date and the Closing Date, (i) Seller shall perform all of its obligations under and shall remain current and in
good standing in all obligations hereunder and other agreements applicable to the Property, (ii) Seller shall maintain all casualty and liability insurance policies in effect with respect to the Property through Closing in accordance with
Seller’s normal course of business 

  
 12 

 
and past practices, (iii) Seller shall continue to operate all restaurants, food and beverage services, hospitality services, maintenance services and other operations with regard to the
Property consistent with existing standards, (iv) Seller shall operate the Property in the ordinary course of business consistent with past practices, and shall keep all components thereof in good working condition consistent with past
practices and in a prudent and businesslike manner, so that the Property shall, except for normal wear and tear, be in substantially the same condition on the Closing Date as on the Contract Date; (vi) Seller shall, in accordance with its past
practices, resupply, substitute or replace any of such items as may be depleted in order that the Property can continue to operate in accordance with Seller’s past practices, and (vii) Seller shall maintain its beneficial relations with
guests, suppliers and others having business dealings with the Seller. Seller shall not remove or permit to be removed Personal Property in any material respect except as necessary for repairs or replacements of worn out or obsolete items. Seller
shall maintain the Personal Property at levels generally consistent with prior practice until the Closing Date. Seller will promptly provide copies of all contracts entered into by Seller with respect to the Property from the Contract Date until the
Closing Date; except that Seller shall not enter into any contracts for the payment or receipt of $50,000 or more with respect to the Hotel without first obtaining the written consent of Purchaser; provided such written consent of Purchaser is
received within three (3) business days following Purchaser’s receipt of Seller’s request for such consent from Purchaser; provided further that Purchaser’s failure to timely provide any response to Seller shall be deemed a
disapproval; and provided further that Purchaser’s consent shall not be required for contracts that are entered into in the ordinary course of the business of the Hotel and which shall be terminable by Purchaser or its assigns and without any
penalty to Purchaser upon not more than thirty (30) days’ notice. Seller shall not terminate, amend, extend, modify or in any manner alter the Equipment Leases, Space Leases or Contracts existing on the Contract Date without
Purchaser’s prior written consent; provided such written consent of Purchaser is received within three (3) business days following Purchaser’s receipt of Seller’s request for such consent from Purchaser. Purchaser’s failure
to timely provide any such requested response to Seller shall be deemed a disapproval; provided, however, that for group sales contracts, if Purchaser fails to respond within the required three (3) business day period, Purchaser’s failure
to timely provide any such requested response to Seller shall be deemed approval by Purchaser. In this respect, Purchaser acknowledges Seller’s ongoing program of replacing HVAC units in the guest rooms and a Contract relating thereto attached
hereto as Exhibit 6.1, which program Seller intends to continue in the ordinary course to between the Contract Date and the Closing Date, with any un-installed HVAC units stored (on or off site, all of which HVAC units Seller hereby
affirms were paid for in full as of the Closing Date) being conveyed to Purchaser (for no additional consideration) as part of the Personal Property. The foregoing obligations of Seller with respect to the HVAC units shall be performed in a manner
consistent with Seller’s current installation program. Seller shall execute, and shall cause York Construction Services, LLC (“York”) to execute, an assignment to Purchaser of Seller’s rights and obligations under certain
agreements relating to ongoing construction work on the Property, which assignment shall be in the form attached hereto as Exhibit 6.1(a) (the “Assignment of Construction Contracts”). 

6.2 Title Insurance. Purchaser has received a commitment for the issuance of an ALTA 2006 Owner’s policy of title
insurance (the “Title Commitment”) relating to the Hotel to 

  
 13 

 
be issued by Baker & Hostetler LLP (“Title Agent”), as title agent for First American Title Insurance Company (the “Title Company”), committing to
insure Purchaser’s good and marketable fee simple title to the Hotel at Closing in the amount of the Purchase Price.  

(a) Seller and Purchaser have agreed to the Permitted Exceptions. As used herein, “Permitted Exceptions” means:
(i) applicable zoning regulations and ordinances, (ii) liens for taxes, assessments and governmental charges not yet due and payable, (iii) liens for water and sewer service not yet due and payable, and (iv) matters that are
listed on Exhibit 6.2(b) attached hereto. Notwithstanding any provision herein to the contrary, no mortgage, deed of trust, mechanic’s lien, judgment lien or other lien or encumbrance (other than items to be pro-rated
hereunder) that evidences or secures an obligation to pay a determinable sum of money (any of the foregoing, a “Monetary Encumbrance”) shall be a Permitted Exception, and Seller hereby agrees to cause all Monetary Encumbrances to be
satisfied and discharged in full at or prior to Closing; provided that, other than deeds of trust, mortgages, or tax liens against the Property, Seller shall have no obligation to expend in excess of $1,000,000 (the “Title Cap”) to
satisfy and discharge any matters disclosed by the Title Commitment. For avoidance of doubt, on or before the Contract Date, Purchaser has satisfied itself with respect to the state of title to the Hotel, including the Permitted Exceptions.

 (b) Seller shall not create, or permit to be created, any additional matters affecting title to the Hotel after the Contract
Date. If an additional exception to title (“New Matter”) affecting the Property first arises after the Contract Date, Seller shall be obligated to remove such New Matter or to cause the Title Company to insure or endorse over such
New Matter prior to Closing; provided, however, that this obligation shall not apply to any New Matter that is the result of the activities of Purchaser or to which Purchaser has consented in writing; and provided further that, other than deeds of
trust, mortgages or tax liens against the Property, Seller shall have no obligation to expend in excess of the Title Cap (inclusive of any amounts expended under Section 6.2(a) above) to satisfy and discharge any New Matters.

 (c) Promptly after the Contract Date, Seller shall deliver to Orange County an estoppel in form and substance as set forth in
Exhibit 6.2(c) for that certain Contract for Exchange of Property Rights by and between BOCEP Venturers and Orange County recorded July 18, 2000 in Book 6046, Page 3351, as modified by that certain Amended and Restated Easement
for Air Rights, Construction and Maintenance and Amendment to Contract for Exchange of Property Rights recorded September 28, 2007 in Book 9452, Page 3505 (the “Orange County Estoppel”). If after commercially reasonable efforts
Seller is unable to obtain such Orange County Estoppel from Orange County on or before three (3) business days prior to Closing, Seller shall, in lieu of obtaining such Orange County Estoppel, provide Purchaser with an estoppel certificate
executed by Seller certifying as to those matters contained in the proposed Orange County Estoppel. 
 6.3 Survey.
Purchaser may order, at Purchaser’s expense, an ALTA as-built survey of the Hotel from a land surveyor or professional engineer (the “Survey”). The Closing Date shall not be delayed due to Purchaser’s lack of receipt of a
Survey or due to disclosures thereon. 

  
 14 

 6.4 No Action. Between the Contract Date and the Closing Date,
Seller shall refrain from taking any action which would render any representation and warranty of Seller contained in this Agreement inaccurate as of the Closing Date. Seller, promptly upon discovery of any material changes to Seller’s
representations and warranties in this Agreement, shall deliver to Purchaser supplemental statements (including updated exhibits, if applicable) indicating any changes that Seller has discovered. At Closing, pursuant to
Section 7.1 below, Seller shall deliver to Purchaser a certificate pursuant to which Seller shall reaffirm that the representations and warranties are true and correct in all material respects as of the Closing Date, provided that
such certificate may reflect any changes to such representations and warranties reflected in such supplemental statements delivered to Purchaser in accordance with this Section. In the event that Seller’s representations and warranties were
true and correct in all material respects as of the date of this Agreement, and such changes do not result from a breach by Seller of any of its covenants in this Agreement, then Seller will not be deemed in default hereunder solely because such
supplemental statements indicate such changes, provided no supplemental statements shall adversely affect Purchaser’s rights hereunder. 
 6.5 Cooperation. Seller shall cooperate reasonably with Purchaser in securing any necessary transfer or issuance of any Permits to Purchaser at or immediately following the Closing
Date, and Purchaser shall be solely responsible for any fees and charges by applicable governmental entities in connection with such transfer or issuance. Seller will use reasonable efforts to obtain all necessary consents of all third parties to
enable Seller to perform its obligations under this Agreement on or before the Closing Date, and shall pay all fees required in connection therewith. The parties shall cooperate in transitioning to Purchaser of the operation of the Hotel effective
as of the Closing. 
 6.6 Inspection. 
 (a) Purchaser acknowledges that since June 27, 2013 Purchaser has been given certain access to the Property at its own risk, cost and expense and has been permitted to enter, or cause its officers,
employees, contractors, consultants, agents or representatives (individually or collectively, the “Hyatt Representatives”) to enter, upon the Hotel for the purpose of making surveys or other tests, inspections, investigations and/or
studies of all or any part of the Property. Purchaser shall have the right and license, at its own risk, cost and expense and at any date or dates prior to Closing, to enter, or cause the Hyatt Representatives to enter, upon the Hotel at any
reasonable time and upon reasonable prior notice to Seller, for the purpose of making surveys or other tests, inspections, investigations and/or studies of all or any part of the Property, provided that any invasive testing shall require
Seller’s prior written consent, which may be withheld in Seller’s sole, but reasonable, discretion. In addition, Purchaser may, at its own risk, cost and expense, conduct such architectural, environmental, economic, accounting, legal and
other studies of the Property as Purchaser may, in its sole but reasonable discretion, deem desirable, and such other tests that Purchaser reasonably deems necessary under the circumstances in connection with Purchaser’s due diligence
activities, subject to the rights of tenants, guests and customers at the Property. Purchaser shall conduct, and ensure that each of the Hyatt Representatives conducts each such entry, test and study in a manner that does not interfere with the
guests, customers and tenants of the Property. 

  
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 (b) In respect to the provisions of Section 6.6(a), Seller shall,
for the sole purpose of facilitating Purchaser’s investigations, permit Purchaser and the Hyatt Representatives reasonable access to the Hotel and Personal Property. Purchaser and Hyatt Representatives shall comply with Seller’s reasonable
requests with respect to such access to minimize any interference or disturbance to Hotel guests, tenants and the operation of the Hotel, including without limitation: (i) Purchaser shall provide Seller with at least twenty-four (24) hours prior
notice (which may be verbal) before entering the Hotel; (ii) at Seller’s election, Hyatt Representatives shall be accompanied by an employee, agent or representative of Seller; (iii) the access shall be on a Business Day between 9:00 a.m.
and 5:00 p.m. (local time) or as agreed between Seller and Hyatt Representatives; and (iv) Hyatt Representatives shall not interview or otherwise engage in substantive conversations with employees without being accompanied by an employee, agent
or representative of Seller. The inspections permitted under Section 6.6(a) may include a non-invasive Phase I environmental inspection of the Hotel, and architectural, engineering, environmental, soil, structural and other
invasive inspections, tests or studies of the Hotel; and provided that (A) all such work shall be contracted for and done in the name of the Purchaser or in the name of Seller or its Affiliate, or Manager, for the benefit of Hyatt, and at
Purchaser’s risk and expense, and (B) all such work shall be done in a professional manner.  
 (c)
Prior to Purchaser or any Hyatt Representative’s entry onto the Hotel, Purchaser shall provide Seller with a certificate of insurance, in form and substance reasonably satisfactory to Seller, evidencing that Purchaser maintains
(i) commercial general liability insurance in an amount no less than Two Million United States Dollars (USD $2,000,000.00) in the aggregate, with an insurance company with a Best’s rating of no less than A/VIII, insuring Purchaser against
its indemnification obligations under Section 6.6(e), and naming Seller and such other persons reasonably designated by any Seller as an additional insured thereunder, and (ii) worker’s compensation insurance in amount,
form and substance required under applicable law. Purchaser’s maintenance of such insurance policies shall not release or limit Purchaser’s indemnification obligations under Section 6.6(e). 

(d) Purchaser acknowledges that since May 28, 2013 Purchaser has been given access to the due diligence materials located in the
electronic data room established by Seller with the URL: https://datasite.merrillcorp.com/bidder/splash.do?locale=en (the “Data Room”), and certain access to the as-built drawings in Seller’s possession, and has had the right to make
copies of same. Prior to Closing, Purchaser shall have reasonable access to documentation, reports, books, records, agreements and other information in the possession or control of Seller related to the Property and shall have the right to make
copies of same. From time to time after the Contract Date, Seller shall promptly provide to Purchaser such other Property information as Purchaser may reasonably request, excluding however, Seller’s internal memoranda, attorney-client
privileged materials, internal appraisals conducted by Seller, or reports regarding the Property prepared by Seller or its affiliates solely for the information of the investors in Seller. 

  
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 (e) Purchaser shall Indemnify Seller with respect to any and all claims, damages,
demands, penalties, causes of action, liabilities, losses, costs (including reasonable attorneys’ fees and other charges) or expenses (all of the foregoing, collectively, “Claims”) relating to personal injury or property damage
caused by the acts or omissions of Purchaser, or its agents, employees, contractors or representatives in the course of any such entry or inspection of the Property, other than Claims resulting from the negligence or willful misconduct of Seller or
its employees, contractors, officers or other agents or those arising for any liability for and cleanup of or from any environmental condition existing on the Land on the Contract Date which is not caused, disturbed or exacerbated by Purchaser
(“Pre-Existing Conditions”). The foregoing indemnity shall survive Closing or any termination of this Agreement. As used throughout this Agreement, the term “Indemnify” means to defend, hold harmless and indemnify an
indemnified party from and against a Claim and, where applicable, to defend such party by counsel reasonably satisfactory to it, all at the sole expense and liability of the indemnifying party 

(f) Seller shall Indemnify Purchaser and the Hyatt Representatives with respect to any and all Claims relating to any personal injury or
property damage in the course of their entry or inspection of the Hotel and Personal Property, caused by the negligence or willful misconduct of Seller or its employees, contractors, officer or other agents, or by any Pre-Existing Conditions, other
than for Claims resulting from, and to the extent of, the contributory negligence or willful misconduct of Hyatt’s Representatives. The foregoing indemnity shall survive any expiration or termination of this Agreement. 

(g) If this Agreement is terminated for any reason prior to Closing, Purchaser shall promptly (i) return to Seller all
original documents provided to Purchaser, and destroy all other documents, (ii) cause all persons to whom Purchaser has provided any documents to return any original documents to Seller, and destroy all other documents, and (iii) certify
to Seller that all original documents in Purchaser’s possession or control have been returned to Seller and that all other documents have been destroyed. Upon termination of this Agreement for any reason (other than Closing or Seller’s
default under this Agreement), Purchaser shall provide to Seller a copy of all studies, reports and assessments prepared by any person for or on behalf of Purchaser (the “Purchaser Due Diligence Reports”); provided, however, that
Purchaser shall not be required to provide Seller with any Purchaser Due Diligence Reports to the extent the same (i) are legally privileged or constitute attorney work product, (ii) are subject to a confidentiality agreement or to
applicable law prohibiting their disclosure by Purchaser, or (iii) constitute confidential internal assessments, reports, financial analysis, studies, memoranda, notes or other correspondence prepared by or on behalf of any officer, employee,
lawyer or accountant of Purchaser in connection with Purchaser’s due diligence investigations. Seller acknowledges that the delivery of any such Purchaser Due Diligence Reports shall be without warranty or representation whatsoever other than
that such materials have been fully paid for and may be delivered to Seller. To the extent (and only to the extent) of any inconsistency, the provisions of this Section 6.6(g) shall supersede that certain Confidentiality,
Non-Disclosure, Non-Circumvention and Non-Solicitation Agreement dated as of May 21, 2013 by and between Belz Partners, L.P. and Hyatt Corporation, as amended by that certain First Amendment to Confidentiality, Non-Disclosure, Non-Circumvention
and Non-Solicitation Agreement dated as of August 9, 2013 (as amended, the “Confidentiality Agreement”). 

  
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 6.7 Liquor Permits. To the extent that any licenses or permits are
required for the service of alcoholic beverages at the Hotel (collectively, the “Liquor Permits”), Seller shall, to the extent permitted by applicable laws, rules or regulations, transfer or cause the holder of the Liquor Permits to
transfer the Liquor Permits to Purchaser at Closing. If any of the Liquor Permits cannot be transferred to Purchaser, or otherwise be obtained by Purchaser prior to the scheduled Closing, then, to the extent permitted by applicable law, Seller shall
cooperate with Purchaser by entering an interim alcoholic beverage management agreement for a period of up to one hundred twenty (120) days from the Closing Date, in form and substance reasonably satisfactory to Purchaser and Seller (the
“Interim Agreement”), to allow liquor operations to continue at the Property after Closing even if the Liquor Permits have not been assigned. In such event, Purchaser shall maintain liquor liability insurance in amounts currently
maintained by Seller naming Seller and any other parties listed on the Liquor Permits as additional insureds, and further agrees to Indemnify and any other parties listed on the Liquor Permits harmless from and against any liability, cost or expense
arising out of Seller’s cooperation with Purchaser during such interim period. Seller shall also reasonably assist and cooperate, at Purchaser’s sole cost, with Purchaser if Purchaser elects to apply for an interim/temporary liquor license
so that alcoholic beverages may continue to be served at the Hotel pending issuance of a new liquor license, or licenses, to Purchaser. The provisions of this Section 6.7 shall survive the Closing. Seller will cause the holder of
the Liquor Permits to execute the Interim Agreement. 
 6.8 WARN Act and Employees. Seller shall not give
any termination notices under the WARN Act to any employees or any governmental authorities. Purchaser shall offer employment to a sufficient number of employees on terms sufficient to avoid applicability of the WARN Act (such employees who accept
such offer of employment, collectively, “Rehired Employees”). Moreover, Purchaser shall continue to employ a sufficient number of Rehired Employees for a sufficient period of time to avoid application of the WARN Act. Seller hereby
grants Purchaser the right, but not the obligation, to begin interviewing employees of Seller at the Property commencing as of the Effective Date so that Purchaser can determine which of Seller’s employees Purchaser intends to rehire. If
Purchaser shall fail to comply with the provisions of this Section 6.8, Purchaser hereby Indemnifies Seller and Seller’s Affiliates from and against any claims, losses, liabilities or damages of any nature that may be
incurred by, or asserted against, any such indemnified party arising out of or relating to the failure to give a termination notice under the WARN Act to the employees or to any governmental authorities. Purchaser’s indemnity set forth in this
Section 6.8 shall survive Closing for the applicable statute of limitations period (and any lawsuit predicated on a breach of the indemnity must be filed and served within such period). 

6.9 Review of Estoppels. Promptly after the Contract Date, Seller shall deliver to each tenant under a Space Lease (each a
“Tenant”) and each party (other than Seller) to a Contract (each a “Contract Vendor”) that is listed on Exhibit 6.9 attached hereto, an estoppel certificate in substantially the respective forms of
Exhibit 6.9A attached hereto (or the form of 

  
 18 

 
estoppel certificate such Tenant or Contract Vendor is obligated to deliver pursuant to its Space Lease or Contract) (collectively, the “Estoppels”). Seller shall use
commercially reasonable efforts to have said Estoppels completed and signed by each Tenant and Contract Vendor and delivered to Seller by no later than ten (10) days prior to Closing, provided that, so long as Seller has used commercially
reasonable efforts to obtain such Estoppels, the failure to obtain any of the Estoppels shall not constitute a default under this Agreement. 
 Seller shall deliver copies of the completed Estoppels to Purchaser as Seller receives them. Purchaser shall notify Seller within three (3) days of receipt of any Estoppel in the event Purchaser
determines that such Estoppel is not acceptable to Purchaser, in Purchaser’s commercially reasonable discretion, together with an explanation of the reason such Estoppel is not acceptable to Purchaser. In the event Purchaser fails to give such
notice within three (3) day period, then such Estoppel shall be deemed to be acceptable to Purchaser. 
 If after
commercially reasonable efforts Seller is unable to obtain an Estoppel from any one or more Tenants or Contract Vendors on or before ten (10) days prior to Closing, Seller shall, in lieu of obtaining an estoppel certificate from such Tenant(s)
or Contract Vendor(s), provide Purchaser with an estoppel certificate (a “Seller Estoppel”) executed by Seller certifying as to those matters contained in Exhibit 6.9A. Notwithstanding the foregoing, Seller shall
provide Seller Estoppels, if necessary, for only those Space Leases or Contracts listed on Exhibit 6.9 that contain language affirmatively requiring the respective Tenant or Contract Vendor to provide Seller with an estoppel.

 6.10 Notice. Between the Contract Date and the Closing Date, Seller shall promptly notify Purchaser of
(a) any claim, action, suit proceeding, inquiry or investigation pending which relates to the Property or the execution and delivery of this Agreement, or the consummation of the transactions contemplated hereunder coming to Seller’s
Knowledge, (b) any circumstance or development which could materially adversely impair or affect its ability to perform its obligations under this Agreement, (c) any repair of any equipment or the Property or any damage to the Property which may
occur which will require an amount in excess of Fifty Thousand Dollars ($50,000.00) to repair or replace (d) any notice or other communication from any third party alleging that the consent of such third party is or may be required in connection
with the transactions contemplated by this Agreement, (e) any notice or other communication from any governmental authority in connection with the transactions contemplated by this Agreement, or (f) all litigation that may be threatened, brought,
asserted or commenced against Seller or with respect to the Property (i) involving the transactions called for by this Agreement or (ii) which affects the Property or operation of the Property as currently operated. 

6.11 Insider Trading/Standstill. Seller is aware, and agrees that it will advise all of its Affiliates and their respective
agents, contractors, consultants and other third parties who are informed of matters related to this Agreement and the transactions contemplated hereunder, that United States securities laws, rules and regulations prohibit any person or entity who
has received from an issuer material non-public information concerning the issuer from purchasing or selling securities of such issuer, including Purchaser or Purchaser’s Affiliates (“Hyatt Parties”), and from communicating such
information to any person or entity under circumstances 

  
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in which it is reasonably foreseeable that such person or entity is likely to purchase or sell such securities. Without limiting the generality of the foregoing, Seller or its Affiliates shall
not sell and shall use its commercially reasonable efforts to cause any of their respective agents, contractors, consultants and other third parties not to, without Purchaser’s prior written consent: (a) acquire, offer to acquire, or agree
to acquire, directly or indirectly, by purchase or otherwise, any Hyatt Parties assets or voting securities or direct or indirect rights to acquire any Hyatt Party voting securities; (b) make, or in any way participate, directly or indirectly,
in any “solicitation” of “proxies” to vote (as such terms are used in the rules and regulations of the Securities and Exchange Commission), or seek to advise or influence any person or entity with respect to the voting of, any
Hyatt Party’s voting securities; (c) make any public announcement with respect to, or submit a proposal for, or offer of (with or without conditions), any extraordinary transaction involving any Hyatt Party or any of their assets or
securities; (d) form, join or in any way participate as a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, in connection with the foregoing; or (e) take any action that could
reasonably be expected to require any Hyatt Party to make a public announcement regarding the transactions called for by this Agreement. 
 6.12 Employee Severance Obligations. Subject to Sections 6.8 and 13.8, Seller shall remain solely responsible for any and all severance pay or benefits packages currently offered by
Seller to (a) any Employees not hired by Purchaser, and (b) those Employees in the Credit Team that are hired by Purchaser but are terminated by Purchaser within thirty (30) days after the expiration of the ninety (90) day period
referenced in Section 13.2 below, provided that, in the case of Employees described in clause (b), Purchaser shall pay any accrued amounts to the extent it received a credit therefor at Closing and Seller shall pay any excess amount then due
for such severance pay or benefits currently offered by Seller. 
 ARTICLE VII 

Conditions Precedent to Purchaser’s Obligations at Closing 

In addition to any conditions set forth elsewhere in this Agreement for the benefit of Purchaser, it shall be a condition to
Purchaser’s obligation to purchase the Property that each and every one of the following conditions shall have been satisfied as of the Closing Date (or waived in writing by Purchaser). 

7.1 Representations and Warranties. Each of Seller’s representations and warranties shall be true and complete
in all material respects as if made on and as of the Closing Date and Purchaser shall have received a certificate signed by Seller to that effect. 
 7.2 Covenants of Seller. Seller shall have performed and complied in all material respects with all covenants, conditions and obligations required by this Agreement to be performed or
complied with by Seller at or prior to Closing. 
 7.3 Title. Subject only to payment of the Purchase Price,
delivery of the Deed and payment of the applicable title premiums, the Title Company shall be unconditionally committed to issue to Purchaser title insurance, in conformance with the Title Commitment subject only to the Permitted Exceptions.

  
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 7.4 Failure of Condition. If any condition precedent set forth in this
Article 7 is not satisfied as of the Closing Date (other than by reason of Seller’s default), Purchaser, at its sole election, may (i) terminate this Agreement (and receive a return of the Deposit), (ii) waive the condition and
proceed to Closing or (iii) extend the Closing Date for such additional period of time, not to exceed thirty (30) days, as may be reasonably required to allow Seller to satisfy such condition. 

ARTICLE VIII 
 Conditions Precedent to Seller’s Obligations at Closing 
 In
addition to any conditions set forth elsewhere in this Agreement for the benefit of Seller, it shall be a condition to Seller’s obligation to sell the Property that each and every one of the following conditions shall have been satisfied as of
the Closing Date (or waived in writing by Seller). 
 8.1 Representations and Warranties. Each of Purchaser’s
representations and warranties shall be true and complete in all material respects as if made on and as of the Closing Date and Seller shall have received a certificate signed by Purchaser to that effect. 

8.2 Covenants of Purchaser. Purchaser shall have performed and complied in all material respects with all covenants,
conditions and obligations required by this Agreement to be performed or complied with by Purchaser at or prior to Closing. 

8.3 Failure of Condition. If any condition precedent set forth in this Article 8 is not satisfied as of the
Closing Date, Seller, at its sole election, may (i) terminate this Agreement (and keep the Deposit), (ii) waive the condition and proceed to Closing or (iii) extend the Closing Date for such additional period of time, not to exceed
thirty (30) days, as may be reasonably required to allow Purchaser to satisfy such condition. 
 ARTICLE IX

 Closing Deliveries 
 9.1 Seller’s Deliveries. At Closing, Seller shall deliver to Purchaser, via escrow with the Title Agent, the following documents (each dated as of the Closing Date) and deliveries:

 (a) Deed. A special warranty deed substantially in the form attached as Exhibit B hereto
(the “Deed”) executed by Seller and duly notarized. 
 (b) Bill of Sale. Two (2) duly
executed counterparts of a bill of sale and assignment and assumption of documents substantially in the form attached as Exhibit C hereto (the “Bill of Sale”) executed by Seller. 

  
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 (c) FIRPTA Certificate. A certificate, in the form attached hereto as
Exhibit F, executed by the Transferor (as defined therein). 
 (d) Title Affidavit/Gap Indemnity. An
owner’s title affidavit, including a “gap indemnity” undertaking, in form and substance reasonably satisfactory to the Title Company to deleted the standard pre-printed exceptions to title, executed by Seller and duly acknowledged.

 (e) Termination of Operating Lease. A termination of the Operating Lease (at Seller’s cost, if any),
effective as of the Closing Date, duly executed and acknowledged by Seller, as landlord, and Belz Partners, L.P., a Tennessee limited partnership, as tenant. 
 (f) Termination of Management Agreement. A termination of the Management Agreement (at Seller’s cost, if any) effective as of the Closing Date, duly executed and acknowledged by Seller
and Manager. 
 (g) Termination of Peabody License Agreement. A termination of the Peabody License Agreement (at
Seller’s cost, if any) effective as of the Closing Date, duly executed and acknowledged by Peabody and Manager. 
 (h)
Termination of Excluded Contracts and Excluded Equipment Leases. Reasonably satisfactory evidence of Seller’s termination or notice of termination of the Excluded Contracts and Excluded Equipment Leases (at Seller’s cost, if
any) effective as of, or to be effective promptly after, the Closing Date. 
 (i) Payoff of Equipment Leases.
Reasonably satisfactory evidence of Seller’s payment in full, or adequate security for the payment in full, of the General Electric Capital Corporation, Suntrust Equipment Finance & Leasing and Triumph Bank Equipment Leases listed on
Exhibit 3.8A, which payment may be made by Seller out of Seller’s proceeds at Closing and will be based upon a written payoff statement provided by each such lessor delivered by Seller to Title Agent. 

(j) Settlement Statement. The Settlement Statement, executed by Seller. 

(k) Interim Agreement. If applicable, the Interim Agreement, executed by the party, or parties, in whose name(s) the Liquor
Permits are issued as of the Closing Date. 
 (l) Post-Closing Escrow Agreement. The Post-Closing Escrow
Agreement, executed by Seller. 
 (m) Certificate. The certificate required under Section 7.1.

 (n) Authorizing Resolutions. Resolutions evidencing the authority of the signatory to execute all documents
effectuating the sale of the Property. Such resolutions may be in the form of a certification from Lothar Estein, the President of Seller, or Lance Fair, the Vice President of Seller, that such resolutions were validly adopted by the partners of the
Seller and the requisite majority required under the Seller’s limited partnership agreement. 

  
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 (o) Third Party Consents. Any third party consents required for the effective
conveyance of the Property in accordance with the terms and conditions of this Agreement. 
 (p) Assignment of
Construction Contracts. The Assignment of Construction Contracts executed by Seller and York. 
 (q)
Estoppels. The executed Estoppels and Seller Estoppels, if applicable, obtained pursuant to Section 6.9, provided, however, that Purchaser acknowledges and agrees that, subject to the provisions of the first
paragraph of Section 6.9, Seller shall not be in breach of this Agreement for failure to deliver the Estoppels at Closing. 
 (r) Orange County Estoppel. The executed Orange County Estoppel obtained pursuant to Section 6.2(c), or, if applicable, an estoppel certificate executed by Seller
certifying as to those matters contained in the proposed Orange County Estoppel. 
 (s) Other Documents. Such
other documents and instruments as may be reasonably required or requested by the Title Company to effectuate the transactions contemplated by this Agreement and to induce the Title Company to insure title to the Hotel as described herein.

 9.2 Purchaser’s Deliveries. At Closing, Purchaser shall deliver to Seller, via escrow with the Title
Agent, the following documents (each dated as of the Closing Date) and deliveries: 
 (a) Purchase Price.
The Purchase Price, subject to the adjustments and prorations set forth on the Settlement Statement, in the manner provided for in this Agreement. 
 (b) Bill of Sale. Two (2) duly executed counterparts of the Bill of Sale executed by Purchaser. 
 (c) Settlement Statement. The Settlement Statement, executed by Purchaser. 
 (d) Interim Agreement. If applicable, the Interim Agreement, executed by Seller. 
 (e) Post-Closing Escrow Agreement. The Post-Closing Escrow Agreement, executed by Purchaser. 
 (f) Certificate. The certificate required under Section 8.1. 
 (g) Assignment of Construction Contracts. The Assignment of Construction Contracts executed by Purchaser. 
 (h) Other Documents. Such other documents and instruments as may be reasonably required or requested by the Title Company to effectuate the transactions contemplated by this Agreement
and to induce the Title Company to insure title to the Hotel as described herein. 

  
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 9.3 Possession; Books and Records, Keys. At Closing, Seller shall deliver to
Purchaser possession of the Property, together with all books and records in Seller’s possession, in accordance with and subject to any privacy laws or regulations, necessary or desirable for the operation of the Property, and all keys,
including, without limitation, keys for all security systems, rooms and offices. For avoidance of doubt, Seller will retain all original payroll records, personnel records and human resource and personnel files for the Employees. For a period of
three (3) years after Closing, Purchaser shall provide access to Seller and its representatives to such delivered books and records at all reasonable times on not less than forty-eight (48) hours prior notice. Seller shall have the right
to retain copies of any books and records relating to the ownership or operation of the Property for the period prior to the Closing Date. 
 ARTICLE X 
 Default 

10.1 Purchaser’s Default. If Purchaser fails to consummate the purchase and sale contemplated herein after all
conditions precedent to Purchaser’s obligation to do so have been satisfied or waived by Purchaser, and Purchaser does not cure such failure within ten (10) days after written notice thereof by Seller, and if as a result of such failure
Seller terminates this Agreement, Escrow Agent shall pay the Deposit to Seller in accordance with the Escrow Instructions, as full and complete liquidated damages, and as the exclusive and sole right and remedy of Seller, whereupon this Agreement
shall terminate, and neither party shall have any further obligations or liabilities to the other party (except for such obligations and liabilities as expressly survive the termination hereof). IF THE CLOSING AND THE TRANSACTIONS CONTEMPLATED
HEREBY DO NOT OCCUR AS PROVIDED HEREIN BY REASON OF PURCHASER’S FAILURE TO CLOSE WHEN OBLIGATED TO DO SO, PURCHASER AND SELLER AGREE IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO FIX THE DAMAGES WHICH SELLER MAY SUFFER. THEREFORE,
PURCHASER AND SELLER HEREBY AGREE THE DEPOSIT IS A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT SELLER WOULD SUFFER IN THE EVENT PURCHASER DEFAULTS AND FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY. 

10.2 Seller’s Default. If Seller breaches its representations, warranties, covenants and/or agreements under
this Agreement in any material respect or has failed or is unable to consummate the purchase and sale contemplated herein by the Closing Date, and such breach or failure is not cured within ten (10) days following receipt of written notice
thereof from Purchaser, Purchaser may either (a) waive such default and proceed to Closing, (b) within thirty (30) days following the scheduled Closing Date (as may have been extended by the parties or otherwise as set forth in this
Agreement), commence an action for specific performance without offset to the Purchase Price (except Purchaser shall be entitled to offset Purchaser’s attorney’s fees and costs in connection with such action), or (c) terminate this
Agreement, whereupon the Escrow Agent shall return the Deposit to Purchaser in accordance with the Escrow Instructions and Purchaser shall be entitled, as its sole remedy, to recover its actual third party out of pocket costs incurred in connection
with the transactions contemplated hereunder, not to exceed $1,000,000. 

  
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 ARTICLE XI 
 “AS IS” Sale; Survival; Indemnification Obligations; Post-Closing Obligations 
 11.1 AS IS. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN: PURCHASER ACKNOWLEDGES AND AGREES THAT, PURCHASER IS ACQUIRING THE PROPERTY AS-IS, WHERE-IS, AND WITH ALL FAULTS, AND
WITHOUT ANY WARRANTIES OF WHATSOEVER NATURE, EXPRESS OR IMPLIED, IT BEING THE INTENTION OF SELLER AND PURCHASER EXPRESSLY TO NEGATE AND EXCLUDE ALL WARRANTIES, INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR
ANY PARTICULAR PURPOSE, WARRANTIES CREATED BY ANY AFFIRMATION OF FACT OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY CONVEYED HEREUNDER, OR BY ANY SAMPLE OR MODEL THEREOF (INCLUDING, WITHOUT LIMITATION, ANY AND ALL WARRANTIES WHATSOEVER CONTAINED
IN OR CREATED UNDER THE UNIFORM COMMERCIAL CODE IN EFFECT IN ANY OTHER JURISDICTION WHOSE LAW MAY BE APPLICABLE TO THE CONSTRUCTION OR ENFORCEMENT OF THIS AGREEMENT OR ANY AND ALL INSTRUMENTS CONTEMPLATED HEREIN). WITHOUT LIMITATION ON THE
FOREGOING, PURCHASER WILL BE ACQUIRING THE PROPERTY SOLELY IN RELIANCE ON PURCHASER’S OWN INSPECTIONS, EXAMINATIONS, AND EVALUATIONS OF THE PROPERTY AND PRIOR TO TAKING TITLE TO THE PROPERTY, PURCHASER SHALL HAVE HAD THE OPPORTUNITY TO
DETERMINE WHETHER PURCHASER IS SATISFIED WITH THE CONDITION, QUALITY, QUANTITY, OPERATION, STATE OF REPAIR, AND PROSPECTS OF THE PROPERTY IN ALL RESPECTS, AND PURCHASER SHALL HAVE DECIDED THAT PURCHASER IS WILLING TO ACQUIRE THE PROPERTY
“AS-IS, WHERE-IS”, AND WITH ALL FAULTS. PURCHASER AGREES AND ACKNOWLEDGES THAT, EXCEPT FOR SELLER’S EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN ARTICLE III HEREOF, NO OTHER REPRESENTATIONS, STATEMENTS OR WARRANTIES HAVE AT ANY
TIME BEEN MADE BY SELLER, ITS AFFILIATES OR ANY OF THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, PARTNERS, TRUSTEES, BENEFICIARIES, DIRECTORS, OFFICERS, MANAGERS, EMPLOYEES, ATTORNEYS, ACCOUNTANTS, CONTRACTORS, CONSULTANTS, AGENTS OR REPRESENTATIVES, NOR
ANY PERSON PURPORTING TO REPRESENT ANY OF THE FOREGOING, AS TO (A) THE CONDITION, SAFETY, QUALITY, QUANTITY, USE, OCCUPANCY, OPERATION OR STATE OF REPAIR OF THE PROPERTY, (B) THE PAST, PRESENT OR FUTURE REVENUES OR EXPENSES WITH RESPECT TO
THE PROPERTY, (C) THE COMPLIANCE OF THE PROPERTY OR THE OPERATION OF THE HOTEL WITH ANY ZONING REQUIREMENTS, BUILDING CODES OR OTHER APPLICABLE LAW, OR (D) THE CONDITION, SAFETY, QUALITY, QUANTITY, USE, OCCUPANCY, OPERATION, STATE OF
REPAIR, OR PROSPECTS FOR THE PROPERTY IN ANY RESPECT. 
 11.2 Survival; Limitations and Holdback.
Seller’s and Purchaser’s representations and warranties, indemnification obligations, and all other covenants and agreements of Seller shall survive the Closing for a period of fourteen (14) months (the “Survival
Period”), provided, 

  
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however, Seller’s representations as set forth in Section 3.14 shall survive until the expiration of the statute of limitations for such claims, and shall not be deemed to
have merged into any of the documents delivered at Closing. 
 11.3 Limitations on Purchaser Claims; Holdback.
Except to the extent expressly excepted from this Section 11.3, any post-Closing Claim by Purchaser of a breach of any representation, warranty, covenant or agreement of Seller set forth in this Agreement, and any right of
Purchaser to have Seller Indemnify Purchaser for a Purchaser Third-Party Claim (each such Claim and Third-Party Claim, a “Purchaser’s Claim”) shall at all times and in all events be subject to and limited by the following:

 (a) Submission of Claim. Purchaser shall have delivered to Seller written notice asserting such
Purchaser’s Claim, and stating in detail the factual basis for such Purchaser’s Claim, prior to the expiration of the Survival Period. 
 (b) Minimum Damages. Except as set forth in Section 13.8 below, Purchaser’s damages resulting from Purchaser’s Claims must exceed an amount equal to One Million Dollars
($1,000,000) in the aggregate (the “Threshold”), and, in the event Purchaser’s aggregate damages exceed the Threshold, then subject to the limitations set forth in Sections 11.3(c) and 11.3(d) below,
Purchaser shall be entitled to recover from Seller the total amount of such damages for which Seller’s liability for all claims shall begin at zero. 
 (c) Cap. Notwithstanding anything contained in this Agreement to the contrary, except for fraud or willful misconduct on the part of Seller, in no event shall (i) Seller have any
liability for a Purchaser’s Claim if prior to Closing Purchaser has Knowledge (as described in Section 11.4 below) of any fact or circumstance which makes such representation or warranty untrue or of any breach of any other
covenant or agreement or (ii) Seller’s liability in the aggregate for all Purchaser’s Claims asserted as set forth in Section 11.3(a) exceed, (A) with respect to the time period between the Closing Date and
April 10, 2014 (the “Reduction Date”), Twenty Million Dollars ($20,000,000) out of pocket from Seller and not inclusive of any insurance proceeds received by either party (the “Initial Cap”), and
(B) following the Reduction Date and ending upon termination of the Survival Period, Fifteen Million Dollars ($15,000,000) out of pocket from Seller and not inclusive of any insurance proceeds received by either party (the “Reduced
Cap”). In no event shall Seller be obligated to make a payment to Purchaser for any Purchaser’s Claim to the extent Purchaser has received or has been given written confirmation from the insurer of payment of insurance proceeds
(inclusive of title insurance proceeds) or has received a damage recovery against a third party for such Purchaser’s Claim; provided, that if Purchaser shall receive any such insurance or other third-party proceeds relating to a
Purchaser’s Claim following receipt of payment by Seller with respect to such Purchaser’s Claim, then Purchaser shall promptly remit such insurance or third-party proceeds directly to Seller. 

(d) Post-Closing Escrow. In furtherance of Purchaser’s rights under this Agreement, Seller shall, or shall direct
Escrow Agent to, place the sum of $20,000,000 (the “Post-Closing Escrow Amount”) in escrow (the “Post-Closing Escrow Fund”) with Escrow 

  
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Agent at Closing pursuant to escrow instructions in the form attached hereto as Exhibit G (the “Post-Closing Escrow Agreement”), and Seller shall have no further
obligation to deposit any further amounts into the Post-Closing Escrow Fund. Purchaser, Seller and Escrow Agent shall execute the Post-Closing Escrow Agreement prior to Closing, and Escrow Agent shall hold and disburse the Post-Closing Escrow Fund
in accordance with the terms of this Agreement and the Post-Closing Escrow Agreement. On the Reduction Date and upon receipt of a copy of the executed Post-Closing Guaranty (as defined below), Escrow Agent shall disburse to Seller fifty percent
(50%) of the then-outstanding amount of the Post-Closing Escrow Fund (less and excluding any amount that is the subject of an outstanding Purchaser’s Claim as of such date (the “Pre-Reduction Retained Amount”), which
Pre-Reduction Retained Amount shall continue to be held by Escrow Agent pending resolution of the applicable Purchaser’s Claim (the “Disbursed Amount”)). For any Purchaser Claim which arises following the Reduction Date (but
prior to the expiration of the Survival Period), Belz Investco GP and Union Realty GP shall guaranty Seller’s obligation to pay the amount by which any such Purchaser’s Claims exceed the remaining balance of the Post-Closing Escrow Fund,
up to the amount of the Reduced Cap, but in no event shall the amount guaranteed exceed the Disbursed Amount (the “Guaranty Gap”), the form of such guaranty is attached hereto as Exhibit 11.3(d) (“Post-Closing
Guaranty”). If any Purchaser’s Claims that were asserted prior to the Reduction Date are resolved and paid from the Pre-Reduction Retained Amount prior to the end of the Survival Period, any remaining balance of the Pre-Reduction
Retained Amount shall, at Seller’s option, either (i) be disbursed to Seller, or (ii) be retained by the Escrow Agent, upon which the Guaranty Cap shall be reduced by an amount equal to such remaining balance of the Pre-Reduction
Retained Amount (see Exhibit 11.3(d)(1) for an example). Upon the expiration of the Survival Period, Escrow Agent shall disburse the balance of the Post-Closing Escrow Fund to Seller; provided, however, that Escrow Agent shall retain
in the Post-Closing Escrow Fund any amount that is the subject of an outstanding Purchaser’s Claim as of such date. Except as expressly provided in this Section 11.3(d), it is expressly agreed that all payments made by Seller
to Purchaser pursuant to this Section 11.3 in respect of the Purchaser’s Claims shall be made solely and exclusively from the Post-Closing Escrow Fund until such time as the Post-Closing Escrow Fund shall be deplete.

 (e) Purchaser’s Sole and Exclusive Remedy. Purchaser hereby acknowledges and agrees that if the Closing
occurs under this Agreement, then Purchaser’s remedies set forth in this Section 11.3 and in Section 11.6 hereof, and subject in all events to the limitations and restrictions set forth in this
Article XI, shall be Purchaser’s sole and exclusive remedies against Seller for any breach or default or alleged breach or default by Seller under this Agreement or in connection with any matter related to the transactions
contemplated under this Agreement or any indemnification therefor, and that in no event shall Purchaser have the right to initiate any other action or remedy against Seller in connection with this Agreement or in connection with any matter related
to the transactions contemplated under this Agreement. 
 11.4 Purchaser’s Knowledge. All of the
representations and warranties of Seller set forth in this Agreement are qualified by any written disclosures made to Purchaser by or on behalf of Seller prior to the Closing Date. If Purchaser has Knowledge of a breach of any representation or
warranty made by Seller in this Agreement prior to the Closing, and Purchaser 

  
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nevertheless elects not to pursue its remedies hereunder prior to Closing, such representation or warranty by Seller shall be deemed to be qualified or modified to reflect Purchaser’s
Knowledge of such breach and Seller shall have no liability to Purchaser in connection with such breach following Closing. Purchaser acknowledges and agrees that each of Seller’s representations and warranties set forth in this Agreement are
and shall be deemed qualified by Purchaser’s Knowledge. As used in this Section 11.4, “Purchaser’s Knowledge” or any phrase of like meaning shall be deemed to mean, and Purchaser shall be deemed to have
“Knowledge” of, the following: (i) the contents of all of the due diligence materials delivered to Purchaser or its representatives by or on behalf of Seller, including those disclosed in the Data Room at least five (5) business
days before the Closing Date (ii) the contents of all third party reports obtained by Purchaser, and (iii) all Exhibits to this Agreement. 
 11.5 Limitations on Seller Claims. Any post-Closing Claim by Seller of a breach of any representation, warranty covenant or agreement of Purchaser set forth in this Agreement, and any right
of Seller to have Purchaser Indemnify Seller for a Seller Third-Party Claim (each such Claim and Third-Party Claim, a “Seller’s Claim”) shall at all times and in all events be subject to and limited by the following:

 (a) Submission of Claim. Seller shall have delivered to Purchaser written notice claiming such breach, and
stating in detail the factual basis for such Seller’s Claim prior to the expiration of the Survival Period; 
 (b)
Minimum Damages. Seller’s damages resulting from Seller’s Claim must exceed the Threshold, and in the event that Seller’s aggregate damages exceed the Threshold, then subject to the limitation set forth in
Section 11.5(c) below, Seller shall be entitled to recover from Purchaser the total amount of such damages for which Purchaser’s liability for all claims shall begin at zero. 

(c) Cap. Notwithstanding anything contained in this Agreement to the contrary, except for fraud or willful misconduct on
the part of Purchaser, in no event shall Purchaser have any liability for a Seller’s Claim if prior to Closing Seller has Knowledge of any fact or circumstance which makes such representation or warranty untrue or of any breach of any other
covenant or agreement, or Purchaser’s liability in the aggregate for all Seller’s Claims asserted as set forth in Section 11.5(a) exceed (A) with respect to the time period between the Closing Date and the Reduction
Date, Twenty Million Dollars ($20,000,000) out of pocket from Purchaser and not inclusive of any insurance proceeds received by either party (the “Purchaser’s Initial Cap”), and (B) following the Reduction Date and ending
upon termination of the Survival Period, Fifteen Million Dollars ($15,000,000) out of pocket from Purchaser and not inclusive of any insurance proceeds received by either party (the “Purchaser’s Reduced Cap”), and in no event
shall Purchaser be obligated to make a payment to Seller for any Seller’s Claim to the extent Seller has received has been given written confirmation from the insurer of payment of insurance proceeds (inclusive of title insurance proceeds) or
has received a damage recovery against a third party for such Seller’s Claim; provided, that if Seller shall receive any such insurance or other third-party proceeds relating to a Seller’s Claim following receipt of payment by Purchaser
with respect to such Seller’s Claim, then Seller shall promptly remit such insurance or third-party proceeds directly to Purchaser. 

  
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 (d) Seller’s Sole and Exclusive Remedy. Seller hereby acknowledges and
agrees that if the Closing occurs under this Agreement, then Seller’s remedies set forth in this Section 11.5 and in Section 11.6 hereof, and subject in all events to the limitations and restrictions set
forth in this Article XI, shall be Seller’s sole and exclusive remedies against Purchaser for any breach or default or alleged breach or default by Purchaser under this Agreement or in connection with any matter related to the transactions
contemplated under this Agreement or any indemnification therefor, and that in no event shall Seller have the right to initiate any other action or remedy against Purchaser in connection with this Agreement or in connection with any matter related
to the transactions contemplated under this Agreement 
 11.6 Indemnification. 

(a) Agreement to Indemnify. Notwithstanding any provisions of this Agreement to the contrary, but in all events subject to
the limitations, conditions and requirements otherwise set forth in this Article XI, (a) Seller shall Indemnify Purchaser against any and all obligations, claims, losses, damages, liabilities and expenses (including reasonable
attorneys’ fees and other charges) arising out of (i) the material inaccuracy of any representation or warranty of Seller herein, (ii) the failure of Seller to perform any of its obligations hereunder in any material respect,
(iii) with respect to Claims asserted by third-parties relating to damage to property or injury to or death of any person occurring on or about the Property or any portion thereof during the period of Seller’s ownership of the
Hotel (the “Purchaser Third-Party Claims”); and Purchaser shall Indemnify Seller against any and all obligations, claims, losses, damages, liabilities and expenses (including, without limitation, reasonable attorneys’ fees and
other charges) arising out of (i) the material inaccuracy of any representation or warranty of Purchaser herein, (ii) the failure of Purchaser to perform any of its obligations hereunder in any material respect, or (iii) with respect
to Claims asserted by third-parties relating to damage to property or injury to or death of any person or in connection with the Property at any time or times after the Closing (the “Seller Third-Party Claims”). 

(b) Notice and Cooperation on Indemnification. Whenever either party shall learn through the filing of a Purchaser
Third-Party Claim or Seller Third-Party Claim, as the case may be, for which the other party is or may be responsible under this Agreement, the party learning of such liability shall notify the other party promptly and furnish such copies of
documents (and make originals thereof available) and such other information as such party may have that may be used or useful in the defense of such claims and shall afford said other party full opportunity to defend the same in the name of the
notifying party and generally shall cooperate with said other party in the defense of any such claim. Upon receipt of such notice of possible liability, the party obligated to provide indemnity shall have the right to provide a written notice to the
party entitled to indemnity that the indemnifying party elects to assume the defense of such matter, including, without limitation, the employment of counsel reasonably satisfactory to the indemnified party; whereupon the indemnifying party shall
have the right to prosecute such 

  
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defense and shall be responsible for the payment of the fees and disbursements of such counsel; provided, however, if in the reasonable judgment of the indemnified party, (i) such
litigation, action, suit, demand, claim or the resolution thereof, would have a Material Adverse Effect on the indemnified party, or (ii) the indemnifying party shall have a conflict of interest in defending such action on the indemnified
party’s behalf, then at the indemnified party’s election, the indemnified party may defend itself, and in either of such instances it shall be at the indemnifying party’s expense; provided, however, that the indemnifying party
shall be responsible for the reasonable fees of no more than one counsel in each jurisdiction in each proceeding. The failure of an indemnified party to provide prompt notice of a Purchaser Third-Party Claim or a Seller Third-Party Claim to the
indemnifying party pursuant to the first sentence of this Section 11.6(b) shall not relieve the indemnifying party of its obligation to Indemnify the indemnified party hereunder, except if such failure materially prejudices the
indemnifying party’s ability to conduct such Indemnification, and except to the extent such failure materially increases the amount of the applicable Purchaser Third-Party Claim or Seller Third-Party Claim. 

11.7 Damages. The parties hereby agree that all damages to either party shall be limited to actual, documented damages, and
shall not include punitive and consequential damages, which the parties hereby affirmatively waive. 
 11.8
Survival of Article. The provisions of this Article XI shall survive the Closing for the Survival Period. 
 ARTICLE XII 
 Casualty or Condemnation 

12.1 Notice to Purchaser. Seller agrees to give Purchaser prompt notice of any fire or other casualty occurring at the
Hotel between the Contract Date and the Closing Date; provided, however, that Seller shall not be deemed to be in default under this Section 12.1 for failure to report minor incidents causing insignificant damage.

 12.2 Condemnation, Casualty or Litigation. If, prior to Closing, (i) condemnation proceedings or similar
proceedings are commenced or threatened in writing against all or any material portion of the Property and Seller receives such written notice, or (ii) a material fire or other casualty occurs, Purchaser shall have the right, upon notice in
writing to Seller delivered within fifteen (15) days after actual notice of such condemnation, fire or other casualty, to terminate this Agreement. Upon such termination, the Deposit shall be returned immediately to Purchaser, and neither party
shall have any further liability to the other hereunder except for obligations that expressly survive termination of this Agreement. If the Property is so damaged but this Agreement is not terminated, the Purchase Price shall not be reduced, but
Purchaser shall be entitled to an assignment of all of Seller’s share of the condemnation award or the proceeds of any fire or other casualty insurance plus the amount of any deductible under such insurance that has not been applied to the
restoration or repair of such damage, and all rent loss insurance proceeds (if any) payable with respect to the Property relating to the period after Closing, and Seller shall have no obligation to repair or restore the Property. As used herein with
respect to a condemnation, the term “material” means a condemnation or similar event as a result of which 

  
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(a) the amount of the condemnation award or purchase price, as the case may be, exceeds or is likely to exceed four percent (4%) of the Purchase Price, or (b) all or any portion of the
access to the Property will be altered or modified such that the Property will not be usable for its intended purpose to the same extent as existed prior to the condemnation, in whole or in part, or (c) the Property will be rendered
non-compliant with applicable law, or (d) any of the Improvements on the Property are condemned. As used herein with respect to a casualty, the term “material” means a casualty as a result of which the cost of repair, as
estimated by Purchaser’s engineer, exceeds four percent (4%) of the Purchase Price. If a casualty to any part of the Property has occurred and Purchaser is required or elects to complete the purchase of the Property, Seller shall
reasonably cooperate with Purchaser in prosecuting all insurance claims assigned to Purchaser at Closing. 
 12.3 Risk of
Loss. Subject to the provisions of this Article XII, the risk of loss or damage to the Property shall remain with Seller until the delivery of the Deed. 
 ARTICLE XIII 
 PRORATIONS AND EXPENSES 

13.1 Prorations Generally. The items of revenue and expense set forth in this Section 13.1 shall be
prorated between the Parties (the “Prorations”) as 11:59 p.m. local time on the day immediately preceding the Closing Date (the “Proration Time”), or such other time expressly provided in this
Section 13.1, so that the Closing Date is a day of income and expense for Purchaser. Seller and Purchaser shall receive debits and credits against the Purchase Price pursuant to this Article XIII. In the case of any
adjustment to be made at Closing, the portion of the Purchase Price payable pursuant to Section 2.1 shall be increased or decreased to reflect such adjustment. 

(a) Income and Expenses. Except as otherwise expressly set forth in this Article XIII, all items of income
and expense of the Property with respect to the period prior to the Proration Time shall be for the account of Seller, and all items of income and expense of the Hotel with respect to the period after the Proration Time shall be for the account of
Purchaser. Seller shall receive a credit for all prepaid expenses as of the Proration Time relating to the period after the Proration Time, including, without limitation, prepaid expenses under Contracts, prepaid future sales events, prepaid
customer booking events, advertising expenses, trade association dues and trade subscriptions, and prepaid fees for assignable permits. Seller shall receive a credit for the revenue surcharge reserves (the “Revenue Surcharge
Reserves”) being held by the counterparties under the Convention Center Hotel Revenue Surcharge Agreement identified as a Contract in Exhibit 3.7. Except as otherwise expressly set forth in this
Article XIII, all Prorations shall be on an accrual basis in accordance with generally accepted accounting principles. 
 (b) Settlement Statement. All income and expenses described in this Article XIII that can be determined or estimated on the Closing Date shall be so determined or
estimated by Purchaser and Seller in good faith based on a final night audit performed, and shall be set forth on a settlement statement (“Settlement Statement”) executed by Seller and Purchaser at Closing. 

  
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 (c) Post-Closing True-up. Subject to the terms hereof, Seller and Purchaser
shall agree upon a final determination of the prorations required hereunder (the “True-up”), and within fifteen (15) days of the True-up, Seller or Purchaser, as the case may be, shall pay to the other the amount as may be
required by the True-up. Within one hundred twenty (120) days after Closing, Purchaser shall prepare and submit to Seller a recalculation and reapportionment (“True-Up Statement”) of the prorations and credits, reflecting
actual figures and not estimates, for any income and expenses (i) which were not apportioned on the Settlement Statement because of the unavailability of information, (ii) which were apportioned on the Settlement Statement based upon
estimated or incomplete information, or (iii) for which errors exist on the Settlement Statement, which True-Up Statement shall be binding on Purchaser and Seller unless Seller delivers notice to Purchaser within ten (10) days after
Seller’s receipt thereof disputing any one or more line items on Purchaser’s True-Up Statement. If Seller disputes any one or more line items on the Purchaser’s True-Up Statement, a nationally recognized accounting firm selected by
Seller and reasonably approved by Purchaser shall be engaged to provide a revised True-Up Statement; provided, however, that if the net amount of the prorations and credits determined by such accounting firm is within 5% of the net amount as
determined by Purchaser, Seller shall bear the entire fees and costs of the accounting firm in making such determination, and if the net amount of the prorations and credits determined by the accounting firm is greater than 5% of the net amount as
determined by Purchaser, Purchaser shall bear the entire fees and costs of the accounting firm in making such determination. Each of Seller and Purchaser shall cooperate in good faith and act reasonably after Closing in preparation of the True-Up
Statement. Except as otherwise expressly set forth in this Agreement (including for real estate taxes and assessments), there shall be no further adjustment between Seller and Purchaser for income and expenses. Notwithstanding anything herein to the
contrary, any breach by either party of its obligation hereunder to pay any amounts owed to the other party as a result of the True-up Statement are not subject to the Threshold. 

13.2 Room Revenue; Receivables and Payables. Seller shall deliver to Purchaser on the Closing Date a schedule of confirmed
reservations for dates subsequent to the Closing, which schedule shall list the party for whose benefit the reservation was made, the amount of deposit thereunder, the amount of any room rental deposits and the amount of any other deposits made for
advance reservations, banquets or future services to be provided after the Closing. Any down payments and advance deposits that are (i) received by Seller prior to the Closing Date and (ii) made with respect to confirmed reservations for
dates on or after the Closing will be credited at Closing to Purchaser; and any prepaid bookings and prepaid costs for trade events made by Seller prior to Closing will be credited to Seller. All revenues received or to be received on account of
room rents, including any sales taxes, room taxes and other taxes charged to guests in such rooms, all parking charges, sales from mini bars, in-room food and beverage, telephone, facsimile and data communications, in room movie, laundry and other
service charges allocated to such room, for the period prior to and including the Proration Time shall belong to Seller (with Purchaser to remit such revenues to Seller to the extent any such revenues are paid to Purchaser

  
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following Closing), and all such revenues for the period beginning on the day immediately following the Proration Time shall belong to Purchaser. The accounts receivable of registered guests at
the Property who have not checked out and were occupying rooms as of the Proration Time are collectively called the “Guest Ledger.” Purchaser shall pay over to Seller, as and when received by Purchaser, a portion of the proceeds
from each Property guest on the Guest Ledger, which portion corresponds proportionately to the portion of such guest’s payment attributable to the period ending on and including the Proration Time; provided, however, that if an amount
less than the total amount due from a guest is collected and the guest continued in occupancy after the Proration Time, such amount shall be applied first to any amount owing by such person to Purchaser and thereafter to such person’s amounts
accruing to Seller. All accounts receivable and accounts payable relating to the Hotel in respect of the period prior to the Proration Time shall be for Seller’s sole account, and (except as may be expressly required by this Agreement)
Purchaser shall not be responsible to Seller for the collection or payment of same. Notwithstanding the foregoing, payments received by Purchaser that are identified as relating to such accounts receivable shall be promptly turned over to Seller.
Purchaser agrees to retain Seller’s current credit manager (Janet Le Gross) and associated staff (the “Credit Team”) for a period of ninety (90) days after Closing to assist in the collection of accounts receivable
relating to the Hotel in respect of the period prior to the Proration Time, and Purchaser and Seller agree to aggregate and split 50/50 the salaries and related benefit costs (maintained at current levels) for the Credit Team payable during such
ninety (90) day period. During this ninety (90) day period, the Credit Team shall be entitled to reasonable access to and support from sales and catering personnel as needed to bill and collect receivables. Further, during this ninety
(90) day period, Purchaser agrees to cooperate with Seller to continue to run and maintain any systems needed to aid in the collection of receivables (property management system, sales and catering systems, etc.). Notwithstanding the foregoing,
Seller may, at its discretion, before or after the Closing Date, pursue collection (including formal proceedings, as appropriate) for its own account of any accounts receivable that are outstanding ninety (90) days or more. 

13.3 Food and Beverage Revenue; Vending Machine Revenue. All monies received in connection with bar and restaurant services
at the Hotel prior to the Proration Time shall belong to Seller. Vending machine proceeds shall be counted as close to the Proration Time as is possible and the net amount thereof shall be credited to Seller at Closing. 

13.4 Other Hotel Revenues. 
 (a) All monies received in connection with spa, salon and retail services, if any, at the Hotel prior to the Proration Time shall belong to Seller. Seller shall provide Purchaser with a complete schedule
of spa and salon bookings and the amount of any deposits made for such bookings as of the Proration Time and Purchaser shall receive a credit equal to the sum of all such deposits made for spa and salon bookings relating to the period from and after
the Proration Time. 
 (b) Banquet and Meeting Room Revenues. Revenues from conferences, receptions, meetings and
other functions occurring in any conference, banquet or meeting rooms in the Property, including usage charges and related taxes, food and beverage sale, valet parking 

  
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charges, equipment rentals, and telecommunication charges, shall be allocated between Seller and Purchaser, based on when the function therein commenced, with (i) one-day functions
commencing prior to the Proration Time being allocable to Seller; (ii) one-day functions commencing after the Proration Time being allocable to Purchaser and (iii) multi-day functions that include periods both before and after the
Proration Time being prorated between Seller and Purchaser according to actual revenues earned during the period of time before and from and after the Proration Time. 
 13.5 Guests’ Property. 
 (a) Safe Deposit Boxes. On the
day prior to the Closing, Seller shall request in writing that all guests of the Hotel who have safe deposit boxes remove and verify the contents of such safe deposit boxes. Seller may have a representative present at the Hotel during such period
for the purpose of viewing such removal and verification. Boxes of guests not responding to the written notice shall be opened on the day of Closing in the presence of representatives of Seller and Purchaser to be agreed upon between Seller and
Purchaser and the contents thereof shall be recorded. Any property contained in the safe deposit boxes and so recorded and thereafter remaining in the hands of Purchaser shall be the responsibility of Purchaser; and Purchaser hereby agrees to
indemnify, defend and save and hold Seller harmless for, from and against any Third-Party Claim or obligation arising out of or with respect to such recorded property. Seller shall be responsible for, and shall indemnify, defend and hold Purchaser
harmless for, from and against, any Claim arising with respect to property placed in the safe deposit boxes before the Closing that is not listed in said inventory. 
 (b) Baggage Inventory. All guest baggage and other guest property checked and left in the possession, care and control of Seller shall be listed in an inventory to be prepared in duplicate and
signed by Seller’s and Purchaser’s representatives on the day prior to the Closing Date (the “Baggage Inventory List”). Purchaser shall be responsible from and after the Closing Date for all baggage (and the contents
thereof) and other guest property listed on the Baggage Inventory List. Purchaser agrees to indemnify, defend and save and hold Seller harmless for, from and against any Claim arising out of or with respect to the items listed on the Baggage
Inventory List, and Seller agrees to indemnify, defend and save and hold Purchaser harmless from and against any Third-Party Claim arising prior to the Closing Date out of or with respect to any guest baggage or other guest property not listed on
the Baggage Inventory List. 
 13.6 Real Estate Taxes; Sales Taxes. Real estate taxes, personal property taxes,
special assessments, if any, shall be apportioned as of the Closing Date on the basis of the fiscal period for which assessed and prorated as of the Proration Time and Seller shall be responsible for all such amounts attributable to the period prior
to the Proration Time, and Purchaser shall be responsible for all such amounts attributable to the period after the Proration Time. If the actual amount of taxes due for the tax year in which the Closing occurs is not available from the taxing
authority as of the Closing Date, then such taxes shall be prorated on an estimated basis using the taxes levied for the prior tax year, assuming a payment by November 30. When the actual amount of taxes due for the tax year in which the
Closing occurs become publically available from the taxing authority, then either party may recalculate such prorations and notify the other 

  
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party of such reprorations in writing within sixty (60) days after such actual tax amount becomes publically available. Any amounts payable by Seller or Purchaser under this
Section 13.6 shall be paid to the other party within fifteen (15) days after receipt of the written notification provided for hereinabove. Seller will timely file any Florida sales and use tax returns or other documents
required of Seller with or for remittance of Sales Tax and shall pay or cause all Sales Tax to be paid for the period prior to the Closing Date. Purchaser will timely file any Florida sales and use tax returns or other documents required of
Purchaser with or for remittance of Sales Tax and shall pay or cause all Sales Tax to be paid after the Closing Date. 
 13.7
Rents. Rent and other fixed or variable payments due from tenants under the Space Leases (“Rents”) shall be prorated between Purchaser and Seller as of Closing; provided, however, that no proration shall be made of
any Rent that is not actually received by Seller prior to Closing. Rent that relates to the period in which the Closing occurs but that was not paid before Closing (and therefore was not prorated at Closing) shall be prorated between Seller and
Purchaser as of the Closing Date, but not until it is actually collected by Purchaser after the Closing, it being understood and agreed that Purchaser shall have no obligation to collect delinquent rent on behalf of Seller. Rent collected by
Purchaser after the Closing, net of the costs of collection (including reasonable attorneys’ fees and costs), shall be applied first to unpaid Rent accruing on and after the Closing Date, and then to unpaid Rent accruing before the Closing
Date. If Seller mistakenly receives any Rent after the Closing Date, Seller shall promptly deliver such Rent to Purchaser in full. Upon receipt of any such Rent from Seller, Purchaser shall first apply such Rent to unpaid Rent accruing after the
Closing Date, and then to unpaid Rent accruing before the Closing Date. At Closing, Seller shall furnish to Purchaser a complete and correct schedule of all rents and other fixed charges which are then due and payable but which have not been paid.
Any security deposits or advance payments of rent held by Seller under the Space Leases at Closing shall be paid over to Purchaser at Closing or credited against the Purchase Price. 

13.8 Employee Compensation. Purchaser shall receive a credit at Closing for the value of the following items, to the extent
accrued (whether vested or not) by Employees at the Property through the Proration Time (collectively, the “Employee Benefit Payables”), provided, however, that Purchaser will receive only a credit to the extent such Employees are
actually rehired by Purchaser: all employees’ wages, accrued vacation pay, bonuses (specifically excluding the 2013 Bonuses which are addressed below), pension benefits, any COBRA rights, and other benefits earned and accrued by Employees at
the Property through the Proration Time, together with F.I.C.A., unemployment and other taxes and benefits due from any employer of such employees, and Seller shall indemnify Purchaser for any Claims in connection 

  
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with the aforementioned (which indemnification obligation shall not be subject to the Threshold. Purchaser shall assume all liability and responsibility for the Employee Benefit Payables for
those Employees rehired by Purchaser. Purchaser shall be responsible for any liability for payment of all employees’ wages, accrued vacation pay, bonuses, pension benefits, any COBRA rights, and other benefits earned and accrued by employees at
the Property accruing after the Proration Time, together with F.I.C.A., unemployment and other taxes and benefits due from any employer of such employee, and Purchaser shall indemnify Seller for any Claims in connection with the aforementioned,
including the Employee Benefit Payables for the rehired Employees (which indemnification obligation shall not be subject to the Threshold ). Given Seller’s policy of not monetizing unused personal days, Purchaser shall not receive a credit
at Closing for the value of any personal days accrued by Employees at the Property through the Proration Time, and any such benefit for the period following the Closing, including the election to carry over such accrued personal days for those
Employees rehired by Purchaser, shall be at Purchaser’s sole cost and expense. With respect to the Current Bonus Program for the 2013 fiscal year (the “2013 Bonuses”), the 2013 Bonuses payable to rehired Employees shall be
determined by Seller as of the Closing Date. Seller shall be solely responsible for such amount and shall make timely payments (February, 2014) directly to the employees listed on Exhibit 13.8, consistent with its past
practices. Any bonuses applicable to operations subsequent to the Closing Date shall be the sole responsibility of the Purchaser. In accordance with Section 6.12, Seller shall remain solely responsible for any and all
severance pay or benefits packages currently offered by Seller to (a) any Employees not hired by Purchaser, and (b) those Employees in the Credit Team that are hired by Purchaser but are terminated by Purchaser within thirty (30) days
after the expiration of the ninety (90) day period referenced in Section 13.2 above, provided that, in the case of Employees described in clause (b), Purchaser shall pay any accrued amounts to the extent it received a credit therefor at
Closing and Seller shall pay any excess amount then due for such severance pay or benefits currently offered by Seller. 

13.9 Reserves. At Closing, Seller shall retain the account or accounts that hold funds comprising any “FF&E
reserve,” “reserve for replacements”, “working capital reserves”, or similar reserve (collectively, “Reserves”), and any other reserve accounts held by Seller’s lender, Seller or any other party on
behalf of Seller, (including all funds deposited in the Reserves for the period prior to the Proration Time), and no adjustment to Purchase Price shall be made in respect of any such reserves. Seller shall receive a credit for Revenue Surcharge
Reserves described in Section 3.7. All cash in the house banks, cash registers, vaults, safes (other than that belonging to guests), petty cash boxes, and coin-operated devices at the Hotel as of the Proration Time, each of which
shall be hand counted by the parties as of the Proration Time. 
 13.10 Complementary Vouchers. Seller and
Purchaser agree to negotiate in good faith prior to Closing to agree upon the amount of a lump sum credit to be provided by Seller to Purchaser on the Closing Statement for complementary vouchers issued by Seller that may be used at the Property
after Closing for rooms, services, food or merchandise. 
 13.11 Survival. The terms and provisions of this
Article XIII shall survive the Closing for the Survival Period. 
 ARTICLE XIV 

Miscellaneous 
 14.1 Assignment. (a) Neither party shall assign or transfer or permit the assignment or transfer of its rights or obligations under this Agreement without the prior written

  
 36 

 
consent of the other, any such assignment or transfer without such prior consent being hereby declared to be null and void; provided, however, that Purchaser shall have the right to
either nominate one or more wholly owned subsidiary to take title to the Property or to any component thereof or to assign this Agreement to one or more wholly owned subsidiaries without Seller’s consent, upon written notice to Seller no later
than five (5) days prior to the Closing Date, but Purchaser shall remain liable following any such assignment for all obligations of “Purchaser” hereunder. 
 (b) In the event either party consents to an assignment of this Agreement by the other for which consent is required, no further assignment shall be made without another written consent from the
consenting party, unless the assignment may otherwise be made without consent under this Agreement. An assignment by either Seller or Purchaser of its interest in this Agreement shall not relieve Seller or Purchaser, as the case may be, from its
obligations, but this Agreement shall then inure to the benefit of, and be binding on, the assignee’s successors, heirs, legal representatives and assigns. 
 14.2 Consents. If, under this Agreement, the consent of a party is required, the consent shall be in writing and shall be executed by a duly authorized officer or agent. 

14.3 Applicable Law. This Agreement shall be governed by the laws of the State of Florida, without resort to the choice of
law rules thereof. The parties irrevocably agree that any action, suit or other legal proceeding with respect to this Agreement shall be brought and determined in any federal court sitting in Orlando, Florida or other courts of the State of Florida
located in Orange County, and the parties irrevocably submit with regard to any such action, suit or other proceeding generally and unconditionally to the exclusive jurisdiction of the aforesaid courts, and hereby further irrevocably and
unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

14.4 Headings; Exhibits. The headings of articles and sections of this Agreement are inserted only for convenience; they
are not to be construed as a limitation of the scope of the particular provision to which they refer. All exhibits attached or to be attached to this Agreement are incorporated herein by this reference. The words “herein” and
“hereof” mean “in this Agreement” and “of this Agreement,” respectively, and do not designate any particular section, subsection or other portion of this Agreement to the exclusion of any other portion of this
Agreement. 
 14.5 Notices. All notices, certificates and other communications permitted hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered to the person designated to receive the same with proof of delivery or rejection of delivery (if on a business day during business hours) thereof (any notice or
communications so delivered being deemed to have been received at the time delivered or rejected), or sent overnight by Federal Express or other reputable express courier service (any notice or communication so delivered being deemed to have been
received on delivery or rejection), or sent via electronic mail or facsimile (any notice or communication so sent being deemed to have been given upon electronic 

  
 37 

 
confirmation of transmission provided the same are not returned as undeliverable; and provided further that an original of such notice is also delivered by hand delivery or overnight courier as
noted above within two (2) business days) addressed to the respective parties as follows: 
  

			
	If to Seller:	  	UST Hotel Joint Venture, LTD.
		  	c/o Belz Enterprises
		  	100 Peabody Place, Suite 1400
		  	Memphis, Tennessee 38103
		  	Attention: Jimmie Williams
		  	Email: Jimmie.Williams@belz.com
		  	Facsimile: 901.260.7408
		
	With a copy to:	  	Hogan Lovells US LLP
		  	Columbia Square
		  	555 Thirteenth Street NW
		  	Washington, DC 20004
		  	Attention: Carol Weld King, Esq.
		  	E-mail: carol.king@hoganlovells.com
		  	Facsimile: 202.637.5910
		
	With a copy to:	  	Estein & Associates USA, Ltd.
		  	4705 S. Apopka Vineland Road
		  	Suite 201
		  	Orlando FL 32819
		  	Attention: Lothar Estein
		  	Email: Lestein@esteinusa.com
		  	Facsimile: 407.909.2222
		
	With a copy to:	  	Ciklin Lubitz Martens McBane & O’Connell
		  	515 North Flagler Drive - 20th floor
		  	West Palm Beach, FL 33401
		  	Attention: Dean Vegosen, Esq.
		  	Email: dvegosen@ciklinlubitz.com
		  	Facsimile: 561.833.4209
		
	If to Purchaser:	  	Hyatt Equities, L.L.C.
		  	71 South Wacker Drive
		  	Chicago, IL 60606
		  	Attention: Tiffany Leadbetter, Vice President, Corporate Transactions Group
		  	Email: tiffany.leadbetter@hyatt.com
		  	Facsimile: 312.780.5284

  
 38 

			
		
	With copy to:	  	Hyatt Equities, L.L.C.
		  	71 South Wacker Drive
		  	Chicago, IL 60606
		  	Attention: Margaret C. Egan, Senior Vice President & Associate General Counsel
		  	Email: margaret.egan@hyatt.com
		  	Facsimile: 312.780.5284
		
	With copy to:	  	Baker & Hostetler LLP
		  	200 South Orange Avenue
		  	Suite 200
		  	Orlando, Florida 32801
		  	Attention: John Melicharek, Esq.
		  	E-mail: jmelicharek@bakerlaw.com
		  	Facsimile: (407) 841-0168
		
	If to Escrow Agent:	  	First American Title Insurance Company
		  	2233 Lee Road
		  	Suite 101
		  	Winter Park, FL 32789
		  	Attention: Larry Deal
		  	Email: ldeal@firstam.com
		  	Facsimile: (407) 691-5301
		  	Phone: (407) 691-5200

 or to such other address as may be designated by a proper notice. 

14.6 Waiver. The failure of either party to insist on strict performance of any of the provisions of this Agreement or to
exercise any right granted to it shall not be construed as a relinquishment or future waiver; rather, the provision or right shall continue in full force. No waiver of any provision or right shall be valid unless it is in writing and signed by the
party giving it. 
 14.7 Partial Invalidity. If any part of this Agreement is declared invalid by a court of
competent jurisdiction, this Agreement shall be construed as if such portion had never existed, unless this construction would operate as an undue hardship on Seller or Purchaser or would constitute a substantial deviation from the general intent of
the parties as reflected in this Agreement. 
 14.8 Entire Agreement. This Agreement, together with the other
writings signed by the parties and incorporated herein by reference and together with any instruments to be executed and delivered under this Agreement, constitutes the entire agreement between the parties with respect to the purchase and sale of
the Property and supersedes all prior oral and written understandings. Any amendments to this Agreement shall not be effective unless in writing and signed by the parties hereto. 

  
 39 

 14.9 Time is of the Essence. Time is of the essence with respect to
performance of all obligations under this Agreement. Notwithstanding the foregoing, if any day herein set forth for the performance of any obligations of Seller or Purchaser, for the delivery of any instrument or notice as herein provided, or for
the expiration of any period should be a Saturday, Sunday or legal holiday, the compliance with such obligations shall be timely, the delivery of such instrument or notice shall be timely or the expiration of such period shall occur, as applicable,
on the next business day following such Saturday, Sunday or legal holiday. As used herein, (a) the term “legal holiday” means any state or federal holiday on which, or in observance of which, the Board of Governors of the U.S.
Federal Reserve System dictates that Federal Reserve banks are to be closed, and (b) the term “business day” means a day that is not a Saturday, Sunday or legal holiday. 

14.10 Waiver of Jury Trial. Seller and Purchaser each hereby waives any right to jury trial in the event any party files an
action relating to this Agreement or to the transactions or obligations contemplated hereunder. 
 14.11 Counterparts;
Electronic Copies. This Agreement may be executed in separate counterparts, none of which need contain the signatures of all parties, each of which shall be deemed to be an original, provided all of such counterparts, taken together, include
the signatures of all parties hereto. It shall not be necessary in making proof of this Agreement to produce or account for more than the number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. A
facsimile or electronic copy of this Agreement shall have the same effect as an original. 
 14.12 Brokerage.
Purchaser and Seller each represents and warrants to the other that no broker or agent is entitled to the payment of a commission for services rendered in connection with the transactions contemplated herein, except that, for avoidance of doubt,
Seller shall be responsible for any payment due to Goldman, Sachs & Co. Each of the parties hereto agrees to Indemnify the other with respect to any Claim made by a broker, attorney or finder claiming through such party for a commission,
fee or compensation in connection with this Agreement or the sale of the Property hereunder. The provisions of this Section 14.12 shall survive Closing and the Survival Date. 

14.13 Public Announcements. Except as otherwise expressly provided herein, prior to Closing, neither Seller nor
Purchaser shall make any public statement or issue any press release with respect to this Agreement or the transactions contemplated hereby unless such public statement or press release mutually approved by the parties. Seller hereby expressly
acknowledges that Purchaser is an affiliate of a publicly-traded company. Seller further agrees that Purchaser shall have the right to disclose the fact that it is contemplating the purchase of the Property and such other details of the transaction
to the extent Purchaser reasonably deems necessary to comply with applicable federal or state securities laws, rules or regulations, provided that Purchaser will advise Seller as to any such disclosures. Further, after the public announcement of the
transactions contemplated hereby pursuant to the terms of this Section 14.13, the parties agree to negotiate in good faith to promptly agree upon the form of notice to provide to vendors, service providers, tenants and groups under group sales
agreements making them aware of the pending transfer of the Property and their respective Contracts and Leases. This Section 14.13 shall supersede the Confidentiality Agreement. 

  
 40 

 14.14 Further Assurances. Each party agrees to execute and deliver, after the
Closing, such forms of corrective deeds, bills of sale or other documentation as the other party may reasonably request to carry out the intent of this Agreement. Each party agrees to cooperate and take any actions reasonably necessary to comply
with any bulk sales or other sales tax statutes in connection with the transactions contemplated by this Agreement. 
 14.15
Attorneys’ Fees. In the event suit or action is instituted to interpret or enforce the terms of this Agreement, or in connection with any arbitration or mediation of any dispute, the prevailing party shall be entitled to recover from
the other party such sum as the court, arbitrator or mediator may adjudge reasonable as such party’s costs and attorney’s fees, including paraprofessional fees and such costs and fees as are incurred in any trial, on any appeal, in any
bankruptcy proceeding (including the adjudication of issues peculiar to bankruptcy law) and in any petition for review. Each party shall also have the right to recover its reasonable costs and attorney’s fees incurred in collecting any sum or
debt owed to it by the other party, with or without litigation, if such sum or debt is not paid within fifteen (15) days following written demand therefor. 
 14.16 Transition Matters. 
 (a) Seller and its Affiliates will
cooperate with Purchaser and its Affiliates to effect an orderly transition of management functions from Seller and its Affiliates to Purchaser and its Affiliates. Subject to prior notice and Seller’s participation as described in
Section 6.6, prior to the Closing Date, Purchaser and its Affiliates may hold meetings or interviews with, and make presentations to, employees of the Hotel explaining Purchaser and its Affiliates’ intentions with respect to
their employment following the Closing Date, describing Purchaser and its Affiliates’ benefits, responding to employee questions, and otherwise preparing for the transfer of employee status. In this regard, Seller will provide reasonable space
at the Hotel to Purchaser and its Affiliates, for the purpose of holding such meetings, and shall afford to Purchaser and its Affiliates use of necessary audio/visual materials where necessary, and office space and facilities at the Hotel (such as
telephone, telecopy and duplication equipment), reasonably requested by Purchaser and its Affiliates’ human resources personnel. From the Closing Date and for a period of [twelve (12)] months thereafter, Purchaser will make accounting personnel
reasonably available for Seller’s benefit from time to time to assist Seller and its Affiliates with respect to the preparation of financial information relating to the ownership and operation of the Property and to assist the closing of the
books as of the Closing Date and to wrap up the affairs of the Seller as it relates to the Property, and to the extent the accounts receivable relating to the Hotel in respect of the period prior to the Proration Time are not assumed by Purchaser at
Closing, Purchaser also will make collection personnel reasonably available for Seller’s benefit. 
 (b) Purchaser and its
Affiliates agree that it will cease the use and display of the Seller Intellectual Property on and as of the Closing Date, except that Purchaser and its Affiliates shall have the right to continue to use any consumable inventory, operating equipment

  
 41 

 
and Fixed Asset Supplies bearing the name “Peabody” or any other Seller Intellectual Property for a period not in excess of sixty (60) days following the Closing Date (the
“Transition Period”), but shall have no right to reorder any quantities of such items. All signs, displays and interior and exterior graphics and other materials in or on the Hotel bearing the name “Peabody” and any other
Seller Intellectual Property will be removed, or covered over, by Purchaser and its Affiliates at its expense, promptly upon the expiration of the Transition Period so as not to be visible to the public. Purchaser agrees that during the Transition
Period, so long as the name “Peabody” is being used in connection with the Hotel, the use and display of the duck team(s) and duck exhibition(s) at the Hotel shall continue as they have in the past; and Purchaser and its Affiliates further
agree that upon the expiration of the Transition Period, (i) any items at the Hotel with the “Peabody” logo that remain unused or unsold shall be promptly returned to Seller and (ii) the use and display of the duck team(s) and
duck exhibition(s) at the Hotel shall cease. Any of the items described in this Section 14.16(b) remaining shall be returned to Seller upon the expiration of the Transition Period. 

(c) Intentionally deleted.  
 (d) Notwithstanding the foregoing in this Section 14.16, after the Closing Date, neither Purchaser and its Affiliates, nor any Person acting on behalf of Purchaser or its Affiliates,
shall directly or indirectly hold itself or the Hotel out to the public as being or remaining (or otherwise associated with) the name “Peabody” or any other Seller Intellectual Property or with a “Peabody” hotel or resort, or in
any way affiliated with Seller and its Affiliates. In addition, except as expressly provided above in this Section 14.16, Purchaser and its Affiliates agree, as of the Closing Date, to cease using all Seller Intellectual Property,
all such Seller Intellectual Property being the sole property of Seller and its Affiliates. Except as expressly reserved in this Section 14.16, Seller and its Affiliates may remove Seller Intellectual Property (without any payment
or other reimbursement) on or before or after the Closing Date. 
 (e) In addition to the right to use certain Seller
Intellectual Property as expressly provided above in this Section 14.16, Purchaser and its Affiliates shall be entitled to utilize the proprietary operating and accounting systems (excluding any such proprietary systems that
provide access to other Seller Intellectual Property such as, for example, guest and group data bases for hotels other than the Hotel) utilized by Seller and its Affiliates as described on Exhibit 14.16 for the Transition Period, to
the extent use of the same is necessary to maintain front desk, back-of-house, accounting and operational systems and maintenance programs, with the understanding that the systems described on Exhibit 14.16 shall be returned to Seller
upon the expiration of the Transition Period; except that, if any of such software represents only proprietary enhancements to commercial software owned by third parties, Purchaser and its Affiliates acknowledge that their right to use the same
shall be subject to appropriate license approval from the owner thereof, as to which Seller and its Affiliates agree to cooperate, in all reasonable respects in assisting Purchaser and its Affiliates, to arrange such licenses. Prior to Closing,
Seller and its Affiliates will provide Purchaser and its Affiliates with a written list of operating and accounting systems software actually installed in the Hotel by or for Seller and its Affiliates, and, if requested by Purchaser and its
Affiliates, Seller and its Affiliates will request and use commercially reasonable efforts, without cost to Seller and its Affiliates, to obtain 

  
 42 

 
extensions of any such operating or accounting software systems licensing agreements for the Transition Period, with any costs related thereto to be borne solely by Purchaser and its Affiliates.
Information on guests, patrons or groups relating solely to the Hotel shall be owned by Purchaser, but Seller and its Affiliates shall have a license to use such information solely in connection with Seller’s efforts to collect receivables
pursuant to Section 13.2. 
 (f) Although the removal of any software programs shall be coordinated with the
installation of replacement systems, Seller and its Affiliates shall have no obligation to allow the proprietary software listed on Exhibit 14.16 to remain in the Hotel beyond the Transition Period. To the extent necessary for an
orderly transition of management functions, both a hard copy and, if feasible, an electronic copy of guest information relating to their patronage of the Hotel for the period through the Closing Date shall be given to Purchaser and its Affiliates
(except for such information which may have previously been discarded in accordance with applicable records retention policies). Purchaser and its Affiliates shall use commercially reasonable efforts to facilitate the orderly electronic transfer of
all records and information pertaining to the Hotel and to Purchaser and its Affiliates’ systems, with any costs relating thereto being Purchaser and its Affiliates. To the extent Seller or its Affiliates have leased any computer equipment or
communications equipment for use at the Hotel, Purchaser and its Affiliates shall have the right, at their option, either to request that any such lease be transferred to Purchaser and its Affiliates (to the extent the same are transferable without
the consent of third parties) or that Purchaser and its Affiliates seek to buy out the equipment covered by any such lease, the cost of which shall be borne solely by Purchaser and its Affiliates. Any such lease transfer or buy-out shall be subject
to the approval of the third party seller of such equipment. If not assignable or if the same cannot be bought out, Purchaser and its Affiliates shall remove all such equipment from the Hotel at any time on or after the effective date of termination
of this Agreement but in no event later than sixty (60) days thereafter 
 (g) The provisions of this
Section 14.16 shall be covered by Purchaser’s indemnity obligations as set forth in Section 11.4. 
 14.17 Confidentiality Agreement. The terms and provisions of the Confidentiality Agreement, which is attached hereto as Exhibit F, shall continue from the Contract Date up
through and including the Closing Date. 
 14.18 Tax Deferred Exchange Provisions. Purchaser and Seller
acknowledge that either party may wish to structure this transaction as a tax deferred exchange of like-kind property within the meaning of Section 1031 of the Internal Revenue Code. Each party agrees to reasonably cooperate with the other
party to effect such an exchange, including the execution of documents reasonably required to qualify the transaction for treatment under Section 1031; provided, however, that (a) the cooperating party shall not be required to acquire or
take title to any exchange property, (b) the cooperating party shall not be required to incur any additional expense or liability in connection with the exchange, including, without limitation, any obligation for the payment of any escrow,
title, brokerage or other costs including attorneys’ fees incurred with respect to the exchange, (c) no substitution of the effectuating party shall release said party from any of its obligations, warranties or representations set forth in
this Agreement or from 

  
 43 

 
liability for any prior or subsequent default under this Agreement by the effectuating party, its successors, or assigns, which obligations shall continue as the obligations of a principal and
not of a surety or guarantor, (d) the effectuating party shall give the cooperating party at least three (3) business days prior notice of the proposed changes required to effect such exchange and the identity of any party to be
substituted in the escrow, (e) the effectuating party shall be responsible for preparing all additional agreements, documents and escrow instructions (collectively, the “Exchange Documents”) required by the exchange, at its sole cost
and expense, (f) the effectuating party shall be responsible for making all determinations as to the legal sufficiency, tax considerations and other considerations relating to the proposed exchange, the Exchange Documents and the transactions
contemplated thereby, and the cooperating party shall in no event be responsible for, or in any way be deemed to warrant or represent any tax or other consequences of the exchange transaction, and (g) the election to effect such an exchange
shall not delay the Closing of the transaction as defined herein. The party requesting the Exchange shall indemnify the other party for any cost or damage to such other party which results from the effectuation of the tax deferred exchange of
the properties. Seller and Purchaser each further agrees that either party may assign its interest in this Contract to a qualified intermediary (“Intermediary”), and that each party will sign a form consenting to such assignment
upon request of the Intermediary. 
 14.19 Radon Gas. Radon is a naturally occurring radioactive gas that, when it
has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information
regarding radon and radon testing may be obtained from the county public health unit. 
 [Signature page follows] 

  
 44 

 IN WITNESS WHEREOF, Seller and Purchaser have caused this Agreement to be executed as
of the Contract Date indicated above. 
  

			
	SELLER
	
	 UST HOTEL JOINT VENTURE, LTD.,
 a Florida limited partnership

		
	By:	 	 /s/ Lothar Estein

	Name:	 	 Lothar Estein

	Its:	 	 President

	
	PURCHASER
	
	 HYATT EQUITIES, L.L.C.,
 a Delaware limited liability company

		
	By:	 	 /s/ Stephen G. Haggerty

	Name:	 	 Stephen G. Haggerty

	Its:	 	 SVP-Real Estate & Development

 [Signature Page to Purchase and Sale Agreement] 

 EXHIBITS 

 

			
	Exhibit A	  	Legal Description of Land
	Exhibit B	  	Form of Deed
	Exhibit C	  	Form of Bill of Sale
	Exhibit D	  	FIRPTA Certificate
	Exhibit E	  	Post-Closing Escrow Agreement
	Exhibit F	  	Confidentiality Agreement
	Exhibit 2.3	  	Escrow Instructions
	Exhibit 3.5	  	List of Proceedings
	Exhibit 3.7	  	List of Contracts
	Exhibit 3.7A	  	List of Excluded Contracts
	Exhibit 3.8	  	List of Equipment Leases
	Exhibit 3.8A	  	List of Excluded Equipment Leases
	Exhibit 3.10	  	List of Space Leases
	Exhibit 3.11	  	Remaining ADA Obligations
	Exhibit 3.12	  	List of Environmental Reports
	Exhibit 3.14	  	Labor and Employment Matters
	Exhibit 6.1	  	HVAC Contract
	Exhibit 6.1(a)	  	Form of Assignment of Construction Contracts
	Exhibit 6.2(b)	  	List of Permitted Exceptions
	Exhibit 6.2(c)	  	Form of Orange County Estoppel
	Exhibit 6.9	  	List of Estoppel Certificates to be Prepared
	Exhibit 6.9A	  	Form of Estoppel Certificate
	Exhibit 11.3(d)	  	Form of Post Closing Guaranty
	Exhibit 11.3(d)(1)	  	Post-Closing Escrow Fund Example
	Exhibit 13.8	  	Employees Receiving 2013 Bonuses
	Exhibit 14.16	  	List of Intellectual Property

 EXHIBIT A 
 Legal Description of Land 
 PARCEL ONE: 

From the Southeast corner of Block “A”, “PLAZA INTERNATIONAL UNIT SIX”, as recorded in Plat Book 12, Page 78, Public Records of
Orange County, Florida, run South 89 degrees 33 minutes 06 seconds West 511.83 feet along the South boundary of Block “A” for the POINT OF BEGINNING, said Point of Beginning being the beginning of tangent curve concave Northeasterly,
having a radius of 1,176.50 feet and an intersection angle of 113 degrees 01 minutes 43 seconds; thence run Northwesterly, Northerly and Northeasterly 2,320.91 feet along the arc of said curve and the Westerly boundary of said Block “A” to
the Northwest corner thereof; thence run South 67 degrees 25 minutes 11 seconds East 381.50 feet along the Northerly boundary of said Bock “A” to a point on a non-tangent curve concave Southeasterly and having a radius of 795.00 feet, said
curve the Easterly boundary of said Block “A”; thence from a tangent bearing of South 22 degrees 34 minutes 49 seconds West, run Southwesterly 67.84 feet along the arc of said curve and said Easterly boundary through a central angle of 04
degrees 53 minutes 22 seconds to the end of said curve and the beginning of a compound curve concave Easterly, having a radius of 495.00 feet and an intersection angle of 67 degrees 17 minutes 14 seconds; thence run Southerly 581.32 feet along the
arc of said curve and said Easterly boundary to the end of said curve and the beginning of a compound curve concave Northeasterly, having a radius of 795.00 feet and an intersection angle of 40 degrees 38 minutes 52 seconds; thence run Southeasterly
564.00 feet along the arc of said curve and said Easterly boundary to the end of said curve; thence run North 00 degrees 14 minutes 39 seconds West 45.00 feet along the boundary of said Block “A”; thence run North 89 degrees 45 minutes 21
seconds East 91.53 feet along the Northerly boundary of said Block “A”; thence run South 00 degrees 26 minutes 54 seconds East 746.50 feet to the Point of Beginning. 
 AND 
 PARCEL TWO: 
 From the Southeast corner of Block A, PLAZA INTERNATIONAL UNIT SIX, as recorded in Plat Book 12, Page 78, Public Records of Orange County, Florida, run South 89 degrees 33 minutes 06 seconds West 406.85
feet along the South boundary of said Block A to a 4” x 4” concrete monument with disc stamped “LS 1585 LS 1819 LS 3186” for the POINT OF BEGINNING, said Point of Beginning being the beginning of a tangent curve concave
Northwesterly and having a radius of 70.00 feet; thence from a tangent bearing of North 89 degrees 33 minutes 06 seconds East, run Northeasterly 85.59 feet along the arc of said curve through a central angle of 70 degrees 03 minutes 08 seconds to a
4” x 4” concrete monument with disc stamped “LS 1585 LS 1819 LS 3186” at the end of said curve; thence run North 19 degrees 29 minutes 58 seconds East 120.90 feet to a 4” x 4” concrete monument with disc

 
stamped “LS 1585 LS 1819 LS 3186” at the beginning of a tangent curve concave Southeasterly and having a radius of 771.50 feet; thence run Northeasterly 292.35 feet along the arc of
said curve through a central angle of 21 degrees 42 minutes 41 seconds to the most Southerly corner of that certain parcel of land being described in “Exhibit “A” as recorded in Official Records Book 6046 at Page 3358, Public Records
of Orange County, Florida, said most Southerly corner being the beginning of a reverse curve concave Northwesterly and having a radius of 510.57 feet; thence run Northeasterly 367.23 feet along the arc of said curve and the Westerly boundary of said
parcel of land being described in Exhibit “A” through a central angle of 41 degrees 12 minutes 39 seconds to the Northeast corner of the aforesaid Block “A”; thence run South 89 degrees 45 minutes 21 seconds West 489.94 feet
along the Northerly boundary of said Block A to a 4” x 4” concrete monument with disc stamped “LS 1585 LS 1819 LS 3186” at the Northeast corner of that certain parcel of land described and recorded in Official Records Book 3581,
Page 1597, Public Records of Orange County, Florida; thence run South 00 degrees 26 minutes 54 seconds East 746.50 feet to a 4” x 4” concrete monument at the Southeast corner of said parcel of land, said Southeast corner being a point on
the aforesaid South boundary of Block A; thence run North 89 degrees 33 minutes 06 seconds East 104.98 feet to the Point of Beginning. 
 AND

 PARCEL THREE: 
 From the
Southeast corner of Block A, PLAZA INTERNATIONAL UNIT SIX, as recorded in Plat Book 12, Page 78, Public Records of Orange County, Florida, run North 00 degrees 26 minutes 54 seconds West 309.43 feet along the East boundary of said Block A; thence
run North 40 degrees 24 minutes 31 seconds East 314.94 feet along said East boundary to the most Easterly corner of said Block “A”; thence run North 49 degrees 35 minutes 29 seconds West 113.80 feet along the Northeasterly boundary of said
Block A to a 4” x 4” concrete monument with disc stamped “LS 1585 LS 1819 LS 3186” for the POINT OF BEGINNING; thence continue North 49 degrees 35 minutes 29 seconds West 187.53 feet along said Northeasterly boundary to the
Northeast corner of said Block “A”, said Northeast corner being a point on a non-tangent curve concave Northwesterly and having a radius of 510.57 feet; thence from a tangent bearing of South, run Southwesterly 367.23 feet along the arc of
said curve through a central angle of 41 degrees 12 minutes 39 seconds to the end of said curve, the end of said curve being a point on a non-tangent curve concave Southeasterly and having a radius of 771.50 feet; thence from a tangent bearing of
North 41 degrees 12 minutes 39 seconds East, run Northeasterly 189.16 feet along the arc of said curve through a central angle of 14 degrees 02 minutes 52 seconds to a 4” x 4” concrete monument with disc stamped “LS 1585 LS 1819 LS
3186” at the end of said curve; thence North 55 degrees 15 minutes 31 seconds East 156.42 feet to the Point of Beginning. 

 EXHIBIT B 
 Form of Deed 
 This instrument was prepared 

by and should be returned to: 
 John Melicharek,
Jr., Esq. 
 BAKER & HOSTETLER LLP 
 SunTrust Center, Suite 2300 
 200 South Orange Avenue 

Orlando, Florida 32801 
 Telephone:
(407) 649-4000 
 Telecopier: (407) 841-0168 
 Parcel I.D. No.:              

Consideration: $              

SPECIAL WARRANTY DEED 
 THIS SPECIAL WARRANTY DEED, made and executed as of this      day of             , 2013, by UST HOTEL JOINT VENTURE, LTD., a
Florida limited partnership, with an address of c/o Belz Enterprises, 100 Peabody Place, Suite 1400, Memphis, Tennessee 38103 (hereinafter referred to as the “Grantor”), to
                                        , a
                                         
                    (hereinafter referred to as the “Grantee”), with an address of
                                         
                                       . 

W I T N E S S E T H: 
 That the Grantor, for and in consideration of the sum of TEN DOLLARS ($10.00) and other valuable considerations, the receipt and sufficiency of which are hereby acknowledged by these presents does grant,
bargain, sell, alien, remise, release, convey, and confirm unto the Grantee that certain real property (the “Property”) located in Orange County, Florida more particularly described as follows, to wit: 

See attached Exhibit “A” 

SUBJECT TO taxes and assessments accruing subsequent to December 31, 2012, and those matters set forth on attached
Exhibit “B”. 
 TOGETHER WITH all and singular the tenements, hereditaments, easements and
appurtenances, thereunto belonging or in anywise appertaining. 

 TO HAVE AND TO HOLD, the same in fee simple forever. 

AND the Grantor hereby covenants with said Grantee that the Grantor is lawfully seized of said land in fee simple; that the Grantor has
good right and lawful authority to sell and convey said land, and hereby warrants the title to said land and will defend the same against the lawful claims of all persons claiming by, through or under the said Grantor. 

IN WITNESS WHEREOF, the Grantor has caused these presents to be executed in manner and form sufficient to bind it as of the day and year
first above written. 
  

									
	Signed, sealed and delivered in the presence of:	 		 	UST HOTEL JOINT VENTURE, LTD., a Florida limited partnership
				
	  
	 		 	By:	 	  

	Witness Signature	 		 	Printed:	 	  

	Print Name:	 	  
	 		 	As its:	 	  

				
	  
	 		 		 	
	Witness Signature	 		 		 	
	Print Name:	 	  
	 		 		 	

                         
               ) 

                         
               ) ss. 

                         
               ) 
 The foregoing instrument was
acknowledged before me this      day of             , 2013, by
                                        , as
                                         of UST
HOTEL JOINT VENTURE, LTD., a Florida limited partnership, on behalf of said partnership. S/He is [    ] personally known to me or [    ] has produced
                                         
                                        as
identification. 
  

									
		 		 		 	  

		 		 		 	(Notary Signature)
	(NOTARY SEAL)	 		 		 	  

		 		 		 	(Notary Name Printed)
		 		 		 	Commission No.	 	  

 EXHIBIT “A” 

Legal Description 
 [To be attached] 
 EXHIBIT “B”

 Permitted Exceptions 
 [To be attached] 

 EXHIBIT C 
 Form of Bill of Sale 
 BILL OF SALE, ASSIGNMENT AND ASSUMPTION AGREEMENT

 THIS BILL OF SALE, ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Bill of Sale”) is entered into as of
                 , 2013 by and between
                                         
                   , a
                                         with its
principal offices at                     
                                         
                                       
(“Assignor”), and                                     
                                         
   , a                      with its principal offices at
                    
                                         
                                       
(“Assignee”). 
 FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 
 1. All capitalized terms used herein without definition shall have the meanings given
them in that certain Purchase and Sale Agreement between Assignor and Assignee dated as of             , 2013 (the “Purchase Agreement”) for the sale by the Assignor to the
Assignee of the Property described therein and commonly known as the Peabody Orlando Hotel (the “Hotel”). 
 2.
Assignor hereby unconditionally gives, grants, bargains, sells, assigns, contributes, transfers, conveys, and delivers to Assignee, and Assignee accepts and assumes, from and after the date hereof, all of Assignor’s right, title, and interest,
whether now existing or hereafter acquired in, to, and under the following: 
 (a) the Personal Property; 

(b) the Contracts; 
 (c) the Equipment Leases; 
 (d) the Space Leases 

(e) all assignable licenses and permits relating to the Hotel and its operations; 

(f) all records, files, documents, plans, specifications, permits, certificates of title, guest lists and other instruments and records
of whatsoever kind or nature related to any of the foregoing and in Assignor’s possession or control; and 

 (g) the HVAC units purchased by Assignor and stored at Randall Mechanical, Inc., 3307 S.
Clarcona Road, Apopka, Florida 32703. 
 (h) all rights, claims, choses in action or other interests of Assignor in, related
to, or arising out of any of the foregoing with respect to the period on or after the date hereof. 
 PROVIDED, HOWEVER,
that any alcoholic beverages that under the law of the state in which the Hotel are located may not legally be transferred from Assignor to Assignee are excepted and excluded from the conveyance by Assignor to Assignee and from this Bill of Sale;

 Purchaser accepts the foregoing assignment and assumes and agrees to be bound by and to perform and observe all of the
obligations, covenants, terms and conditions to be performed or observed under the Property arising on or after the date hereof. 
 This Bill of Sale is subject in its entirety to the terms and conditions of the Purchase Agreement. To the extent the terms and conditions hereof and thereof are inconsistent, the terms and conditions of
the Purchase Agreement shall control. 
 This Bill of Sale shall be governed by the laws of the State of Florida (except for the
choice of law provisions thereof). 
 This Bill of Sale may be executed in separate counterparts, none of which need contain the
signatures of all parties, each of which shall be deemed to be an original, and all of which taken together constitute one and the same instrument. It shall not be necessary in making proof of this Bill of Sale to produce or account for more than
the number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. 
 If any part
of this Bill of Sale is declared invalid by a court of competent jurisdiction, this Bill of Sale shall be construed as if such part did not exist, and the balance thereof shall be given full effect. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Bill of Sale as of the date
first written above. 
  

									
		 		 		 	ASSIGNOR:
				
		 		 		 	  

	WITNESS/ATTEST:	 		 		 	
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

		 		 		 	Its:	 	  

					
	[SEAL]	 		 		 		 	
		 		 		 	ASSIGNEE:
				
		 		 		 	  

				
	WITNESS/ATTEST:	 		 		 	
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

		 		 		 	Its:	 	  

	[SEAL]	 		 		 		 	

 EXHIBIT D 

FORM OF FIRPTA AFFIDAVIT 
 AFFIDAVIT 
 Section 1445 of the Internal Revenue Code provides that a
transferee of a United States real property interest must withhold tax if the transferor is a foreign person. To inform the transferee that withholding of tax is not required upon the disposition of a United States real property interest by the
Transferor (defined in paragraph 1 below), the undersigned hereby certifies the following on behalf of Transferor: 
 1.
                     (“Transferor”), a              limited partnership,
is not a disregarded entity as defined in Section 1.1445-2(b)(2)(iii) of the Treasury Regulations. 
 2. Transferor is not
a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Treasury Regulations); 
 3. Transferor’s U.S. employer tax identification number is                     ; 

4. Transferor’s office address is
                    . 

Transferor understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false
statement contained herein could be punished by fine, imprisonment, or both. 
 Transferor understands that this Certification
may be disclosed to the Internal Revenue Service by the transferee and that any false statement contained herein could be punished by fine, imprisonment or both. 
 Dated:             , 2013. 
  

	
	 [INSERT SIGNATURE BLOCK FOR TRANSFEROR,
 AS DEFINED ABOVE]

 EXHIBIT E 

POST-CLOSING ESCROW AGREEMENT 
 THIS POST-CLOSING ESCROW AGREEMENT (this “Agreement”) is made as of             , 2013 by and among (i) HYATT EQUITIES,
L.L.C., a Delaware limited liability company (“Purchaser”), (ii) UST HOTEL JOINT VENTURE, LTD., a Florida limited partnership (“Seller”) and (iii) FIRST AMERICAN TITLE INSURANCE COMPANY (“Escrow
Agent”). 
 R E C I T A L S: 
 A. Reference is made to that certain Purchase and Sale Agreement, dated as of             , 2013 (the “Purchase Agreement”),
between Seller and Purchaser with respect to the Property identified on Exhibit A hereto (the “Property”). 
 B. Section 11.2 of the Purchase Agreement requires that, in order to ensure that adequate funds will be available to Purchaser for recovery with respect to any and all of the post-closing liabilities
of Seller under the Purchase Agreement (collectively, “Post-Closing Obligations”), an amount equal to Twenty Million and No/100 Dollars ($20,000,000) has been deposited by Seller into escrow with Escrow Agent, in the form of cash,
subject to the provisions of this Agreement. 
 C. Seller, Purchaser and Escrow Agent have agreed to set forth herein their
respective agreements and covenants with respect to the escrow of such funds. 
 A G R E E M E N T S: 

NOW, THEREFORE, in consideration of the foregoing, of the covenants, promises and undertakings set forth herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller, Purchaser and Escrow Agent covenant and agree as follows: 
 1. Capitalized Terms. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meaning set forth in the Purchase Agreement. 

2. Engagement of Escrow Agent. Seller and Purchaser hereby appoint Escrow Agent, and Escrow Agent hereby accepts such appointment,
to act and serve as the escrow agent under and pursuant to this Agreement and Escrow Agent shall establish an escrow in connection therewith (the “Escrow”). 
 3. Acknowledgement of Receipt of Escrow. Escrow Agent hereby acknowledges that it has received from Seller cash in the sum of $20,000,000, which cash Escrow Agent agrees to hold and disburse
pursuant to and in accordance with the terms of this Agreement. This sum or such portion thereof as from time to time is held by Escrow Agent pursuant to this Agreement, together with all interest earned thereon, is herein referred to as the
“Escrow Funds.” 

 4. Holding of Funds. The Escrow Funds shall be held and invested by Escrow Agent only
in a separate interest-bearing escrow account for the benefit of Seller and/or Purchaser in any reputable trust company, bank, savings bank, savings association, or other financial services entity, including any affiliate of Escrow Agent. It is
understood by Seller and Purchaser that Escrow Agent shall not be liable for any loss of interest occasioned by the choice by Escrow Agent of one financial institution over another. Interest earned on any such amount or on any cash placed in the
Escrow by Seller shall become part of such amount and shall, for income tax purposes, be deemed earned by Seller. Seller’s federal taxpayer identification number is
                    . 
 5.
Disbursements/Claims by Purchaser. 
 (a) On Thursday, April 10, 2014 (the “Reduction Date”),
Escrow Agent shall release to Seller, in immediately available federal funds, in accordance with disbursement instructions attached hereto as Exhibit “A”, an amount, if any, equal to fifty percent (50%) of (i) Escrow Funds
minus (ii) the aggregate, as of the Reduction Date, of any known or pending Set Aside Amounts (as defined in paragraph 5(c) below). 
 (b) On Monday, December 1, 2014 (“Final Release Date”), the Escrow Agent shall release to Seller the remaining Escrow Funds, less any Set Aside Amounts (if any), in immediately
available federal funds, in accordance with disbursement instructions attached hereto as Exhibit “A”. Escrow Agent will release the Set Aside Amounts reserved in this Section 5(b) in accordance with Section 5(c) or 5(d) as
applicable. 
 (c) At any time or times prior to the Final Release Date, Purchaser may make claims against the Escrow Funds for
Post-Closing Obligations. Purchaser shall notify the Seller and the Escrow Agent in writing prior to the Final Release Date of each such claim, including a brief description (based on information then available) of the amount of such claim as
reasonably determined by Purchaser (together with expenses and reserves relating thereto) and the nature of such claim and instructions for distribution from the Escrow Funds (“Request for Release”). An amount equal to the lesser of
(i) the then-balance of the Escrow Funds or (ii) the amount set forth in the Request for Release, shall constitute a “Set Aside Amount.” If Purchaser has made out-of-pocket expenditures or obtained a judgment awarding
indemnification from Seller in connection with any such claim, Purchaser may make a Request for Release for an amount equal to such expenditures, to the extent such amounts constitute Post-Closing Obligations, which shall be added to and become a
part of the Set Aside Amount. Unless Escrow Agent receives a written objection from Seller, with a copy to Purchaser (however Escrow Agent is under no obligation to verify Purchaser’s receipt of such copy), within seven (7) calendar days
after Purchaser’s delivery of the Request for Release to Seller and Escrow Agent, Escrow Agent shall promptly release the amount specified in the Request for Release to Purchaser. Prior to the release of funds pursuant to the Request for
Release and within the above-reference seven (7) calendar days, Escrow Agent 

 
shall be entitled to contact Seller to seek affirmative confirmation of Seller’s receipt of the Request for Release (however Escrow Agent is under no obligation to contact Seller to seek
affirmative confirmation of Seller’s receipt of the Request for Release), and Seller hereby agrees to take all steps reasonably necessary to provide such confirmation if requested by the Escrow Agent to the extent true and correct. 

(d) If Seller disputes a Request for Release within the timeframe required pursuant to Section 5(c) above, Escrow Agent shall
disburse the Escrow Funds requested by Purchaser pursuant to such Request for Release only (i) after Escrow Agent receives a joint written instruction signed by Purchaser and Seller, in which event Escrow Agent will deliver the Escrow Funds
requested by Purchaser pursuant to such disputed Request for Release in accordance with such instructions; or (ii) the entry of a final unappealable judgment, in which event it will deliver the Escrow Funds requested by Purchaser pursuant to
such disputed Request for Release in accordance with the terms of said judgment. 
 (e) If any Purchaser’s Claims that were
asserted prior to the Reduction Date are resolved and paid from the Set Aside Amounts after the Reduction Date, any remaining balance of such pre-Reduction Date Set Aside Amounts shall be disbursed to Seller if Seller delivers a written request for
such funds (the “Reduction Funds Request”) to Escrow Agent and Purchaser, unless Escrow Agent receives a written objection from Purchaser, with a copy to Seller, within seven (7) calendar days after Seller’s delivery of
the Reduction Funds Request to Purchaser and Escrow Agent, Escrow Agent shall promptly release to Seller the amount specified in the Reduction Funds Request. Prior to the release of funds pursuant to the Reduction Funds Request and within the
above-reference seven (7) calendar days, Escrow Agent shall be entitled to contact Purchaser to seek affirmative confirmation of Purchaser’s receipt of the Reduction Funds Request (however Escrow Agent is under no obligation to contact
Purchaser to seek affirmative confirmation of Purchaser’s receipt of the Reduction Funds Request), and Purchaser hereby agrees to take all steps reasonably necessary to provide such confirmation if requested by the Escrow Agent to the extent
true and correct. 
 (f) If Purchaser disputes a Reduction Funds Request within the timeframe required pursuant to
Section 5(e) above, Escrow Agent shall disburse the Escrow Funds requested by Seller pursuant to such Reduction Funds Request only (i) after Escrow Agent receives a joint written instruction signed by Purchaser and Seller, in which
event Escrow Agent will deliver the Escrow Funds requested by Seller pursuant to such disputed Reduction Funds Request in accordance with such instructions; or (ii) the entry of a final unappealable judgment, in which event it will deliver the
Escrow Funds requested by Seller pursuant to such disputed Reduction Funds Request in accordance with the terms of said judgment. 
 This
Agreement shall continue in effect until all Escrow Funds have been disbursed in accordance with Section 5 and all obligations in accordance with Section 6 have been fulfilled. 

6. Escrow Agent. In performing any of its duties hereunder, Escrow Agent shall not incur any liability to anyone for any damages,
losses or expenses, except for those arising out of 

 
its willful default, gross negligence or breach of trust. Escrow Agent may act in reliance upon any writing, instrument, or signature which it, in good faith, believes to be genuine, may assume
the validity and accuracy of any statements or assertions contained in such writing or instrument and may assume that any person purporting to give any writing, notice, advice or instruction in connection with the provisions hereof has been duly
authorized to do so. Escrow Agent shall not be liable in any manner for the sufficiency or correctness as to form, manner of execution, authenticity or validity of any written instructions delivered to it, nor as to the identity, authority, or
rights of any person executing the same. The duties of Escrow Agent shall be limited to the safekeeping of the Escrow Funds and the disbursement of same in accordance with the written instructions described above. Escrow Agent undertakes to perform
only such duties as are expressly set forth herein, and no implied duties or obligations shall be read into this Agreement against Escrow Agent. Seller and Purchaser hereby agree to indemnify and hold harmless Escrow Agent from and against any and
all losses, claims, damages, liabilities and expenses, including reasonable costs and attorneys’ fees, which may be incurred by Escrow Agent in connection with its acceptance or performance of its duties hereunder, including any litigation
arising from this Agreement or involving the subject matter hereof, except in the case of the Escrow Agent’s willful default, gross negligence or breach of trust. In the event of a dispute between Seller and Purchaser sufficient in the
discretion of the Escrow Agent to justify its doing so, Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction in Orange County, Florida, the Escrow Funds and all other money or property in its
hands under this Agreement, together with such legal pleadings as it deems appropriate, and thereupon be discharged from all further duties and liabilities under this Agreement. 

7. Notices. All notices, certificates and other communications permitted hereunder shall be in writing and shall be deemed
to have been duly given if (a)(i) personally delivered to the person designated to receive the same with proof of delivery in the form of the signature of the recipient, or rejection of delivery thereof (any notice or communications so delivered
being deemed to have been received at the time delivered or rejected), or (ii) sent by Federal Express or other reputable express courier service with proof of delivery in the form of the signature of the recipient, or rejection of delivery
thereof (any notice or communication so delivered being deemed to have been received on delivery or rejection), and also (b) (1) sent via electronic mail or (ii) facsimile (any notice or communication so sent being deemed to
have been given upon electronic confirmation of transmission) addressed to the respective parties as set forth below. For clarity, this Section 7 requires that all notices must be sent via two (2) methods of delivery, to the following
contacts: 
  

			
	If to Seller:	  	UST Hotel Joint Venture, LTD.
		  	c/o Belz Enterprises
		  	100 Peabody Place, Suite 1400
		  	Memphis, Tennessee 38103
		  	Attention: Jimmie Williams
		  	Email: Jimmie.Williams@belz.com
		  	Facsimile: 901.260.7408

			
	With a copy to:	  	Hogan Lovells US LLP
		  	Columbia Square
		  	555 Thirteenth Street NW
		  	Washington, DC 20004
		  	Attention: Carol Weld King, Esq.
		  	E-mail: carol.king@hoganlovells.com
		  	Facsimile: 202.637.5910
		
	If to Purchaser	  	Hyatt Equities, L.L.C.
		  	71 South Wacker Drive
		  	Chicago, IL 60606
		  	Attention: Margaret C. Egan, Senior Vice President & Associate General Counsel
		  	Email: margaret.egan@hyatt.com
		  	Facsimile: 312.780.5284
		
	With copy to:	  	Baker & Hostetler LLP
		  	200 South Orange Avenue
		  	Suite 200
		  	Orlando, Florida 32801
		  	Attention: John Melicharek, Esq.
		  	E-mail: jmelicharek@bakerlaw.com
		  	Facsimile: (407) 841-0168
		
	If to Escrow Agent:	  	First American Title Insurance Company
		  	6363 Poplar Ave., Suite 434
		  	Memphis, Tennessee 38119
		  	Attention: Mark Lee, Esq.
		  	Email: mlee@firstam.com
		  	Facsimile: (901) 680-9158
		  	Phone: (901) 818-6593
		
	With copy to:	  	First American Title Insurance Company
		  	2233 Lee Road
		  	Suite 101
		  	Winter Park, FL 32789
		  	Attention: Larry Deal
		  	Email: ldeal@firstam.com
		  	Facsimile: (407) 691-5301
		  	Phone: (407) 691-5200

 8. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of Florida applicable to contracts executed and to be performed entirely within that State. The parties hereto hereby submit to personal jurisdiction in 

 
the State of Florida for all matters, if any, which shall arise with respect to this Agreement, and waive any and all rights under the law of any other state or country to object to jurisdiction
within the State of Florida or to institute a claim of forum non conveniens with respect to any court in the State of Florida for the purposes of litigation with respect to this Agreement. 

9. Amendments. This Agreement may not be amended or modified except by an instrument in writing signed by, or on behalf of, the
Seller, the Purchaser and the Escrow Agent. 
 10. Waiver. Any party hereto may (i) extend the time for the
performance of any obligation or other act of any other party hereto or (ii) waive compliance with any agreement or condition contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by
the party or parties to be bound thereby. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition, of this
Agreement. The failure of any party to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 

11. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic and legal substance of the transactions contemplated by this Agreement is not affected in any
manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the fullest extent possible. 

12. Entire Agreement. This Agreement and the Purchase Agreement constitute the entire agreement of the parties hereto with respect
to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Seller, the Purchaser and the Escrow Agent with respect to the subject matter hereof. 

13. No Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted assigns and
nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

14. Headings. The descriptive headings contained in this Agreement are included for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement. 
 15. Counterparts; Electronic Transmission. This
Agreement may be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. This Agreement may be delivered via email
or facsimile, and the same shall be treated as an original for all purposes. 

 16. Waiver of Jury Trial. In the event of any legal proceedings with respect to this
Agreement, all parties hereto expressly waive the right to a jury trial. 
 In Witness Whereof, Purchaser, Seller and Escrow
Agent have executed this Post-Closing Escrow Agreement as of the date first written above. 
  

			
	PURCHASER:
	
	 HYATT EQUITIES, L.L.C.,
 a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	SELLER:
	
	 UST HOTEL JOINT VENTURE, LTD.,
 a Florida limited partnership,

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	ESCROW AGENT:
	
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT A 
 Disbursement Instructions 

 EXHIBIT F 

CONFIDENTIALITY AGREEMENT 
 See attached. 

 CONFIDENTIALITY, NON-DISCLOSURE, NON-CIRCUMVENTION 

AND 

NON-SOLICITATION AGREEMENT 
 THIS CONFIDENTIALITY, NON-DISCLOSURE AND NON-CIRCUMVENTION AGREEMENT (“Agreement”) is made and entered as of the 21st day of May, 2013 (the “Effective Date”), by and
between Hyatt Corporation (“Reviewer”) and BELZ PARTNERS, L.P. (“Provider”). All capitalized terms used in this Agreement, including the terms used above and in the Recitals below, shall have the meanings set forth
in Section 1(a) of this Agreement. 
 RECITALS: 

A. UST Hotel Joint Venture, LTD. (“Owner”), owns the Project. 

B. Provider manages the Project. 
 C. The Reviewer has indicated an interest in entering into discussions with the Provider regarding a potential investment opportunity with regard to the Project by one or more of Reviewer Affiliates,
including, without limitation, one or more transactions whereby Reviewer Affiliates, or any of them, would acquire an ownership interest in the Project, in whole or in part, and/or would provide a credit facility for the benefit of the Project
(collectively, a “Potential Transaction”). 
 D. Following the full execution of this Agreement, the Provider
may furnish and make available to the Reviewer certain information regarding the business and affairs of the Provider Parties regarding the Project for use by the individuals included among the Reviewer Parties, and none others. 

E. The information to be disclosed or otherwise furnished to the Reviewer Parties by or on behalf of the Provider Parties contains
non-public and proprietary information that the Provider would be unwilling to furnish absent an agreement to protect and preserve the confidential nature of the same. 
 F. In order to induce the Provider to furnish information regarding the business and affairs of the Provider Parties regarding the Project, the Provider and the Reviewer have agreed that all information
provided by or on behalf of the Provider Parties in furtherance of discussions between any of the Provider Parties and the Reviewer Parties with regard to the Potential Transaction is subject to and limited by the terms of this Agreement.

 NOW THEREFORE, in consideration of the Recitals, the premises, promises and covenants herein contained, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1.
Definitions and Rules of Construction. 
 (a) Subject to the provisions of Section 1(b) hereof, for purposes of this
Agreement, the following terms shall have the following meanings: 
 (i) “Affiliate” means with respect to any
Person, (A) any Person directly or indirectly controlling, controlled by or under common control with such Person, (B) any officer, director, or general partner of such Person, or (C) any Person who is an officer, director, general
partner, trustee, or holder of controlling interests of any Person described in clauses (A) and (B) of this sentence. For purposes of this definition, the term “controls,” “is controlled by” or “is under common
control with” shall mean possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting interests by contract or otherwise. 

 (ii) “Lender” means any Person providing loans or financing of any nature
(including any form of credit enhancement) to the Provider Parties. 
 (iii) “Person” means any individual,
corporation, partnership, limited liability company, limited liability partnership, firm, association, joint venture, trust, estate, unincorporated organization, firm or any other form of entity. 

(iv) “Project” means the Orlando Peabody Hotel in Orlando, Florida. 

(v) “Protected Information” means and includes (i) the existence of the Potential Transaction, (ii) the
contents of this Agreement, (iii) the fact that this Agreement has been signed by the parties hereto, and (iv) any and all information and materials (and any copies or other reproductions thereof) however embodied, and whether or not
marked as or stated to be “confidential” or “proprietary,” furnished by or on behalf of the Provider Parties to the Reviewer Parties, whether before or after the Effective Date, in any way relating to the Project, the Provider
Parties or the Potential Transaction, including, without limitation, the assets, liabilities, operations, business, affairs, financing, services, products and trade secrets of any of the Provider Parties. Without limiting the foregoing, the term
“Protected Information” shall include all financial statements, financial information, loan documents, projections, forecasts, business plans, methods, ideas, concepts, materials, documents, records, computer programs, customer lists,
referral sources, work, models, processes, designs, drawings, plans, inventions, devices, parts, improvements, other physical and intellectual property or other information in any form whatsoever, which information is provided to the Reviewer
Parties during the term of this Agreement and any such information provided to any of the Reviewer Parties prior to the Effective Date that should be treated as confidential under the circumstances surrounding its disclosure, whether orally, in
writing or any other medium; provided, however, the term “Protected Information” shall not include any information which (A) was or becomes generally available to the public, other than as the result of a disclosure made by the
Reviewer Parties in contravention of this Agreement; (B) was or becomes available on a non-confidential basis from a source other than the Provider Parties; (C) has been or is independently developed by the Reviewer Parties without use of
any Protected Information; or (D) is information that has been incorporated into analyses or internal reports, provided, however, with respect to such analyses or reports, such information shall be kept confidential in accordance with the terms
of Section 2(a) of this Agreement. 
 (vi) “Provider Parties” means, collectively, Provider, Owner and
each of their Affiliates. 

  
 2 

 (vii) “Reviewer Affiliates” means, collectively, Reviewer and its
Affiliates. 
 (viii) “Reviewer Parties” means, collectively, limited, however, to the following named
individuals: Thomas J. Pritzker; Mark S. Hoplamazian; Gebhard F. Rainer; Stephen G. Haggerty; Rena Hozore Reiss; Rakesh Sarna; Brian Karaba; Margaret Egan and Olivier Gompel. 
 (b) As used in this Agreement: (i) all defined terms in the singular and plural shall have comparable meanings when used in the plural and vice-versa, unless otherwise specified; (ii) all
pronouns and any variations thereof shall be deemed to refer to masculine, feminine or neuter, singular or plural, as the identity of the person or persons may require; (iii) the words “hereof,” “herein,”
“hereunder” and words of similar import shall refer to this Agreement as a whole and not any particular provision of this Agreement; (iv) the word “party” or “parties” when used in this Agreement means only those
persons or entities who are signatories to this Agreement; (v) the word “business day” means any day other than a Saturday, a Sunday or a day on which national banks are generally authorized or obligated to close their regular banking
business; (vi) the words “include,” “includes” and “including” will be deemed to be followed by the phrase “without limitation”; (vii) unless otherwise specified in the computation of a period of
time from a date to a later specified date, the word “from” means “from and including”, and the words “to” and “until” each mean “to but excluding”; (viii) references to all documents,
contracts, agreements or instruments shall include any and all supplements and amendments thereto 
 2. Covenants Regarding
Protected Information. 
 (a) The Reviewer covenants and agrees that all Protected Information shall be retained by the
individuals included among the Reviewer Parties in confidence to be used solely for purposes of evaluating the Potential Transaction. The Reviewer shall, and shall cause the other Reviewer Parties and Reviewer Affiliates to, take all necessary steps
to protect and preserve the confidentiality of the Protected Information as required by this Agreement. In that regard, all versions of the Protected Information shall be maintained by each of the individuals included among the Reviewer Parties in a
separate file under his or her direct control and shall not be duplicated. Except with the prior written consent of the Provider (to be granted or withheld in the Provider’s sole and absolute discretion), the Reviewer agrees not to disclose the
Protected Information to any Person other than one of such individuals included among the Reviewer Parties; provided, however, the Protected Information may be disclosed in response to a valid order or subpoena issued by a court or administrative
agency of competent jurisdiction (provided, however, (i) the Reviewer Parties shall promptly notify the Provider of any such order or subpoena for the purposes of affording the Provider Parties the opportunity to protect their interest in such
Protected Information and (ii) Provider shall only disclose that portion of the Protected Information which is required to be disclosed). 
 (b) In no event shall the Reviewer Parties utilize the Protected Information to promote or otherwise enhance the business of the Reviewer Affiliates in competition with the Provider Parties or for any
other commercial purpose whatsoever. 

  
 3 

 (c) Promptly following the termination of discussions with respect to the Potential
Transaction, upon request by Provider Parties, the Reviewer shall cause all Reviewer Parties to return to the Provider all Protected Information. If the Reviewer Parties have made copies, reproductions, extracts or summaries of any of the Protected
Information, such materials shall be destroyed and the Reviewer shall send to the Provider a certificate of an authorized representative of the Reviewer certifying that all Protected Information has been returned to the Provider and all copies,
reproductions, extracts and summaries thereof have been so destroyed. 
 3. Non-Circumvention. The Reviewer acknowledges
and agrees that the Protected Information would not be furnished to the Reviewer Parties if the Reviewer Parties contemplated a business arrangement with regard to the Project other than upon terms and conditions acceptable to the Provider Parties.
Accordingly, the Reviewer covenants and agrees that, without the prior written consent of the Provider (to be granted or withheld in the Provider’s sole and absolute discretion), the Reviewer shall not, and shall not permit the other Reviewer
Affiliates to, (i) acquire or attempt to acquire, directly or indirectly, any of the obligations or assets of any of the Provider Parties; (ii) participate, directly or indirectly, with any other Person in the acquisition or attempted
acquisition of any of the obligations or assets of the Provider Parties; (iii) purchase, directly or indirectly, any of the ownership interests in any of the Provider Parties; (iv) participate, directly or indirectly, with any other Person in the
purchase or attempted purchase of any ownership interests in any of the Provider Parties; (v) contact, directly or indirectly, any Lender or any other Person with whom any of the Provider Parties enjoys a business relationship pursuant to a
written agreement, whether or not contained or described in the Protected Information; or (vi) take any action which would cause any of the Reviewer’s or the other Reviewer Affiliates’ nominees, officers, directors, employees, agents,
servants, attorneys, advisors, representatives, Affiliates, parents, subsidiaries, predecessors, legal representatives, successors or assigns to engage in the activities described in clauses (i) through (v) above. It is understood that Provider
and Reviewer are working together on an exclusive basis for a limited duration to determine whether they are interested in further pursuing the Potential Transaction. Either party may, upon notice to the other party, terminate such exclusive
discussions at any time. Accordingly and notwithstanding anything contained in this Section 3 to the contrary, in the event that either party terminates the mutual exclusivity contemplated herein and if Provider thereafter markets the Project
in an open sale process, Receiver may pursue such transaction on the terms upon which such open sale process is conducted, solely or in conjunction with another party, subject in all cases to the confidentiality provisions of Section 2.

 4. Non-Solicitation. During the period commencing on the Effective Date and ending upon the earlier to occur of the
termination of this Agreement and the date that is two (2) years after the Effective Date, the Reviewer covenants and agrees that it will not, and will not permit the other Reviewer Parties or Reviewer Affiliates to, directly or indirectly,
(a) undertake any action that is designed, intended or reasonably could be expected to have the effect of discouraging any vendor (including without limitation any airline or other carrier, hotel owner or franchisor, resort or rental car
company), lessor, licensor, client, travel agency, supplier or other business associate or business partner, customer or guest of or to the Project, from maintaining the same business relations with the Provider Parties after the Effective Date as
it or they maintained with the Provider Parties before the Effective Date, including, without limitation, soliciting business from, interfering with, attempting to disrupt or to entice away any account,

  
 4 

 
customer, client, supplier or other Person with whom the Provider Parties has a business relationship; or (b) offer to employ, solicit the employment of or endeavor to entice away from the
Provider Parties any Person who is or had been employed by the Provider Parties or at the Project at any time on after the Effective Date. Provider acknowledges that Receiver and its Affiliates own, operate and license (and will continue to own,
operate and license) other hotels, some of which may compete with the Project. Accordingly and notwithstanding anything contained in this Section 4 to the contrary, Reviewer and its Affiliates shall not be prohibited from taking any steps made
in the ordinary course of business, provided that such actions are not based on Receiver’s use, in any manner, of Confidential Information. 
 5. Restricted Contact. The Reviewer covenants and agrees that the Reviewer shall not, and shall not permit any of the other Reviewer Parties or Reviewer Affiliates to, communicate, directly or
indirectly, with any employee, vendor, contractor, consultant, customer or guest of the Project about the Project or the Potential Transaction without the prior written consent of the Provider, to be granted or withheld in the Provider’s sole
and absolute discretion. 
 6. Term and Termination. This Agreement shall be effective as of the Effective Date and shall
terminate contemporaneously with the consummation of the Potential Transaction or the date that is two (2) years following the Effective Date, whichever comes first. For the avoidance of doubt, this Agreement shall continue to be effective and
in full force and effect following the termination of discussions between the Reviewer Parties and the Provider with respect to the Potential Transaction for a period of two (2) years following the Effective Date. 

7. No Warranty or Representation. The Reviewer acknowledges that, except as may be provided in any future agreement setting forth
terms and conditions of the consummated Potential Transaction, no warranties or representations have been or shall be made by the Provider Parties with respect to the Protected Information. 

8. Provider Parties’ Remedies. The Reviewer acknowledges, stipulates and agrees that the Provider and other Provider Parties
may suffer irreparable harm if there is a breach of any covenant applicable to Reviewer or any other Reviewer Party or Reviewer Affiliate contained herein and that monetary damages may not adequately compensate the Provider Parties for any such
violation. Accordingly, the Reviewer agrees that the Provider Parties shall be entitled to pursue all equitable remedies available to them, including enjoining and restraining the Reviewer Parties and each and every other Person from continuing any
act that violates any covenant contained herein. The Reviewer shall not, and shall not permit any of the other Reviewer Parties or Reviewer Affiliates to, oppose the granting of such equitable remedies on the grounds that an adequate remedy exists
at law. Nothing contained in this Section 8 shall be construed as a waiver or election of any of the Provider Parties to forego any remedy or remedies that may be available at law or in equity. 

9. No Contract or Commitment. The Provider and the Reviewer acknowledge and agree that, except for this Agreement, there are no
contracts or commitments between the parties with respect to the Potential Transaction. Unless and until a definitive written agreement is duly executed and delivered with respect to any Potential Transaction, except for the covenants and agreements
set forth in this Agreement, neither party shall have any obligation whatsoever with respect to the Potential Transaction by virtue of this Agreement or any other written or oral communication. 

  
 5 

 10. Destruction of Protected Information. At any time upon the written request of the
Provider, the Reviewer Parties will promptly destroy all Protected Information furnished to the Reviewer Parties or otherwise in their possession and destroy all copies, reproductions, summaries, extracts or compilations thereof or based thereon,
and all other Protected Information prepared by the Reviewer Parties shall be destroyed and no copy thereof shall be retained except as may be necessary to comply with any applicable laws. Upon completion of such destruction, the Reviewer Parties
shall provide a written notice to Provider stating the same. 
 12. Miscellaneous. 

(a) Benefits of Agreement. The Reviewer’s covenants, stipulations and agreements contained in this Agreement shall inure to
the benefit of all of all Provider Parties, and the Provider’s covenants, stipulations and agreements contained in this Agreement shall inure to the benefit of all Reviewer Parties. Except as otherwise expressly provided herein, the covenants,
stipulations and agreements contained in this Agreement are and shall be for the sole and exclusive benefit of the parties hereto and their respective successors and assigns and, nothing contained in this Agreement, expressed or implied, shall be
construed to confer upon, or give to, any other Person any right, remedy or claim under or by reason of this Agreement as a third party beneficiary or otherwise. 
 (b) Notice. All notices, demands, requests and other communications required or permitted to be given by any provision of this Agreement shall be in writing (the term “writing” shall
include facsimile, electronic mail or other electronic transmission) and sent by (i) first class, regular, registered or certified mail; (ii) air or other overnight delivery service; or (iii) facsimile, electronic mail or other
electronic transmission. Any such notice, demand, request or communication shall be deemed to have been given and received for all purposes under this Agreement: (w) three (3) Business Days after the same is deposited in any official
depository or receptacle of the United States Postal Service first class certified mail, return receipt requested, postage prepaid; (x) on the next Business Day after the same is deposited with a nationally recognized overnight delivery service
that guarantees overnight delivery; (y) on the date of transmission when delivered by facsimile (if transmission is confirmed), electronic mail or other electronic transmission, provided that a copy is also promptly delivered by any of the
means set forth in clauses (i) or (ii) above. Any party to this Agreement may change such party’s address for the purpose of notice, demands, requests and communications required or permitted under this Agreement by providing written
notice of such change of address to all of the parties by written notice as provided herein. 
 (c) Incorporation. All
exhibits and schedules attached hereto, or to be attached hereto, and all other agreements and instruments referred to herein are hereby incorporated by reference into this Agreement as fully as if copied herein verbatim. 

(d) Attorney’s Fees. If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of
any alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement and such action is 

  
 6 

 
successful, the prevailing parties shall be entitled to recover reasonable attorney’s fees, court costs and all reasonable expenses, even if not taxable or assessable as court costs
(including, without limitation, all such fees, costs and expenses incident to appeal) incurred in that action or proceeding in addition to any other relief to which such party may be entitled. 

(e) No Waiver. Each and every waiver of any covenant, representation, warranty or other provision of this Agreement must be in
writing and signed by each party whose interests are adversely affected by such waiver. No waiver granted in any one instance shall be construed as a continuing waiver applicable in any other instance. No consent or waiver expressed or implied by
any party to this Agreement to or of any breach or default by any other party to this Agreement in the performance by such other party of its obligations hereunder, shall be deemed or construed to be a consent or waiver to, or of, any breach or
default of any other party of the same or any subsequent obligations hereunder. Failure on the part of any party to this Agreement to complain of any act or failure to act of any party to this Agreement or to declare such party in default,
irrespective of how long such failure continues, shall not constitute a waiver by the non-defaulting parties of their rights hereunder. 
 (f) Governing Law. This Agreement shall be governed in all respects, including validity, interpretation and effect by, and shall be enforceable in accordance with the internal laws of the State of
Tennessee without regard to conflicts of laws principles. 
 (g) Forum. The Reviewer irrevocably agrees that any action,
suit or other legal proceeding with respect to this Agreement shall be brought and determined in any federal court sitting in Memphis, Tennessee or other courts of the State of Tennessee located in Shelby County, and the Reviewer hereby irrevocably
submits with regard to any such action, suit or other proceeding generally and unconditionally to the exclusive jurisdiction of the aforesaid courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 (h)
Severability. If any provision of this Agreement is held to be unlawful, invalid or unenforceable under present or future laws effective during the term hereof, such provision shall be fully severable, and this Agreement shall be construed
and enforced without giving effect to such unlawful, invalid or unenforceable provision. Furthermore, if any provision of this Agreement is capable of two (2) constructions, one of which would render the provision void, and the other which
would render the provision valid, then the provision shall have the meaning which renders it valid. 
 (i) Counterpart
Execution. This Agreement may be executed in multiple counterparts, each one of which shall be deemed an original, but all of which shall be considered together as one and the same instrument. 

(j) Successors and Assigns. This Agreement is binding on the successors and assigns of all parties hereto. 

  
 7 

 (k) Amendments. This Agreement may be modified or amended as herein provided;
however, each and every modification and amendment of this Agreement must be in writing and except as otherwise provided herein, signed by all the parties hereto. 
 (l) Calculation of Time Periods. Unless otherwise specified, in computing any period of time described herein, the day of the act or event after which the designed period of time begins to run is
not to be included and the last day of the period so computed is to be included, unless such last day is a Saturday, Sunday or legal holiday, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday, or
legal holiday. The last day of any period of time described herein shall be deemed to end at 5 p.m. Central Standard Time or Central Daylight Time, as applicable. 
 (m) Entire Agreement. This Agreement contains the entire agreement between the parties regarding the subject matter hereof. Any prior agreements, discussions or representations not expressly
contained herein shall be deemed to be replaced by the provisions hereof, and no party has relied on any such prior agreements, discussions or representations as an inducement to the execution hereof. 

[SIGNATURES ON COUNTERPART SIGNATURE PAGE(S)] 

  
 8 

 COUNTERPART SIGNATURE PAGE TO 

CONFIDENTIALITY, NON-DISCLOSURE AND 
 NON-CIRCUMVENTION AGREEMENT 
 IN WITNESS WHEREOF, the parties have executed
this Agreement or caused this Agreement to be executed by their duly authorized representatives as of the Effective Date. 

 

			
		 	
	
	Notice Address:
	Belz Enterprises
	The Tower at Peabody Place
	100 Peabody Place, Suite 1400
	Memphis, Tennessee 38103
	Attention:	 	Jimmie D. Williams
		 	Sr. Vice President
	Phone:	 	(901) 260-7270
	Fax:	 	(901) 271-7270
	Email:	 	jimmie.williams@belz.com
		 	

 

					
	PROVIDER:
	
	BELZ PARTNERS, L.P.,
	on its own behalf and on behalf of each of the Provider Parties
		
	By:	 	/s/ Jimmie D. Williams
		 	Name:	 	Jimmie D. Williams
		 	Title:	 	Sr VP/CFO

 
 

 

			
	Notice Address:
	Hyatt Corporation
	71 South Wacker Drive, 12th Floor
	Chicago, Illinois 60606
	Attention: Steve Haggerty
	Phone:	 	  

	Fax:	 	  

	Email:	 	  

 

			
	REVIEWER:
	
	HYATT CORPORATION,
	on its own behalf and on behalf of each of the Reviewer Parties
		
	By:	 	  

		 	Steve Haggerty
	Its:	 	Global Head Real Estate and Capital Strategy

 
 

 COUNTERPART SIGNATURE PAGE TO 

CONFIDENTIALITY, NON-DISCLOSURE AND 
 NON-CIRCUMVENTION AGREEMENT 
 IN WITNESS WHEREOF, the parties have executed
this Agreement or caused this Agreement to be executed by their duly authorized representatives as of the Effective Date. 

 

			
		 	
	Notice Address:
	Belz Enterprises
	The Tower at Peabody Place
	100 Peabody Place, Suite 1400
	Memphis, Tennessee 38103
	Attention:	 	Jimmie D. Williams
		 	Sr. Vice President
	Phone:	 	(901) 260-7270
	Fax:	 	(901) 271-7270
	Email:	 	jimmie.williams@belz.com
	

							
		 	PROVIDER:
		
		 	BELZ PARTNERS, L.P.,
		 	on its own behalf and on behalf of each of the Provider Parties
		 	
		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
		 		 		 	
		 		 		 	
		 		 		 	

 
 

			
	
	Notice Address:
	Hyatt Corporation
	71 South Wacker Drive, 12th Floor
	Chicago, Illinois 60606
	Attention: Steve Haggerty
	Phone:	 	 312 780 5833

	Fax:	 	 312 780 5282

	Email:	 	 steve.haggerty@hyatt.com

		 	

					
		
		 	REVIEWER:
		 	
		 	HYATT CORPORATION,
		 	on its own behalf and on behalf of each of the Reviewer Parties
		 	
		 	By:	 	/s/ Steve Haggerty
		 		 	Steve Haggerty
		 	Its:	 	Global Head Real Estate and Capital Strategy

 
 

 FIRST AMENDMENT TO CONFIDENTIALITY, NON-DISCLOSURE, NON-CIRCUMVENTION AND
NON-SOLICITATION AGREEMENT 
  

			
	 THIS FIRST AMENDMENT TO CONFIDENTIALITY, NON-DISCLOSURE, NON-CIRCUMVENTION AND NON-SOLICITATION AGREEMENT (“First Amendment”)
is made and altered into as of the date the last party executes this First Amendment between Hyatt Corporation (“Reviewer”) and Belz Partners, L.P. (“Provider”).
	  	
		
	WITNESSETH:	  	
		
	 WHEREAS, Reviewer and Provider entered into that certain Confidentiality, Non-Disclosure, Non-Circumvention and Non-Solicitation Agreement
dated May 21, 2013 (the “Agreement”). All capitalized terms set forth but not otherwise defined herein shall have the same meanings as set forth in the Agreement
	  	
		
	 WHEREAS, the parties desire to amend the Agreement to reflect the terms more particularly set forth herein.
	  	
		
	 NOW, THEREFORE, for and in consideration of the premises hereof, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged the parties, do covenant, stipulate and agree as follows:
	  	
		
	 1. Recitals. The parties hereby acknowledge and agree that foe recitals as set forth above are true and correct and incorporated herein
by this reference.
	  	
		
	 2. Reviewer Parties. The following names are added to the definition of “Reviewer Parties” as set forth in
Section 1(a)(viii) of the Agreement: Stephen Forbes, Rob Schnitz, Chris Hale, Jerry O’Connor, Catherine O’Connell, Andrea Moroney, Tim Woolsey, Neal Pekala, Michael Segall, Alfonso Diego, Ann Harris, Charles Marsh, Jay Hackin, Don
Gulotta, Doug Patrick, Mark Baker, Jennifer Herzfeld, Denise Hughes, Jack Horne, Chuck Floyd, Tiffany Leadbetter, Ty Helms, Teresa Brazzale, and Chris Hale.
	  	
		
	 3. Counterparts. This First Amendment may be executed in one or more duplicate counterparts, each of which shall upon execution by all
parties be deemed to be an original. Facsimile or electronic signatures are acceptable and shall be treated as original signatures.
	  	
		
	 4. Effect. All terms and conditions of the Agreement not modified by this First Amendment shall remain in full force and
effect.
	  	

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; 

SIGNATURE PAGE TO FOLLOW] 

 IN WITNESS WHEREOF, the parties have caused these presents to be executed on
the day and year written below. 
  

			
	PROVIDER:
	
	BELZ PARTNERS, L.P., on its own behalf and on behalf of each of the Provider Parties
		
	By:	 	/s/ Jimmie D. Williams
	Name:	 	Jimmie D. Williams
	Title:	 	Sr VP
	
	REVIEWER:
	
	HYATT CORPORATION, on its own behalf and on behalf of each of the Reviewer Parties
		
	By:	 	/s/ Rakesh Sarna
	Name:	 	Rakesh Sarna
	Title:	 	EVP, Head of American Region
	602499132.1

 FIRST AMENDMENT TO CONFIDENTIALITY, NON-DISCLOSURE NON-CIRCUMVENTION AND NON-SOLICITATION AGREEMENT 

 EXHIBIT 2.3 

Escrow Instructions 

First American Title Insurance Company 
 2233
Lee Road 
 Suite 101 
 Winter Park, FL
32789 
 Attention: Larry Deal 
 Email:
ldeal@firstam.com 
 Facsimile: (407) 691-5301 
 Phone: (407) 691-5200 
 Re: Deposit under that certain Purchase and Sale Agreement (the
“Agreement”) made as of                  , 2013, by and between Hyatt Equities, L.L.C. (“Purchaser”), a Delaware corporation, and UST Hotel Joint
Venture, Ltd. (“Seller”), a Florida limited partnership. 
 Dear Mr. Deal: 

Purchaser and Seller have entered into the Agreement, pursuant to which Purchaser has agreed to purchase certain real property more
particularly described in the Agreement. In accordance with the Agreement, Purchaser is delivering herewith cash in the amount of Twenty-Five Million and No/100 Dollars ($25,000,000) (together with any interest earned thereon, the
“Deposit”) to FIRST AMERICAN TITLE INSURANCE COMPANY (the “You” or the “Company”). You are to place the Deposit in an interest bearing account (for this purpose, Purchaser’s Federal Employer I.D. number is
                    ) and hold the Deposit in escrow and deliver it to Seller or Purchaser in accordance with these instructions. 

The Deposit shall be held and invested by Escrow Agent only in a separate interest-bearing escrow account for the benefit of Seller
and/or Purchaser in any reputable trust company, bank, savings bank, savings association, or other financial services entity, including any affiliate of Escrow Agent. It is understood by Seller and Purchaser that Escrow Agent shall not be liable for
any loss of interest occasioned by the choice by Escrow Agent of one financial institution over another. Interest earned on any such amount or on any cash placed in the Escrow by Seller shall become part of such amount and shall, for income tax
purposes, be deemed earned by Seller. Seller’s federal taxpayer identification number is                     . 

Escrow Agent shall release the Deposit, any accrued interest thereon, or any portions thereof upon the receipt of joint written direction
from the Purchaser and Seller to do so, which written direction shall specify the amounts to be disbursed and the parties to whom the disbursements shall be made. Escrow Agent shall deliver the Deposit or any portions thereof to the person or
persons designated in such written direction (by wire transfer) pursuant to written wiring instructions provided by the party to whom the joint instructions direct release of the funds to be made. 

 You are not to disclose to any person (other than the parties hereto, their employees,
agents or independent contractors) any information about the Agreement or its existence or this letter of instructions (except if requested by either party or as may be required by court in any litigation or by law). 

You are to maintain the Deposit in a federally-insured interest-bearing account in a national banking association or such other
institution as Purchaser and Seller may approve, and all interest accruing thereon shall be paid to the party entitled to the Deposit under the terms of the Agreement. We understand that you assume no responsibility for, nor will we hold you liable
for, any loss accruing due to bank failure and/or takeover by a federal regulatory agency, or which arises solely from the fact that the escrow amount exceeds the maximum amount insured by the Federal Deposit Insurance Corporation. Nor shall you be
required to institute legal proceedings of any kind pursuant to these instructions, nor be required to defend any legal proceedings which may be instituted against you with respect to the subject matter of these instructions unless you are requested
to do so by Purchaser or Seller and arrangements reasonably satisfactory to you have been made to indemnify you against the cost and expense of such defense by the party making such request. If any dispute shall arise with respect to these
instructions, whether such dispute arises between the parties hereto or between the parties hereto and other persons or, should the parties fail to provide joint written instructions within a reasonable time after your written request, you may
interplead such disputants and pay the Deposit into the court in which the interpleader is brought. You shall be responsible only for the performance of such duties as are strictly set forth herein and in no event shall you be liable for any act or
failure to act under the provisions of this letter except where such action or inaction is the result of your willful misconduct or gross negligence. 
 Escrow Agent may act in reliance upon any writing, instrument, or signature which it, in good faith, believes to be genuine, may assume the validity and accuracy of any statements or assertions contained
in such writing or instrument and may assume that any person purporting to give any writing, notice, advice or instruction in connection with the provisions hereof has been duly authorized to do so. Escrow Agent shall not be liable in any manner for
the sufficiency or correctness as to form, manner of execution, authenticity or validity of any written instructions delivered to it, nor as to the identity, authority, or rights of any person executing the same. The duties of Escrow Agent shall be
limited to the safekeeping of the Escrow Deposits and the disbursement of same in accordance with the written instructions described above. Escrow Agent undertakes to perform only such duties as are expressly set forth herein, and no implied duties
or obligations shall be read into this Escrow Agreement against Escrow Agent. Seller and Purchaser each hereby agrees to indemnify you and hold you harmless against any loss, liability or damage (including the cost of litigation and reasonable
counsel fees) incurred in connection with the performance of your duties hereunder except as a result of your willful misconduct or gross negligence. 

 All notices, certificates and other communications permitted hereunder shall be in writing and shall be
deemed to have been duly given if personally delivered to the person designated to receive the same with proof of delivery or rejection of delivery (if on a business day during business hours) thereof (any notice or communications so delivered being
deemed to have been received at the time delivered or rejected), or sent by Federal Express or other reputable express courier service (any notice or communication so delivered being deemed to have been received on delivery or rejection), or sent
via electronic mail or facsimile (any notice or communication so sent being deemed to have been given upon electronic confirmation of transmission; provided that an original of such notice is also delivered by hand delivery or courier as noted above
within two (2) business days) addressed to the respective parties as follows: 
  

			
	If to Seller:	  	UST Hotel Joint Venture, LTD.
		  	c/o Belz Enterprises
		  	100 Peabody Place, Suite 1400
		  	Memphis, Tennessee 38103
		  	Attention: Jimmie Williams
		  	Email: Jimmie.Williams@belz.com
		  	Facsimile: 901.260.7408
		
	With a copy to:	  	Hogan Lovells US LLP
		  	Columbia Square
		  	555 Thirteenth Street NW
		  	Washington, DC 20004
		  	Attention: Carol Weld King, Esq.
		  	E-mail: carol.king@hoganlovells.com
		  	Facsimile: 202.637.5910
		
	If to Purchaser:	  	Hyatt Equities, L.L.C.
		  	71 South Wacker Drive
		  	Chicago, IL 60606
		  	Attention: Margaret C. Egan, Senior Vice President & Associate General Counsel
		  	Email: margaret.egan@hyatt.com
		  	Facsimile: 312.780.5284
		
	With copy to:	  	Baker & Hostetler LLP
		  	200 South Orange Avenue
		  	Suite 200
		  	Orlando, Florida 32801
		  	Attention: John Melicharek, Esq.
		  	E-mail: jmelicharek@bakerlaw.com
		  	Facsimile: (407) 841-0168
		
	If to Escrow Agent:	  	First American Title Insurance Company
		  	 2233 Lee Road

		  	 Suite 101

		  	 Winter Park, FL 32789

		  	 Attention: Larry Deal

		  	 Email: ldeal@firstam.com

		  	 Facsimile: (407) 691-5301

		  	 Phone: (407) 691-5200

 The fee for the services of the Escrow Agent hereunder is
$            , which fee is to be split equally between Seller and Purchaser and shall be paid at the open of Escrow. 

Please indicate your agreement to comply with the foregoing instructions by executing at least two copies of this letter and returning
one to Carol Weld King, Esq., Hogan Lovells, 555 13th Street NW, Washington, D.C. 20004, counsel for Seller, and one to John Melicharek, Sr., Esq., Baker & Hostetler LLP, 200 South Orange Avenue, Suite 2300, Orlando, Florida 32801, counsel
for Purchaser. 
  

			
	 Very truly yours,

	
	 SELLER:

	
	 UST HOTEL JOINT VENTURE, LTD.,
 a Florida limited partnership

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

	 Date:
	 	  

	
	 PURCHASER:

	
	 HYATT EQUITIES, L.L.C.,
 a Delaware limited liability company

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

	 Date:
	 	
 

			
	 ACKNOWLEDGED AND AGREED:

	
	 FIRST AMERICAN TITLE INSURANCE COMPANY

		
	By:	 	  

	Name:	 	  

	Its:	 	  

	Date:	 	  

 EXHIBIT 6.1 

HVAC Contract 
 See attached. 

 MASTER CONTRACTOR AGREEMENT 

between 
 Belz Partners L.P.,
doing business as The Peabody Orlando, Hotel Peabody G.P., doing business as The Peabody Memphis, BG Excelsior Limited Partnership, doing business as The Peabody Little Rock, and HLR, LLC, doing business as Hilton Little Rock, each entity acting
individually and not collectively, (hereinafter referred to as “Hotel” or “Contracting Party.”) All three entities are affiliates of Peabody Hotel Group whose address is: 

5118 Park Avenue, Suite 245 
 Memphis, TN 38117 
 The addresses of the individual Hotels are as follows: 

The Peabody Orlando 
 9801 International Drive 
 Orlando, Florida 32819 

The Peabody Memphis 
 149 Union Avenue 
 Memphis, Tennessee 38103 

The Peabody Little Rock 
 3 Statehouse Plaza 
 Little Rock, Arkansas 72201 

Hilton Little Rock 

925 South University Avenue 
 Little Rock, Arkansas 72204 
 and 

York Construction Services, LLC 

(hereinafter referred to as “Contractor”), whose address is: 
 8545 Hwy 196 
 Collierville, Tennessee 38107 

 In consideration of the mutual covenants and conditions hereinafter set forth, the parties
hereby agree as follows: 
 ARTICLE I 
 The Work 
 1.1 This Agreement shall serve as a “Master Agreement”
between the parties setting forth certain terms that will apply to all work to be performed by the Contractor for any of the Hotels. Specific terms, including contract price, start dates, completion dates, and detailed descriptions of the work to be
performed shall be set forth in individual Statement of Work Addenda to be issued by each Hotel entity to Contractor. EACH STATEMENT OF WORK ADDENDUM SO ISSUED BY A HOTEL TO CONTRACTOR SHALL BE ACCEPTED IN WRITING BY CONTRACTOR BEFORE THE STATEMENT
OF WORK ADDENDUM SHALL BE BINDING ON EITHER PARTY. Contractor, pursuant to the provisions hereof, shall perform the work and construct the improvements described on each Statement of Work Addendum it has accepted. Contractor shall perform all the
Work and furnish all the materials, equipment and labor for same, together with any tools and machinery and all other protection necessary to perform and protect the Work. All Statement of Work Addenda shall be issued by Peabody Hotel Group in
Memphis and not by the Hotels themselves. In the event a conflict arises between the terms of this Agreement and any Statement of Work Addendum, the terms of the Statement of Work Addendum shall control. 

1.2 Time is of the essence in Contractor’s performance. Unless otherwise agreed in advance by the Hotel and Contractor, the
Contractor will initiate the Work in accordance with the dates set forth in a Statement of Work Addendum and will thereafter proceed with and complete the Work promptly, diligently and in a manner and sequence so as to avoid delays or
inefficiencies. Contractor shall provide sufficient staff to assure compliance with the time requirements set forth in each Statement of Work Addendum. 
 1.3 Unless designated in the specific scope of the Statement of Work Addendum , all materials and equipment supplied as part of the Work shall be new, and all workmanship shall be of the best quality in
strict accordance with this Contract. Contractor shall make no substitution of materials unless approved in writing by the Hotel or its agent. If required by the Hotel or its agent, Contractor shall furnish satisfactory evidence as to the kind and
quality of materials to be used in the Work, including whenever requested, samples of such materials. 
 1.4 All Work performed
by Contractor shall be under the direction of a competent supervisor on the Premises employed by Contractor. Contractor is an independent contractor and all persons hired to provide Work are employees of Contractor or its subcontractors and not of
the Hotel or its agents. Contractor shall employ only competent and skillful labor to perform the Work. Contractor shall be solely responsible for the care, custody, control and direction of all persons performing the Work and shall have sole
responsibility for the employment, discharge and direction of such persons. 

  
 2 

 1.5 It is the policy of the Peabody Hotel Group to maintain a drug-free, smoke-free
workplace. It is not the intent of the Hotel to intrude into the private life of the Contractor or its employees; however, tobacco use, alcohol use, use of illegal drugs or other controlled substances and dependency affect safety and work quality
and contribute to lost productivity. Contractor and its employees are prohibited from reporting to work at the Hotel, or being or remaining at work at the Hotel, while under the influence of alcohol, illegal drugs, or any other controlled
substances. Possession on Hotel promises of unauthorized alcohol, illegal drugs, or other controlled substances is prohibited by Hotel policy, and will be considered a material breach of this Agreement. Smoking and the use of smoke-free or chewing
tobacco is also prohibited while on Hotel premises, and any such use will be considered a material breach of this Agreement. 

1.6 The Contractor agrees that its agents, representatives, and employees shall comply with Hotel policies, procedures, and standards
when performing services on Hotel premises. If any of the said individuals fail to do so, the Hotel shall inform the Contractor, and the Contractor shall either require its representatives, employees, or agents to comply or remove them from Hotel
premises. 
 1.7 Contractor shall clean up the Premises related to the Work in a thorough and workmanlike manner to the
satisfaction of the Hotel wherever necessary during the progress of the Work and when requested by the Hotel. 
 1.8 Contractor
shall take all necessary precautions to keep the Premises free of safety hazards and shall protect all materials, equipment and completed and partially completed work from loss and damage, including theft and damage by weather, and, if necessary,
shall provide suitable housing therefor, and shall correct any damage or disfigurement to contiguous work or property resulting from the Work. In particular, storage of combustible and/or flammable materials shall be held to a minimum; such
materials must be kept in Underwriters Laboratory or Factory Mutual approved safety containers and must be safely stored by Contractor before the persons performing the Work leave the Premises at the end of each day. 

1.9 Contractor agrees to comply with all federal and state laws, codes and regulations and all municipal and other local laws, ordinances
and regulations, present or future, applicable to the Work to be performed under this Contract and to obtain at its own expense all licenses and permits necessary for the performance of the Work. Contractor further agrees, at its own expense, to be
solely responsible for compliance with all federal, state and local laws, rules, regulations, and ordinances that apply to Contractor’s employment status or Contractor’s employment relationship with others. Contractor shall pay all taxes,
assessments and premiums under the Federal Social Security Act, Worker’s Compensation Act, any applicable Unemployment Insurance, Sales Tax, Use Tax, Personal Property Taxes or other applicable taxes or assessments now or hereafter in effect
and payable by reason of or in connection with any part of the 

  
 3 

 
Work. Contractor shall forever save and hold harmless and fully indemnify the Hotel and its agents against any and all liabilities, damages, claims, recoveries, costs and/or expenses (including
attorney’s fees) arising out of or based upon violation by Contractor, any of its subcontractors or of their respective employees or agents of any such law, ordinance, rule, regulation or order. 

1.10 Contractor agrees to pay all fees, royalties and claims for any patented invention, device, article, method, arrangement, copyright,
trademark or service mark that may be used upon or in any manner connected with the performance of the Work or any part thereof. Contractor shall forever fully indemnify, defend and hold harmless the Hotel and its agents from all liabilities,
damages, claims, recoveries, costs and/or expenses (including attorney’s fees), which may at any time arise for any infringement or claim of infringement against Hotel resulting from Contractor’s performance of the Work. In the event that
any such claim of infringement, howsoever made, results in an order, decree, judgment or agreement enjoining or otherwise preventing the continued use of the subject matter of such claim, the Contractor shall, promptly, subject to the approval of
the Hotel, either (a) procure the right to continue the use of the subject matter of said claim for the Hotel; or (b) replace the subject matter of such claim with a noninfringing substitute acceptable to the Hotel; or (c) modify the
subject matter of said claim in a manner acceptable to the Hotel so as to make it noninfringing. Any costs or expenses involved in the remedies described above shall be the sole responsibility of Contractor. 

1.11 The Contractor agrees to bind every subcontractor by the terms of this Contract so far as is applicable to the subcontractor’s
work. However, nothing contained in any provision of this Contract shall create any contractual relationship between the Hotel and any subcontractor. 
 1.12 Title to all Work completed or in the course of construction or installation, all equipment, construction materials, tools and supplies, the cost of which is chargeable to the Work, shall pass to the
Hotel simultaneously with passage of title from the vendors thereof to the Contractor, free and clear of any and all liens, claims, security interests or encumbrances. 
 1.13 Contractor shall keep the Premises free and clear from all liens and charges arising out of the Work, including materialmen’s, laborers’ and mechanics’ liens, and shall give the Hotel
prompt written notice of actual and prospective claims of any such liens or charges known to the Contractor. 
 1.14 Contractor
acknowledges its familiarity with the present operation of the Premises and agrees that the Hotel’s operation and use of the Premises shall not be unreasonably disrupted by virtue of the Work, and Contractor shall take such measures to assure
the continuous satisfactory operation of the Premises by the Hotel. 
 1.15 Contractor shall conform the Work to the work
performed by others, so that the work of all shall be coordinated. In the event of the failure for any reason of the Contractor and such other persons to agree as to the extent of such cooperation or as to

  
 4 

 
the extent of the work to he done by any or either, to insure the proper consummation of the items of contiguous work or to insure the carrying out of their respective agreements, such
disagreements shall be resolved by the Hotel, whose decision shall be final. 
 1.16 In case of any dispute, Contractor shall
continue to prosecute the Work pending determination of such dispute, unless directed by the Hotel to suspend work. 
 1.17 The
Work shall be deemed complete when all applicable permits required for its use have been validly issued and all components of the Work have been completed totally and the Hotel obtains beneficial use of the Work for which is was intended.

 1.18 The Hotel shall have the right at any time to require Contractor to furnish a bond covering the faithful performance of
this Contract and the payment of all obligations arising out of or in any way resulting from this Contract. The bond shall be procured by Contractor and shall be in such form as the Hotel may prescribe. The premium for the bond, in an amount
approved by the Hotel, shall be added to the Contract Sum. 
 1.19 Contractor warrants and guarantees that the Work, including
all materials supplied, shall be free of defects and fit for their intended use for a period of no less than one (1) year from the date of completion and acceptance of the Work or the term of any extended warranty. Neither acceptance under
Article 1.19 herein, nor final payment, nor any other occurrence shall relieve Contractor of responsibility for faulty materials, work or workmanship which shall appear within the one (1) year or the extended period of guarantee and warranty.
Any faulty materials, work or workmanship, shall be repaired or replaced (“Warranty Work”) at the Hotel’s option, by Contractor within the reasonable period of time set forth in the notice from the Hotel. The cost and expense of
Warranty Work shall be borne solely by Contractor. The foregoing remedy shall not deprive the Hotel of any action, right or remedy otherwise available to it for breach of any provision of this Contract. Further, the periods referred to in this
Article 1.21 or elsewhere in this Contract shall not be construed as a limitation on the time in which the Hotel may pursue such other action, right or remedy. 
 1.20 Any materials, work or workmanship which, in the opinion of the Hotel, do not conform with the requirements of this Contract, or are in any way unsuited to the purpose for which they arc intended,
or, through acts or omissions of Contractor, its subcontractors, or their respective employees or agents, become damaged after they are in place, shall, as directed by the Hotel or its agent, be promptly refinished or removed or replaced with
approved materials and work by Contractor. The expense of refinishing or of removal and replacement, as the case may be, and the cost of delays and of making good other work affected by such removal and replacement, shall be borne by Contractor and
no extension of time shall be allowed for the correcting of such faulty work. If Contractor does not refinish or remove and replace such unsatisfactory, unsuitable, or damaged materials, work or workmanship, within the time fixed by notice from the
Hotel, then the Hotel may do so and sell all materials so removed at public or private sale. All expenses of refinishing and of removal, restoration and sale shall be charged to Contractor, and after making allowance for the proceeds of such sale,
may be deducted 

  
 5 

 
from any amounts remaining due to Contractor. If the Hotel deems it inexpedient to refinish or correct unsatisfactory, unsuited or damaged work or materials, an equitable deduction, determined by
the Hotel, from the Contract Sum shall be made therefor. 
 1.21 Contractor shall promptly deliver to the Hotel the
manufacturer’s written warranties and other documentation provided by the manufacturer regarding the Work. 
 ARTICLE II

 Payment to Contractor 
 2.1 Provided Contractor shall not be in default in the performance of any provision of this Contract, Contractor shall receive in payment of its performance hereunder in the amount and upon the terms set
forth in each Statement of Work Addendum. 
 2.2 Payments shall be made as the Work progresses as set forth in each Statement of
Work Addendum. Contractor’s application for payment shall show payment due only for that Work satisfactorily installed or incorporated into the construction for which no other application has been submitted 

2.3 Final payment of any reserve or last payment set forth in a Statement of Work Addendum shall be made to the Contractor after
completion of the Work in accordance with the terms of this Contract and acceptance thereof by the Hotel. As a condition precedent to receiving the last payment of the Contract Sum due hereunder, Contractor shall deliver to the Hotel an affidavit
and final waivers of liens of Contractor, its subcontractors and material suppliers on forms approved by the Hotel sufficient to waive and release any and all claims of compensation due or to become due in consideration of the Work.
Contractor’s affidavit shall list all subcontracts for labor and materials, slating the amount of each subcontract, the amount paid and the amount remaining unpaid, if any. Contractor’s affidavit shall also stale that no liens have been
filed and that the waivers or releases include all labor and materials for which a lien could have been filed. If any subcontractor or materialman refuses to furnish a waiver or release of lien, then Contractor shall, at its own expense, furnish a
bond satisfactory to the Hotel in the principal amount of One Hundred Fifty percent (150%) of the total amount of such items indemnifying the Hotel, and its agents against loss on account of all such liens. If any lien remains unsatisfied after
all payments have been made to Contractor, then Contractor shall promptly refund to the Hotel, upon Hotel’s request, all sums that the Hotel may be compelled to pay in discharging such a lien, including all costs and attorney’s fees. These
rights and remedies shall not be exclusive but shall be in addition to those otherwise provided by law and in this Agreement. 

2.4 Upon receipt of each payment hereunder, Contractor shall promptly pay any and all laborers, subcontractors and materialmen for the
labor furnished and materials supplied for the Work in an amount proportionate to the Work completed by such laborers and subcontractors and materials supplied by such materialmen. 

  
 6 

 2.5 Contractor shall not be entitled to receive any extra compensation of any kind
whatsoever for extra or additional work of any kind, unless the same was ordered by the Hotel in writing, signed by the authorized representative of the Hotel. 
 2.6 Notwithstanding any other provision herein, the Hotel reserves the right to withhold payment, in whole or in part, which it determines is necessary to protect itself from loss due to any of the
following: (a) defective work; (b) evidence indicating the probable filing of claims by other parties against the Hotel or its agents in connection with this Agreement; (c) failure of Contractor to pay any of its subcontractors or
material suppliers; and (d) damage to the Hotel or its agents or representatives. 
 ARTICLE III 

Contractor’s Liability 
 3.1 The Contractor assumes full liability for any and all damages, death, or injury of any kind to all person(s), whether employees or otherwise, and property caused by, resulting from, arising out of, or
in any way connected with the Work. To the fullest extent permitted by law, the Contractor (“Indemnitor”) shall indemnify, defend, protect, and hold harmless the Hotel and its respective owners, directors, officers, employees, consultants,
and agents (collectively “Indemnitees”) from and against any and all claims, losses, costs, damages, fines, and expenses (including attorneys’ fees and related costs and expenses and disbursements) including, but not limited to, those
attributable to damage, injury of any kind, sickness, disease, or death to person(s), whether employees or otherwise, or to the injury to, or destruction of, tangible property including loss of use or economic loss resulting therefrom, whether
arising before or after completion of the Project, caused by. arising out of, resulting from, or occurring in connection with the performance of the Work, the Master Contractor Agreement, or the acts or omissions of the Contractor or its employees,
officers, directors, suppliers, and its subcontractors or sub-subcontractors, or any individual or entity directly or indirectly employed by the Contractor or any of its subcontractors, or for whose acts or omissions the Contractor or any of its
subcontractors may be liable, notwithstanding any immunity or limitation of liability derived from worker’s compensation or similar statutes. Such indemnification obligations shall not be construed to negate, abridge, or reduce other rights or
obligations of indemnity which would otherwise exist as to a party or person described in this paragraph. The Hotel and Contractor agree that the indemnification given herein, to the extent it indemnifies Hotel for Hotel’s own negligence, shall
be limited to the amount of loss suffered by the Indemnitees or One million dollars ($1,000,000.00) Dollars per occurrence, whichever is less, which amount is stipulated by the parties to bear a reasonable commercial relationship to the Independent
Contractor Agreement. This indemnification shall be deemed part of the Contract Documents and to fully comply with Section 725.06, Florida Statutes (2004), including any amendments thereto, in all respects (for Work performed in Florida.) The
above indemnification shall not include: (1) Claims of, or damages resulting from gross negligence, or willful, wanton, or intentional misconduct of the Indemnities or their officers, directors, agents, or

  
 7 

 
employees; or (2) Claims for statutory violation or punitive damages except and to the extent the statutory violation or punitive damages are caused by or result from the acts or omissions
of the Indemnitor or any of the Indemnitor’s subcontractors, sub- subcontractors, materialmen, or agents of any tier or their respective employees. 
 3.2 Contractor hereby releases and discharges the Hotel and its agents from liability for and assumes the risk of loss of or damage to equipment or other properly of Contractor or its subcontractors, and
hereby indemnifies the Hotel and its agents against all claims and liabilities for loss of or damage to equipment or other property of third parties, leased or otherwise, used by Contractor or its subcontractors and tools or other property owned by
or in the custody of their employees, unless damaged by Hotel staff or personnel through gross negligence or willful misconduct of Hotel personnel. 
 ARTICLE IV 
 Insurance 

4.1 Contractor shall obtain and maintain in full force and effect during the performance of the Work: (a) Worker’s Compensation
Insurance in such amounts as required to provide statutory benefits as required by the laws of the state in which the Work is to be performed including Employers Liability with a limit of not less than $500,000; (b) Comprehensive General
Liability Insurance through companies satisfactory to the Hotel which include products/completed operations, independent contractors, contractual liability, and broad form property damage with a combined single limit of not less than $1,000,000 per
occurrence; and (c) Automobile Liability Insurance for all owned, hired, leased or borrowed vehicles with a combined single limit of not less than $1,000,000 per occurrence. 

4.2 All such policies (except Workers’ Compensation) shall specifically state that the Hotel and its agents are named as additional
insured under the above policies; such insurance shall be primary and not contributory with the Hotel’s insurance. Each policy shall provide that it may not be cancelled or changed without at least thirty (30) days prior written notice to
the Hotel. 
 Contractor shall furnish to the Hotel a Certificate of Insurance evidencing such coverage prior to the
commencement of Work hereunder and shall continue to provide the Hotel with subsequent Certificates of Insurance evidencing uninterrupted compliance with this insurance requirement until the termination of this Agreement. 

Contractor shall provide the Hotel with certified copies of the policies required herein upon the Hotel’s request. Contractor shall
at all times comply with all requirements of the insurers issuing said policies. Contractor further agrees that should it use any subcontractors. Contractor shall cause any such subcontractors to comply with all of the provisions of this Article IV.

  
 8 

 ARTICLE V 
 Termination 
 5.1 Should Contractor should fail to prosecute the Work with
reasonable promptness and diligence, or fail to make prompt payment to subcontractors for material or labor, or fail or refuse to supply sufficient skilled workmen or materials of the proper quality, or become insolvent or be unable to pay its debts
as they mature, or make a general assignment for the benefit of creditors, or if a receiver should be appointed for the whole or any substantial part of the Contractor’s property, or if Contractor should file a petition in bankruptcy or be
adjudicated a bankrupt, or should any proceedings be filed under the Bankruptcy Act, either voluntary or involuntary, and such appointment or bankruptcy or insolvency proceedings, petition or assignment, if involuntary, is not set aside within
thirty (30) days, or if Contractor defaults in the performance of any provision of this Contract, and if Contractor fails to cure same within seven (7) days after written notice from the Hotel, or if David York ceases to be primarily
responsible for Contractor’s operations, then the Hotel may, in addition to all other rights and remedies provided by law, immediately terminate this Agreement at the end of such seven (7) days by giving written notice to Contractor and,
without prejudice to other rights or remedies provided by law or by this Agreement, may take possession of the Premises and of all or any part of the materials or equipment delivered or in transit to the Premises and finish the Work by whatever
method the Hotel may deem expedient. In the event of such termination, Contractor shall be paid for unpaid authorized costs of Work prior to termination, subject to the Hotel’s approval in the manner specified in this Agreement, minus any
additional costs incurred by the Hotel resulting from such termination. 
 5.2 Should the Hotel default in its obligations
hereunder and should it fail to cure same within seven (7) days after written notice from Contractor, then Contractor may, as its sole and exclusive remedy hereunder, terminate this Agreement by giving seven (7) days written notice to the
Hotel. Upon such a termination, Contractor shall be entitled to recover from the Hotel full payment for all authorized work performed and accepted by the Hotel prior to termination by the Hotel up to the date of such termination. 

ARTICLE VI 

General Provisions 
 6.1 This Agreement may not be assigned by Contractor, and Contractor shall not assign or in any other way encumber any monies due or to become due to Contractor under this Agreement. 

6.2 All notices hereunder shall be deemed to be made properly if personally delivered or sent by postage prepaid, registered or certified
mail, return receipt requested, or via an overnight delivery service and addressed to the parties (for the Hotel, the entity issuing the Statement of Work Addendum) at the addresses heretofore set forth. The address for notice may be changed by
either party upon the giving to the other party of 

  
 9 

 
written notice in accordance with this paragraph. Notice so mailed shall be deemed received upon the expiration of seventy-two (72) hours from the time of deposit in a United States post
office or twenty-four (24) hours from the time of deposit with an overnight delivery service, as appropriate. Additionally, all such notices shall be sent to Hotel’s representative: Claude E. Zobell, Jr., Vice President/General Counsel,
Peabody Hotel Group, 5118 Park Avenue, Suite 245, Memphis, TN 38117. 
 6.3 This Agreement and the Statement of Work Addenda
(and any attachments thereto) issued pursuant hereto and accepted by the Contractor constitute the entire agreement between Contractor and the Hotel relating to the Work. Except as specifically provided herein, no modification, waiver, termination,
rescission, discharge or cancellation of this Agreement or of any terms thereof shall be binding on the Hotel unless in writing and executed by an officer or agent of the Hotel specifically authorized to do so. 

6.4 No modification, waiver, termination, discharge or cancellation of this Agreement or of any terms thereof or certificate, approval or
payment made to Contractor, or use or occupancy of the Work shall impair the Hotel’s rights with respect to any liabilities, whether or not liquidated, of Contractor to the Hotel. 

6.5 Contractor shall accrue all discounts, rebates and refunds obtained in connection with the Work to the Project or Work 

6.6 This Agreement shall be construed in accordance with the law’s of the State of Tennessee. The parties specifically agree that
exclusive jurisdiction for any disputes arising under this Agreement shall lie in the State or Federal Courts within the State of Tennessee, and both parties consent to such exclusive jurisdiction. 

6.7 If any term or provision of this Agreement shall be found to be illegal, unenforceable or in violation of the laws, statues,
ordinances or regulations of any public authority having jurisdiction thereof by a court of competent jurisdiction, then, notwithstanding such term or provision, this Agreement shall be and remain in full force and effect and such term shall be
deemed stricken; provided, however, this Agreement shall be interpreted, when possible, so as to reflect the intentions of the parties as indicated by any such stricken term or provision. 

6.8 To the extent that any of the terms or provisions of this Agreement are inconsistent with or conflict with any of the terms or
provisions of any Exhibits attached hereto, the terms and provisions of this Agreement shall prevail. 
 6.9 Waiver by the Hotel
of any provision of this Agreement in one instance shall not constitute a waiver as to any other instance. 
 6.10 Contractor
may not use the Hotel’s trade name or logo or a photograph of the Premises in any manner whatsoever, including, but not limited to Contractor’s advertisement, without the prior written consent of the Hotel. 

  
 10 

 6.11 In the event any litigation or controversy arises out of or in connection with this
Agreement between the parties hereto, the prevailing party in such litigation or controversy shall be entitled to recover from the other party all reasonable attorneys’ fees, expenses and suit costs, including those associated with any
appellate or post-judgment collection proceedings. 
 IN WITNESS WHEREOF, the parties hereto have caused this contract to
be properly executed this 12 day of January, 2012. 
 The Hotels: 

 

			
	BELZ PARTNERS L.P.
		
	By:	 	/s/ Martin Belz
		
	Its	 	President of G.P.
	
	HOTEL PEABODY G.P.
		
	By:	 	/s/ Martin Belz
		
	Its	 	President
	
	BG EXCELSIOR LIMITED PARTNERSHIP
		
	By:	 	/s/ Martin Belz
		
	Its	 	President of G.P.
	
	HLR, LLC
		
	By:	 	/s/ Martin Belz
		
	Its:	 	Managing Member
		
	 //
 //

//
	 	

  
 11 

			
	Contractor:
	
	YORK CONSTRUCTION SERVICES, LLC
		
	By:	 	/s/ David York
		
	Its	 	EM/MEMBER

  
 12 

 STATEMENT OF WORK ADDENDUM 

To the Agreement dated January 12, 2012 
 Between 
 Belz Partners L.P (Hotel) 

and York Construction Services, LLC (Contractor) 
  

	 	1.	PARTIES: The parties hereto entered into a Master Contractor Agreement dated January 12, 2012. This Statement of Work Addendum incorporates and is incorporated
into that Agreement. The Hotel entity entering into this Statement of Work Addendum is Belz Partners L.P., doing business as The Peabody Orlando. 

  

	 	2.	SERVICES: The Contractor desires to provide, and the Hotel desires to obtain from Contractor, certain services described as follows: Replacement of the Mallard tower
guest room fan coil units and public area units labeled AHU 5 through 8 also in the Mallard tower. The Description of Work and Cost Schedule are as follows: 

 

							
	 a.
	  	 General Requirements
	  	$	815,342.00	  
	 b.
	  	 Misc. Demo
	  	$	55,700.00	  
	 c.
	  	 Misc. Wood Trim Repair
	  	$	17,700.00	  
	 d.
	  	 Glass/Mirror
	  	$	9,229.00	  
	 e.
	  	 Drywall, Pt, Acoustic Ceiling repairs
	  	$	796,100.00	  
	 f.
	  	 Carpet and Base Repairs
	  	$	75,864.00	  
	 g.
	  	 Granite and Stone Repairs
	  	$	9,600.00	  
	 h.
	  	 Roof Repairs
	  	$	2,000.00	  
	 i.
	  	 Fire Sprinkler
	  	$	20,000.00	  
	 j.
	  	 HVAC (including Bond/ Extended Schedule)
	  	$	3,694,347.00	  
	 k.
	  	 Electrical
	  	$	30,200.00	  
	 l.
	  	 Contingency
	  	$	79,822.00	  
	 m.
	  	 Contractor’s Fee
	  	$	392,413.28	  
		  	 GRAND TOTAL
	  	$	5,998,317.28	  

  

	 	3.	 PAYMENT: Payments shall be made in monthly installments as the Work progresses. Contractor’s application for payment shall show payment due only
for that Work satisfactorily installed or incorporated into the Hotel during the preceding month for which no other application has been submitted. Each application for payment shall be accompanied by a statement of the Contractor listing the total
amount of Work performed and/or material supplied by Contractor and all of its subcontractors and material suppliers; the amount of previous payments, a breakdown allocating the total payments to

	 	
the Contractor, its subcontractors and materialmen, and the balance on each account to complete the Work. Said statement shall be accompanied by waivers of lien of the Contractor, its
subcontractors and materialmen, on forms approved by the Hotel, in the total amount of all payments to be made, in accordance and to the extent allowed by the laws of the State of Florida. No partial payments shall become due until Contractor shall
deliver to the Hotel such waivers or releases of liens. Evidence of clear title to all personal property, equipment and fixtures shall be presented to the Hotel prior to any payment therefor. 

 

	 	4.	TIME: Contractor shall perform the Work in a timely manner and shall coordinate all such work with the Hotel to allow performance during periods of low occupancy. All
Work shall be completed prior to December 31, 2014. 

  

	 	5.	HOTEL’S LEASE REQUIREMENTS: Hotel’s Landlord, UST Hotel Joint Venture, LP has recorded in the Public Records of Orange County, Florida, a public notice
meeting the requirements of F.S. 713.10(2). Hotel and the said Landlord have agreed that no interest of the Landlord in the Hotel, or any building or improvement thereof, shall be subject to any lien for improvements made by the Hotel in or for the
demised premises. Contractor hereby acknowledges that he is aware of this Agreement between Hotel and Landlord and will inform all its subcontractors of this provision of Hotel’s lease with its Landlord. 

IN WITNESS WHEREOF, the Parties have hereunto affixed their signatures this
7th day of February, 2012 

 

			
	HOTEL:
	BELZ PARTNERS L.P. dba
	THE PEABODY ORLANDO
		
	By:	 	/s/ Martin S. Belz
		 	  

		 	Martin S. Belz, President of G.P.
	
	CONTRACTOR:
	YORK CONSTRUCTION SERVICES, LLC
		
	By:	 	/s/ David York
		 	  

		 	David York
		 	EM/Member

					
	York Construction Services, LLC	  		  	Contractor’s Application for Payment
			
	 Application Number:

Application 16
	  	 Application Period:
 May 31,
2013
	  	 Application Date:
 May 28,
2013

			
	To (Owner):	  	From (Contractor)	  	Via (Engineer)
	The Peabody Orlando	  	York Construction Services LLC	  	N/A
			
	Project:	  	Project Number:	  	
	Peabody FCU and AHU Replacement	  	2011-0009	  	

 

									
	 Change Order Summary
	 
	Approved Change Orders	 
	 Number
	  	Additions	 	  	Deductions	 
	 1
	  	$	—  	  	  	$	—  	  
	 2
	  	$	—  	  	  	$	—  	  
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  				  			
		  	  
	  
	 	  	  
	  
	 
	 TOTALS
	  	$	—  	  	  	$	—  	  
		  	  
	  
	 	  	  
	  
	 
	 NET CHANGE BY CHANGE ORDERS
	  	$	 	  	  	 	—  	  

					
	 	 	 	 
	 1. ORIGINAL CONTRACT PRICE
	 	$	5,998,317.28	  
		 	  
	  
	 
		
	 2. Net Change by Change Orders
	 	$	—  	  
		 	  
	  
	 
		
	 3. CURRENT CONTRACT PRICE (Line 1 + 2)
	 	$	5,998,317.28	  
		 	  
	  
	 
		
	 4. TOTAL COMPLETED AND STORED TO DATE (Column G on SOV)
	 	$	3,780,879.03	  
		 	  
	  
	 
		
	 5. RETAINAGE:
	 			
		
	 a. 10 % Retainage of Completed work
	 	$	—  	  
		 	  
	  
	 
		
	 b: 10 % Retainage of Stored Materials
	 	$	—  	  
		 	  
	  
	 
		
	 c. Total Retainage (Line 5a + Line 5b)
	 	$	—  	  
		 	  
	  
	 
		
	 6. AMOUNT ELIGIBLE TO DATE (Line 4 - Line 5c)
	 	$	3,780,879.03	  
		 	  
	  
	 
		
	 7. LESS PREVIOUS PAYMENTS (Line 6 from prior Application)
	 	$	3,443,096.20	  
		 	  
	  
	 
		
	 8. AMOUNT DUE THIS APPLICATION
	 	$	337,782.83	  
		 	  
	  
	 
		
	 9. BALANCE TO FINISH, PLUS RETAINAGE (Column I on SOV plus Line 5)
	 	$	2,217,438.25	  
		 	  
	  
	 

 
 

  

													
	 Contractor’s Certification
  

The undersigned Contractor certifies that: (1) all previous progress payments received from Owner on account of Work done under the Contract have been
applied on account to discharge Contractor’s legitimate obligations incurred in connection with Work covered by prior Applications for Payment; (2) title of all Work, materials and equipment incorporated in said Work or otherwise listed in or
covered by this Application for Payment will pass to Owner at time of payment free and clear of all Liens, security interests and encumbrances (except such as are covered by a Bond acceptable to Owner indemnifying Owner against any such Liens,
security interest or encumbrances); and (3) all Work covered by this Application for Payment is in accordance with the Contract Documents and is not defective.
	  	  
  
 State of: Tennessee County of: Shelby Subscribed and Sworn to before me this 28 day of May 2013

Notary Public:
 My Commission expires: 6-29-2015
	  	  
 

 

						
	By:	  	/s/ David York	  	Date: 5/28/2013	  	By	  	/s/ Cheryl York	  	Date: 5-28-2013             
               
		  	  
	  		  		  	  
	  		  	
		  		  		  	Certification	  	Application for Payment

			
	

	  	 York Construction Services, LLC

442 Distribution Parkway
 Collierville, TN.
38017

  

									
	Peabody Orlando -Exsisting Guest Room Fan coil Units / AHU 5 through 8 Replacement	 	APPLICATION NUMBER:

APPLICATION DATE:

PERIOD TO:
	 	 
  
  
	16
 05/28/13

05/31/13
	  
   

  

  

																															
	 A
	 	 B
	 	C	 	 	D	 	 	E	 	 	F	 	 	G	 	 	H	 	 	I	 
	 	 	 DESCRIPTION OF WORK
	 	SCHEDULED
TO DATE	 	 	WORK COMPLETED	 	 	MATERIALS
PRESENTLY
STORED
(NOT IN
D OR E)	 	 	TOTAL
COMPLETED
AND STORED
TO DATE
(D+E+F)	 	 	%
(G/C)	 	 	BALANCE
TO 
FINISH
(C-G)	 
	 	 	 	PREVIOUSLY
BILLED	 	 	THIS
PERIOD	 	 	 	 	 
									
		 	 General Requirements
	 	$	815,342.00	  	 	$	388,034.52	  	 	$	26,930.00	  	 	$	0.00	  	 	$	414,964.52	  	 	 	51	% 	 	$	400,377.48	  
		 	 Misc Demo
	 	$	55,700.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	 	0	% 	 	$	55,700.00	  
		 	 Misc Wood trim repair
	 	$	17,700.00	  	 	$	1,965.00	  	 	$	1,250.00	  	 	$	0.00	  	 	$	3,215.00	  	 	 	18	% 	 	$	14,485.00	  
		 	 Glass / Mirror
	 	$	9,229.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	 	0	% 	 	$	9,229.00	  
		 	 Drywall, Pt, Acoustic Ceiling repairs
	 	$	796,100.00	  	 	$	295,038.00	  	 	$	104,598.00	  	 	$	0.00	  	 	$	399,636.00	  	 	 	50	% 	 	$	396,464.00	  
		 	 Carpet and Base Repairs
	 	$	75,864.00	  	 	$	28,915.00	  	 	$	11,625.00	  	 	$	0.00	  	 	$	40,540.00	  	 	 	53	% 	 	$	35,324.00	  
		 	 Granite and Stone Repairs
	 	$	9,600.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	 	0	% 	 	$	9,600.00	  
		 	 Roof Repairs
	 	$	2,000.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	 	0	% 	 	$	2,000.00	  
		 	 Fire Sprinkler
	 	$	20,000.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	 	0	% 	 	$	20,000.00	  
		 	 HVAC (Including Bond and Extended Schedule)
	 	$	3,694,347.00	  	 	$	1,660,809.74	  	 	$	349,338.19	  	 	$	639,938.45	  	 	$	2,650,086.38	  	 	 	72	% 	 	$	1,044,260.62	  
		 	 Electrical
	 	$	30,200.00	  	 	$	2,300.00	  	 	$	1,250.00	  	 	$	0.00	  	 	$	3,550.00	  	 	 	0	% 	 	$	26,650.00	  
		 	 Contingency
	 	$	79,822.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	$	0.00	  	 	 	0	% 	 	$	79,822.00	  
		 	 Contractors Fee
	 	$	392,413.28	  	 	$	234,237.75	  	 	$	34,649.38	  	 	$	0.00	  	 	$	268,887.13	  	 	 	69	% 	 	$	123,526.15	  
		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
									
		 	 GRAND TOTAL
	 	$	5,998,317.28	  	 	$	2,611,300.01	  	 	$	529,640.57	  	 	$	639,938.45	  	 	$	3,780,879.03	  	 	 	63	% 	 	$	2,217,438.25	  
		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

 EXHIBIT 6.1(a) 

Form of Assignment of Construction Contracts 
 ASSIGNMENT AND ASSUMPTION OF CONTRACT AND 
 RELATED STATEMENTS OF WORK

 AND CONTRACTOR’S CONSENT TO ASSIGNMENT 
 THIS AGREEMENT OF ASSIGNMENT AND ASSUMPTION OF CONTRACT AND RELATED STATEMENTS OF WORK AND CONTRACTOR’S CONSENT TO ASSIGNMENT (“Agreement”) is made and entered into this
     day of             , 2013, by and between Belz Partners, L.P., (“Assignor”), Hyatt Equities, L.L.C., (“Assignee”), and York Construction
Services, LLC, (“Contractor”) 
 WHEREAS, Assignor, Belz Partners, L.P., doing business as The Peabody Orlando; Hotel
Peabody G.P., doing business as The Peabody Memphis; BG Excelsior Limited Partnership, doing business as The Peabody Little Rock; HLR, LLC, doing business as Hilton Little Rock; and Contractor, York Construction Services, LLC entered into a Master
Contractor Agreement (“Master Agreement”) dated January 12, 2012, a copy of which is attached hereto as Exhibit A and incorporated herein by reference; 
 WHEREAS, Assignor and Contractor have entered into three Statements of Work (“Statements of Work”) for services to be performed at The Peabody Orlando that have not been completed, to
wit:  
  

	 	1.	Statement of Work for replacement of Mallard tower guest room fan coil units and public area units dated February 7, 2012, a copy of which is attached hereto as
Exhibit B and incorporated herein by reference (“Statement of Work #1”), which work is disclosed in that certain Notice of Commencement recorded in Official Records Book     , Page     , of the
Public Records of Orange County, Florida; 

  

	 	2.	Statement of Work for general maintenance improvement projects dated March 15, 2013, a copy of which is attached hereto as Exhibit C and incorporated herein by
reference (“Statement of Work #2”), which work is disclosed in that certain Notice of Commencement recorded in Official Records Book     , Page     , of the Public Records of Orange County, Florida;

  

	 	3.	Statement of Work for accessibility projects dated March 15, 2013, a copy of which is attached hereto as Exhibit D and incorporated herein by reference
(“Statement of Work #3”), which work is disclosed in that certain Notice of Commencement recorded in Official Records Book     , Page     , of the Public Records of Orange County, Florida;

 WHEREAS, Assignor and Assignee and others have entered into a Purchase and Sale Agreement for The Peabody Orlando dated
August     , 2013; 

 WHEREAS, Assignor desires to assign all of its rights and delegate its obligations under the Master
Contractor Agreement and the three outstanding Statements of Work, the Assignee desires to accept such an assignment, and the Contractor desires to consent thereto; 
 NOW, THEREFORE, for and in consideration of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable consideration to it in hand paid by Assignee, the receipt and sufficiency of which are hereby
acknowledged, Assignor and Assignee do hereby agree as follows: 
  

	1.	ASSIGNMENT AND ASSUMPTION 

 1.1
ASSIGNMENT. Assignor does hereby SELL, ASSIGN, TRANSFER, and DELIVER to Assignee, all of its rights, benefits, and privileges, and all of its duties, liabilities, and obligations under or arising in connection with the Master Agreement, to the
extent the same relates to Belz Partners, L.P. and to the three Statements of Work detailed above, subject to the provisions of Section 1.3 hereof. 
 1.2 ASSUMPTION. Assignee, for itself and its successor and assigns, hereby agrees to succeed to and to assume all of Assignor’s rights, benefits, and privileges, and to pay or perform, or to
cause to be paid or performed, and otherwise to discharge or cause to be discharged, to the extent that the same become due or performable after the Effective Date hereof, all of Assignor’s duties, liabilities, and obligations under the Master
Agreement to the extent the interest relates to Belz Partners, L.P. and the three Statements of Work, subject to the provisions of Section 1.3 hereof. 
 1.3 EXCLUSIONS. The assumption by Assignee of all of Assignor’s duties, liabilities, and obligations under, or arising in connection with the Master Agreement and Statements of Work expressly
excludes, and nothing contained herein shall be construed to include with such assumption the following: 
 (a) Any
duties, liabilities, and obligations of Assignor arising from a default by Assignor in the performance of its duties, liabilities, and obligations under the Master Agreement and/or the Statements of Work; and 

(b) Any duties, liabilities, and obligations of Assignor arising from any deficient or wrongful performance by Assignor under, or in
connection with, the Master Agreement and/or the Statements of Work. 
 (c) Any liability to Contractor for work performed and
goods delivered prior to the Effective Date of this Assignment and Assumption Agreement. 
 (d) Any payment or performance due
under the Master Agreement and/or the Statements of Work to the extent that the same became due or performable prior to the Effective Date hereof. 

 1.4 EFFECTIVE DATE. This Agreement shall be effective as of the date and time title to The Peabody
Orlando is transferred to Assignee from Assignor and its related parties. 
 1.5 EQUIPMENT AND SUPPLIES PURCHASED AND STORED BY
CONTRACTOR PRIOR TO EFFECTIVE DATE. Payment for equipment and supplies that Contractor has purchased pursuant to the Statements of Work and retains in storage as of the Effective Date has been paid for in full by Assignor, and title to such
equipment and supplies are vested in Assignor and will be conveyed to Assignee at Closing. 
 1.6 AMOUNTS OUTSTANDING PURSUANT TO THE
STATEMENTS OF WORK. Contractor and Assignor hereby represent and warrant that the following accurately represents the estimated cost to perform the work not yet completed as of the Effective Date pursuant to each of the Statements of Work:

  

	 	(a)	For Statement of Work #1, $            . 

 

	 	(b)	For Statement of Work #2, $            . 

 

	 	(c)	For Statement of Work #3, $            . 

Assignor is and shall remain obligated to pay all sums due to Contractor in connection with work and services performed prior to the Effective Date.

 1.7 NO DEFAULTS. Contractor and Assignor hereby represent and warrant that to the best of their knowledge, as of the Effective
Date, there are no uncured defaults by either party under the Master Contract or Statements of Work, or any event that with the passage of time or providing of notice, would become an event of default. 

 

	2.	GENERAL PROVISIONS 

 2.1 SUCCESSORS AND
ASSIGNS. Subject to the provisions hereof, this Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their successors and assigns. 

2.2 CONSTRUCTION. All section headings used herein are for reference and identification purposes only and are not intended to, and shall not under
any circumstances, alter, amend, amplify, vary or limit the express provisions hereof. In the event that any provision of this Agreement shall, for any reason, be held to violate any applicable law, and so much of said Agreement is held to be
unenforceable, then the invalidity of such specific provision herein shall not be held to invalidate any other provision herein, which shall remain in full force and effect. 
 2.3 AMENDMENT. This Agreement may be altered or amended only by an agreement in writing duly executed by the parties hereto. This Agreement sets forth the entire agreement between the parties
concerning the matters contained herein and the parties state that they have no oral or other agreements concerning the same. 

 2.4 GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of
the State of Florida, without regard to the conflict of laws provisions thereof. 
 IN WITNESS WHEREOF, the Assignor and the
Assignee have executed this Agreement the day and year first above-written. 
  

			
	ASSIGNOR:
	BELZ PARTNERS, L.P.
		
	By:	 	  

	Its:	 	  

	
	ASSIGNEE:
	HYATT EQUITIES, L.L.C.
		
	By:	 	  

	Its:	 	  

 CONSENT TO ASSIGNMENT 
 The Contractor, York Construction Services, LLC, hereby consents to this Assignment this      day of             , 2013.

  

			
	CONTRACTOR:
	YORK CONSTRUCTION SERVICES, LLC
		
	By:	 	  

	Its:	 	  

 EXHIBIT 6.2(c) 

Form of Orange County Estoppel 
 Date:             , 2013 
 UST Hotel
Joint Venture, LTD. 
 c/o Belz Enterprises 
 100 Peabody Place, Suite 1400 
 Memphis, Tennessee 38103 

Attention: Jimmie Williams 
 Email:
Jimmie.Williams@belz.com 
 Facsimile: 901.260.7408 
 Hyatt Equities, L.L.C. 
 71 South Wacker Drive 

Chicago, IL 60606 
 Attention: Margaret C. Egan,
Senior Vice President & Associate General Counsel 
 Email: margaret.egan@hyatt.com 

Facsimile: 312.780.5284 
 Re: Contract for
Exchange of Property Rights by and between BOCEP Venturers and Orange County, Florida (“County”), recorded July 18, 2000 in Book 6046, Page 3351, as modified by that certain Amended and Restated Easement for Air Rights, Construction
and Maintenance and Amendment to Contract for Exchange of Property Rights by and between UST Hotel Joint Venture, Ltd., a Florida limited partnership, f/k/a BOCEP Venturers (“Property Owner”) and County, recorded September 28, 2007 in
Book 9452, Page 3505 (collectively, the “Agreement”), in connection with that certain premises known as the Peabody Hotel located on International Drive, in Orlando, Florida (the “Property”). 

To Whom It May Concern: 

County understands that Property Owner intends to sell the Property to Hyatt Equities, L.L.C. or its assignee (“Purchaser”),
and in connection therewith, to assign its interests under the Agreement to Purchaser. County does hereby certify as follows: 

A. Property Owner and County have entered into the Agreement together with all amendments as described above. 

B. The Agreement is in full force and effect and has not been modified, supplemented, or amended except as set forth above. 

 C. County has not given Property Owner written notice of any default under the Agreement,
and County is not aware of any events which, given the passage of time or delivery of notice, would become a Property Owner default under the Agreement. 
 D. Section 9.h. of the Agreement provides that the Agreement may be assigned by Property Owner to any subsequent owner, lessee or manager of the Property without the consent of the County.

 This Certificate is provided in accordance with Section 9.i. of the Agreement, may be relied upon by Property Owner and
any assignee of the Agreement and any lender to any of the foregoing, and shall inure to the benefit of their respective successors and assigns. 
  

			
	ORANGE COUNTY, FLORIDA
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT 6.9A 

Form of Estoppel Certificate 
 [For Vendor Estoppels] 
 Date:
            , 2013 
 Re: [Insert Name of Agreement] dated
                     [reference any amendments] (collectively, the “Agreement”) executed between
                                 (“Property Owner”), and
                                        
(“Vendor”), in connection with that certain premises known as the Peabody Hotel located on International Drive, in Orlando, Florida (the “Property”). 
 To Whom It May Concern: 
 Vendor understands that Property Owner intends to sell
the Property to a purchaser thereof, and in connection therewith, to assign its interests under the Agreement to said purchaser. Vendor does hereby certify as follows: 
 A. Property Owner and Vendor have entered into the Agreement together with all amendments as described above and as attached hereto as Schedule “1”. 

B. The Agreement is in full force and effect and has not been modified, supplemented, or amended except as set forth above. 

C. Vendor has not given Property Owner written notice of any default under the Agreement, and Vendor is not aware of any events which,
given the passage of time or delivery of notice, would become a Property Owner default under the Agreement. 
 D. Payments due
from Property Owner pursuant to the Agreement are as follows:
                                         due on
an [annual/monthly] basis, and Property Owner has fully paid all amounts due up to and including             , 2013. 

E. The Agreement expires on
                    , and Property Owner has              options to renew for
             number of years per option. 
 This Certificate may be
relied upon by Property Owner and any assignee of the Agreement and any lender to any of the foregoing and shall inure to the benefit of their respective successors and assigns. 

			
	VENDOR:
	
	                            
    , a                                 
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Attach Schedule 1 - Agreement and all amendments] 

 [For Tenant Estoppels] 

TENANT ESTOPPEL CERTIFICATE 
 The undersigned (the “Tenant”), being a tenant under that certain lease and all amendments thereto with UST HOTEL JOINT VENTURE, LTD (“Landlord”) annexed hereto as Schedule
“1” (collectively, the “Lease”), for the real property more particular described in the Lease (“Property”) hereby certifies with personal knowledge that: 

1. The Lease, attached hereto as Schedule “1”, is a true and correct copy of the Lease, including any and all
modifications and amendments thereto (if any). 
 2. Except pursuant to the instruments attached hereto, the Lease has not been
altered, amended or modified since the date of its original execution, there are no other written or oral agreements promises, understandings, or commitments between Landlord and Tenant regarding the Lease or the Property and the Lease is presently
in full force and effect. 
 3. Tenant is obligated to pay rent to Landlord at the rate set forth in the Lease. Tenant is current
with respect to rent and other charges stipulated in the Lease (including, without limitation, common area maintenance charges) to the extent any are due with no offsets, deductions, defenses or claims. 

4. The undersigned does not have an option or right of first refusal to acquire or purchase all or any portion of the Property.

 5. As of the date hereof, no Landlord or Tenant default is continuing under the terms of the Lease, and no event has occurred
which with notice or the passage of time or both would constitute a Landlord or Tenant default thereunder. 
 6. The undersigned
has no claim or right of offset against rent due or to become due against Landlord by reason of the non-performance of any obligation on its part to be performed as Landlord under the Lease, or otherwise. 

7. Other than the rent and other charges due and payable in the calendar month of this certification, no monthly rental has been prepaid
and no other sums (including amounts for the payment of utilities, property taxes, insurance and other charges) owing by the Tenant under the terms of the Lease are past due. 
 8. Either (mark one): (i)          no rent concessions, free rent or rebate of rent or other charges are due to Tenant, OR
(ii)          other than as provided in Section      of the Lease which provides for rent concession, free rent or rebate of rent in the amount of
$            , Tenant is not entitled to any rent concession, free rent or rebate of rent or other charges from time to time due and payable under the Lease; Tenant affirms that there are
no unpaid or unreimbursed construction allowances, tenant improvement allowances or other offsets due Tenant under the Lease; 

 9. Rental, other than other charges payable by the undersigned, has been paid for the period
ending             , 20    , and other charges payable by the undersigned under the terms of the Lease have been paid through
            , 20     if no rental or other charges have been paid because none are due, please initial here:
            . 
 10. Other essential terms of the Lease include:

  

			
	Building /Property Address:	 	  

		 	  

		
	Rent Commencement Date:	 	  

	Commencement Date of Lease:	 	  

	Expiration of Term:	 	  

		
	Monthly Base Rental:	 	  

		
	Square Footage:	 	  

		
	Percentage Rent:	 	  

		
	Renewal Options (number, term, and	 	  

	amount of rent)	 	  

		
	Security Deposit (and other deposits)	 	  

		
	Method of Calculation, Amount and Payment Date(s) of Taxes, Insurance and Common Area Maintenance:	 	
		
	Current Monthly Amount of Common Area Maintenance:	 	  

		
	Rental or Other Concessions (nature, amount, etc.)	 	  

 The Tenant represents and warrants that the individuals executing this Tenant Estoppel Certificate on behalf of Tenant
have full power and authority to execute this Tenant Estoppel Certificate on behalf of Tenant and to bind Tenant to all the terms and provisions contained herein and that all actions necessary or required by the organizational documents of Tenant
have been complied with to authorize such individuals to execute this Tenant Estoppel Certificate. This Certificate may be relied upon by Landlord and any assignee of the Lease and any lender to any of the foregoing and shall inure to the benefit of
their respective successors and assigns. 

 This Certificate is executed as of the      day of
            , 20    . 
  

									
	WITNESSES:	 		 	TENANT:
			
	  
	 		 	  

	Print Name:	 	  
	 		 	
			
	  
	 		 	
	Print Name:	 	  
	 		 		 	

 EXHIBIT 11.3(d) 

Form of Post Closing Guaranty 
 GUARANTY 
 This GUARANTY (this “Guaranty”) is executed as
of             , 20     (the “Reduction Date”), by Belz Investco GP and Union Realty GP (individually a “Guarantor” and collectively, the
“Guarantors”) in consideration of, and as an inducement for, Hyatt Equities, L.L.C. (“Hyatt”) authorization of the release of $             from the Post Closing Escrow
Fund (as that term is defined in the PSA that is defined below) established pursuant to that certain Post-Closing Escrow Agreement executed by Hyatt, UST Hotel Joint Venture, Ltd (“Seller”) and First American Title Insurance Company dated
            , 2013 (the “Escrow Agreement”), all in accordance with Section 11.3(d) of that certain Purchase and Sale Agreement between Hyatt and Seller dated
            , 2013 (the “PSA”). All capitalized terms not otherwise defined herein are as defined in the PSA. Guarantors, as parties benefiting from the PSA, hereby jointly,
severally and unconditionally guarantee to Hyatt and its successors and assigns, the payment and performance of the obligations of Seller set forth in the PSA to pay the amount by which any Purchaser’s Claim asserted after the Reduction Date
(but prior to the end of the Survival Period) exceeds the remaining balance of the Post Closing Escrow Fund, up to the amount of the Reduced Cap (the “Obligations”). In no event shall the Obligations be greater than
[$            ] [Amount to be inserted shall be equal to the Guaranty Cap as defined in Section 11.3(d) of the PSA]. 

Each Guarantor waives: (1) acceptance and notice of acceptance by Seller of the foregoing undertakings; (2) notice of demand
for payment of any obligations guaranteed; (3) protest and notice of default to any party with respect to the nonpayment of any obligations guaranteed; (4) any right Guarantor may have to require that an action be brought against Seller or
any other person as a condition of liability. Each Guarantor agrees that: (1) its direct and immediate liability under this guarantee shall be joint and several; (2) it shall render any performance of obligations guaranteed upon demand if
Seller fails or refuses punctually to do so; (3) liability shall not be contingent or conditioned upon pursuit by Hyatt of any remedies against Seller or any other person; and (4) liability shall not be diminished, relieved or otherwise
affected by any extension of time, or other indulgence which Hyatt may grant to Seller or to any other person, including the acceptance of any payment, or the compromise or release of any claims, none of which shall in any way modify or amend this
guarantee, which shall be continuing and irrevocable until all obligations guaranteed are satisfied. 
 Each Guarantor hereby
consents and agrees that: 
 (a) Guarantor’s liability under this undertaking shall be direct, immediate, and independent
of the liability of, and shall be joint and several with, Seller; 
 (b) Guarantor shall render payment of Obligations
guaranteed upon demand if Seller fails or refuses punctually to do so; 

 (c) This undertaking will continue unchanged by the occurrence of any bankruptcy with
respect to Seller or any assignee or successor of Seller or by any abandonment of the PSA, by Seller. Neither the Guarantor’s obligations to render performance in accordance with the terms of this undertaking nor any remedy for enforcement
shall be impaired, modified, changed, released or limited in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Seller or its estate in bankruptcy or of any remedy for enforcement, resulting from
the operation of any present or future provision of the U.S. Bankruptcy Act or other statute, or from the decision of any court or agency; 
 (d) Hyatt may proceed against each Guarantor and Seller jointly and severally, or Hyatt may, at its option, proceed against a Guarantor, without having commenced any action, or having obtained any
judgment against Seller. Guarantor hereby waives the defense of the statute of limitations in any action hereunder or for the payment of any Obligation hereby guaranteed; 
 (e) Guarantor agrees to pay all reasonable attorneys’ fees and all costs and other expenses incurred in any collection or attempt to collect amounts due pursuant to this undertaking or any
negotiations relative to the obligations hereby guaranteed or in enforcing this undertaking against Guarantor; and 
 The
validity, construction and enforceability of this Guaranty shall be governed in all respects by the laws of the State of Florida, without regard to its conflicts of laws rules. Guarantor also agrees to submit to the jurisdiction of the state court
or federal court located in or nearest to Orlando, Florida as the exclusive jurisdiction for all actions arising under the Guaranty and waive any objections it may have to the jurisdiction of or venue in those courts. 

This Guaranty may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which is an
original but all of which together constitute one and the same instrument. Facsimile signatures shall constitute original signatures. 
  

					
		  	[INSERT SIGNATURE BLOCKS]EX-4.3

 Exhibit 4.3 
 MIDAMERICAN ENERGY COMPANY 
 To 

THE BANK OF NEW YORK MELLON TRUST 
 COMPANY, N.A., TRUSTEE 
 Indenture 

Dated as of             , 20     

 CROSS-REFERENCE SHEET TO 

TRUST INDENTURE ACT OF 1939 
  

			
	 Section of Act
	 	 Section of Indenture

	310(a)	 	7.04, 14.01, 14.14, 14.15
	310(b)	 	14.12, 14.14
	311(a) and (b)	 	14.11
	312(a), (b) and (c)	 	17.01
	313(a), (b), (c) and (d)	 	17.03
	314(a)	 	17.02
	314(a)(4)	 	7.13
	314(b)	 	7.05
	314(c)(1) and (2)	 	21.01(b)
	314(c)(3)	 	Not Applicable
	314(d)(1)	 	1.03(w), 10.03(b), 10.04(b), 10.05(a)(ii)
	314(d)(2)	 	1.03(f), 1.03(w), 3.04(e), 10.05(a)(ii)
	314(d)(3)	 	3.04(c), 3.04(d), 10.03(c), 10.05(a)(ii) and (iii)
	314(e)	 	21.01(a)
	315(a)	 	14.02, 14.07
	315(b)	 	12.02(b)
	315(c)	 	14.01
	315(d)	 	14.02
	315(e)	 	12.15(c)
	316(a)(1)	 	12.05, 12.23
	316(a)(2)	 	Not Applicable
	316(a) last sentence	 	1.03(qq)(A)
	316(b)	 	12.22
	317(a)	 	12.17, 12.21
	317(b)	 	7.06
	318(a)	 	21.05

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Parties
	 		  	 	1	  
	 Recitals
	 		  	 	1	  
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	Section 1.01.	 	 Trust Indenture Act
	  	 	1	  
	Section 1.02.	 	 Construction of accounting terms
	  	 	2	  
	Section 1.03.	 	 Definitions
	  	 	2	  
		 	 “2002 Notes Indenture”
	  	 	2	  
		 	 “2006 Notes Indenture”
	  	 	2	  
		 	 “Accountant”
	  	 	2	  
		 	 “Accountant’s Certificate”
	  	 	2	  
		 	 “Affiliate”
	  	 	2	  
		 	 “Appraiser”
	  	 	2	  
		 	 “Appraiser’s Certificate”
	  	 	3	  
		 	 “Authenticating Agent”
	  	 	3	  
		 	 “Authorized Executive Officer”
	  	 	3	  
		 	 “Board”
	  	 	3	  
		 	 “Bondable Property”
	  	 	3	  
		 	 “Bonded”
	  	 	5	  
		 	 “Bonding”
	  	 	5	  
		 	 “Bondholder”
	  	 	6	  
		 	 “Bonds”
	  	 	6	  
		 	 “Business Day”
	  	 	6	  
		 	 “Collateral Trust Agreement”
	  	 	6	  
		 	 “Collateral Trustee”
	  	 	6	  
		 	 “Company”
	  	 	6	  
		 	 “Company Order”
	  	 	6	  
		 	 “Cost”
	  	 	6	  
		 	 “Default”
	  	 	7	  
		 	 “Depositary”
	  	 	7	  
		 	 “Discount Bond”
	  	 	7	  
		 	 “Dollar”
	  	 	7	  
		 	 “$”
	  	 	7	  
		 	 “Eligible Obligations”
	  	 	7	  
		 	 “Engineer”
	  	 	7	  
		 	 “Engineer’s Certificate”
	  	 	8	  
		 	 “Excepted Property”
	  	 	8	  
		 	 “Equal and Ratable Notes”
	  	 	8	  
		 	 “Fair Value”
	  	 	8	  

  
 ii 

							
	 	 	 	  	Page	 
			
		 	“Generally Accepted Accounting Principles”	  	 	8	  
		 	“Governmental Obligations “	  	 	8	  
		 	“Indenture”	  	 	9	  
		 	“Independent”	  	 	9	  
		 	“Investment Securities”	  	 	9	  
		 	“Lien of the Mortgage”	  	 	10	  
		 	“ Mortgage “	  	 	10	  
		 	“ Mortgage Bond Documents”	  	 	10	  
		 	“ Mortgage Bond Obligations”	  	 	10	  
		 	“Mortgaged Property”	  	 	10	  
		 	“Officers’ Certificate”	  	 	10	  
		 	“Opinion of Counsel”	  	 	10	  
		 	“Outstanding”	  	 	10	  
		 	“Paying Agent”	  	 	12	  
		 	“Periodic Offering”	  	 	12	  
		 	“Permissible Encumbrances”	  	 	12	  
		 	“Person”	  	 	14	  
		 	“Place of Payment”	  	 	14	  
		 	“Prepaid Lien”	  	 	14	  
		 	“Prior Lien”	  	 	15	  
		 	“Prior Lien Debt”	  	 	15	  
		 	“Registered Holder”	  	 	15	  
		 	“Required Currency”	  	 	15	  
		 	“Responsible Officer”	  	 	15	  
		 	“Retired Bonds”	  	 	15	  
		 	“Requisite Secured Parties”	  	 	15	  
		 	“Retired Equal and Ratable Notes”	  	 	15	  
		 	“Supplemental Indenture”	  	 	16	  
		 	“Supplemental Mortgage”	  	 	16	  
		 	“Triggering Event”	  	 	16	  
		 	“Trust Estate”	  	 	16	  
		 	“Trustee”	  	 	16	  
		 	“Unbonded”	  	 	16	  
	
	ARTICLE II	  
	
	FORMS, EXECUTION, REGISTRATION AND EXCHANGE OF
BONDS	  
			
	Section 2.01.	 	Series and terms of Bonds	  	 	16	  
	Section 2.02.	 	Kinds and denomination of Bonds	  	 	19	  
	Section 2.03.	 	Dates of and interest on Bonds	  	 	19	  
	Section 2.04.	 	Legends on Bonds	  	 	19	  
	Section 2.05.	 	Exchange of Bonds	  	 	19	  
	Section 2.06.	 	Transfer and exchange of Bonds	  	 	20	  
	Section 2.07.	 	Execution of Bonds	  	 	21	  

  
 iii

							
	 	 	 	  	Page	 
			
	Section 2.08.	 	Temporary Bonds	  	 	21	  
	Section 2.09.	 	Replacement of stolen, lost, destroyed or mutilated Bonds	  	 	21	  
	Section 2.10.	 	Trustee’s certificate on Bonds	  	 	22	  
	Section 2.11.	 	Payment to be made in Required Currency	  	 	22	  
	Section 2.12.	 	Cancellation of Bonds	  	 	23	  
	
	ARTICLE III	  
	
	ISSUANCE OF BONDS BASED ON BONDABLE
PROPERTY	  
			
	Section 3.01.	 	 Bonds issuable on basis of Bondable Property
	  	 	23	  
	Section 3.02.	 	 No Bonds issuable on basis of Bonded Bondable Property
	  	 	23	  
	Section 3.03.	 	 Bonds issuable to specified percentage of Bondable Property
	  	 	23	  
	Section 3.04.	 	 Requirements for issuance
	  	 	23	  
	Section 3.05.	 	 Counsel may obtain additional facts; reliance on other documents
	  	 	26	  
	Section 3.06.	 	 Determination of Cost or Fair Value
	  	 	26	  
	
	ARTICLE IV	  
	
	ISSUANCE OF BONDS BASED ON RETIRED BONDS
OR RETIRED EQUAL AND RATABLE NOTES	
  
			
	Section 4.01.	 	Requirements for issuance	  	 	26	  
	Section 4.02.	 	No Bonds issued on basis of Bonded Bonds	  	 	27	  
	
	ARTICLE V	  
	
	ISSUANCE OF BONDS BASED ON DEPOSIT OF
CASH WITH TRUSTEE	  
			
	Section 5.01.	 	Requirements for issuance	  	 	27	  
	Section 5.02.	 	Withdrawal of cash deposited under Section 5.01	  	 	28	  
	
	ARTICLE VI	  
			
	Section 6.01.	 	[Reserved.]	  	 	28	  
	
	ARTICLE VII	  
	
	COVENANTS OF THE COMPANY	  
			
	Section 7.01.	 	 Payment of principal and interest
	  	 	28	  
	Section 7.02.	 	 Possession, maintenance of Lien and right to mortgage
	  	 	28	  
	Section 7.03.	 	 Corporate existence
	  	 	28	  
	Section 7.04.	 	 Appointment of Trustee
	  	 	28	  
	Section 7.05.	 	 Recordation of Mortgage
	  	 	29	  
	Section 7.06.	 	 Paying Agents
	  	 	29	  
	Section 7.07.	 	 Payment of Taxes
	  	 	30	  
	Section 7.08.	 	 Instruments of further assurance
	  	 	30	  

  
 iv 

							
	 	 	 	  	Page	 
			
	Section 7.09.	 	Books of record and account	  	 	30	  
	Section 7.10.	 	Maintenance of Mortgaged Property	  	 	30	  
	Section 7.11.	 	Insurance	  	 	31	  
	Section 7.12.	 	Issuance of Additional Equal and Ratable Notes	  	 	32	  
	Section 7.13.	 	Annual Officer’s Certificate as to Compliance	  	 	33	  
	
	ARTICLE VIII	  
	
	COLLATERAL	  
			
	Section 8.01.	 	Collateral Trust Agreement	  	 	33	  
	Section 8.02.	 	Relative rights	  	 	33	  
	Section 8.03.	 	Mortgage documents	  	 	34	  
	Section 8.04.	 	Trustee and Collateral Trustee	  	 	34	  
	Section 8.05.	 	Authorization of actions to be taken	  	 	34	  
	Section 8.06.	 	Collateral Trustee as Third Party Beneficiary	  	 	36	  
	
	ARTICLE IX	  
	
	REDEMPTION OF BONDS	  
			
	Section 9.01.	 	Certain Bonds redeemable	  	 	36	  
	Section 9.02.	 	General provisions and mechanics of redemption	  	 	36	  
	Section 9.03.	 	Bonds due on redemption date	  	 	37	  
	Section 9.04.	 	Moneys for redemption held in trust	  	 	37	  
	Section 9.05.	 	Partial redemption of Bond	  	 	37	  
	
	ARTICLE X	  
	
	 POSSESSION, USE AND
RELEASE
 OF THE MORTGAGED PROPERTY
	   
   

			
	Section 10.01.	 	[Reserved.]	  	 	37	  
	Section 10.02.	 	Actions without consent of Trustee	  	 	37	  
	Section 10.03.	 	Release of Mortgaged Property if Bonding ratio test satisfied	  	 	38	  
	Section 10.04.	 	Release of limited amount of Mortgaged Property	  	 	39	  
	Section 10.05.	 	Release of Mortgaged Property not subject to a Prior Lien	  	 	40	  
	Section 10.06.	 	Release of Mortgaged Property subject to a Prior Lien	  	 	42	  
	Section 10.07.	 	Eminent Domain	  	 	44	  
	Section 10.08.	 	Consideration for release of Mortgaged Property	  	 	45	  
	Section 10.09.	 	[Reserved.]	  	 	45	  
	Section 10.10.	 	Receiver, trustee, etc.	  	 	45	  
	Section 10.11.	 	[Reserved.]	  	 	46	  
	Section 10.12.	 	Suspension of rights in case of Default	  	 	46	  

  
 v 

							
	 	 	 	  	Page	 
	
	ARTICLE XI	  
	
	APPLICATION OF FUNDS HELD BY TRUSTEE	  
			
	Section 11.01.	 	Withdrawal or application of moneys held by Trustee	  	 	46	  
	Section 11.02.	 	Moneys to be held in trust; investment thereof	  	 	48	  
	
	ARTICLE XII	  
	
	DEFAULT AND REMEDIES	  
			
	Section 12.01.	 	 When no entitlement to benefit of Indenture upon Default
	  	 	49	  
	Section 12.02.	 	 Events of Default; notice of Default; action by Trustee
	  	 	49	  
	Section 12.03.	 	 Upon Default Trustee may instruct Collateral Trustee to sell Mortgaged Property
	  	 	50	  
	Section 12.04.	 	 Upon Default and request of holders of a majority of Bonds, Trustee must declare principal due; restoration of parties to
former positions
	  	 	51	  
	Section 12.05.	 	 Duty of Trustee to act on request of holders of a majority of Bonds
	  	 	51	  
	Section 12.06.	 	 Right of Requisite Secured Parties.
	  	 	52	  
	Section 12.07.	 	 Inspection.
	  	 	52	  
	Section 12.08.	 	 [Reserved.]
	  	 	52	  
	Section 12.09.	 	 [Reserved.]
	  	 	52	  
	Section 12.10.	 	 [Reserved.]
	  	 	52	  
	Section 12.11.	 	 Principal of Bonds to become due in case of sale
	  	 	52	  
	Section 12.12.	 	 Application of sale proceeds
	  	 	52	  
	Section 12.13.	 	 Bonds may be applied against purchase price
	  	 	53	  
	Section 12.14.	 	 Control by majority
	  	 	53	  
	Section 12.15.	 	 Bondholder not to institute suit without request to Trustee; Trustee may enforce rights without possession of Bonds;
undertaking for costs
	  	 	53	  
	Section 12.16.	 	 Remedies cumulative
	  	 	54	  
	Section 12.17.	 	 Covenant to pay Trustee; judgment by Trustee; application of monies
	  	 	55	  
	Section 12.18.	 	 Other remedies
	  	 	55	  
	Section 12.19.	 	 Provisions solely for benefit of parties and Bondholders
	  	 	56	  
	Section 12.20.	 	 Trustee and Collateral Trustee may file proofs of claims
	  	 	56	  
	Section 12.21.	 	 Right of Bondholders to receive payment
	  	 	56	  
	Section 12.22.	 	 Waivers of past Defaults by holders of Bonds
	  	 	56	  
	Section 12.23.	 	 Waiver of Usury, Stay or Extension Laws
	  	 	57	  
	
	ARTICLE XIII	  
	
	 EFFECT OF MERGER,
CONSOLIDATION,
 CONVEYANCE AND LEASE
	   
   

			
	Section 13.01.	 	 Company may merge or consolidate if no impairment of Lien of the Mortgage and with assumption of obligations by
successor
	  	 	57	  

  
 vi 

							
	 	 	 	  	Page	 
			
	Section 13.02.	 	 Upon merger or consolidation Indenture not to constitute lien upon certain properties
	  	 	58	  
	Section 13.03.	 	Right of successor	  	 	59	  
	Section 13.04.	 	Transfer of less than substantially all	  	 	59	  
	
	ARTICLE XIV	  
	
	THE TRUSTEE	  
			
	Section 14.01.	 	 Qualification of Trustee and acceptance of trust
	  	 	60	  
	Section 14.02.	 	 Trustee rights and duty of care
	  	 	60	  
	Section 14.03.	 	 Recitals deemed made by Company
	  	 	62	  
	Section 14.04.	 	 Trustee not liable for debts from operation of Mortgaged Property; Trustee may own Bonds
	  	 	62	  
	Section 14.05.	 	 Trustee may give notices incidental to action by it
	  	 	62	  
	Section 14.06.	 	 [Reserved.]
	  	 	62	  
	Section 14.07.	 	 Trustee may rely on certificates and may consult counsel; responsibility in selection of experts
	  	 	62	  
	Section 14.08.	 	 Trustee not required to expend its own funds
	  	 	63	  
	Section 14.09.	 	 Compensation and indemnification of Trustee; lien therefor
	  	 	63	  
	Section 14.10.	 	 Trustee may rely on facts established by Officers’ Certificate
	  	 	64	  
	Section 14.11.	 	 Action to be taken by Trustee which becomes creditor of Company
	  	 	64	  
	Section 14.12.	 	 Action to be taken by Trustee acquiring conflicting interest
	  	 	64	  
	Section 14.13.	 	 Resignation or removal of Trustee
	  	 	64	  
	Section 14.14.	 	 Appointment of successor Trustee
	  	 	65	  
	Section 14.15.	 	 Appointment of additional trustees or co-trustees; notice by Bondholders to Trustee, notice to all trustees; contents, filing,
etc. of instrument appointing trustee
	  	 	65	  
	Section 14.16.	 	 Acceptance by successor trustee; requirements of predecessor Trustee upon retiring
	  	 	67	  
	Section 14.17.	 	 Merger or consolidation of Trustee
	  	 	67	  
	Section 14.18.	 	 [Reserved.]
	  	 	68	  
	Section 14.19.	 	 Appointment of Authenticating Agent
	  	 	68	  
	
	ARTICLE XV	  
	
	SUPPLEMENTAL INDENTURES AND SUPPLEMENTAL MORTGAGES	  
			
	Section 15.01.	 	 Provision for Supplemental Indentures, Supplemental Mortgages and amended Collateral Trust Agreement
	  	 	69	  
	Section 15.02.	 	 Requirements for Supplemental Indentures and Supplemental Mortgages
	  	 	71	  
	Section 15.03.	 	 Execution of Supplemental Indentures
	  	 	72	  
	Section 15.04.	 	 Effect of Supplemental Indentures
	  	 	72	  
	Section 15.05.	 	 Conformity with Trust Indenture Act
	  	 	72	  
	Section 15.06.	 	 Reference in Bonds to Supplemental Indentures
	  	 	72	  

  
 vii

							
	 	 	 	  	Page	 
	
	ARTICLE XVI	  
	
	MEETINGS OF BONDHOLDERS	  
			
	Section 16.01.	 	 Manner of calling meetings and determination of Bonds affected
	  	 	73	  
	Section 16.02.	 	 Calling of meetings by Company or Bondholders
	  	 	73	  
	Section 16.03.	 	 Persons entitled to vote at meeting
	  	 	74	  
	Section 16.04.	 	 Conduct of meetings; procedures
	  	 	74	  
	Section 16.05.	 	 Manner of voting
	  	 	75	  
	Section 16.06.	 	 Rights of Trustee or Bondholders not to be hindered or delayed
	  	 	75	  
	Section 16.07.	 	 Action by written consent
	  	 	75	  
	
	ARTICLE XVII	  
	
	 BONDHOLDER LISTS AND REPORTS
BY THE COMPANY
 AND THE
TRUSTEE
	   

  

			
	Section 17.01.	 	 Company to furnish Bondholder lists
	  	 	75	  
	Section 17.02.	 	 Company to comply with TIA Section 314
	  	 	76	  
	Section 17.03.	 	 Trustee reports to Bondholders and compliance with TIA Section 313
	  	 	76	  
	Section 17.04.	 	 Company reports to Trustee regarding ordinary course disposition
	  	 	76	  
	
	ARTICLE XVIII	  
	
	DEFEASANCE	  
			
	Section 18.01.	 	 Effect of payment of indebtedness; deposit of money or Eligible Obligations in certain instances deemed
payment
	  	 	76	  
	Section 18.02.	 	Unclaimed moneys	  	 	77	  
	
	ARTICLE XIX	  
	
	 IMMUNITY OF INCORPORATORS,
SUBSCRIBERS TO THE CAPITAL
 STOCK,
SHAREHOLDERS, OFFICERS AND DIRECTORS
	   

  

			
	Section 19.01.	 	General provision	  	 	77	  
	
	ARTICLE XX	  
	
	 EVIDENCE OF RIGHTS OF
BONDHOLDERS
 AND OWNERSHIP OF BONDS
	   

  

			
	Section 20.01.	 	Evidence of action by Bondholders	  	 	78	  
	Section 20.02.	 	Inspection of Bonds	  	 	79	  
	Section 20.03.	 	Bondholder may revoke consent	  	 	79	  

  
 viii

							
	 	 	 	  	Page	 
	
	ARTICLE XXI	  
	
	MISCELLANEOUS	  
			
	Section 21.01.	 	 Certificates, opinions, etc.
	  	 	79	  
	Section 21.02.	 	 Successors and assigns
	  	 	80	  
	Section 21.03.	 	 Notices to Trustee and Company
	  	 	80	  
	Section 21.04.	 	 Governing law
	  	 	80	  
	Section 21.05.	 	 Waiver of jury trial
	  	 	80	  
	Section 21.06.	 	 Conflict with TIA
	  	 	81	  
	Section 21.07.	 	 TIA construed as in effect on date hereof
	  	 	81	  
	Section 21.08.	 	 Titles, Table of Contents and Section Headings
	  	 	81	  
	Section 21.09.	 	 Counterparts
	  	 	81	  
	Section 21.10.	 	 Force majeure
	  	 	81	  

  
 ix 

 INDENTURE, dated as of
            , 20    , between MIDAMERICAN ENERGY COMPANY, an Iowa corporation, and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a banking association organized and existing under the laws of the United States of America, as
Trustee. 
 WHEREAS, all capitalized terms used in this Indenture have the respective meanings set forth in
Article I; 
 WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of Bonds in one or more series as contemplated herein; 
 WHEREAS, the
Company has duly executed and delivered the Mortgage (as defined herein) to provide that security over the Mortgaged Property (as defined herein) be granted for the payment of the principal of and premium, if any, and interest, if any, on the Bonds,
and on the outstanding Equal and Ratable Notes; 
 WHEREAS, the Company has entered into the Collateral Trust
Agreement (as defined herein) with the Trustee (as defined herein) and the Collateral Trustee (as defined herein) to provide for collateral trust and intercreditor arrangements governing the security granted under the Mortgage; and 

WHEREAS, all acts necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have
been performed. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Bonds
by the Bondholders thereof, it is mutually agreed for the equal and ratable benefit of the Bondholders from time to time of the Bonds or of series thereof as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01. Trust Indenture Act. (a) Whenever this Indenture refers to a provision of the Trust Indenture Act
of 1939, as amended (“TIA”), such provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings as of the date of this Indenture: 

“indenture securities” means the Bonds. 
 “indenture security holder” means a Bondholder. 
 “indenture to be
qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee.

 “obligor” on the indenture securities means the Company. 

 (b) All terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by a rule of the Securities and Exchange Commission have the meanings assigned to them in the TIA or such statute or rule as in force on the date of this Indenture. 

Section 1.02. Construction of accounting terms. The accounting terms used in this Indenture shall be construed in
accordance with Generally Accepted Accounting Principles. 
 Section 1.03. Definitions. For purposes of this
Indenture, the following terms have the following meanings: 
 (a) “2002 Notes Indenture” means an Indenture,
dated as of February 8, 2002 between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York), as Trustee, as supplemented by the First Supplemental Indenture dated as of February 8, 2002, the Second
Supplemental Indenture dated as of January 14, 2003, the Third Supplemental Indenture dated as of October 1, 2004, the Fourth Supplemental Indenture dated as of November 1, 2005 and as further amended, restated, supplemented or
otherwise modified from time to time. 
 (b) “2006 Notes Indenture” means an Indenture, dated as of
October 1, 2006 between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, as supplemented by the First Supplemental Indenture dated as of October 6, 2006, the Second Supplemental Indenture dated as of
June 29, 2007, the Third Supplemental Indenture dated as of March 25, 2008 and as further amended, restated, supplemented or otherwise modified from time to time. 
 (c) “Accountant” means the Chief Accounting Officer, Chief Financial Officer, Treasurer, Assistant Treasurer, Controller or Assistant Controller of the Company or a Person who is
qualified to pass upon accounting matters, who or which need not be a certified or public accountant and, unless required to be Independent, may be employed by or Affiliated with the Company. 

(d) “Accountant’s Certificate” means a certificate signed by an Accountant. 

(e) “Affiliate” of any specified Person means any other Person directly or indirectly controlling, controlled by, or
under direct or indirect common control with, such specified Person; “Affiliated” has a meaning correlative to the foregoing. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct generally the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 (f) “Appraiser” means a Person
engaged in the business of appraising property or competent to determine the Fair Value or fair value to the Company of the particular property in question, and who or which, unless required to be Independent, may be employed by or Affiliated with
the Company. 

  
 2 

 (g) “Appraiser’s Certificate” means a certificate signed by an
Appraiser; any Appraiser’s Certificate which is relied upon by an Independent Engineer, for purposes of an Independent Engineer’s Certificate, shall be signed by an Independent Appraiser. 

(h) “Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate
Bonds of one or more series. 
 (i) “Authorized Executive Officer” means the Chairman of the Board, the Chief
Executive Officer, the Chief Financial Officer, the President, any Vice President, the Secretary or the Treasurer of the Company, or any other Person duly authorized by the Company to act in respect of matters relating to this Indenture. 

(j) [Reserved.] 

(k) “Board” means either the board of directors of the Company or the executive committee or any other committee of the
board of directors of the Company duly authorized to act for the board of directors of the Company in matters pertaining to this Indenture. Any Board resolution referred to herein shall consist of one or more resolutions of the Board or other
written action of the Board certified by the Secretary or an Assistant Secretary of the Company as having been duly adopted by the Board and being in full force and effect on the date of such certification. 

(l) “Bondable Property” means the Mortgaged Property as of the date of this Indenture, plus any property acquired or
constructed by the Company which is included in the Mortgaged Property after the date of this Indenture, subject to the following: 
 (i) Bondable Property: 
 (A) need not consist of a specific or
completed development, plant, betterment, addition, extension, improvement or enlargement, but may include construction work in progress and property in the process of purchase insofar as the Company shall have acquired legal title to such property,
and may include the following: 
 (1) fractional and other undivided interests of the Company in property owned
jointly or in common with other Persons, whether or not there are with respect to such property other agreements or obligations on the part of the Company, if there is an effective bar against partition of such property which would preclude the sale
of such property by any or all of such other Persons or the holder or holders of any lien or liens on the interest of any of such other Persons in such property, without the consent of the Company; 

(2) engineering, economic, environmental, financial, geological and legal or other analyses and surveys, data processing
equipment and software, preliminary to or associated with the acquisition or construction of property included or intended to be included in the Mortgaged Property; 

  
 3 

 (3) paving, grading and other improvements to, under or upon public
highways, bridges, parks or other public property of analogous character required for or in connection with the installation or repair of overhead, surface or underground facilities and paid for and used or to be used by the Company, notwithstanding
that the Company may not hold legal title thereto; 
 (4) property located over, on or under property owned by
other Persons, including governmental and municipal agencies, bodies or subdivisions, under permits, licenses, easements, franchises and other similar privileges, if the Company shall have the right to remove the same; and 

(B) may include renewals, replacements and substitutions of Bondable Property; but 

(C) shall not include: 
 (1) Excepted Property; or 
 (2) going concern value or goodwill.

 (ii) The “amount” of any Bondable Property means the lesser of the Cost or Fair Value of Bondable
Property certified to the Trustee in an Engineer’s Certificate (or if such Fair Value shall not be required to be evidenced to the Trustee, the Cost thereof) minus, in the case of Bondable Property which is (A) owned by the Company
subject to a Prior Lien at the date of this Indenture, or (B) acquired by the Company after the date of this Indenture, subject to a Prior Lien (other than a Prior Lien to which such Bondable Property becomes subject, solely as a result of such
acquisition, pursuant to an after-acquired property clause of such Prior Lien), 10/7 (ten sevenths) of the aggregate principal amount of the related Prior Lien Debt. 

(iii) When any Bondable Property is certified to the Trustee in any Engineer’s Certificate delivered with an
application, and as a basis, for the authentication and delivery of Bonds, the release of Mortgaged Property or the withdrawal of cash (except in the cases of the release of Mortgaged Property, the withdrawal of cash representing the proceeds of
insurance or the payment of or on account of obligations secured by purchase money mortgages, in each case on the basis of Bondable Property acquired or constructed within 90 days prior or subsequent to the date of the application for such release
or the receipt by the Trustee of such cash), 
 (A) there shall be deducted from the Cost or Fair Value of such
Bondable Property, as the case may be (as evidenced in such application), an amount equal to the sum of (x) the aggregate Cost of all Bondable Property retired on and after the date of this Indenture plus (y) the aggregate Cost of
all Bondable Property acquired or constructed by the Company which is included in the Mortgaged Property after such date, and Bonded as the basis for the authentication of Bonds, the withdrawal of cash or the release of Mortgaged Property in
accordance with the provisions hereof, and 

  
 4 

 (B) there may, at the option of the Company, be added to such Cost or Fair
Value, as the case may be, the sum of 
 (1) all or any portion of (aa) the fair value to the Company in cash,
as set forth in an Appraiser’s Certificate dated the date of such application, of the unpaid principal amount of any obligations (which are not in default) secured by purchase money mortgages and Governmental Obligations, plus (bb) any
cash then held by the Collateral Trustee or the trustee or mortgagee under any Prior Lien, in either case representing the proceeds of insurance on, or of the release or other disposition of, Bondable Property retired; plus 

(2) 10/7 (ten sevenths) of the principal amount of any Bonds, the right to the authentication and delivery of such Bonds
under Article IV shall have been waived as a basis for the release of Bondable Property retired; 
 provided, however, that
neither any reduction in the Cost or Fair Value of property recorded in an account of the Company nor the transfer of any amount from such an account to another such account shall be deemed to be Bondable Property retired. 

(m) “Bonded” or “Bonding” as applied to Bonds or Bondable Property means that such Bonds or Bondable
Property are within one or more of the following classes: 
 (i) (a) the aggregate amount of Bondable Property
which has been used as a basis for the authentication and delivery of Bonds pursuant to Article III or the withdrawal of cash pursuant to Section 11.01 and (b) an aggregate amount of Bondable Property with a value equal to
10/7 (ten sevenths) of the sum of (x) the aggregate principal amount of the outstanding Equal and Ratable Notes plus (y) the aggregate principal amount of outstanding Prior Lien Debt. 

(ii) Bonds which have been used as a basis for the authentication and delivery of Bonds pursuant to Article IV or
the withdrawal of cash pursuant to Section 11.01, and Bonds paid, purchased or redeemed with money used or applied by the Trustee pursuant to Section 11.01. 

(iii) Bonds which have been used as a basis for a waiver by the Company, pursuant to Section 10.05, of its
right to the authentication and delivery of Bonds pursuant to Article IV. 
 (iv) Bonds and Bondable
Property which have been allocated or used as a basis for any credit or action or pursuant to any provision of, or retired through the operation of, any sinking, improvement, maintenance, replacement or analogous fund for any series of Bonds;
provided, however, that any such Bonds or Bondable Property so allocated or used shall be reinstated as Unbonded when all of the Bonds of the series of Bonds in connection with such fund was established are Retired Bonds. 

  
 5 

 All Bondable Property which shall be retired, abandoned, destroyed, released or otherwise disposed of shall
be deemed Bondable Property retired, but as in this Indenture provided may at any time thereafter again become Bondable Property. 
 (n) “Bondholder” means Registered Holder of a Bond. 
 (o)
“Bonds” means bonds authenticated and delivered under this Indenture. 
 (p) “Business Day”,
when used with respect to a Place of Payment or any other particular location specified in Bonds or this Indenture, means any day, other than a Saturday or Sunday, which is not a day on which banking institutions or trust companies in such Place of
Payment or other location are generally authorized or required by law, regulation or executive order to remain closed, except as may be otherwise specified in a Supplemental Indenture or Company Order. 

(q) “Collateral Trust Agreement” means the Intercreditor and Collateral Trust Agreement, dated as of
            , 20    , among the Trustee and the Collateral Trustee. 
 (r) “Collateral Trustee” means The Bank of New York Mellon Trust Company, N.A., in its capacity as collateral trustee under the Collateral Trust Agreement. 

(s) “Company” means MidAmerican Energy Company, an Iowa corporation, and its successors and assigns. 

(t) “Company Order” means a written order, signed in the name of the Company by an Authorized Executive Officer and
delivered to the Trustee pursuant to a Supplemental Indenture, for the authentication and delivery of Bonds of the series of Bonds created by such Supplemental Indenture pursuant to any procedures described therein, and (i) specifying in such
Company Order certain terms of such Bonds to be authenticated and delivered, or the manner of the determination of such terms, which terms may include, but are not limited to, those set forth in Section 2.01(c) or (ii) confirming in
such Company Order certain terms of such Bonds to be authenticated and delivered, which terms were given to the Trustee by any agent of the Company which has been designated as agent for such purpose in accordance with such Supplemental Indenture.

 (u) “Cost” means, as to any property, the actual cost to the Company of such property including
(i) cash or its equivalent paid for such property, including without limitation all costs and allowances for funds used during the construction thereof, and other deferred costs relating to such construction, but only to the extent permitted by
Generally Accepted Accounting Principles or accounting orders from any governmental regulatory commission, (ii) the fair value to the Company in cash (as of the date of delivery) of any securities or other property delivered in connection with
the acquisition of such property, (iii) the principal amount of any Prior Lien Debt secured by such property at the time of its acquisition unless such principal amount of Prior Lien Debt has previously been used in determining the Cost of
other property subject to such Prior Lien, (iv) the principal amount of any other indebtedness incurred or assumed in connection with the acquisition of such property and (v) any other amounts which, in accordance with Generally Accepted
Accounting Principles, are properly charged or chargeable to the plant or other property accounts of the Company with respect to such property as part of the cost of 

  
 6 

 
construction or acquisition thereof, including, but not limited to, any allowance for funds used during construction or any similar or analogous amount; the Cost of property acquired by the
Company without consideration or by merger, consolidation or dissolution shall be deemed to be the Fair Value thereof at the date of its acquisition; provided, however, that in no event shall the Cost of any property be required to
reflect any depreciation or amortization in respect of such property, or any adjustment to the amount or amounts at which such property is recorded in plant or other property accounts due to the non-recoverability of investment or otherwise.

 (v) “Default” means any event specified in Section 12.02(a). 

(w) “Depositary” means, with respect to the Bonds of any series issuable or issued in global form, a clearing agency registered
under the Securities Exchange Act of 1934, as amended, or any successor thereto, which shall in either case be designated by the Company pursuant to Section 2.01 or Section 2.06 until a successor Depositary shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary”
as used with respect to the Bonds of any such series shall mean the Depositary with respect to the Bonds of that series. 
 (x)
“Discount Bond” means any Bond which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 12.04. 

(y) “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United
States of America as at the time shall be legal tender for the payment of public and private debts in the United States of America. 
 (z) “Eligible Obligations” means: 
 (i) with
respect to Bonds denominated in Dollars, Governmental Obligations; or 
 (ii) with respect to Bonds denominated
in a composite currency or in a currency other than Dollars, such other obligations or instruments as shall be specified with respect to such Bonds in a Supplemental Indenture or Company Order. 

(aa) “Engineer” means a Person engaged in the engineering business, and who or which, unless required to be Independent,
may be employed by or Affiliated with the Company, except that an Independent Engineer shall sign Engineer’s Certificates delivered in connection with the release of Mortgaged Property pursuant to Section 10.03, 10.04,
10.05, 10.06 or 10.07 if the Fair Value of the Mortgaged Property to be released and of all other Mortgaged Property released since the commencement of the then current calendar year, or the fair value to the Company of any
purchase money obligations included in the consideration for such release and of all other securities made a basis of any authentication and delivery of Bonds, withdrawal of cash or release of Mortgaged Property or securities under this Indenture
since the commencement of the then current calendar year, as set forth in Engineer’s Certificates required pursuant to Article X, is 10% or more of the aggregate principal amount of Bonds at the time Outstanding, unless the Fair Value of
the Mortgaged Property to be released or the fair value to 

  
 7 

 
the Company of any purchase money obligations included in the consideration for such release and of all other securities made a basis of any authentication and delivery of Bonds, as set forth in
such Engineer’s Certificate, is, in each case, less than $25,000 or less than 1% of the aggregate principal amount of Bonds at the time Outstanding. 
 (bb) “Engineer’s Certificate” means a certificate signed by an Engineer. 
 (cc) “Excepted Property” has the meaning assigned to such term in the Mortgage 
 (dd) “Equal and Ratable Notes” means the debt securities described on Schedule 1 hereto for so long as such debt securities are secured by the Lien of the Mortgage. 

(ee) “Fair Value” when applied to any property means its fair value to the Company as may be determined by reference to
(a) the amount which would be likely to be obtained in an arm’s-length transaction with respect to such property between an informed and willing buyer and an informed and willing seller, under no compulsion, respectively, to buy or sell,
(b) the amount of investment with respect to such property which, together with a reasonable return thereon, would be likely to be recovered through ordinary business operations or otherwise, (c) the Cost, accumulated depreciation, and
replacement cost with respect to such property and/or (d) any other relevant factors; provided, however, that the Fair Value of property shall be determined without deduction for any Prior Liens upon such property (except as
otherwise contemplated by Section 10.06). Fair Value may be determined without physical inspection by use of accounting and engineering records and other data maintained by, or available to, the Company; the “value” of any Mortgaged
Property shall be the lesser of its Cost or Fair Value as evidenced by an Engineer’s Certificate. 
 (ff)
“Generally Accepted Accounting Principles” means generally accepted accounting principles in use in the United States of America at the date of this Indenture, or, at the option of the Company, other generally accepted accounting
principles which are in use in the United States of America at the time of their determination; in determining such generally accepted accounting principles, the Company may, but shall not be required to, conform to any accounting order, rule or
regulation of any regulatory authority (i) having jurisdiction over the electric generating, transmission and distribution operations of the Company and/or (ii) if property which is an integral part of or used or to be used as an integral
part of the gas distribution operations of the Company becomes Mortgaged Property, having jurisdiction over such gas distribution operations. 
 (gg) “Governmental Obligations” means securities which are (a) (i) direct obligations of the United States of America where the payment or payments thereunder are supported by
the full faith and credit of the United States of America or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America where the timely payment or payments thereunder are
unconditionally guaranteed as a full faith and credit obligation by the United States of America or (b) depository receipts issued by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with
respect to any such Governmental Obligation or a specific payment of interest on or principal of or other amount with respect to any such Governmental Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such 

  
 8 

 
custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Governmental
Obligation or the specific payment of interest on or principal of or other amount with respect to the Governmental Obligation evidenced by such depository receipt. 
 (hh) “Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more Supplemental Indentures, including, for all
purposes of this instrument and any such Supplemental Indenture, the provisions of the TIA that are deemed to be a part of and govern this Indenture and any such Supplemental Indenture, respectively; all references to “herein,”
“hereof” and “hereunder” shall respectively mean in, of or under this Indenture. 
 (ii)
“Independent” when used with respect to any specified Person means that such Person (i) is in fact independent, (ii) does not have any direct material financial interest in the Company or in any other obligor on the Bonds
or in any Affiliate of the Company (other than Berkshire Hathaway Inc.) or any such other obligor and (iii) is not connected with the Company or such other obligor as an officer, employee, promoter, underwriter, trustee, partner, director or
Person performing similar functions. 
 (jj) “Investment Securities” means any of the following obligations or
securities on which none of the Company, MidAmerican Energy Holdings Company nor any other subsidiary of MidAmerican Energy Holdings Company thereof is the obligor: (i) Governmental Obligations; (ii) interest bearing deposit accounts
(which may be represented by certificates of deposit) in national or state banks (which may include the Trustee or any Paying Agent) or savings and loan associations having outstanding securities rated by a nationally recognized rating organization
in either of the two (2) highest rating categories (without regard to modifiers) for short term securities or in any of the three (3) highest rating categories (without regard to modifiers) for long term securities;
(iii) bankers’ acceptances drawn on and accepted by commercial banks (which may include the Trustee or any Paying Agent) having outstanding securities rated by a nationally recognized rating organization in either of the two
(2) highest rating categories (without regard to modifiers) for short term securities or in any of the three (3) highest rating categories (without regard to modifiers) for long term securities; (iv) direct obligations of, or
obligations the principal of and interest on which are unconditionally guaranteed by, any State or Territory of the United States of America or the District of Columbia, or any political subdivision of any of the foregoing, which are rated in any of
the three highest rating categories (without regard to modifiers) by a nationally recognized statistical rating organization; (v) bonds or other obligations of any agency or instrumentality of the United States of America; (vi) corporate
debt securities rated in any of the two (2) highest rating categories by a nationally recognized statistical rating organization (without regard to modifiers) for short term securities or in any of the three (3) highest rating categories
(without regard to modifiers) for short term securities; (vii) repurchase agreements with respect to any of the foregoing obligations or securities with banking or financial institutions (which may include the Trustee or any Paying Agent)
having outstanding securities rated by a nationally recognized rating organization in either of the two (2) highest rating categories (without regard to modifiers) for short term securities or in any of the three (3) highest rating
categories (without regard to modifiers) for long term securities; (viii) securities issued by any regulated investment company (including any investment company for which the Trustee or any Paying Agent is the advisor), as

  
 9 

 
defined in Section 851 of the Internal Revenue Code of 1986, as amended, or any successor section of such Code or successor federal statute, provided that the portfolio of such
investment company is limited to obligations that are bonds, notes, certificates of indebtedness, treasury bills or other securities now or hereafter issued, which are guaranteed as to principal and interest by the full faith and credit of the
United States of America, which portfolio may include repurchase agreements which are fully collateralized by any of the foregoing obligations; and (ix) any other obligations or securities which may be lawfully purchased by the Trustee in its
capacity as such. 
 (kk) “Lien of the Mortgage” means the lien created by the Mortgage (including the lien on
property acquired after the date of the execution of the Mortgage) and the lien created by any subsequent conveyance to the Collateral Trustee, whether made by the Company or any other Person, effectively constituting any property a part of the
security held by the Collateral Trustee for the benefit of the Trustee and the holders of all Outstanding Bonds and, as applicable, the applicable trustee and holders of outstanding Equal and Ratable Notes. 

(ll) “Mortgage” means the Mortgage, Security Agreement, Fixture Filing and Financing Statement, dated as of
            , 20    , made by the Company in favor of the Collateral Trustee, as originally executed and as it may from time to time be supplemented or amended by one or
more Supplemental Mortgages, including, for all purposes of this instrument and any such Supplemental Mortgage. 
 (mm)
“Mortgage Bond Documents” means the Bonds collectively with this Indenture. 
 (nn) “Mortgage Bond
Obligations” means the obligations of the Company in respect of the due and punctual payment of the principal of, any premium on, any interest on (including, to the extent legally permitted, all interest accrued thereon after the
commencement of any insolvency or liquidation proceeding, including any applicable post-default rate, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), and any other amounts payable in respect of the
Bonds (whether now existing or hereinafter issued) in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including payment of amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a) (and any successor provision thereof). 

(oo) “Mortgaged Property” means as of any particular time all of the property which at such time is subject, or is
intended by the terms of the Mortgage or this Indenture to be subject, to the Lien of the Mortgage, however created. 
 (pp)
“Officers’ Certificate” means a certificate signed by an Authorized Executive Officer of the Company and delivered to the Trustee. 
 (qq) “Opinion of Counsel” means a written opinion of counsel for the Company, who may be a counsel who is also an employee of the Company. 

(rr) “Outstanding” means, as of any particular time with respect to Bonds, all Bonds which theretofore have been
authenticated and delivered by the Trustee under this Indenture, except (i) Bonds theretofore paid, retired, redeemed, discharged or canceled, or Bonds for the purchase, payment or redemption of which money or Eligible Obligations in the
necessary 

  
 10 

 
amount shall have been deposited with, or shall then be held by, the Trustee with irrevocable direction to apply such money or the proceeds of such Eligible Obligations to such purchase,
payment or redemption, provided that, in the case of redemption, the notice required by Article IX shall have been given or provided for to the satisfaction of the Trustee, (ii) Bonds deposited with or held in pledge by the
Trustee under this Indenture, including any Bonds so held under any sinking, improvement, maintenance, replacement or analogous fund, and (iii) Bonds paid or in exchange or substitution for and/or in lieu of which other Bonds have been
authenticated and delivered, other than any such Bonds in respect of which there shall have been presented to the Trustee proof satisfactory to it and the Company that such Bonds are held by a bona fide purchaser or purchasers in whose hands such
Bonds are valid obligations of the Company; provided, however, that for purposes of determining whether or not the holders of the requisite principal amount of the Bonds Outstanding under this Indenture, or the Outstanding Bonds of any
series, have given any request, demand, authorization, direction, notice, consent, vote or waiver or taken any other action hereunder, or whether or not a quorum is present at a meeting of Bondholders, 

(A) Bonds owned by the Company or any other obligor upon the Bonds or any Affiliate of the Company or of such other
obligor (unless the Company, such Affiliate or such obligor owns all Bonds Outstanding under this Indenture, or all Outstanding Bonds of each such series, as the case may be) shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the presence of a quorum, only Bonds which the Trustee knows to be
so owned shall be so disregarded; provided, however, that Bonds so owned which have been pledged in good faith may be regarded as Outstanding if it is established to the reasonable satisfaction of the Trustee that the pledgee, and not
the Company or any such other obligor or Affiliate of either thereof, has the right so to act with respect to such Bonds and that the pledgee is not the Company or any other obligor upon the Bonds or any Affiliate of the Company or of such other
obligor; 
 (B) the principal amount of a Discount Bond that shall be deemed to be Outstanding for such purposes
shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration that the principal of such Discount Bond is due and payable immediately pursuant to Section 12.04; and

 (C) the principal amount of any Bond which is denominated in a currency other than Dollars or in a composite
currency that shall be deemed to be Outstanding for such purposes shall be the amount of Dollars which could have been purchased by the principal amount of such currency or composite currency evidenced by such Bond, in each such case certified to
the Trustee in an Officers’ Certificate, based (A) on the average of the mean of the buying and selling spot rates quoted by three (3) banks which are members of the New York Clearing House Association (or its successor) selected by
the Company in effect at 11:00 A.M. (New York time) in the City of New York on the fifth Business Day preceding the date of such calculation or (B) if on such fifth Business Day it shall not be possible or practical to obtain such quotations
from such three (3) banks, on such other quotations or alternative methods of determination as shall be reasonably selected by an Authorized Executive Officer and which calculation of Dollar equivalents shall be certified to the Trustee in an
Officers’ Certificate; 

  
 11 

 (ss) “Paying Agent” means any Person, including the Company, authorized by
the Company to pay the principal of, and premium, if any, or interest, if any, on any Bonds on behalf of the Company. 
 (tt)
“Periodic Offering” means an offering of Bonds of a series from time to time, any or all of the specific terms of which Bonds, including but not limited to the rate or rates of interest, if any, thereon, the stated maturity or
maturities thereof and the redemption provisions, if any, with respect thereto, are to be determined by the Company or its agents at or about the time of the issuance of such Bonds in the manner specified in the Supplemental Indenture which creates
and establishes such series of Bonds, and Company Orders pursuant to such Supplemental Indenture. 
 (uu) “Permissible
Encumbrances” means as of any particular time any of the following: 
 (i) the Lien of the Mortgage and
other liens in favor of the Collateral Trustee securing the Secured Obligations (as defined in the Collateral Trust Agreement) and subject to the Collateral Trust Agreement, and all liens and encumbrances junior thereto; 

(ii) liens for taxes or assessments by governmental bodies not yet due or the payment of which is being contested in good
faith by the Company; 
 (iii) any right of any municipal or other governmental body or agency, by virtue of any
franchise, grant, license, permit, contract or statute, to occupy, purchase or designate a purchaser of, or to order the sale of, any Mortgaged Property upon payment of reasonable compensation therefor, or to modify or terminate any franchise,
grant, license, permit, contract or other right, or to regulate the property and business, of the Company; 

(iv) liens and charges incidental to construction or current operations of the Company which are not delinquent or,
whether or not delinquent, are being contested in good faith by the Company; 
 (v) easements, leases, rights of
way, restrictions, exceptions or reservations, and zoning ordinances, regulations and restrictions, with respect to any property or rights of way of the Company, which do not, individually or in the aggregate, materially impair the use of such
property or rights of way for the purposes for which such property or rights of way are held by the Company; 

(vi) irregularities in or defects of title to any property or rights of way of the Company which do not materially impair
the use of such property or rights of way for the purposes for which such property or rights of way are held by the Company; 

  
 12 

 (vii) liens securing obligations neither (A) assumed by the Company nor
(B) on account of which it customarily pays interest, directly or indirectly, existing upon real property, or rights in or relating to real property acquired by the Company for rights of way for lines, pipes, structures and appurtenances
thereto; 
 (viii) party-wall agreements and agreements for and obligations relating to the joint or common use
of property owned solely by the Company or owned by the Company in common or jointly with one or more Persons; 

(ix) liens securing indebtedness incurred by a Person, other than the Company, which indebtedness has been neither assumed
nor guaranteed by the Company nor on which it customarily pays interest, existing on property which the Company owns jointly or in common with such Person or such Person and others, if there is an effective bar against partition of such property
which would preclude the sale of such property by such other Person or the holder of such lien without the consent of the Company; 
 (x) any attachment, judgment and other similar lien arising in connection with court proceedings (A) in an amount not in excess of the greater of $100,000,000 or 5% of the principal amount of the
Bonds Outstanding at the time such attachment, judgment or lien arises, or (B) the execution of which has been stayed or which has been appealed and secured, if necessary, by an appeal bond; 

(xi) the burdens of any law or governmental rule, regulation, order or permit requiring the Company to maintain certain
facilities or to perform certain acts as a condition of its occupancy or use of, or interference with, any public or private lands or highways or any river, stream or other waters; 

(xii) any duties or obligations of the Company to any federal, state or local or other governmental authority with respect
to any franchise, grant, license, permit or contract which affects any Mortgaged Property; 
 (xiii) liens in
favor of a government or governmental entity securing (A) payments pursuant to a statute (other than taxes and assessments), or (B) indebtedness incurred to finance all or part of the purchase price or Cost of construction of the property
subject to such lien; 
 (xiv) any other liens or encumbrances of whatever nature or kind which, in the Opinion
of Counsel, do not, individually or in the aggregate, materially impair the Lien of the Mortgage or the security afforded thereby for the benefit of the Bondholders; 

(xv) any trustee’s lien hereunder or under the Collateral Trust Agreement; 

(xvi) any Prior Lien if such Prior Lien shall not attach to any Mortgaged Property other than the Mortgaged Property that
was or became subject to the Prior Lien at the time of acquisition by the Company of such Mortgaged Property, other than pursuant to an after-acquired property clause of such Prior Lien; but, if the Company, as successor corporation, shall have
executed a Supplemental Indenture relating thereto in accordance with Article XIII, the extension of such Prior Lien to Mortgaged Property subsequently acquired by the Company shall be permitted notwithstanding the limitation expressed in
this Section 1.03(uu)(xvi). 

  
 13 

 (xvii) liens existing at the date of this Indenture; 

(xviii) leases existing at the date of this Indenture affecting properties owned by the Company at such date and renewals
and extensions thereof; and leases affecting such properties entered into after such date or affecting properties acquired by the Company after such date which, in either case, (i) have respective terms of not more than ten (10) years
(including extensions or renewals at the option of the tenant) or (ii) do not materially impair the use by the Company of such properties for the respective purposes for which they are held by the Company; 

(xix) liens vested in lessors, licensors, franchisors or permitters for rent or other amounts to become due or for other
obligations or acts to be performed, the payment of which rent or the performance of which other obligations or acts is required under leases, subleases, licenses, franchises or permits, so long as the payment of such rent or other amounts or the
performance of such other obligations or acts is not delinquent or is being contested in good faith and by appropriate proceedings; and 
 (xx) Prepaid Liens. 
 For the purposes of this Indenture, no mortgage or other lien on any
property of the Company shall be considered as a “mortgage,” “lien,” “charge” or “encumbrance” if money or Governmental Obligations sufficient to pay or redeem the indebtedness secured by such mortgage or lien
shall be held in trust for such purpose by the Trustee or by the trustee, mortgagee or other holder of such mortgage or lien; the sufficiency of such money or Governmental Obligations shall be evidenced to the Trustee by an Accountant’s
Certificate. 
 (vv) “Person” means any individual, corporation, association, company, limited liability
company, business trust, partnership, limited liability partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

(ww) “Place of Payment” with respect to the Bonds of any series, means the place or places, specified in a Supplemental
Indenture or Company Order, at which principal of, and premium, if any, and interest, if any, on the Bonds of such series are payable. 
 (xx) “Prepaid Lien” means any lien securing indebtedness for the payment, prepayment or redemption of which there have been irrevocably deposited in trust with the trustee or other holder
of such lien moneys and/or Investment Securities which (together with the interest reasonably expected to be earned from the investment and reinvestment in Investment Securities of the moneys and/or the principal of and interest on the Investment
Securities so deposited) shall be sufficient for such purpose; provided, however, that if such indebtedness is to be redeemed or otherwise prepaid prior to the stated maturity thereof, any notice requisite to such redemption or
prepayment shall have been given in accordance with the mortgage or other instrument creating such lien or irrevocable instructions to give such notice shall have been given to such trustee or other holder. 

  
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 (yy) “Prior Lien” means any mortgage, lien, charge, encumbrance, security
interest on or in, or pledge of, any Mortgaged Property existing both at and immediately prior to the time of the acquisition by the Company of such Mortgaged Property, or created as a purchase money mortgage on such Mortgaged Property at the time
of its acquisition by the Company, in each case ranking prior to or on a parity with the Lien of the Mortgage. 
 (zz)
“Prior Lien Debt” means indebtedness secured by a Prior Lien. 
 (aaa) “Registered Holder”
means the Person or Persons in whose name or names the particular Registered Bond shall be registered in the Bond register required pursuant to Section 2.06. 
 (bbb) “Required Currency” means for any Bond the composite currency or currency, if other than Dollars, in which the principal of, premium, if any, or interest, if any, on such Bond is
payable, provided, that, for purposes of calculations under this Indenture (including calculations of principal amount), any amounts denominated in a composite currency or in a currency other than Dollars shall be converted to Dollar
equivalents by calculating the amount of Dollars which could have been purchased by the amount of such other currency based (A) on the average of the mean of the buying and selling spot rates quoted by three (3) banks which are members of
the New York Clearing House Association (or its successor) selected by the Company in effect at 11:00 A.M. (New York time) in the City of New York on the fifth Business Day preceding the date of such calculation or (B) if on such fifth Business
Day it shall not be possible or practical to obtain such quotations from such three (3) banks, on such other quotations or alternative methods of determination as shall be reasonably selected by an Authorized Executive Officer and which
calculation of Dollar equivalents shall be certified to the Trustee in an Officers’ Certificate. 
 (ccc)
“Requisite Secured Parties” has the meaning assigned thereto in the Collateral Trust Agreement. 
 (ddd)
“Responsible Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters and who shall have direct responsibility for the administration of this
Indenture. 
 (eee) “Retired Bonds” means as of any particular time Bonds theretofore but after the date of
this Indenture, purchased, paid, retired, redeemed, canceled or otherwise discharged, or for the purchase, payment, retirement or redemption of which money or Eligible Obligations in the necessary amount shall have been deposited with, or shall then
be held by, the Trustee with respect to Bonds with irrevocable direction to apply such money or the proceeds of such Eligible Obligations to such purchase, payment, retirement or redemption. 

(fff) “Retired Equal and Ratable Notes” means as of any particular time Equal and Ratable Notes theretofore but after
the date of this Indenture, purchased, paid, retired, redeemed, canceled or otherwise discharged, or for the purchase, payment, retirement or redemption of which money or other eligible property, to the extent permitted under the terms of the
agreements governing such Equal and Ratable Notes, shall have been deposited with, or shall then be held by, the trustee therefor with respect to Equal and Ratable Notes with irrevocable direction to apply such money or the proceeds of such eligible
property to such purchase, payment, retirement or redemption. 

  
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 (ggg) “Supplemental Indenture” means an indenture supplementing or amending
this Indenture and entered into between the Company and the Trustee in accordance with this Indenture. 
 (hhh)
“Supplemental Mortgage” means a mortgage supplementing or amending the Mortgage, entered into by the Company in favor of the Collateral Trustee in accordance with this Indenture and the Collateral Trust Agreement. 

(iii) “Triggering Event” has the meaning assigned thereto in the Collateral Trust Agreement. 

(jjj) “Trust Estate” has the meaning assigned thereto in the Collateral Trust Agreement. 

(kkk) “Trustee” means the Person named as the Trustee in the first paragraph of this Indenture and any successor thereto
pursuant to Section 14.14. 
 (lll) “Unbonded” as applied to Bonds or Bondable Property means that
such Bonds or Bondable Property are not Bonded. 
 ARTICLE II 

FORMS, EXECUTION, REGISTRATION AND EXCHANGE OF
BONDS 
 Section 2.01. Series and terms of Bonds. (a) At the option of the Company, Bonds
may be issued under this Indenture in one or more series and in an unlimited amount. 
 (b) Each series of Bonds shall be
created and established in a Supplemental Indenture which shall designate the title of such series of Bonds, any maximum aggregate principal amount of Bonds of such series which may be authenticated and delivered upon the original issuance or
issuances of such Bonds, and the currency or currencies, including composite currencies, in which payment of the principal of, and premium, if any, and interest, if any, on such Bonds shall be payable if other than in Dollars; 

(c) The Supplemental Indenture which creates and establishes a series of Bonds, or a Company Order, shall specify the form of Bonds of
such series any and all of the terms of such Bonds or the method of determining such terms, which terms may include, but are not limited to: 
 (i) the principal amount of such Bonds to be authenticated and delivered upon their original issuance at any particular time; 

(ii) the date on which such Bonds are to be issued, and the date from which interest, if any, will accrue on such Bonds;

  
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 (iii) the rate of interest, if any, which shall be borne by such Bonds, and
if such interest rate is not a fixed rate, the formula for determining such interest rate from time to time; 

(iv) the interest payment dates, if any, with respect to such Bonds; 

(v) the record dates for the payment of interest on any interest payment dates with respect to such Bonds; 

(vi) the date or dates on which the principal of and premium, if any, on such Bonds is payable; 

(vii) the place or places where (A) the principal of, and premium, if any, and interest, if any, on such Bonds shall
be payable, (B) such Bonds may be surrendered for registration of transfer, (C) such Bonds may be surrendered for exchange and (D) notices and demands to or upon the Company in respect of such Bonds and this Indenture may be served;

 (viii) the means, which may include mail, for the payment of principal of, premium, if any, and interest, if
any, on such Bonds; 
 (ix) the period or periods within which, the price or prices at which and the terms and
conditions upon which such Bonds may be redeemed, in whole or in part, at the option of the Company; 
 (x) the
obligation, if any, of the Company to redeem or purchase such Bonds pursuant to any sinking, improvement, maintenance, replacement or analogous fund or at the option of a holder thereof and the period or periods within which, the price or prices at
which and the terms and conditions upon which such Bonds shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (xi) if the principal of or premium, if any, or interest, if any, on such Bonds, are to be payable, at the election of the Company or a holder of such Bonds, in a coin or currency other than that in which
such Bonds are stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made; 
 (xii) if the principal of or premium, if any, or interest, if any, on such Bonds is to be payable, or is to be payable at the election of the Company or a holder of such Bonds, in securities or other
property, the type and amount of such securities or other property, or the method by which such amount shall be determined, and the period or periods within which, and the terms and conditions upon which, any such election may be made;
provided, however, that for purposes of calculations under this Indenture any such election shall be disregarded; 
 (xiii) if the amount of payments of principal of or premium, if any, or interest, if any, on such Bonds may be determined with reference to an index or other fact or event ascertainable outside of this
Indenture, the manner in which such amounts shall be determined; 

  
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 (xiv) if other than the principal amount of such Bonds, the portion of such
principal amount of such Bonds which shall be payable upon a declaration that the principal of such Bonds is due and payable immediately pursuant to Section 12.04; 

(xv) the terms, if any, pursuant to which such Bonds may be converted into or exchanged for shares of capital stock or
other securities of the Company or of any other Person; 
 (xvi) the obligations or instruments, if any, which
shall be considered to be Eligible Obligations in respect of such Bonds if they are denominated in a composite currency or in a currency other than Dollars; 
 (xvii) if a service charge will be made for the registration of transfer or exchange of such Bonds, the amount or terms thereof; 

(xviii) if the Bonds of such series are to be issued in global form, (A) any limitations on the rights of the
Bondholder or Bondholders of such Bonds to transfer or exchange the same or to obtain the registration of transfer thereof, (B) any limitations on the rights of the Bondholder or Bondholders thereof to obtain certificates therefor in definitive
form in lieu of global form, (iii) the Depositary for the Bonds of such series in global form and (iv) any other matters incidental to such Bonds. 
 (xix) any variation in the definition of Business Day with respect to such Bonds; 
 (xx) any addition to or change in events that constitute a Default which applies to any Bonds of the series; 
 (xxi) any addition to or change in the covenants set forth in Article VII which applies to any Bonds of the series; 
 (xxii) the form of such Bonds; and 
 (xxiii) any other terms of
such Bonds not inconsistent with the provisions of this Indenture. 
 (d) The Bonds of any one (1) or more series may be
expressed in one (1) or more foreign languages, if also expressed in the English language, and the English text shall govern the construction thereof and both or all texts shall constitute only a single obligation. The English text of Bonds and
the authentication certificate of the Trustee shall be in the forms set forth in the Supplemental Indenture creating and establishing such series of Bonds or in a Company Order. 

(e) With respect to Bonds of a series subject to a Periodic Offering, the Supplemental Indenture which creates and establishes such
series or a Company Order may provide general terms or parameters for Bonds of such series and provide either that the specific terms of 

  
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particular Bonds of such series shall be specified in a Company Order or that such terms shall be determined by the Company or its agents in accordance with specified procedures, acceptable to
the Trustee, by which such terms are to be established (which procedures may provide for authentication and delivery pursuant to oral or electronic instructions from the Company or any agent or agents thereof, which oral instructions are to be
promptly confirmed electronically or in writing) 
 (f) The Bonds of each series shall be issuable in registered form without
coupons. The definitive Bonds shall be produced in such manner as shall be determined by the Authorized Executive Officers executing such Bonds, as evidenced by their execution thereof. 

Section 2.02. Kinds and denomination of Bonds. Any series of Bonds may be executed, authenticated and delivered
originally in denominations of $1,000 or multiples of $1,000 or in such other denomination or denominations as may be specified in the Supplemental Indenture which creates and establishes such series, or a Company Order. 

Section 2.03. Dates of and interest on Bonds. Unless otherwise specifically provided in the Supplemental Indenture
which creates and establishes a series of Bonds or in a Company Order, each Bond shall be dated as of the date of its authentication; provided, however, that if any Bond shall be authenticated and delivered upon a transfer of, or in
exchange for or in lieu of, any Bond or Bonds upon which interest is in Default, it shall be dated so that such Bond shall bear interest from the last preceding date to which interest shall have been paid on the Bond or Bonds in respect of which
such Bond shall have been delivered, unless otherwise specifically provided in the Supplemental Indenture which creates and establishes the series of such Bonds or in a Company Order. Unless other provisions (including, but not limited to,
provisions establishing record dates for the payment of interest) are specifically provided in the Supplemental Indenture which creates and establishes a series of Bonds or in a Company Order, (a) the Bonds of such series shall bear interest,
if any, from the beginning of the interest period for such series during which such Bonds were authenticated, and (b) the first interest period for each series of Bonds shall begin on the date of their issuance. 

Section 2.04. Legends on Bonds. Any Bond may have imprinted thereon or included therein any legend or legends required
in order to comply with any law or with any rules or regulations thereunder, the rules or regulations of any securities exchange or clearing system, any contract to which the Company is a party concerning such Bond, or to conform to usage, and the
Company may at any time by Company Order delivered to the Trustee amend the form of any legend to be used on Bonds then Outstanding so as to comply with any such law, rule or regulation or contract, or so as to conform to usage. 

Section 2.05. Exchange of Bonds. Unless otherwise specifically provided in the Supplemental Indenture which creates
and establishes a series of Bonds or in a Company Order, in all cases in which the privilege of exchanging Bonds exists and is exercised, the Bonds to be exchanged shall be surrendered at such place or places as shall be set forth in such
Supplemental Indenture or Company Order, or designated by the Company for that purpose, and the Trustee shall authenticate and the Company shall deliver in exchange therefor the Bond or Bonds of like tenor which the Bondholder making the exchange
shall be entitled to receive. All Bonds so surrendered and delivered for exchange shall be accompanied by a written instrument or 

  
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instruments of transfer, if required by the Company, duly executed by the Registered Holder of such Bond or the duly authorized attorney of such Registered Holder, at the office or agency of the
Company designated by it. All Bonds so surrendered and delivered for exchange shall be delivered to the Trustee for cancellation. Upon any transfer of Bonds permitted by Section 2.06, and upon any exchange of Bonds, the Company may make
a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge and in addition may charge a sum not exceeding a sum, if any, provided as a term of such series of Bonds for each Bond authenticated and delivered upon
any such transfer or exchange, which sum shall be paid by the party requesting such transfer or exchange as a condition precedent to the exercise of the privilege of making such transfer or exchange. The Company shall not be required to execute or
to provide for the registration of transfer of or the exchange of (a) Bonds of any series during a period of fifteen (15) days immediately preceding any interest payment date of such series (unless such series has a record date for the
payment of interest) or the date notice is to be given identifying the serial numbers of the Bonds of such series called for redemption or (b) any Bond so selected for redemption in whole or in part, except the unredeemed portion of any Bond
being redeemed in part. 
 Section 2.06. Transfer and exchange of Bonds. (a) The Company shall keep, at
such place or places as shall be designated by the Company for the purpose, a Bond register for the registration and transfer of Bonds, which, at all reasonable times, shall be open for inspection by the Trustee; and upon presentation for such
purpose at any such place or places, the Company will register or cause to be registered therein, and permit to be transferred thereon, under such reasonable procedures as it may prescribe, any Bonds entitled to registration or transfer at such
office. Upon the transfer of any Bond, the Trustee shall authenticate and the Company shall issue in the name of the transferee or transferees a new Bond or new Bonds of the same series for a like principal amount. All Bonds so surrendered for
transfer shall be delivered to the Trustee for cancellation. 
 (b) If at any time the Depositary for the Bonds of a series
notifies the Company that it is unwilling or unable to continue as Depositary for the Bonds of such series or if at any time the Depositary for the Bonds of a series shall no longer be registered or in good standing under the Securities Exchange Act
of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to the Bonds of such series. If a successor Depositary for the Bonds of such series is not appointed by the Company within
90 days after the Company receives such notice or becomes aware of such condition, the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Bonds of such series, shall authenticate
and deliver Bonds of such series in definitive form in an aggregate principal amount equal to the principal amount of the Bond or Bonds in global form representing such series in exchange for such Bond or Bonds in global form. 

(c) The Company may at any time and in its sole discretion determine that the Bonds of any series issued in the form of one or more Bonds
in global form shall no longer be represented by a Bond or Bonds in global form. In such event the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Bonds of such series, shall
authenticate and deliver, Bonds of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Bond or Bonds in global form representing such
series in exchange for such Bond or Bonds in global form. 

  
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 (d) If (1) a Default has occurred and is continuing and (2) beneficial owners of
interests representing a majority in aggregate principal amount of the Bonds of a series represented by a Bond or Bonds in global form advise the Trustee through the Depositary for such Bond or Bonds in global form in writing that the maintenance of
a Depositary for such series is no longer in such beneficial owners’ best interests, the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Bonds of such series, shall
authenticate and deliver, Bonds of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Bond or Bonds in global form representing such
series in exchange for such Bond or Bonds in global form. 
 Section 2.07. Execution of Bonds. All Bonds
authenticated and delivered under this Indenture shall, from time to time, be executed on behalf of the Company by an Authorized Executive Officer, whose signature may be by facsimile, and attested by its Secretary or an Assistant Secretary, whose
signature may be by facsimile. In case any officer of the Company who has executed or attested any Bonds shall cease to be such officer before the Bonds so executed and/or attested shall have been actually authenticated and delivered by the Trustee
or issued by the Company, such Bonds nevertheless may be authenticated, delivered and issued with the same force and effect as though the person or persons who executed or attested such Bonds had not ceased to be such officer or officers of the
Company. 
 Section 2.08. Temporary Bonds. There may be authenticated and delivered and issued from time to
time in lieu of (or in exchange for) any definitive Bond or Bonds of any series issued or issuable under this Indenture, one or more temporary Bonds substantially of the tenor of such definitive Bonds, and such temporary Bond or Bonds may be in such
denomination or denominations as may be specified in the Supplemental Indenture which creates and establishes such series or in a Company Order. Until a definitive Bond or Bonds are delivered in exchange therefor, the holder of each such temporary
Bond or Bonds shall be entitled to the Lien and benefit of this Indenture. Upon the exchange by the Company of definitive Bonds for temporary Bonds (which exchange the Company shall make as permitted by applicable law and on request of, and without
charge to, the holder of temporary Bonds, when definitive Bonds are ready for delivery) such temporary Bond or Bonds shall be canceled by the Trustee. The holder of one or more temporary Bonds may surrender and exchange them for cancellation
accompanied by a written instrument or instruments of transfer, if required by the Company, duly executed by the registered holder or by the duly authorized attorney of such holder, at the office or agency of the Company designated by it, and shall
be entitled to receive a temporary Bond or Bonds of the same series of like aggregate principal amount of such other denominations as may be specified in the Supplemental Indenture which creates and establishes such series or in a Company Order.

 Section 2.09. Replacement of stolen, lost, destroyed or mutilated Bonds. Upon receipt by the Company and
the Trustee of evidence satisfactory to them of the theft, loss, destruction or mutilation of any Outstanding Bond, and of indemnity satisfactory to them, and upon payment, if the Company or the Trustee shall require it, of a reasonable charge and
upon reimbursement to the Company and the Trustee of all reasonable expense incident thereto, and upon surrender and 

  
 21 

 
cancellation of such Bond, if mutilated, the Company may execute, and the Trustee shall thereupon authenticate and deliver, a new Bond of like tenor and of the same series in lieu of such stolen,
lost, destroyed or mutilated Bond, or if any such Bond shall have matured or be about to mature, then instead of issuing a substituted Bond, the Company may pay the same. Any indemnity bond shall name as obligees the Company, the Trustee, and if
requested by the Company, any Paying Agent. 
 Section 2.10. Trustee’s certificate on Bonds. The
Trustee’s certificate of authentication on all Bonds shall be in substantially the following form: 
 This is one of the
Bonds of the series designated herein and referred to in the within-mentioned Indenture. 
 Dated:
                     
  

					
	  
	 	, as Trustee
			
	By:	 	  
	 	, as Trustee
		 	Authorized Signatory	 	
		
	-or-	 	
		
	  
	 	, as Trustee
			
	By:	 	  
	 	, as
	Authentication Agent	 	
			
	By:	 	  
	 	,
		 	Authorized Signatory	 	

 Section 2.11. Payment to be made in Required Currency. If the Company is
obligated to pay the principal of, or premium, if any, or interest, if any, on any Bond in a Required Currency, such obligation shall not be discharged or satisfied by any tender by the Company, or recovery by the Trustee, in any currency other than
the Required Currency, except to the extent that such tender or recovery shall result in the Trustee timely holding the full amount of the Required Currency then due and payable. If any such tender or recovery is in a currency other than the
Required Currency, the Trustee shall sell such other currency and purchase the Required Currency solely from the proceeds thereof in public or private sales and purchases in any commercially reasonable manner. The costs and risks of any such
exchange, including without limitation the risks of delay and exchange rate fluctuation, shall be borne by the Company, the Company shall remain fully liable for any deficiency or delinquency in the full amount of Required Currency then due and
payable, and in no circumstances shall the Trustee be liable therefor to any Person except to the Company in the case of the negligence or willful misconduct of the Trustee. The Company hereby waives any defense of payment based upon any such tender
or recovery which is not in the Required Currency, or which, when exchanged for the Required Currency by the Trustee, is less than the full amount of Required Currency then due and payable. 

  
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 Section 2.12. Cancellation of Bonds. All Bonds surrendered for payment,
redemption, transfer or exchange, if surrendered to the Trustee, shall be promptly cancelled by it, and, if surrendered to any Person other than the Trustee, shall be delivered to the Trustee and, if not already cancelled, shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Bonds previously authenticated and delivered hereunder, which the Company may have acquired in any manner whatsoever, and all Bonds so delivered shall be
promptly cancelled by the Trustee. No Bonds shall be authenticated in lieu of or in exchange for any Bond cancelled as provided in this Section 2.12, except as expressly provided in this Indenture. All cancelled Bonds shall be held by
the Trustee and disposed of by it in accordance with its customary practices and the Trustee shall upon request deliver to the Company written notification of the disposal of cancelled Bonds. 

ARTICLE III 
 ISSUANCE OF BONDS BASED ON BONDABLE PROPERTY 

Section 3.01. Bonds issuable on basis of Bondable Property. The Trustee shall, from time to time, after receipt of
(a) a written application of the Company to the Trustee signed by an Authorized Executive Officer and its Secretary, an Assistant Secretary, its Treasurer or an Assistant Treasurer, and (b) the Supplemental Indenture creating and
establishing a series of Bonds, authenticate and deliver Bonds of such series, or any portion of such series, upon the basis of Bondable Property, but only in accordance with and subject to the conditions, provisions and limitations set forth in
this Article III. 
 Section 3.02. No Bonds issuable on basis of Bonded Bondable Property. No Bonds
shall be authenticated and delivered at any time under this Article III upon the basis of Bonded Bondable Property. 

Section 3.03. Bonds issuable to specified percentage of Bondable Property. Bonds of any one or more series may be
authenticated and delivered under this Article III in a principal amount not exceeding 70% of the amount of Unbonded Bondable Property existing at the time of such application as stated on the Engineer’s Certificate provided for in
Section 3.04(c). 
 Section 3.04. Requirements for issuance. No Bonds shall be authenticated or
delivered under this Article III by the Trustee upon the basis of Bondable Property until the Trustee shall have received: 
 (a) a Board resolution (i) authorizing the Supplemental Indenture creating and establishing the series of Bonds to be issued and (ii) authorizing the issuance of such Bonds; 

(b) an Officers’ Certificate, dated the date of such application, stating that to the knowledge of the signers of such
Officers’ Certificate none of the events which constitute or with notice or a lapse of time would constitute a Default is continuing and as to compliance with all conditions precedent to the execution and delivery by the Trustee of the
Supplemental Indenture which creates and establishes such series of Bonds, and to the authentication and delivery of such Bonds by the Trustee; 
 (c) an Engineer’s Certificate, dated the date of such application, stating: 
 (i) the amount, as of a date not more than ninety (90) days prior to the date of such application, of Bondable Property made a basis for such application; 

  
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 (ii) that all such Bondable Property is Bondable Property as defined in
Section 1.03(l); 
 (iii) that all such Bondable Property is desirable for use or is used in the proper
conduct of the business of the Company; 
 (iv) that such amount of Bondable Property is not then Bonded;

 (v) that the amount of any cash forming all or part of the Cost of such Bondable Property was equal to or more
than an amount stated in such Engineer’s Certificate; 
 (vi) a brief description, with respect to any such
Bondable Property acquired, made or constructed in whole or in part through the delivery of securities, of the securities so delivered and stating the date of such delivery; 

(vii) that the Cost of such Bondable Property is a specified amount and, except as to Bondable Property for which a
statement is to be made in an Independent Engineer’s Certificate as provided in Section 3.04(d), that the Fair Value of such Bondable Property as of a date not more than ninety (90) days prior to the date of such application is
a specified amount; 
 (viii) the amount required to be deducted in respect of Bondable Property under
Section 1.03(l)(iii)(A) and the amount elected to be added under Section 1.03(l)(iii)(B); 

(ix) what part, if any, of such Bondable Property includes property which within six (6) months prior to the date of
acquisition thereof by the Company has been used or operated by others than the Company in a business similar to that in which it has been or is to be used or operated by the Company and showing whether or not the Fair Value thereof as of a date not
more than ninety (90) days prior to the date of such application is less than $25,000 and whether or not such Fair Value is less than 1% of the aggregate principal amount of the Bonds Outstanding at the date of such application; and 

(x) that any property or rights of way included in such Bondable Property are not subject to any easements, rights of way,
restrictions, exceptions or reservations or zoning ordinances, regulations or restrictions or irregularities in or defects of title which materially impair the use of such property or rights of way for the purposes for which such property or rights
of way are held by the Company; 
 (d) in case any Bondable Property is shown by the Engineer’s Certificate provided for in
Section 3.04(c) to include property which within six (6) months prior to the date of acquisition thereof by the Company has been used or operated by others than the Company in a business similar to that in which it has been or is to
be used or operated by the Company and such certificate does not show the Fair Value thereof, as of a date not more than ninety (90) days prior to the date of such application, to be less than $25,000 or less than 1% of the aggregate principal

  
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amount of the Bonds Outstanding at the date of such application, an Independent Engineer’s Certificate stating as to such Bondable Property and (at the option of the Company) as to any other
Bondable Property included in the Engineer’s Certificate provided for in Section 3.04(c), that the then aggregate Fair Value thereof, as of a date not more than ninety (90) days prior to the date of such application, in the
opinion of the signer of such Engineer’s Certificate is a specified amount, and the Fair Value in the opinion of such signer of any Bondable Property so used or operated which has been subjected to the Lien of the Mortgage since the
commencement of the calendar year which includes the date of such application, as a basis for the authentication and delivery of Bonds, and as to which an Independent Engineer’s Certificate has not previously been furnished to the Trustee;

 (e) in case any Bondable Property is shown by the Engineer’s Certificate provided for in Section 3.04(c) to
have been acquired, made or constructed in whole or in part through the delivery of securities, an Appraiser’s Certificate, dated the date of such application, stating the fair value to the Company, in the opinion of the signer of such
Appraiser’s Certificate, in cash of such securities at the time of delivery thereof in payment for or for the acquisition of such Bondable Property; 
 (f) an Opinion of Counsel, dated the date of such application, stating the opinion of such counsel: 
 (i) to the effect that (except as to paving, grading and other improvements to, under or upon public highways, bridges, parks or other public property of analogous character) the Mortgage is, or upon the
delivery of, and/or the filing and/or recording in the proper places and manner of, the instruments of conveyance, assignment or transfer, if any, specified in such Opinion of Counsel, will be, a lien on the Bondable Property made the basis of such
application, subject to no lien thereon prior or equal to the Lien of the Mortgage, except Permissible Encumbrances; 
 (ii) to the effect that the Company has corporate authority to operate the Bondable Property made the basis of such application; and 

(iii) as to the general nature and extent of any Prior Liens existing upon any of such Bondable Property, and the
principal amount of the then outstanding Prior Lien Debt secured thereby, if any; 
 (g) an Opinion of Counsel, dated the date
of such application, stating the opinion of such counsel to the effect that: 
 (i) such issue of Bonds has been
duly authorized by the Company; 
 (ii) the form and terms of such Bonds have been established in compliance with
this Indenture; 
 (iii) the Company has duly authorized, executed and delivered the Supplemental Indenture which
creates and establishes such series of Bonds, and such Supplemental Indenture and Bonds constitute valid and binding obligations of the Company subject to such exceptions as such counsel shall specify; 

  
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 (iv) such issue of Bonds has been duly authorized by any and all
governmental authorities the consent of which is requisite to the legal issue of such Bonds, specifying any official orders or certificates, or other documents, by which such consent is or may be evidenced, or that no consent of any governmental
authorities is requisite; and 
 (v) all conditions precedent to the execution and delivery by the Trustee of
such Supplemental Indenture and the authentication and delivery by the Trustee of such Bonds have been complied with; 
 (h)
copies of the instruments of conveyance, assignment and transfer, if any, specified in the Opinion of Counsel provided for in Section 3.04(f); 
 (i) copies of the orders or certificates, or other documents, if any, specified in the Opinion of Counsel provided for in Section 3.04(g); and 

(j) a Company Order, which may be dated and delivered on, or dated and delivered on any date after, the date of such application,
specifying or confirming the terms of such Bonds to be authenticated and delivered, or the manner of the determination of such terms, which terms may include those set forth in Section 2.01(c), to the extent that such terms are not
specified in the Supplemental Indenture creating and establishing such series of Bonds; provided, that, no such Company Order is required to be delivered if all of the terms of such Bonds are specified in such Supplemental Indenture.

 Section 3.05. Counsel may obtain additional facts; reliance on other documents. If, in connection with the
Opinion of Counsel provided for in Section 3.04(f) or Section 3.04(g), counsel shall request that additional facts or matters be stated in the Engineer’s Certificate provided for in Section 3.04(c), then such
Engineer’s Certificate may state all such additional facts or matters as such counsel may request. In addition, in giving the Opinion of Counsel provided for in Section 3.04(f)(i), counsel may rely upon (i) prior or concurrent
opinions of other counsel, (ii) title insurance policies, title insurance commitments and reports, lien search certificates, certified abstracts of title and other similar evidences of the existence of liens on property and
(iii) certificates of officers and other representatives of the Company and its Affiliates. 
 Section 3.06.
Determination of Cost or Fair Value. The Cost or Fair Value of any Bondable Property and the fair value to the Company in cash of any securities or other property delivered in payment therefor or for the acquisition thereof and the amounts of
any deductions and any additions made in respect of Bondable Property pursuant to Section 1.03(l)(ii) or Section 1.03(l)(iii) shall be determined for the purposes of this Article III by the certificates provided for in
Section 3.04. 
 ARTICLE IV 
 ISSUANCE OF BONDS BASED ON RETIRED BONDS OR RETIRED
EQUAL AND RATABLE NOTES 
 Section 4.01. Requirements
for issuance. Subject to Section 4.02, the Trustee shall, from time to time, after receipt of (a) a written application of the Company to the Trustee signed by an Authorized Executive Officer and its Secretary, an Assistant
Secretary, its Treasurer or an 

  
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Assistant Treasurer, and (b) the Supplemental Indenture creating and establishing a series of Bonds, authenticate and deliver Bonds of such series, or any portion of such series, in a
principal amount equal to and on the basis of the principal amount of any Retired Bonds or Retired Equal and Ratable Notes, but only after the Trustee shall have received: 
 (a) the Board resolution provided for in Section 3.04(a); 
 (b) the
Officers’ Certificate provided for in Section 3.04(b); 
 (c) an Officers’ Certificate, dated the date of such
application, stating that (i) Bonds theretofore authenticated and delivered under this Indenture of a specified principal amount (not less, or together with Retired Equal and Ratable Notes referred to in clause (ii) below not less, than
the principal amount of Bonds for which such request for authentication and delivery is made under this Section 4.01) have become Retired Bonds or concurrently with the authentication and delivery of the Bonds for which such request is
made, will become Retired Bonds and further stating that no part of such principal amount of Bonds has theretofore been Bonded and/or (ii) Equal and Ratable Notes of a specified principal amount (not less, or together with Retired Bonds
referred to in clause (i) above not less, than the principal amount of Bonds for which such request for authentication and delivery is made under this Section 4.01) have become Retired Equal and Ratable Notes or concurrently with
the authentication and delivery of the Bonds for which such request is made will become Retired Equal and Ratable Notes and further stating that no part of such principal amount of Equal and Ratable Notes has theretofore been Bonded; 

(d) the Opinion of Counsel provided for in Section 3.04(g); 

(e) copies of the orders or certificates, or other documents, if any, specified in the Opinion of Counsel provided for in
Section 3.04(g); and 
 (f) the Company Order, if required, provided for in Section 3.04(j). 

Section 4.02. No Bonds issued on basis of Bonded Bonds. No Bonds shall be authenticated and delivered at any time
under this Article IV upon the basis of Bonded Bonds. 
 ARTICLE V 

ISSUANCE OF BONDS BASED ON DEPOSIT
OF CASH WITH TRUSTEE 
 Section 5.01. Requirements
for issuance. The Trustee shall, from time to time, after receipt of (a) a written application of the Company to the Trustee signed by an Authorized Executive Officer and its Secretary, an Assistant Secretary, its Treasurer or an Assistant
Treasurer, and (b) the Supplemental Indenture creating and establishing a series of Bonds, authenticate and deliver Bonds of such series, or any portion of such series, upon deposit with the Trustee by the Company of cash equal to the aggregate
principal amount of the Bonds so requested to be authenticated and delivered, but only after the Trustee shall have received: 

(a) the Board resolution provided for in Section 3.04(a); 

  
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 (b) the Officers’ Certificate provided for in Section 3.04(b); 

(c) the Opinion of Counsel provided for in Section 3.04(g); 

(d) copies of the orders or certificates, or other documents, if any, specified in the Opinion of Counsel provided for in
Section 3.04(g); and 
 (e) the Company Order, if required, provided for in Section 3.04(j). 

Section 5.02. Withdrawal of cash deposited under Section 5.01. All cash deposited with the Trustee under
Section 5.01 shall be held and applied in accordance with Article XI. 
 ARTICLE VI 

Section 6.01. [Reserved.] 
 ARTICLE VII 
 COVENANTS OF THE
COMPANY 
 Section 7.01. Payment of principal and interest. The Company will duly and
punctually pay the principal of, premium, if any, and interest, if any, on all Outstanding Bonds at the times and places and in the manner provided for in the Bonds and this Indenture. 

Section 7.02. Possession, maintenance of Lien and right to mortgage. On the date of the execution of this Indenture
the Company is lawfully seized and possessed of all the Mortgaged Property in existence on such date, free and clear of all liens other than Permissible Encumbrances; the Company will maintain and preserve the Lien of the Mortgage so long as any
Bond is Outstanding, subject to its right to create Prior Liens which are Permissible Encumbrances; and the Company has good right and lawful authority to mortgage the Mortgaged Property, as provided in and by the Mortgage and this Indenture.

 Section 7.03. Corporate existence. The Company will, subject to Article XIII, at all times maintain
its corporate existence and right to carry on business, and duly procure all renewals and extensions thereof, if and when any such renewals and extensions shall be necessary. 
 Section 7.04. Appointment of Trustee. Whenever necessary to avoid or fill a vacancy in the office of Trustee, the Company will in the manner provided in Section 14.14
appoint a Trustee so that there shall be at all times a Trustee which shall at all times be a bank or trust company having its principal office and place of business in the United States of America and a corporation or association organized and
doing business under the laws of the United States of America or of any State or the District of Columbia, with a combined capital and surplus of not less than Fifty Million Dollars ($50,000,000) evidenced as provided in
Section 14.01(a), and authorized under such laws to exercise corporate trust powers and be subject to supervision or examination by Federal, State or District of Columbia authority. 

  
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 Section 7.05. Recordation of Mortgage. The Company will cause the
Mortgage and all Supplemental Mortgages or notices in respect thereof to be promptly recorded and filed and rerecorded and refiled in such manner and in such places as may be required by law in order fully to preserve and protect the security of the
Bondholders and all rights of the Trustee, and will deliver to the Trustee: 
 (a) promptly after the execution and delivery of
the Mortgage and of each Supplemental Mortgage, an Opinion of Counsel either stating that in the opinion of such counsel the Mortgage or such Supplemental Mortgage or notice in respect thereof has been properly recorded and filed, so as to make
effective the Lien of the Mortgage intended to be created hereby, and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to make the Lien of the Mortgage effective. The requirements of
this Section 7.05(a) shall be deemed satisfied if (i) such Opinion of Counsel states that the Mortgage or such Supplemental Mortgage or notice has been received for recording or filing in each jurisdiction in which it is required to
be recorded or filed and that, in the opinion of such counsel (if such is the case), such receipt for recording or filing makes effective the Lien of the Mortgage intended to be created thereby, and (ii) such Opinion of Counsel is delivered to
the Trustee within such time, following the date of the execution and delivery of the Mortgage or such Supplemental Mortgage, as shall be reasonably practicable having due regard to the number and distance of the jurisdictions in which the Mortgage
or such Supplemental Mortgage is required to be recorded or filed; and 
 (b) on or before June 1 of each year, beginning
with the year 2014, an Opinion of Counsel either stating that in the opinion of such counsel such action has been taken, since the date of the most recent Opinion of Counsel furnished pursuant to this Section 7.05(b) or the first Opinion
of Counsel furnished pursuant to Section 7.05(a), with respect to the recording, filing, rerecording and refiling of the Mortgage and of each Supplemental Mortgage, and each notice with respect thereto as is necessary to maintain the
Lien of the Mortgage, and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien. 
 Section 7.06. Paying Agents. (a) If the Company shall appoint one or more Paying Agents other than the Trustee, the Company will cause each such Paying Agent to (i) execute
and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to this Section 7.06, that such Paying Agent shall hold in trust for the benefit of the Bondholders or the Trustee all sums held by
such Paying Agent for the payment of the principal of, premium, if any, and interest on the Bonds; and (ii) that such Paying Agent shall give to the Trustee notice of any default by the Company in the making of any deposit with it for the
payment of the principal of, premium, if any, or interest on the Bonds, and of any default by the Company in the making of any such payment; such Paying Agent shall not be obligated to segregate such sums from other funds of such Paying Agent except
to the extent required by law or unless otherwise directed by the Company. 
 (b) If the Company acts as its own Paying Agent,
the Company will, on or before each installment of principal of, premium, if any, or interest on the Bonds is required to be paid, set aside and segregate and hold in trust for the benefit of the Bondholders or the Trustee a sum sufficient to pay
such principal, premium, if any, or interest on the Bonds and will notify the Trustee of such action, or of any failure to take such action. 

  
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 (c) Anything in this Section 7.06 to the contrary notwithstanding, the Company
may at any time, for the purpose of obtaining a release or satisfaction of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent as required by this
Section 7.06, such sums to be held by the Trustee upon the trusts contained in this Indenture. 
 (d) Anything in
this Section 7.06 to the contrary notwithstanding, the holding of sums in trust as provided in this Section 7.06 is subject to Section 18.02. 
 Section 7.07. Payment of Taxes. The Company will pay all taxes and assessments and other governmental charges lawfully levied or assessed upon the Mortgaged Property, any income from
the Mortgaged Property, or the interest of the Collateral Trustee in the Mortgaged Property, before the same shall result in the attachment of a lien on the Mortgaged Property and will use its best efforts duly to observe and conform to all valid
requirements of any governmental authority relative to any Mortgaged Property, and all covenants, terms and conditions upon or under which any Mortgaged Property is held; provided, however, that nothing in this Section 7.07
shall require the Company to use its best efforts to observe or conform to any requirement of any governmental authority or to cause to be paid or discharged, or to make provisions for, any such lien or charge, or to pay any such tax, assessment or
governmental charge so long as the validity thereof shall be contested in good faith and by appropriate legal or administrative proceedings. 
 Section 7.08. Instruments of further assurance. The Company will execute and deliver such Supplemental Indentures or Supplemental Mortgages and such further instruments and do such
further acts as may be necessary or proper to carry out more effectually the purposes of this Indenture and the Mortgage and to make subject to the Lien of the Mortgage any property (other than Excepted Property) hereafter acquired and intended or
required to be so subject. 
 Section 7.09. Books of record and account. The Company will keep proper books
of record and account, in which full and correct entries shall be made of all dealings or transactions of or in relation to the Bonds and the business, properties and affairs of the Company in accordance with Generally Accepted Accounting
Principles. 
 Section 7.10. Maintenance of Mortgaged Property. The Company will cause the Mortgaged Property
to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on by the Company with the Mortgaged Property may be properly conducted at all times; provided, however, that nothing in this Section 7.10 shall prevent the Company
from discontinuing the operation and maintenance of any Mortgaged Property if, in the judgment of the Company, such discontinuance is desirable in the conduct of its business, and, in the judgment of the Company, is not in any material respect
adverse to the interests of the Bondholders. 

  
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 Section 7.11. Insurance. (a) The Company will keep or cause to be
kept all the Mortgaged Property insured with reasonable deductibles and retentions against loss by fire to the extent that property of similar character is usually so insured by companies similarly situated and operating like properties, by
insurance companies which the Company believes to be reputable; or the Company will, in lieu of or supplementing such insurance in whole or in part, adopt some other method or plan of protection or, alone or in conjunction with any other Person or
Persons, create an insurance fund to protect the Mortgaged Property against loss by fire. 
 (b) Proceeds of any insurance or
alternative method or plan of protection of the Company against losses of the kind specified in Section 7.11(a) shall, at the request of the Company, be paid to the Company or, if received by or held by the Collateral Trustee, then the
Trustee shall instruct the Collateral Trustee to remit such proceeds to the Company, and the Company shall be under no obligation to use such proceeds to rebuild or repair damaged or destroyed Mortgaged Property to the extent that the Fair Value of
all of the Mortgaged Property after the damage or destruction of Mortgaged Property with respect to which such proceeds are payable equals or exceeds an amount equal to 10/7 (ten sevenths) of the sum of (x) the aggregate principal amount of
Outstanding Bonds plus (y) the aggregate principal amount of outstanding Equal and Ratable Notes plus (z) the aggregate principal amount of outstanding Prior Lien Debt, as evidenced by, and within ten (10) days after
receipt by the Trustee of: 
 (i) an Engineer’s Certificate stating that the Fair Value of the Mortgaged
Property remaining after such damage or destruction of Mortgaged Property is a specified amount; 
 (ii) an
Accountant’s Certificate stating that the Fair Value of all of the Mortgaged Property, as certified in the Engineer’s Certificate provided for in Section 7.11(b)(i) equals or exceeds an amount equal to 10/7 (ten sevenths) of
the sum of (x) the aggregate principal amount of Outstanding Bonds plus (y) the aggregate principal amount of the outstanding Equal and Ratable Notes plus (z) the aggregate principal amount of the outstanding Prior Lien
Debt; and 
 (iii) an Officers’ Certificate and Opinion of Counsel pursuant to Section 21.01(b).

 (c) To the extent that the Fair Value of all of the Mortgaged Property after such damage or destruction of Mortgaged Property
does not equal or exceed an amount equal to 10/7 (ten sevenths) of the sum of (x) the aggregate principal amount of Outstanding Bonds plus (y) the aggregate principal amount of the outstanding Equal and Ratable Notes plus
(z) the aggregate principal amount of the outstanding Prior Lien Debt, as evidenced by an Engineer’s Certificate and an Accountant’s Certificate similar to those described in Section 7.11(b)(i) and (ii),
(i) the proceeds of such insurance paid with respect to any such loss shall be paid to the Collateral Trustee, as the interest of the Collateral Trustee may appear, or to the trustee or other mortgagee under any Prior Lien upon the Mortgaged
Property so destroyed or damaged, if the terms of such Prior Lien require such proceeds so to be paid; or (ii) if the Company shall adopt such other method or plan, it will pay or cause to be paid to the Collateral Trustee on account of any
loss sustained because of the destruction or damage of any Mortgaged Property by fire, an amount of cash equal to such loss less any amount otherwise paid with respect to such loss to the Collateral

  
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Trustee, or to the trustee or other mortgagee under any such Prior Lien upon the Mortgaged Property so destroyed or damaged, if the terms of such Prior Lien require payments for such loss so to
be paid. Any amounts of cash so required to be paid by the Company pursuant to any such method or plan shall for the purposes of this Indenture, the Mortgage and the Collateral Trust Agreement be deemed to be proceeds of insurance. 

(d) The Trustee shall direct the Collateral Trustee to hold, subject to Section 7.11(b) and to the requirements of any
Prior Lien, all moneys paid to the Collateral Trustee by the Company or received by the Collateral Trustee as proceeds of any insurance and, subject to such requirements, the Trustee shall, at the request of the Company, direct the Collateral
Trustee to pay such moneys to the Company to reimburse the Company for an equal amount spent for the purchase or other acquisition of property which becomes Mortgaged Property at the time of such purchase or acquisition, or in the rebuilding or
renewal of the Mortgaged Property destroyed or damaged, upon receipt by the Trustee of (i) an Officers’ Certificate requesting such reimbursement, (ii) an Accountant’s Certificate stating the amounts so spent and the Cost of any
Mortgaged Property so purchased or acquired, (iii) an Engineer’s Certificate stating the nature of such rebuilding or renewal and the Fair Value of the Mortgaged Property so rebuilt or renewed, (iv) an Opinion of Counsel to the effect
that the Mortgaged Property so purchased, rebuilt or renewed is subject to the Lien of the Mortgage to the same extent as was the Mortgaged Property so destroyed or damaged, and (v) an Officers’ Certificate and Opinion of Counsel pursuant
to Section 21.01(b). 
 (e) Any moneys not applied in accordance with Section 7.11(d) within
eighteen (18) months after the receipt of such moneys by the Collateral Trustee, or in respect of which notice in writing of the intention of the Company to apply such moneys to the work of rebuilding or renewal then in progress and uncompleted
shall not have been given to the Trustee by the Company within such eighteen (18) months, or which the Company shall at any time notify the Trustee is not to be so applied, shall be held and applied in accordance with Article XI.

 (f) There shall be delivered to the Trustee, on or before June 1 of each year, a detailed statement, signed
by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the Company, of any fire insurance policies then outstanding and in force upon any Mortgaged Property, including the names of the insurance companies which have
issued such policies and the policy amounts and expiration dates thereof, together with a detailed statement, signed by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the Company, of any alternative method or
plan of protection. Any such detailed statement shall be sufficient if it refers to the most recent prior statement delivered pursuant to this Section 7.11(f) and describes in detail the changes, if any, that have occurred since the date
of such prior statement. 
 Section 7.12. Issuance of Additional Equal and Ratable Notes. So long as
any Bonds are Outstanding, the Company will not issue any debt securities, other than additional Bonds, which are required by their terms to be equally and ratably secured with the Bonds, except to replace any mutilated, lost, destroyed or stolen
Equal and Ratable Notes or to effect exchanges and transfers of Equal and Ratable Notes. 

  
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 Section 7.13. Annual Officer’s Certificate as to Compliance. Not
later than June 1 in each year, commencing June 1, 2014, the Company shall deliver to the Trustee an Officer’s Certificate which need not comply with the requirements of Section 21.01, executed by its principal executive
officer, principal financial officer or principal accounting officer, as to such officer’s knowledge of the Company’s compliance with all conditions and covenants under this Indenture, such compliance to be determined without regard to any
period of grace or requirement of notice under this Indenture. 
 ARTICLE VIII 

COLLATERAL 
 Section 8.01. Collateral Trust Agreement. (a) Each Bondholder, by accepting a Bond, (i) agrees that the Lien of the Mortgage on the Mortgaged Property is subject to the terms
of the Collateral Trust Agreement and equally and ratably secures the Secured Obligations (as defined therein) and hereby authorizes and directs the Trustee to enter into the Collateral Trust Agreement as such Bondholder’s authorized
representative thereunder, and further agrees that such Bondholder is bound by the provisions of the Collateral Trust Agreement applicable to such Bondholder in its capacity as such to the same extent as if such Bondholder were a party thereto.

 (b) Each Bondholder, by accepting a Bond, will be deemed (i) to have irrevocably authorized the appointment of the
Collateral Trustee pursuant to the terms of the Collateral Trust Agreement, to act as its agent under the Collateral Trust Agreement, the Mortgage and any Supplemental Mortgages, and (ii) to have irrevocably authorized the Collateral Trustee to
perform the duties and exercise the rights, powers and discretions that are specifically given to it under the Collateral Trust Agreement, the Mortgage and any Supplemental Mortgages, together with any other rights, powers and discretions as are
reasonably incidental thereto. 
 Section 8.02. Relative rights. The Collateral Trust Agreement and Mortgage
define the relative rights, as lienholders, of the Bondholders and the holders of Equal and Ratable Notes with respect to the Mortgaged Property. Nothing in this Indenture, the Collateral Trust Agreement, the Mortgage or any Supplemental Mortgage
will: 
 (a) impair, as between the Company and Bondholders, the obligation of the Company, which is absolute and unconditional,
to pay principal of, premium and interest on any Bonds in accordance with their terms or to perform any other obligation of the Company under this Indenture, the Bonds, the Collateral Trust Agreement, the Mortgage or any Supplemental Mortgage;

 (b) restrict the right of any Bondholder to sue for payments that are then due and owing, in a manner not inconsistent with
the express provisions of the Indenture, the Collateral Trust Agreement, the Mortgage or any Supplemental Mortgage; or 
 (c)
prevent the Trustee or (to the extent permitted by the Indenture) any Bondholder from exercising against the Company any of its other available remedies upon a Default (other than its rights as a secured party, which are subject to the Collateral
Trust Agreement, the Mortgage and any Supplemental Mortgages). 

  
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 Section 8.03. Mortgage documents. (a) The payment of the principal
of, premium, if any, and interest, if any, on all Bonds issued and Outstanding under this Indenture when payable in accordance with the provisions thereof and hereof are secured as provided in the Collateral Trust Agreement and the Mortgage and will
be secured by the Mortgage hereafter delivered as required or permitted by this Indenture. 
 (b) The Company will deliver to
the Trustee true and complete copies of all documents delivered to the Collateral Trustee pursuant to the Collateral Trust Agreement, and will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by
the provisions of the Collateral Trust Agreement, to assure and confirm to the Trustee and the Collateral Trustee the security interest in the Mortgaged Property contemplated hereby, by the Collateral Trust Agreement, the Mortgage or any
Supplemental Mortgage, or by any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Bonds secured hereby, according to the intent and purposes herein
expressed. 
 (c) The Company shall take all such further actions necessary to maintain (at the sole cost and expense of the
Company) the security interests created by the Collateral Trust Agreement, the Mortgage and any Supplemental Mortgages in the Mortgaged Property as perfected security interests to the extent perfection is required by the Collateral Trust Agreement,
the Mortgage or any Supplemental Mortgages, subject to Permissible Encumbrances. 
 Section 8.04. Trustee and
Collateral Trustee. (a) The Bondholders, by accepting a Bond, acknowledge that the Collateral Trustee shall have all the rights and protections provided in the Collateral Trust Agreement, the Mortgage and any Supplemental Mortgage.

 (b) Except as required or permitted by the Collateral Trust Agreement, the Mortgage and any Supplemental Mortgages, the
Bondholders, by accepting a Bond, acknowledge that the Collateral Trustee will not be obligated: 
 (i) to act
upon directions purported to be delivered to it by any Person, except in accordance with the Collateral Trust Agreement, the Mortgage and any Supplemental Mortgages; 

(ii) to foreclose upon or otherwise enforce any Lien of the Mortgage on the Mortgaged Property; or 

(iii) to take any other action whatsoever with regard to the Lien of the Mortgage on the Mortgaged Property or the
Collateral Trust Agreement, the Mortgage or any Supplemental Mortgages. 
 Section 8.05. Authorization of actions
to be taken. (a) Each Bondholder, by accepting a Bond, (i) consents and agrees to the terms of each of the Collateral Trust Agreement, the Mortgage and any Supplemental Mortgage, as originally in effect and as amended, supplemented or
replaced from time to time, each in accordance with its respective terms and the terms of this Indenture, (ii) authorizes and directs the Trustee and the Collateral Trustee to enter into the Collateral Trust Agreement, the Mortgage and any
Supplemental Mortgage to which each may be a party, and (iii) authorizes and empowers the Trustee and the Collateral Trustee to bind the Bondholders as set forth in the Collateral Trust Agreement, the Mortgage or any Supplemental Mortgage to
which the Trustee or the Collateral Trustee is a party, and to perform its obligations and exercise its rights and powers thereunder. 
 (b) Each Bondholder, by accepting a Bond, authorizes and directs the Trustee and the Collateral Trustee to enter into one or more amendments to the Collateral Trust Agreement or

  
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enter into any additional collateral trust or intercreditor agreement or any Supplemental Mortgage in accordance with the provisions of this Indenture, the Collateral Trust Agreement, the
Mortgage and any Supplemental Mortgages. 
 (c) At the written direction of the Company and without the consent of the
Bondholders, the Trustee and the Collateral Trustee shall (so long as not prohibited by this Indenture) from time to time enter into one or more amendments to the Collateral Trust Agreement or any additional intercreditor agreement or deed to:
(i) cure any ambiguity, omission, defect or inconsistency therein, (ii) add guarantors or other parties so long as such addition will not materially impair the security of this Indenture or materially adversely affect the Outstanding Bonds
thereto, (iii) further secure the Bonds (including any additional Bonds issued under this Indenture) and, as applicable, the Equal and Ratable Notes, (iv) provide more fully or clearly for the equal and ratable sharing of the Lien of the
Mortgage in accordance with the intent set forth in Section 7.01 of the Collateral Trust Agreement, (v) remove any series of the Equal and Ratable Notes from the equal and ratable sharing in the Lien of the Mortgage, in whole or in part,
to the extent such sharing is no longer required under the terms of the 2002 Notes Indenture or 2006 Notes Indenture, as applicable, for such series of Notes, (vi) otherwise remove, lessen or release any Lien or rights provided for the benefit
of the Equal and Ratable Notes (or any portion thereof) to the extent the Company determines that such Lien or rights are not required to be granted for the benefit of the Equal and Ratable Notes (or such portion thereof) or (vii) make any
other such change thereto which will not materially impair the security of this Indenture or materially adversely affect the Outstanding Bonds. The Company shall not, except as provided in Section 15.01, otherwise direct the Trustee or
the Collateral Trustee to enter into any amendment to the Collateral Trust Agreement or, if applicable, any additional intercreditor agreement or deed, without the consent of the holders of a majority in principal amount of the Outstanding Bonds.

 (d) Each Bondholder, by accepting a Bond, shall be deemed to have (i) appointed and authorized the Trustee to give
effect to such provisions in Section 8.05(c); (ii) authorized the Trustee to become a party to any future collateral trust or intercreditor arrangements described in Section 8.05(b); (iii) agreed to be bound by such
provisions in Section 8.05(b) and the provisions of any future intercreditor arrangements described in Section 8.05(b); and (iv) irrevocably appointed the Trustee to act on its behalf to enter into and comply with such
provisions in Section 8.05(b) and the provisions of any future intercreditor arrangements in Section 8.05(b). 
 (e) Each of the Trustee and the Collateral Trustee is authorized and empowered to receive for the benefit of the Bondholders any funds collected by or distributed to the Collateral Trustee under the
Collateral Trust Agreement and, subject to the terms of the Collateral Trust Agreement, to make further distributions of such funds to the Bondholders according to the provisions of this Indenture. 

  
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 (f) Subject to the provisions of Section 12.06,
Section 14.01, Section 14.02 and the Collateral Trust Agreement, the Trustee may, and upon the written direction of the Bondholders holding a majority of the aggregate outstanding principal amount of the Bonds shall, on
behalf of the Bondholders, direct the Collateral Trustee to take all actions it deems necessary or appropriate in order to:  
 (i) foreclose upon or otherwise enforce the Lien of the Mortgage on the Mortgaged Property; or 
 (ii) enforce any of the terms of the Collateral Trust Agreement, the Mortgage or any Supplemental Mortgage. 
 Section 8.06. Collateral Trustee as Third Party Beneficiary. Sections 7.10 and 7.11 and Article VIII are intended for the benefit of, and shall be enforceable as a
third party beneficiary by, the Collateral Trustee as a holder of Lien of the Mortgage on the Mortgaged Property. 
 ARTICLE
IX 
 REDEMPTION OF BONDS 

Section 9.01. Certain Bonds redeemable. Any Outstanding Bonds which are, by their terms, redeemable before maturity,
at the option of the Company or pursuant to the requirements of this Indenture, may be redeemed at such times, in such amounts and at such prices as may be specified therein and in accordance with this Article IX. 

Section 9.02. General provisions and mechanics of redemption. (a) If less than all of the Outstanding Bonds of
any series are to be redeemed, the particular Bonds or portions thereof to be redeemed shall be selected by the Trustee from the Outstanding Bonds of such series which have not previously been called for redemption by lot or such other method as the
Trustee shall deem appropriate, but special provisions for the selection of the particular Bonds to be redeemed within a particular series may be provided by the Supplemental Indenture which creates and establishes such series or a Company Order.

 (b) Unless otherwise provided in a Supplemental Indenture, notice of the intention of the Company to redeem any Bonds
shall be mailed to the holders of such Bonds not less than thirty (30) nor more than sixty (60) days before the date fixed for such redemption, at the last address appearing for each of such holders in the Bond register maintained pursuant
to Section 2.06. If less than all Bonds of any particular series are to be redeemed and unless otherwise provided in the Supplemental Indenture which creates and establishes a particular series of Bonds or in a Company Order, the numbers
of particular Bonds to be redeemed shall be stated in such notice and may be stated: (i) individually; (ii) in groups from one number to another number, both inclusive, except such as shall have been previously called for redemption or
otherwise retired; or (iii) in any other way satisfactory to the Trustee. 
 (c) If at the time of mailing of any
notice of redemption the Company shall not have irrevocably directed the Trustee to apply from moneys and/or the proceeds of Eligible Obligations deposited with the Trustee or held by it and available to be used for the redemption of Bonds
sufficient to redeem all the Bonds called for redemption, such notice may state that it is subject to the receipt of such moneys and/or the proceeds of Eligible Obligations by the Trustee before the date fixed for redemption and such notice shall be
of no effect unless such moneys and/or proceeds of Eligible Obligations are so received on or before such date. 

  
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 (d) Failure duly to give notice of the intention of the Company to redeem any Bond by
mailing to the owner or holder of such Bond shall not affect the validity of the proceedings for the redemption of any other Bond. 
 Section 9.03. Bonds due on redemption date. Mailing of the notice of redemption having been completed as provided in Section 9.02(b) or 9.02(c) and the Company
having before the redemption date specified in such notice irrevocably directed the Trustee to apply from moneys and/or proceeds of Eligible Obligations deposited with the Trustee or held by it and available to be used for the redemption of Bonds,
moneys and/or the proceeds from such Eligible Obligations in an amount sufficient to redeem all of the Bonds called for redemption, including accrued interest, the Bonds called for redemption shall become due and payable on such redemption date.

 Section 9.04. Moneys for redemption held in trust. All moneys and/or Eligible Obligations held
by the Trustee for the redemption of Bonds shall, subject to Section 18.02, be held in trust for the account of the holders of the Bonds so to be redeemed, and such moneys and/or the proceeds of such Eligible Obligations shall be paid to
them respectively, upon presentation and surrender of such Bonds. On and after such date fixed for redemption, if moneys and/or proceeds of Eligible Obligations in the amount necessary for the redemption of the Bonds to be redeemed shall be held by
the Trustee for that purpose, such Bonds shall cease to bear interest and shall cease to be entitled to the Lien of the Mortgage. 
 Section 9.05. Partial redemption of Bond. If any Bond shall be called for redemption in part only, the notice of such redemption shall specify the principal amount thereof to be
redeemed, and such Bond shall be presented for cancellation at or after the date fixed for the redemption of such Bonds so called for redemption, and thereupon the payment with respect to such Bonds shall be made upon surrender of such Bonds, and a
Bond or Bonds for the unpaid balance of the principal amount of the Bonds so presented and surrendered shall be executed by the Company and authenticated and delivered by the Trustee without charge therefor to the holder thereof. 

ARTICLE X 

POSSESSION, USE AND RELEASE 

OF THE MORTGAGED PROPERTY 

Section 10.01. [Reserved.] 
 Section 10.02. Actions without consent of Trustee. The Company may at any time and from time to time, without any release or consent by the Trustee: 

(a) sell or otherwise dispose of, free from the Lien of the Mortgage, or abandon or otherwise retire, any personality or fixtures which
are part of the Mortgaged Property and which, in the judgment of the Company, shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the Company’s electric generating,
transmission and distribution operations or, if property which is an integral part of or used or to be used as an integral part of the gas distribution operations of the Company becomes Mortgaged Property, in the Company’s gas distribution
operations; 

  
 37 

 (b) cancel or make changes in or alterations of or substitutions for any and all leases;

 (c) alter, change the location of, add to, repair or replace any and all transmission and distribution lines, pipes,
substations, machinery, fixtures or other equipment; 
 (d) cancel, make changes in or substitutions for or dispose of any and
all rights of way (including easements and licenses); 
 (e) surrender or assent to the modification of any franchise (including
in that term any ordinances, indeterminate permits, licenses or other operating rights, however denominated, granted by Federal, state, municipal or other governmental authority) under which the Company may be operating if, in the judgment of the
Company, it is advisable to do so; 
 (f) abandon, or permit the abandonment of, the operation of any Mortgaged Property
and surrender any franchise (including in that term any ordinances, indeterminate permits, licenses or other operating rights, however denominated, granted by Federal, state, municipal or other governmental authority) under which such Mortgaged
Property is operated, if, in the judgment of the Company, the operation of such Mortgaged Property and such franchise is not, under the circumstances, necessary or important for the operation of the remaining Mortgaged Property, or whenever the
Company deems such abandonment or surrender to be advisable for any reason; provided, however, that if the amount at which such Mortgaged Property and all other Mortgaged Property so abandoned or surrendered during the same calendar
year was originally charged to the fixed property accounts of the Company is equal to 10% or more of the aggregate principal amount of Bonds Outstanding immediately prior to such abandonment or surrender, there shall be furnished to the Trustee an
Independent Engineer’s Certificate to the effect that neither such Mortgaged Property nor such franchise is, under the circumstances, necessary or important for the operation of the remaining property of the Company or that such abandonment or
surrender is advisable for some other specified reason, and in either case that such abandonment or surrender will not impair the security under this Indenture in contravention of the provisions hereof; and 

(g) grant or convey rights of way and easements over or in respect of any real Mortgaged Property owned by the Company,
provided that such grant or conveyance will not, in the judgment of the Company, impair the usefulness of such real Mortgaged Property in the Company’s electric generating, transmission and distribution operations or, if property which
is an integral part of or used or to be used as an integral part of the gas distribution operations of the Company becomes Mortgaged Property, in the Company’s gas distribution operations. 

Section 10.03. Release of Mortgaged Property if Bonding ratio test satisfied. Subject to
Section 10.12, upon receipt of a written application of the Company to the Trustee signed by an Authorized Executive Officer, the Trustee shall direct the Collateral Trustee to execute and deliver to the Company the documents and
instruments described in Section 10.03(a), releasing from the Lien of the Mortgage any Mortgaged Property if the Fair Value of all of the Mortgaged Property (excluding the Mortgaged Property to be released but including any Mortgaged
Property to be acquired by the Company with the proceeds of, or otherwise in connection with, such release) stated on the Engineer’s Certificates delivered pursuant to Section 10.03(b) and Section 10.03(c) equals or
exceeds an amount equal to 10/7 (ten sevenths) of the sum of (x) the 

  
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aggregate principal amount of Outstanding Bonds plus (y) the aggregate principal amount of outstanding Equal and Ratable Notes plus (z) the aggregate principal amount
of outstanding Prior Lien Debt at the date of such application as stated on the Accountant’s Certificate delivered pursuant to Section 10.03(d), upon receipt by the Trustee of: 

(a) documents and instruments releasing without recourse the interest of the Collateral Trustee in the Mortgaged Property to be released,
and describing in reasonable detail the Mortgaged Property to be released; 
 (b) an Engineer’s Certificate, dated the date
of such application, stating (i) that the signer of such Engineer’s Certificate has examined such Officers’ Certificate in connection with such release, (ii) the Fair Value, in the opinion of the signer of such Engineer’s
Certificate, of (A) all of the Mortgaged Property, and (B) the Mortgaged Property to be released, in each case as of a date not more than ninety (90) days prior to the date of such application, and (iii) that in the opinion of
such signer, such application will not impair the security under this Indenture in contravention of the provisions hereof; 

(c) in case any Bondable Property is being acquired by the Company with the proceeds of, or otherwise in connection with, such release,
an Engineer’s Certificate, dated the date of such application, as to the Fair Value, as of a date not more than ninety (90) days prior to the date of such application, of the Bondable Property being so acquired (and if within six
(6) months prior to the date of acquisition by the Company of the Bondable Property being so acquired, such Bondable Property has been used or operated by a Person or Persons other than the Company in a business similar to that in which it has
been or is to be used or operated by the Company, and the Fair Value to the Company of such Bondable Property, as set forth in such Certificate, is not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time
Outstanding, such certificate shall be an Independent Engineer’s Certificate); 
 (d) an Accountant’s
Certificate, dated the date of such application, stating the sum of (x) the aggregate principal amount of Outstanding Bonds plus (y) the aggregate principal amount of outstanding Equal and Ratable Notes plus (z) the
aggregate principal amount of outstanding Prior Lien Debt at the date of such application, and stating that the Fair Value of all of the Mortgaged Property (excluding the Mortgaged Property to be released but including any Bondable Property to be
acquired by the Company with proceeds of, or otherwise in connection with, such release) stated on the Engineer’s Certificates filed pursuant to Section 10.03(b) and Section 10.03(c) equals or exceeds an amount equal to
10/7 (ten sevenths) of such sum; 
 (e) an Officers’ Certificate, dated the date of such application,
pursuant to Section 21.01(b) and stating that no event has occurred and is continuing that constitutes a Default; and 
 (f) an Opinion of Counsel, dated the date of such application, pursuant to Section 21.01(b). 
 Section 10.04. Release of limited amount of Mortgaged Property. If the Company is unable, or elects not, to obtain, in accordance with Section 10.03, the release from
the Lien of the Mortgage of Mortgaged Property, subject to Section 10.12, upon receipt of a written application of the Company to the Trustee signed by an Authorized Executive Officer, the Trustee shall

  
 39 

 
direct the Collateral Trustee to execute and deliver to the Company the documents and instruments described in Section 10.04(a) releasing from the Lien of the Mortgage any
Mortgaged Property if the Fair Value thereof, as stated on the Engineer’s Certificate delivered pursuant to Section 10.04(b), is less than
 1/2 of 1% of the sum of (x) the aggregate principal amount of Outstanding Bonds plus (y) the aggregate principal amount of outstanding Equal and Ratable Notes plus (z) the
aggregate principal amount of outstanding Prior Lien Debt at the date of such application, provided that the aggregate Fair Value of all Mortgaged Property released pursuant to this Section 10.04, as stated on all Engineer’s
Certificates filed pursuant to this Section 10.04(b) in any period of twelve (12) consecutive calendar months which includes the date of such Engineer’s Certificate, shall not exceed 1% of the aggregate principal amount of
Outstanding Bonds, outstanding Equal and Ratable Notes and outstanding Prior Lien Debt at the date of such application as stated on the Accountant’s Certificate delivered pursuant to Section 10.04(c), upon receipt by the Trustee
of: 
 (a) documents and instruments releasing without recourse the interest of the Collateral Trustee in the
Mortgaged Property to be released, and describing in reasonable detail the Mortgaged Property to be released; 
 (b) an
Engineer’s Certificate, dated the date of such application, stating (i) that the signer of such Engineer’s Certificate has examined such Officers’ Certificate in connection with such release, (ii) the Fair Value, in the
opinion of the signer of such Engineer’s Certificate, of such Mortgaged Property to be released as of a date not more than ninety (90) days prior to the date of such application, and (iii) that in the opinion of such signer such
release will not impair the security under this Indenture in contravention of the provisions hereof; 

(c) an Accountant’s Certificate, dated the date of such application, stating (i) the sum of
(x) the aggregate principal amount of Outstanding Bonds plus the (y) the aggregate principal amount of outstanding Equal and Ratable Notes plus (z) the aggregate principal amount of outstanding Prior Lien Debt at the
date of such application, (ii) that
 1/2 of 1% of such sum exceeds the Fair Value of the Mortgaged Property for which such release is applied for, and (iii) that 1% of such sum exceeds the aggregate Fair Value of all Mortgaged Property
released from the Lien of the Mortgage pursuant to this Section 10.04, as shown by all Engineer’s Certificates filed pursuant to Section 10.04(b) in such period of twelve (12) consecutive calendar months;

 (d) an Officers’ Certificate, dated the date of such application, pursuant to
Section 21.01(b) and stating that no event has occurred and is continuing that constitutes a Default; and 

(e) an Opinion of Counsel, dated the date of such application, pursuant to Section 21.01(b). 

Section 10.05. Release of Mortgaged Property not subject to a Prior Lien. (a) If the Company is unable, or elects
not, to obtain, in accordance with Section 10.03, the release from the Lien of the Mortgage of Mortgaged Property which is not subject to a Prior Lien, subject to Section 10.12 and on the basis of cash, Governmental
Obligations, purchase money obligations, Bondable Property acquired by the Company with the proceeds of, or otherwise in connection with, such release, or the waiver of the right to the authentication and delivery of Bonds as described in
Section 10.05(a)(iii)(B), or a combination thereof, upon receipt of a written 

  
 40 

 
application of the Company to the Trustee signed by an Authorized Executive Officer, the Trustee shall direct the Collateral Trustee to execute and deliver to the Company the documents and
instruments described in Section 10.05(a)(i) releasing such Mortgaged Property from the Lien of the Mortgage, upon receipt by the Trustee or Collateral Trustee, as applicable, of: 

(i) documents and instruments releasing without recourse the interest of the Collateral Trustee in the Mortgaged Property
to be released, describing in reasonable detail the Mortgaged Property to be released and stating the amount and character of the proceeds to be received by the Company therefor; 

(ii) an Engineer’s Certificate, dated the date of such application, stating (A) that the signer of such
Engineer’s Certificate has examined such Officers’ Certificate in connection with such release, (B) the Fair Value, in the opinion of the signer of such Engineer’s Certificate, of the Mortgaged Property to be released as of a
date not more than ninety (90) days prior to the date of such application, (C) the fair value to the Company in cash, in the opinion of such signer (which opinion may be based on an Appraiser’s Certificate), of any Governmental
Obligations and purchase money obligations included in the consideration for such release and (D) that in the opinion of such signer such release will not impair the security under this Indenture in contravention of the provisions hereof;

 (iii) (A) an aggregate amount of Governmental Obligations and purchase money obligations having a fair
value to the Company in cash as evidenced by an Appraiser’s Certificate, cash and evidence of the acquisition by the Company of Bondable Property with the proceeds of, or otherwise in connection with, such release (the amount of such Bondable
Property shall be the Fair Value thereof as of a date not more than ninety (90) days prior to the date of such application, as evidenced to the Trustee by an Engineer’s Certificate dated the date of such application, and if within six
months prior to the date of acquisition by the Company of the Bondable Property being so acquired such Bondable Property has been used or operated by a Person or Persons other than the Company in a business similar to that in which it has been or is
to be used or operated by the Company, and the Fair Value of such Bondable Property, as stated in such Certificate, is not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time Outstanding, such certificate
shall be an Independent Engineer’s Certificate), such that the sum of (x) 100% of the fair value of the cash and Governmental Obligations received plus (y) 70% of the fair value of such purchase money obligations received,
plus (z) 70% of the Fair Value of such Bondable Property received equals or exceeds 70% of the Fair Value, as stated in the Engineer’s Certificate described in Section 10.05(a)(ii), of the Mortgaged Property to be released,
or (B) an Officers’ Certificate, dated the date of such application, waiving the right of the Company to the authentication and delivery of an aggregate principal amount of Bonds up to the amount required by
Section 10.05(a)(iii)(A), on the basis of Retired Bonds or Retired Equal and Ratable Notes under Article IV and stating the matters required to be stated in the Officers’ Certificates provided for in
Section 3.04(b) and in Section 4.01(c), appropriately modified to reflect that the action being taken is the waiver of the right to, rather than a request for, the authentication and delivery of Bonds, or (C), a combination
of the items specified in Section 10.05(a)(iii)(A) and (B); 

  
 41 

 (iv) in case any obligations secured by purchase money mortgage upon the
Mortgaged Property to be released are included in the consideration for such release and are delivered to the Collateral Trustee in connection with such release, an Opinion of Counsel, dated the date of such application, stating that such
obligations are valid obligations and that any purchase money mortgage securing such obligations is closed and is, or upon recording or filing in designated places will be, sufficient to afford a valid lien upon the Mortgaged Property to be released
from the Lien of the Mortgage, subject to no lien prior thereto, except such liens, if any, as shall have existed thereon immediately prior to such release as Permissible Encumbrances; 

(v) an Officers’ Certificate, dated the date of such application, pursuant to Section 21.01(b) and
stating that no event has occurred and is continuing that constitutes a Default; and 
 (vi) an
Opinion of Counsel, dated the date of such application, pursuant to Section 21.01(b). 
 (b) Any purchase money
obligations received or to be received by the Collateral Trustee in consideration for the release of any Mortgaged Property from the Lien of the Mortgage by the Collateral Trustee upon the direction of the Trustee, and the purchase money mortgage
securing such purchase money obligations shall be released by the Collateral Trustee from the Lien of the Mortgage and delivered or assigned to the Company, or as it shall request, upon payment by the Company to the Collateral Trustee of the unpaid
principal of such purchase money mortgage and/or of the obligations thereby secured; the principal of any such purchase money obligations not so released shall be paid to or collected by the Collateral Trustee as and when such principal shall become
payable, and the Collateral Trustee may take any action which in its judgment may be desirable or necessary to preserve the security of such purchase money mortgage. 
 (c) Any cash received by the Collateral Trustee pursuant to this Section 10.05 shall be held and applied in accordance with Article XI. 

Section 10.06. Release of Mortgaged Property subject to a Prior Lien. (a) If the Company is unable, or elects
not, to obtain, in accordance with Section 10.03, the release from the Lien of the Mortgage of Mortgaged Property which is subject to a Prior Lien, subject to Section 10.12, upon receipt of a written application of the
Company to the Trustee signed by an Authorized Executive Officer, the Trustee shall direct the Collateral Trustee to execute and deliver to the Company the documents and instruments described in Section 10.06(a)(i) releasing such
Mortgaged Property from the Lien of the Mortgage if there has been or is being substituted for such Mortgaged Property, by delivery to the Collateral Trustee (at least in proportion to the extent such Mortgaged Property has been Bonded) and to the
trustee, mortgagee or other holder of such Prior Lien, an aggregate amount of Governmental Obligations or purchase money obligations having a fair value to the Company in cash as evidenced by an Appraiser’s Certificate, cash and evidence of
Bondable Property acquired by the Company with the proceeds of, or otherwise in connection with, such release, or the waiver of the right to the authentication and delivery of Bonds as described in Section 10.06(a)(v)(B), or a
combination thereof, not less than the amount referred to in Section 10.06(a)(v)(A) below, upon receipt by the Trustee, the Collateral Trustee or the trustee, mortgagee or other holder of such Prior Lien (as applicable) of: 

(i) documents and instruments releasing without recourse the interest of the Collateral Trustee in the Mortgaged Property
to be released, describing in reasonable detail the Mortgaged Property to be released; 

  
 42 

 (ii) an Officers’ Certificate, dated the date of such application,
describing in reasonable detail the Prior Lien to which such Mortgaged Property is subject, the amount of cash, Governmental Obligations, or purchase money obligations to be delivered to the trustee, mortgagee or other holder of such Prior Lien
and/or to the Collateral Trustee, or both, and any Bondable Property acquired by the Company with the proceeds of, or otherwise in connection with, such release, in each case in substitution for such Mortgaged Property, and stating the reason for
such release; 
 (iii) an Opinion of Counsel, dated the date of such application, that the Mortgaged Property to
be released from the Lien of the Mortgage is subject to the Prior Lien described in the foregoing Officers’ Certificate, and that, based upon documents received by such counsel, the Company appears to have complied with all the terms and
conditions for such release under such Prior Lien; 
 (iv) an Engineer’s Certificate, dated the date of such
application, stating (A) that the signer of such Engineer’s Certificate has examined such Officers’ Certificate in connection with such application, (B) the Fair Value, in the opinion of such signer, of the Mortgaged Property to
be released as of a date not more than ninety (90) days prior to the date of such application, (C) the fair value to the Company in the opinion of such signer (which opinion may be based on an Appraiser’s Certificate), of any
Governmental Obligations and purchase money obligations included in the consideration for such release and (D) that in the opinion of such signer such release will not impair the security under this Indenture in contravention of the provisions
hereof; 
 (v) (A) an aggregate amount of Governmental Obligations and purchase money obligations having a
fair value to the Company in cash as evidenced by an Appraiser’s Certificate, cash and evidence of the acquisition by the Company of Bondable Property with the proceeds of, or otherwise in connection with, such release (the amount of such
Bondable Property shall be the Fair Value thereof as of a date not more than ninety (90) days prior to the date of such application, as evidenced to the Trustee by an Engineer’s Certificate dated the date of such application, and if within
six (6) months prior to the date of acquisition by the Company of the Bondable Property being so acquired such Bondable Property has been used or operated by a Person or Persons other than the Company in a business similar to that in which it
has been or is to be used or operated by the Company, and the Fair Value of such Bondable Property, as stated in such Certificate, is not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time Outstanding, such
certificate shall be an Independent Engineer’s Certificate), such that the sum of (x) 100% of the fair value of the Governmental Obligations and the cash received plus (y) 70% of the fair value of such purchase money obligations received
plus (z) 70% of the Fair Value of such Bondable Property received equals or exceeds 70% of the Fair Value, as stated in the Engineer’s Certificate described in Section 10.06(a)(iv), of the Mortgaged Property to be
released; 

  
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or (B) an Officers’ Certificate, dated the date of such application, waiving the right of the Company to the authentication and delivery of an aggregate principal amount of Bonds up
to the amount required by Section 10.06(a)(v)(A), on the basis of Retired Bonds or Retired Equal and Ratable Notes under Article IV and stating the matters required to be stated in the Officers’ Certificates provided for in
Section 3.04(b) and in Section 4.01(c), in either case appropriately modified to reflect that the action being taken is the waiver of the right to, rather than a request for, the authentication and delivery of Bonds, or
(C) a combination of the items specified in Section 10.06(a)(v)(A) and (B); 

(vi) in case any obligations secured by purchase money mortgage upon the Mortgaged Property to be released are included in
the consideration for such release and are delivered to the Collateral Trustee in connection with such application, an Opinion of Counsel, dated the date of such application, stating that such obligations are valid obligations and that any purchase
money mortgage securing such obligations is closed and is, or upon recording or filing in designated places will be, sufficient to afford a valid lien upon the Mortgaged Property to be released from the Lien of the Mortgage, subject to no lien prior
thereto, except such liens, if any, as shall have existed thereon immediately prior to such release as Permissible Encumbrances; 
 (vii) an Officers’ Certificate, dated the date of such application, pursuant to Section 21.01(b) and stating that no event has occurred and is continuing that constitutes a
Default; and 
 (viii) an Opinion of Counsel, dated the date of such application, pursuant to
Section 21.01(b). 
 (b) Any cash received by the Collateral Trustee pursuant to this
Section 10.06 shall be held and applied in accordance with the Collateral Trust Agreement and Article XI. 
 Section 10.07. Eminent Domain. In case (a) any Mortgaged Property shall be taken by exercise of the power of eminent domain, or by similar right or power, or if any governmental
authority shall exercise any right which it may now or hereafter have to purchase or designate a purchaser of, or order the sale of, all or any Mortgaged Property, or in case of any sale or conveyance of Mortgaged Property in lieu and in reasonable
anticipation of any such event, and (b) the Company is unable, or elects not, to obtain, in accordance with Section 10.03, the release from the Lien of the Mortgage of such Mortgaged Property, all net proceeds of each such taking,
purchase or sale or, in case of a sale or conveyance in anticipation thereof, an aggregate amount of Governmental Obligations or purchase money obligations having a fair value to the Company in cash as evidenced by an Appraiser’s Certificate,
and cash, not less than the Fair Value, as of a date not more than ninety (90) days prior to the date of an application of the Company to the Trustee signed by an Authorized Executive Officer for the release of such Mortgaged Property from the
Lien of the Mortgage (which application shall be accompanied by documents and instruments releasing without recourse the interest of the Collateral Trustee in the Mortgaged Property to be released, and describing in reasonable detail the Mortgaged
Property to be 

  
 44 

 
released), as stated in an Engineer’s Certificate, dated the date of such application, of the Mortgaged Property taken, purchased, sold or conveyed, together with all net sums payable
for any damage to any Mortgaged Property by or in connection with any such taking, purchase, sale or conveyance, to the extent not deposited under a Prior Lien with the trustee, mortgagee or other holder of such Prior Lien, shall be deposited with
the Collateral Trustee, to be held and applied in accordance with the Collateral Trust Agreement and Article XI; and upon receipt of such application the Trustee (subject to Section 10.12) shall direct the Collateral Trustee
to execute and deliver to the Company the documents and instruments described in Section 10.07(b) releasing from the Lien of the Mortgage the Mortgaged Property so taken, purchased, sold or conveyed, upon receipt by the Trustee of:

 (i) an Opinion of Counsel, dated the date of such application, to the effect that such Mortgaged Property
has been lawfully taken, purchased, sold or conveyed as aforesaid; or 
 (ii) in case of any such sale or
conveyance in anticipation of such taking, purchase or sale, (a) a Board resolution to the effect that such sale or conveyance was in lieu and in reasonable anticipation of such taking, purchase or sale; and (b) an Opinion of Counsel,
dated the date of such application, pursuant to Section 21.01(b). 
 Section 10.08. Consideration
for release of Mortgaged Property. (a) Any Governmental Obligations and purchase money obligations received or to be received by the Collateral Trustee pursuant to this Indenture or the Mortgage in consideration for the release of
any Mortgaged Property from the Lien of the Mortgage by the Collateral Trustee at the direction of the Trustee, and the purchase money mortgage securing such purchase money obligations, shall be released by the Collateral Trustee at the direction of
the Trustee from the Lien of the Mortgage and delivered or assigned, by the Collateral Trustee at the direction of the Trustee, to the Company, or as the Company shall request, upon payment by the Company to the Collateral Trustee of the unpaid
principal of such Governmental Obligations or such purchase money mortgage and/or of the obligations thereby secured or at any time after the Collateral Trustee shall have received on account of the principal thereof an amount in cash equal to the
aggregate principal amount of any such Governmental Obligations or such purchase money obligations to the extent made a basis of a credit in the application for the release from the Lien of the Mortgage of such Mortgaged Property. 

(b) Any cash received by the Collateral Trustee pursuant to this Section 10.08 shall be held and applied in accordance
with the Collateral Trust Agreement and Article XI. 
 Section 10.09. [Reserved.]

 Section 10.10. Receiver, trustee, etc. In case a receiver or trustee of the Company, or of all
or a substantial part of the Mortgaged Property or business of the Company, shall be lawfully appointed, all acts or requests which the Company may do or make under the foregoing provisions of this Article X may be done or made by such
receiver or trustee. In case the Collateral Trustee shall be in possession of the Mortgaged Property, the Trustee in its absolute discretion, without any action or request by the Company or any receiver or trustee, and without thereby limiting any
other right or power of the Trustee, may take any action (or direct the 

  
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Collateral Trustee to take any action) authorized by this Indenture to be taken by the Company, by the Company and the Trustee or by the Trustee on the request of the Company notwithstanding
the continuance of any Default. 
 Section 10.11. [Reserved.] 

Section 10.12. Suspension of rights in case of Default. (a) At any time when a Default has occurred and is
continuing, the Company shall not have the right to exercise any privilege or to take any action permitted by this Article X (except under Section 10.02) except to the extent that it shall have obtained the written consent of the
Trustee; which consent the Trustee may, subject to Section 14.01 and Section 14.02, give or withhold in its discretion. 
 (b) For purposes of this Section 10.12, a Default shall be deemed to be continuing during the continuance of any of the events specified in Section 12.02 without giving
effect to any requirement of notice or lapse of time. 
 ARTICLE XI 

APPLICATION OF FUNDS HELD BY TRUSTEE 

Section 11.01. Withdrawal or application of moneys held by Trustee. (a) Unless the Company is in default in the
payment of any principal of or any interest on any Bonds then Outstanding or any Default shall be continuing, any cash received by the Trustee pursuant to Section 5.01 shall be held by the Trustee and such cash, and any other cash which,
under any other provision of this Indenture (whether referred to as cash or moneys in any such provision), is required to be held and applied in accordance with the Collateral Trust Agreement, if applicable, and this Article XI, upon the
written request of the Company signed by an Authorized Executive Officer: 
 (i) if received by or
held by the Collateral Trustee in accordance with the terms of the Collateral Trust Agreement and permitted by the Collateral Trust Agreement to be transferred to the Trustee for application hereunder, may be directed by the Trustee to be
transferred by the Collateral Trustee for application in accordance with this Article XI; 

(ii) may be withdrawn from time to time by the Company (A) in the case of cash deposited with the Trustee
pursuant to Section 5.01, to the extent of 70% of the lesser of the Cost or the Fair Value of Unbonded Bondable Property, and (B) in the case of cash received by the Trustee under any other provision of this Indenture, to the extent
of 100% of the lesser of the Cost or Fair Value of Unbonded Bondable Property, in each case after making any deductions and additions in respect of Bondable Property pursuant to Section 1.03(l)(ii) or (iii);  

(iii) may be withdrawn from time to time by the Company in an amount equal to the principal amount of Bonds which
the Company shall have the right to have authenticated and delivered under Article IV; 

  
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 (iv) may be applied by the Trustee to the payment at maturity of any
Outstanding Bonds or to the redemption of any Outstanding Bonds which are, by their terms, redeemable, of such series as may be designated by the Company in such request; and/or 

(v) may be used or applied to the purchase of Bonds; provided, however, that none of such cash shall
be applied to the payment of more than the principal amount of any Bonds so purchased, except to the extent that the aggregate principal amount of all Bonds theretofore and then to be so purchased shall exceed the aggregate cost for principal of and
interest, brokerage and premium, if any, on all Bonds theretofore and then to be so purchased.  
 (b) Such cash
referred to in Section 11.01(a) shall, from time to time, be withdrawn, used or applied by the Trustee, as aforesaid, upon the request of the Company, and upon receipt by the Trustee of an Officers’ Certificate dated the date of
such request stating that the Company is not in default in the payment of any principal of or interest on any Bonds then Outstanding and that no Default is continuing. To the extent such withdrawal of cash is based upon Unbonded Bondable Property as
permitted by Section 11.01(a)(ii), the Company shall comply with all applicable provisions of Article III as if such Unbonded Bondable Property were made a basis for the authentication and delivery of Bonds thereon equivalent in
principal amount to the amount of the cash to be withdrawn on such basis. To the extent such withdrawal of cash is based upon the right to the authentication and delivery of Bonds pursuant to Section 11.01(a)(iii), the Company shall
comply with all applicable provisions of Article IV relating to such authentication and delivery as if new Bonds were being authenticated and delivered in principal amount equal to the amount of cash being withdrawn; recognizing that, in each
such case, the action being taken is the withdrawal of cash rather than the authentication and delivery of Bonds. 

(c) Any withdrawal of cash pursuant to Section 11.01(a)(ii) or Section 11.01(a)(iii) shall operate as a
waiver by the Company of its right to the authentication and delivery of Bonds on the basis of which such cash was withdrawn, and such Bonds may not thereafter be authenticated and delivered hereunder on such basis, and the amount of any Bondable
Property, Bonds or Prior Lien Debt which have been made the basis for such withdrawal shall be Bonded. 
 (d) The Trustee
shall use reasonable efforts to collect the principal of and interest on any Governmental Obligations and purchase money obligations secured by a purchase money mortgage held by the Trustee as and when such principal and interest become payable.
Unless the Company is in default in the payment of any principal of or interest on any Outstanding Bond or any Default shall be continuing, the interest on any such obligation received by the Trustee shall be paid over to the Company, and any
payments received by the Trustee on account of the principal of any such obligation in excess (as evidenced by an Officers’ Certificate) of the amount of credit used by the Company in respect of such obligation upon the release of any Mortgaged
Property from the Lien of the Mortgage shall also be paid to the Company. 
 (e) The Trustee shall have and may exercise all the
rights and powers of an owner of obligations secured by purchase money mortgage held by the Trustee and of all substitutions therefor and, without limiting the generality of the foregoing, may collect and receive all insurance moneys payable to it
under any provision thereof and apply the same in accordance 

  
 47 

 
with the provisions thereof, may consent to extensions thereof at a higher or lower rate of interest, may join in any plan or plans of voluntary or involuntary reorganization or readjustment
or rearrangement and may accept and hold under this Indenture new obligations, stocks or other securities issued in exchange therefor under any such plan, and any discretionary action which the Trustee may be entitled to take in connection with any
such obligations or substitutions therefor shall be taken, so long as no Default has occurred and is continuing, in accordance with the written request of the Company, evidenced by an Officers’ Certificate, or, while a Default is continuing, in
the discretion of the Trustee, provided that the Trustee shall have no obligation to exercise any such discretion unless it receives instructions satisfactory to it from the holders of not less than a majority in aggregate principal amount of the
Outstanding Bonds pursuant to Section 12.15(d). 
 Section 11.02. Moneys to be held in trust;
investment thereof. (a) Subject to Section 18.02, all cash received by the Trustee shall, until withdrawn, used, invested or applied as provided in this Indenture, be held in trust uninvested, for the purposes for which such
cash was received, but need not be segregated from other funds except as directed by the Company or as and to the extent required by law.  
 (b) After compliance with any applicable legal requirements, the Trustee may deposit all or any part of cash received by it as Trustee in certificates of deposit or demand accounts, to its credit
as Trustee in its own banking department or, with the consent of the Company, in any bank or trust company having a combined capital and surplus of not less than Fifty Million Dollars ($50,000,000), evidenced in the manner described in
Section 14.01; so long as no Default is continuing, the Trustee shall pay to the Company any interest earned on any such certificate or account. 
 (c) When so directed by an Officers’ Certificate, the Trustee shall invest all or any part of such cash received by it in any Investment Securities; and the Trustee, when so directed by an
Officers’ Certificate, shall sell or repurchase all or any part of such Investment Securities. Such Investment Securities shall be held in trust for the account of the Bondholders by the Trustee (or, in the case of moneys delivered pursuant to
Section 9.03, held in trust for the account of the holders of the Bonds to be redeemed); provided, however, that the proceeds of such Investment Securities representing interest shall be paid or credited to the Company and
shall not constitute Mortgaged Property. If any such sale or any payment on the maturity of any such Investment Securities held by the Trustee, shall produce a net sum less than the cost (including accrued interest and investment expenses) of such
Investment Securities sold or paid, the Company will promptly pay to the Trustee such amount of cash as will, with the net proceeds of such sale or such payment, equal the cost (including accrued interest and investment expenses) of such Investment
Securities so sold or paid; and if any such sale or any payment at the maturity of any such Investment Securities held by the Trustee, shall produce a net sum greater than the cost (including accrued interest and investment expenses) of such
Investment Securities so sold or paid the Trustee shall, if no Default is continuing, pay to the Company the amount of such excess. The Company will also pay to the Trustee all brokers’ fees and other expenses reasonably incurred by the Trustee
in connection with its investment of such cash and the sale of such Investment Securities. 

  
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 (d) The Trustee shall allow interest on any cash held by it under this Indenture and
deposited by it in its banking department, at the current rate or rates, if any, from time to time paid by it on similar deposits of like size and nature over like periods of time, unless in a particular instance the Trustee and the Company shall
otherwise agree. Interest so allowed and interest received by the Trustee from deposits in other banks and trust companies of cash which is a part of the Mortgaged Property made pursuant to Section 11.02(b), except as otherwise herein
provided in respect of particular cash, shall, if no Default is continuing, be paid or credited to the Company by the Trustee. 
 (e) When so directed by an Officers’ Certificate, the Trustee shall establish one or more accounts for the deposit and/or investment of monies received by it, including a separate account from which
all cash payable by the Trustee on behalf of the Company shall be paid and into which cash shall be deposited by the Company, or by the Trustee on behalf of the Company from other accounts or investments held or managed by the Trustee, as needed, so
that such account shall be operated with a zero balance. 
 ARTICLE XII 

DEFAULT AND REMEDIES 

Section 12.01. When no entitlement to benefit of Indenture upon Default. If any claim for interest on any Bond
is deposited with the Trustee or any Paying Agent, or if the payment date of such claim is extended, whether with or without the consent of the Company, the holder of such claim shall not be entitled, in case of Default, to the benefit or security
of this Indenture, except after the prior payment in full of the principal of, and premium, if any, on all Outstanding Bonds and of all claims for interest for which such deposit has not been made, or such date extended. The holders of any claims
for interest on any Bonds owned by the Company at or after the maturity of such claims shall not be entitled to the benefit or security of this Indenture; and the Company covenants that all such claims for interest so owned by the Company shall
promptly be canceled. 
 Section 12.02. Events of Default; notice of Default; action by Trustee.
(a) Each of the following events is a Default: 
 (i) default in the due and punctual payment of
the principal of or premium, if any, on any Bond, when such principal or premium, if any, shall have become due and payable, whether at maturity, pursuant to any sinking, improvement, maintenance, replacement or analogous fund, or by declaration or
otherwise, which default shall have continued for a period of more than three (3) Business Days; 
 (ii)
default in the payment of any interest on any Bond, when and as the same shall have become due and payable, which default shall have continued for a period of ninety (90) days; 

(iii) default in the payment of any Prior Lien Debt in one or more series, in each case in an aggregate principal amount
of $100,000,000 or greater, outstanding, continued beyond the period of grace, if any, specified in the documents governing such Prior Lien Debt; 

  
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 (iv) default in the due observance or performance of any other covenant or
condition in this Indenture, including any Supplemental Indenture, which is required to be kept or performed by the Company, and which default shall have continued for the period of ninety (90) days after written notice thereof shall have been
given to the Company by the Trustee, or to the Company and the Trustee by the holders of not less than 33% of the aggregate principal amount of the Outstanding Bonds; 

(v) by decree of a court of competent jurisdiction the Company is adjudicated a bankrupt or insolvent, or an order is made
by such court for the winding up or liquidation of the affairs of the Company or approving a petition seeking reorganization or arrangement of the Company under the bankruptcy law or other law or statute of the United States of America or of any
State, or, by order of such court, a trustee or liquidator or receiver is appointed for the Company or for the property of the Company, and such decree or order shall continue in effect for a period of ninety (90) days; 

(vi) the Company files a petition for voluntary bankruptcy, or consents to the filing of any such petition, or makes an
assignment for the benefit of creditors, or consents to the appointment of a trustee or liquidator or receiver of the Company or of all or a substantial part of the Mortgaged Property, or files a petition or answer or consent seeking reorganization
or arrangement under the bankruptcy law or other law or statute of the United States of America or of any State, or consents to the filing of any such petition, or files a petition to take advantage of any debtors’ act; or 

(vii) the occurrence of a Triggering Event, to the extent not otherwise a Default pursuant to any above clause of
this Section 12.02(a). 
 (b) The Trustee shall, within ninety (90) days after the occurrence
thereof, give to the Bondholders, in the manner and to the extent provided in TIA Section 313(c), notice of all defaults known to the Trustee, unless such defaults shall have been cured before the giving of such notice (the term
“defaults” for the purposes of this Section 12.02(b) being hereby defined to be the events specified in Section 12.02(a), not including any requirements of notice or lapse of time provided for therein); but in the
case of defaults of the character specified in Sections 12.02(a)(iv), no such notice shall be given until at least sixty (60) days after the occurrence thereof; provided that, except in the case of default in the payment of the
principal of or premium, if any, or interest on any of the Bonds or in the payment of any sinking, improvement, maintenance, replacement or analogous fund installment, the Trustee shall be protected in withholding such notice if and so long as the
Board of Directors, the Executive Committee, or a trust committee of directors and/or Responsible Officers, of the Trustee in good faith determines that the withholding of such notice is in the interests of the Bondholders. 

Section 12.03. Upon Default Trustee may instruct Collateral Trustee to sell Mortgaged Property. Subject to the
provisions of Section 12.06, during the continuance of any Default, the Trustee, in its discretion from time to time (i) may direct the Collateral Trustee to sell, subject to Prior Liens, all or any part of the Mortgaged Property pursuant to
and in the manner set forth in 

  
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the Mortgage or exercise any other rights or remedies provided for under the Mortgage; or (ii) may proceed, and may instruct the Collateral Agent to proceed, to protect and to enforce the
rights of the Trustee and of the Bondholders under this Indenture and the rights of the Collateral Trustee and the Bondholders under the Mortgage and the Collateral Trust Agreement, by suit or suits in equity or at law, whether for the specific
performance of any covenant or agreement in this Indenture, the Mortgage or the Collateral Trust Agreement (as applicable) or in aid of the execution of any power granted by this Indenture, the Mortgage or the Collateral Trust Agreement or for the
foreclosure of the Mortgage, or for the enforcement of any other appropriate legal or equitable remedy, as the Trustee, being advised by counsel, may deem most effectual to protect and enforce any of its rights or exercise of any of its duties
hereunder; provided, that the Trustee shall have no obligation to exercise any such discretion unless it receives instructions satisfactory to it from the holders of not less than a majority in aggregate principal amount of the Outstanding Bonds
pursuant to Section 12.15(d). 
 Section 12.04. Upon Default and request of holders of a majority of
Bonds, Trustee must declare principal due; restoration of parties to former positions. During the continuance of any Default, the Trustee may, and upon the written request of the holders of not less than a majority in aggregate principal amount
of the Outstanding Bonds shall, by notice in writing delivered to the Company, declare the principal of all Bonds then Outstanding to be due and payable immediately, and upon any such declaration, the same shall be immediately due and payable. This
provision, however, is subject to the condition that if at any time after the principal of such Bonds shall have been so declared due and payable and before any sale of the Mortgaged Property shall have been made pursuant to the Collateral Trust
Agreement, all arrears of interest upon all of such Bonds, with interest upon overdue installments of interest at the same rates respectively as were borne by the respective Bonds on which installments of interest were overdue, shall either be paid
by or on behalf of the Company or be collected out of the Mortgaged Property, and all Defaults shall have been remedied, then the holders of not less than a majority in aggregate principal amount of the Outstanding Bonds, by written notice to the
Company and to the Trustee, may rescind such declaration and its consequences and in such event the Trustee shall promptly direct the Collateral Trustee to discontinue its proceedings to enforce its rights under the Mortgage by foreclosure or
otherwise; but no such rescission shall extend to or affect any subsequent Default, or impair any right consequent thereon. 

Section 12.05. Duty of Trustee to act on request of holders of a majority of Bonds. Subject to the provisions of
Section 12.06, upon the written direction of the holders of not less than a majority in aggregate principal amount of the Outstanding Bonds pursuant to Section 12.15(d), during the continuance of any Default the Trustee shall
take all action so directed to protect and enforce its rights and the rights of the Bondholders hereunder, under the Mortgage and under the Collateral Trust Agreement, or to take appropriate judicial proceedings by action, suit or otherwise; but
anything in this Indenture (other than Section 12.06) to the contrary notwithstanding, the holders of not less than a majority in aggregate principal amount of the Outstanding Bonds, from time to time shall pursuant to
Section 12.15(d) have the right to direct and control the actions of the Trustee under this Article XII and the Trustee, subject to Section 14.01 and Section 14.02, shall have no obligation to take any
action under this Article XII (including directing the time, method and place of conducting any proceeding or exercising any remedy available to the Trustee, including to cause the giving of instructions to the Collateral Trustee to exercise
any remedy available to the Collateral Trustee) unless so directed; provided, 

  
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that the Trustee shall not be obligated to follow any such direction which would conflict with any law or this Indenture, which would be unjustly prejudicial to Bondholders not joining in such
direction or which would be likely to cause the Trustee to incur any liability or expense not indemnified against to its satisfaction, but the Trustee need not make any determination as to such conflict, prejudice, liability or expense, and may take
any other action not inconsistent with such direction. 
 Section 12.06. Right of Requisite Secured Parties.
It is acknowledged that, notwithstanding any contrary provision in this Indenture, pursuant to Section 2.03(b) of the Collateral Trust Agreement, following the occurrence of a Triggering Event, the Requisite Secured Parties will have the
right at any time to direct the time, method and place of conducting any proceeding for the exercise of any right or remedy available to the Collateral Trustee with respect to the Shared Collateral, or of exercising any trust or power conferred on
the Collateral Trustee, or for the taking of any other action authorized by the instruments comprising the Trust Estate (including the making of any determinations to be made by the Collateral Trustee thereunder), upon delivery of prior written
notice to the Trustee and the Collateral Trustee, and, thereafter, shall have the exclusive right and authority to direct the Collateral Trustee as to such matters, all as provided in Section 2.03(b) of the Collateral Trust Agreement. 

Section 12.07. Inspection. The Company shall permit the Trustee, and the Trustee’s agents, representatives and
employees, upon reasonable prior notice to the Company, to inspect the Mortgaged Property. 
 Section 12.08.
[Reserved.] 
 Section 12.09. [Reserved.] 

Section 12.10. [Reserved.] 
 Section 12.11. Principal of Bonds to become due in case of sale. In case of any sale of Mortgaged Property under the Mortgage, whether under the power of sale granted therein or
pursuant to judicial proceedings, the principal amount of all Bonds then Outstanding, if not previously due, shall at once become due and payable as though the principal of such Bonds had been declared due and payable immediately pursuant to
Section 12.04. 
 Section 12.12. Application of sale proceeds. The purchase money received by the
Trustee from the Collateral Trustee from the sale of Mortgaged Property under the power of sale granted in the Mortgage, or a sale pursuant to judicial proceedings under the Mortgage resulting from any remedy thereunder pursued by the Collateral
Trustee against any Mortgaged Property, together with any other moneys which are or may be received by or held by the Trustee under any provision of this Indenture or the Collateral Trust Agreement, shall be applied as follows: 

First. To the payment of all expenses, liabilities or advances made or incurred by the Trustee under this
Indenture, including any compensation and reimbursement payable to the Trustee pursuant to Section 14.09 and to the payment of all taxes, assessments or Prior Liens, except any taxes, assessments or Prior Liens subject to which such sale
shall have been made. 

  
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 Second. To the payment of the whole amount then owing or unpaid upon
the Outstanding Bonds with interest accruing on the overdue principal, premium, if any, and interest at the same rates respectively as were borne by the respective Bonds whereof the principal, premium, if any, or interest are overdue, and in case
such proceeds shall be insufficient to pay in full such whole amount, then to the payment of such principal, premium, if any, and interest, without preference or priority, ratably according to the aggregate of such principal, premium, if any, and
interest, subject to Section 12.01. Such payments shall be made on a date fixed by the Trustee, upon presentation of the Outstanding Bonds and stamping thereon the amount paid if such Bonds are only partly paid, and upon surrender
thereof if fully paid. 
 Third. To the payment of the surplus, if any, to the Company, its successors or
assigns. 
 Section 12.13. Bonds may be applied against purchase price. In case of any sale of any Mortgaged
Property under the Mortgage, whether under power of sale granted therein or pursuant to judicial proceedings, any Bondholder or the Trustee, subject to Section 14.01 and Section 14.02, may bid for and purchase any Mortgaged
Property, and, upon compliance with the terms of sale, may hold, retain, possess and dispose of such property in absolute right of such Bondholder or the Trustee, without further accountability, and shall be entitled, for the purpose of making
settlement or payment for the Mortgaged Property purchased, to use and apply any Bonds by presenting such Bonds, in order that there may be credited thereon the sum apportionable and applicable thereto out of the net proceeds of such sale; and
thereupon such purchaser shall be credited on account of such purchase price, with the sum apportionable and applicable out of such net proceeds to the payment of or as credit on the Outstanding Bonds so presented. 

Section 12.14. Control by majority. Subject to the terms of the Collateral Trust Agreement, the Mortgage and any
Supplemental Mortgages, the holders of a majority in principal amount of the then-Outstanding Bonds will have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee (including,
for the avoidance of doubt, to cause the Trustee to give instructions to the Collateral Trustee to exercise any remedy available to the Collateral Trustee). However, the Trustee and the Collateral Trustee may refuse to follow any direction that
conflicts with law, this Indenture, the Collateral Trust Agreement, the Mortgage or any Supplemental Mortgage that may involve the Trustee’s or the Collateral Trustee’s personal liability, or that the Trustee or the Collateral Trustee
determines in good faith may be unduly prejudicial to the rights of Bondholders not joining in the giving of such direction. 

Section 12.15. Bondholder not to institute suit without request to Trustee; Trustee may enforce rights without possession
of Bonds; undertaking for costs. (a) No holder of any Outstanding Bond shall have any right to institute any suit, action or proceeding in equity or at law for the foreclosure of the Mortgage, or for the appointment of a receiver or for any
other remedy under this Indenture, unless (i) the holders of not less than 33% in aggregate principal amount of the Outstanding Bonds shall (A) have requested the Trustee in writing to take action in respect of such matter and
(B) have offered to the Trustee security and indemnity satisfactory to it against loss, liability or expense to be incurred therein or thereby, and (ii) the Trustee for a period of sixty (60) days shall have refused or neglected to
act on such notice, request and indemnity by either proceeding to exercise the powers granted in this Indenture to the Trustee, or by instituting such action, suit or proceeding in its own name; such notification, request and offer of indemnity are
hereby declared, in every such case, at the option of the Trustee, to be conditions precedent to the execution by the Trustee of its powers and trusts under this Indenture and to any action or cause of action the Trustee may take or possess for
foreclosure of the Mortgage or for the appointment of a receiver or any other remedy hereunder; it being understood and intended that no one or more holders of Outstanding Bonds shall have any right in any manner whatever to affect, disturb or
prejudice the Lien of the Mortgage by action of such one or more holders, or to enforce any right under this Indenture, except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, had and maintained in the
manner herein provided and for the ratable benefit of all holders of such Outstanding Bonds. 

  
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 (b) All rights of action under this Indenture may be enforced by the Trustee without the
possession of any Bond or the production thereof at trial or other proceedings relative thereto, and any such suit or proceedings instituted by the Trustee shall be brought in its own name, and any recovery of judgment shall be for the ratable
benefit of the holders of such Bonds. 
 (c) All parties to this Indenture agree, and each holder of any Bond by his, her or its
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, the Mortgage or the Collateral Trust Agreement, or in any suit against the
Trustee or the Collateral Trustee, as the case may be, for any action taken or omitted by it as Trustee or the Collateral Trustee, as the case may be, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but this Section 12.15(c) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Bondholder or Bondholders holding more than 10% in aggregate principal amount of Outstanding Bonds, or to any suit
instituted by any Bondholder for the enforcement of the payment of the principal of, premium, if any, or interest, if any, on any Bond on or after the respective due dates expressed in such Bond. 

(d) Any direction or instruction under Section 11.01(e) or this Article XII by any Bondholder to the Trustee
shall be evidenced as provided in Article XX or in any other manner reasonably satisfactory to the Trustee. By giving any such direction or instruction, a Bondholder agrees to indemnify, defend and save harmless the Trustee for all loss,
liability or expense incurred by the Trustee in connection with its compliance with such direction or instruction, except to the extent that such loss, liability or expense is determined to have been caused by the negligence or willful misconduct of
the Trustee or is paid to the Trustee pursuant to Section 14.09; provided, that at the request of the Trustee such Bondholder will enter into such undertakings as the Trustee may reasonably request to evidence and effectively
provide for the payment of its obligations set forth in this Section 12.15(d); provided, further, that such obligations of each Bondholder are limited to its several obligation with each other Bondholder joining in such
direction or instruction to pay such Bondholder’s pro rata portion thereof based upon the portion that the aggregate principal amount of the Outstanding Bonds held by such Bondholder represents of the aggregate principal amount of all
Outstanding Bonds held by all Bondholders which joined in such direction or instruction. 
 Section 12.16.
Remedies cumulative. No remedy herein conferred upon or reserved to the Trustee is intended to be exclusive of any other remedy or remedies; but each and every such remedy shall be cumulative, and shall be in addition to every other remedy
given hereunder, or now or hereafter existing at law or in equity or by statute. No delay or omission of the Trustee or Bondholders in exercising any right or power accruing upon any continuing Default shall impair any such right or power or shall
be construed to be a waiver of any such Default, or an acquiescence therein; and every such right and power may be exercised from time to time and as often as may be deemed expedient. 

  
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 Section 12.17. Covenant to pay Trustee; judgment by Trustee; application of
monies. (a) In case (i) default shall be made in the payment of any interest on any Outstanding Bond and such default shall have continued for a period of ninety (90) days or (ii) default shall be made in the payment of the
principal of or premium, if any, on any Outstanding Bond when payable, whether upon the maturity of such Bond, or upon a declaration of maturity as authorized by this Indenture, or upon a sale as set forth in Section 12.11; then, upon
demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Outstanding Bonds, the whole amount that then shall have become due and payable on all such Outstanding Bonds, for principal, premium, if any, or
interest and with interest upon the overdue principal, premium, if any, and interest payable at the same rates respectively as were borne by the respective Bonds whereof the principal, premium, if any, or interest shall be overdue; and in case the
Company shall fail to pay the same forthwith upon such demand, the Trustee, in its own name and as the trustee of an express trust, shall be entitled to recover judgment against the Company for the whole amount so due and unpaid and any compensation
and reimbursement payable to the Trustee pursuant to Section 14.09. 
 (b) The Trustee shall be entitled to
recover judgment as described in Section 12.17(a), either before, after or during the pendency of any proceedings for the enforcement of the Lien of the Mortgage by the Collateral Trustee, and the right of the Trustee to recover such
judgment shall not be affected by any entry upon or sale of Mortgaged Property by the Collateral Trustee, or by the exercise by the Trustee or the Collateral Trustee of any right, power or remedy for the enforcement of this Indenture or the
Mortgage; and in case of a sale of Mortgaged Property, and of the application of the proceeds of such sale to the payment of the obligations secured by the Lien of the Mortgage, the Trustee, in its own name and as trustee of an express trust, shall
be entitled to enforce payment of and to receive all amounts then remaining due and unpaid upon any and all of the Outstanding Bonds for the benefit of the Bondholders, and shall be entitled to recover judgment for any portion of such obligations
remaining unpaid, with interest. No recovery of any such judgment by the Trustee or the Collateral Trustee, and no levy of execution of any such judgment upon any of the Mortgaged Property, or any other property, shall in any manner or to any extent
affect the rights of the Trustee, the Bondholders and the Collateral Trustee in respect of the Lien of the Mortgage upon any Mortgaged Property, or any rights, powers or remedies of the Trustee or the Collateral Trustee, or any lien, rights, powers
or remedies of the Bondholders, but such lien, rights, powers and remedies of the Trustee and the Collateral Trustee and of the Bondholders shall continue unimpaired as before. 

(c) Any moneys received by the Trustee under this Section 12.17 shall be applied by the Trustee to the payment of the
amounts then due and unpaid on the Outstanding Bonds in respect of which such moneys shall have been received, ratably and without any preference or priority of any kind, according to the amounts due and payable on such Bonds, respectively, at the
date fixed by the Trustee for the distribution of such moneys, upon presentation of the several Bonds and stamping the amount of such payment thereon, if partly paid, and upon surrender thereof, if fully paid. 

Section 12.18. Other remedies. If a Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal, premium, if any, and interest on the Bonds or to enforce the performance of any provision of the Bonds, the Collateral Trust Agreement, the Mortgage or any Supplemental Mortgage. The Trustee may maintain a
proceeding even if it does not possess any of the Bonds or does not produce any of them in the proceeding. 

  
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 Section 12.19. Provisions solely for benefit of parties and Bondholders.
Nothing in this Indenture, or in any Bond, expressed or implied, is intended, or shall be construed, to give to any Person, other than the Trustee, the Bondholders and the Company, any legal or equitable right, remedy, or claim under or in respect
of this Indenture, or under any of its covenants, conditions or provisions; all of which are intended to be and are for the sole and exclusive benefit of the Trustee, the Bondholders and the Company. 

Section 12.20. Trustee and Collateral Trustee may file proofs of claims. The Trustee may, and may direct the Collateral
Trustee to, and the Collateral Trustee may, file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee, the Collateral Trustee and of the Bondholders allowed in any judicial
proceedings relative to the Company, its creditors or Mortgaged Property. Nothing contained in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Bondholder any plan of
reorganization, arrangement, adjustment or composition affecting the Bonds or the rights of any Bondholder, or to authorize the Trustee to vote in respect of the claim of any Bondholder in any such proceeding. 

Section 12.21. Right of Bondholders to receive payment. Notwithstanding any other provision of this Indenture, the
right of any holder of any Bond to receive payment of the principal of, premium, if any, and interest, if any, on such Bond, on or after the respective due dates expressed in such Bond, or to institute suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such holder. 

Section 12.22. Waivers of past Defaults by holders of Bonds. The holders of not less than a majority in aggregate
principal amount of Outstanding Bonds which would be affected by such waiver, and in case one or more series of Outstanding Bonds would be materially adversely affected by such waiver, the holders of not less than 60% in aggregate principal amount
of the Outstanding Bonds of such series so affected (which need not include 60% of the aggregate principal amount of the Outstanding Bonds of each such series) may, on behalf of the holders of all Bonds so affected, waive any past Default and its
consequences, except (a) a Default in the payment of the principal of or premium, if any, or interest on any Bond, (b) a Default arising from the creation of any Prior Lien, except Permissible Encumbrances, or (c) a Default in respect
of a covenant or provision hereof which under Article XV cannot be modified or amended without the consent of the holder of each Outstanding Bond affected thereby. For the purposes of this Section 12.23, Bonds shall be deemed to be
materially adversely affected by such waiver if such waiver materially adversely affects or materially diminishes the rights of holders of such Bonds against the Company or against the Mortgaged Property. The Trustee may in reliance on an Opinion of
Counsel determine whether or not, in accordance with the foregoing, Bonds of any particular series would be materially adversely affected by any such waiver and any such determination shall be conclusive upon the holders of Bonds of such series and
all other series. Subject to Section 14.01 and Section 14.02, the Trustee shall not be liable for any such determination made in good faith. 

  
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 Section 12.23. Waiver of Usury, Stay or Extension Laws. The Company
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE XIII 
 EFFECT OF MERGER, CONSOLIDATION, 
 CONVEYANCE AND LEASE 

Section 13.01. Company may merge or consolidate if no impairment of Lien of the Mortgage and with assumption of
obligations by successor. Nothing in this Indenture shall prevent any consolidation or merger of the Company with or into, or any conveyance, transfer or lease, subject to the Lien of the Mortgage, of all or substantially all of the Mortgaged
Property to, any Person lawfully entitled to acquire, lease or operate the Mortgaged Property; provided, however, and the Company covenants and agrees, that such consolidation, merger, conveyance, transfer or lease shall be upon terms
which would fully preserve, and in no respect create any Prior Lien (other than Permissible Encumbrances) on, the Mortgaged Property, or impair the Lien or security of the Mortgage, or any of the rights or powers of the Trustee or the Bondholders
under this Indenture or the Collateral Trustee under the Mortgage or the Collateral Trust Agreement; and provided further, that no such consolidation, merger, conveyance, transfer or lease shall be entered into or made by the Company with or
to another Person which has outstanding, or which proposes to issue in connection with any such consolidation, merger, conveyance, transfer or lease, any obligations secured by a mortgage, pledge or other lien if as a result of such consolidation,
merger, conveyance or lease any of the Mortgaged Property owned by the Company immediately prior thereto would be subjected to the lien of such mortgage, pledge or other lien, unless simultaneously therewith or prior thereto effective provision
shall be made to establish the Lien of the Mortgage as superior to the lien of such mortgage, pledge, or other lien with respect to any of the Mortgaged Property then or thereafter acquired by the Company or such other Person, or covenanted to be
subject to the Lien of the Mortgage; and provided further, that any such lease shall be made expressly subject to immediate termination by the Company or by the Trustee at any time during the continuance of a Default, and also by the
purchaser of the Mortgaged Property so leased at any sale thereof under this Indenture, whether such sale is made under the power of sale conferred in this Indenture or judicial proceedings; and provided further, that, upon any such
consolidation, merger, conveyance or transfer, or upon any such lease the term of which extends beyond the date of maturity of any of the then Outstanding Bonds, the due and punctual payment of the principal of, and premium, if any, and interest on
all such Bonds according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture, the Mortgage and the Collateral Trust Agreement to be kept or performed by the Company shall be
expressly assumed by a Supplemental Indenture, Supplemental Mortgage and an amendment to the Collateral Trust Agreement, as applicable, executed with the Collateral Trustee as applicable and, in the case of such Supplemental Mortgage, caused to be
recorded by the Person formed by 

  
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such consolidation or surviving such merger, or acquiring all or substantially all the Mortgaged Property, or by the lessee under any such lease the term of which extends beyond the date of
maturity of any of the then Outstanding Bonds; provided, however, that in order to confirm of record the Lien of the Mortgage and to preserve and protect the rights of the Bondholders thereunder, if the successor does not enter a
Supplemental Mortgage containing an express grant by the successor to the Collateral Trustee, as further security for all Bonds issued and to be issued hereunder and the outstanding Equal and Ratable Notes, of a first (subject only to liens
affecting the property of the Company prior to such consolidation, merger, conveyance, transfer or lease) lien upon all its property then owned and which it may thereafter acquire (other than Excepted Property), then the successor: 

(i) shall enter into a Supplemental Mortgage confirming the prior Lien of the Mortgage upon the Mortgaged Property and
extending the Lien of the Mortgage as a first lien, or as a lien subject only to liens affecting the property of the Company prior to such consolidation, merger, conveyance, transfer or lease, to (A) all property which such successor shall
thereafter acquire or construct which shall form an integral part of, or be essential to the use or operation of, any property then or thereafter subject to the Lien of the Mortgage, and (B) all renewals, replacements and additional property as
may be purchased, constructed or otherwise acquired by such successor from and after the date of such consolidation, merger, conveyance, transfer or lease, as the case may be; and 

(ii) shall enter a Supplemental Indenture containing covenants by such successor to maintain the Mortgaged Property in
good repair, working order and condition as an operating system or systems and to comply with any covenant or condition of this Indenture to be kept or observed by the Company; and to keep the Mortgaged Property as far as practicable identifiable;
and a stipulation that the Trustee and the Collateral Trustee shall not be taken impliedly to waive, by accepting or joining in the Supplemental Indenture, any rights each would otherwise have. 

Section 13.02. Upon merger or consolidation Indenture not to constitute lien upon certain properties. In the
absence of an express grant by any successor, this Indenture and the Mortgage shall not by reason of any consolidation, merger, conveyance, transfer or lease or otherwise, constitute or become a lien upon, and the Mortgaged Property shall not
include or comprise: 
 (i) any property or franchises owned prior to such consolidation, merger,
conveyance, transfer or lease by any Person with or into which the Company or any successor may be consolidated or merged or to which the Company or any successor may make any such conveyance, transfer or lease, and which, prior to such
consolidation, merger, conveyance, transfer or lease, were not subject to the Lien of the Mortgage; and 

(ii) any property or franchises which may be purchased, constructed or otherwise acquired by any such successor
after the date of any such consolidation, merger, conveyance, transfer or lease; excepting only the property referred to in Section 13.02(b)(i) which shall be and become subject to the Lien of the Mortgage, notwithstanding any such
consolidation, merger, conveyance, transfer or lease. 

  
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 Section 13.03. Right of successor. In case the Company, as
permitted by Section 13.01, shall be consolidated with or merged into any other Person or shall convey or transfer, subject to the Lien of the Mortgage, all or substantially all the Mortgaged Property, the successor formed by such
consolidation, or into which the Company shall have been merged, or which shall have received a conveyance or transfer as aforesaid, and upon executing with the Trustee the Supplemental Indenture and Supplemental Mortgage provided for in
Section 13.01 and causing such Supplemental Mortgage to be recorded, shall succeed to and be substituted for the Company with the same effect as if such Person had been named herein, and shall have and may exercise under this Indenture
the same powers and rights as the Company, and, without in any way limiting or impairing by the enumeration of the following rights and powers the scope and intent of the foregoing, such Person thereafter may cause to be executed, authenticated and
delivered, either it its own name or in the name of the Company, such Bonds as might have been executed, issued and delivered by the Company after the date of such consolidation, merger, conveyance or transfer, and had such consolidation, merger,
conveyance or transfer not occurred, and upon the order of such Person in lieu of the Company, but subject to all the terms, conditions and restrictions prescribed in this Indenture concerning the authentication and delivery of Bonds, the Trustee
shall authenticate and deliver any Bonds delivered to it for authentication which shall have been previously executed by the proper officers of the Company, and such Bonds as such Person shall thereafter, in accordance with this Indenture, cause to
be executed and delivered to the Trustee for such purpose, and such Person shall also have and may exercise, subject to all applicable terms, conditions and restrictions prescribed in this Indenture, the rights and powers of the Company as to
withdrawal of cash and release of Mortgaged Property from the Lien of the Mortgage, which the Company might have exercised after the date of such consolidation, merger, conveyance or transfer, and had such consolidation, merger, conveyance or
transfer not occurred. All of the Bonds so issued or delivered shall in all respects have the same legal right and security as the Bonds theretofore issued or delivered in accordance with the terms of this Indenture as though all of such Bonds had
been authenticated and delivered at the date of the execution of this Indenture. As a condition precedent to the execution by such Person and the authentication and delivery by the Trustee of any such Bonds, the withdrawal of cash or the release of
Mortgaged Property from the Lien of the Mortgage, under any provision of this Indenture on the basis of Bondable Property acquired, made or constructed by such Person, the Supplemental Mortgage provided for in Section 13.01, or a
subsequent Supplemental Mortgage, shall contain a conveyance or transfer and mortgage in terms sufficient to subject such property to the Lien of the Mortgage; and provided further that the lien created thereby and the lien thereon shall have
the same force, effect and standing as the Lien of the Mortgage would have if the Company was not consolidated with or merged into such other Person or did not convey or transfer, subject to the Lien of the Mortgage, all or substantially all the
Mortgaged Property, as aforesaid, to such Person, and would itself on or after the date of such consolidation, merger, conveyance or transfer, acquire or construct such property, and in respect thereof request the authentication and delivery of
Bonds or the withdrawal of cash or the release of Mortgaged Property from the Lien of the Mortgage as provided in this Indenture. 
 Section 13.04. Transfer of less than substantially all. Without limiting the generality of Section 13.01, if following a conveyance, transfer or lease by the Company of any part of
the Mortgaged Property the Fair Value of the Mortgaged Property retained by the Company exceeds an amount equal to 10/7 (ten sevenths) of the sum of (x) the aggregate principal amount of Outstanding Bonds plus (y) the aggregate
principal amount of outstanding Equal and Ratable 

  
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Notes plus (z) the aggregate principal amount of outstanding Prior Lien Debt, then the part of the Mortgaged Property so conveyed, transferred or leased shall, in any event, be deemed not
to constitute all or substantially all of the Mortgaged Property. Such Fair Value may be established by the delivery to the Trustee of an Independent Engineer’s Certificate stating the Independent Engineer’s opinion of such Fair Value as
of a date not more than ninety (90) days before or after such conveyance, transfer or lease. This Article XIII is not intended to limit the Company’s conveyances, transfers or leases of less than all or substantially all of the
Mortgaged Property. 
 ARTICLE XIV 
 THE TRUSTEE 
 Section 14.01.
Qualification of Trustee and acceptance of trust. (a) The Trustee shall at all times be a bank or trust company eligible under Section 7.04 and TIA Section 310(a) and have a combined capital and surplus of not
less than Fifty Million Dollars ($50,000,000). If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirement of any supervising or examining authority referred to in Section 7.04, then for the
purposes of this Section 14.01 and Section 7.04 the combined capital and surplus of the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

 (b) The Trustee hereby accepts the trust created by this Indenture. The Trustee and, if a separate or co-trustee is appointed
pursuant to Section 14.15, such separate or co-trustee, undertakes prior to Default, and after the curing of all Defaults which may have occurred, to perform such duties and only such duties as are specifically set forth in this
Indenture, and in case of Default (which has not been cured) to exercise such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs. For purposes of this Section 14.01 and Section 14.02, a Default shall be deemed cured when the act or omission or other event giving rise to such Default shall have been cured,
remedied or terminated. 
 (c) The Trustee, upon receipt of evidence furnished to it by or on behalf of the Company pursuant to
any provision of this Indenture, will examine such evidence to determine whether or not it conforms to the requirements of this Indenture. 
 Section 14.02. Trustee rights and duty of care. (a) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to Default, and after the
curing of all Defaults which may have occurred, the Trustee shall not be liable except for the performance of such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; 
 (ii) prior to Default, and after the curing of all Defaults which may have occurred, and
in the absence of willful misconduct on the part of the Trustee, the Trustee may conclusively rely upon certificates or opinions conforming to the requirements of this Indenture as to the truth of the statements and the correctness of the opinions
expressed therein; 

  
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 (iii) no Trustee which is a corporation shall be liable for any error of
judgment made in good faith by a Responsible Officer or Responsible Officers of such Trustee unless it shall be proved that such Trustee was negligent in ascertaining pertinent facts and no Trustee who is an individual shall be liable for any error
of judgment made in good faith by such individual unless it shall be proved that such individual was negligent in ascertaining the pertinent facts; 
 (iv) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in aggregate
principal amount of the Outstanding Bonds relating to the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 

(v) the Trustee may execute any of the trusts or powers or perform any duties under this Indenture either directly or by
or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney who is not, in either case, an employee of the Trustee, appointed with due care by it hereunder;

 (vi) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any Bondholders pursuant to this Indenture, unless such Bondholders shall have offered to the Trustee security or indemnity satisfactory to it against any loss, liability or expense which might be incurred by
it in compliance with such request or direction; 
 (vii) in no event shall the Trustee be responsible or liable
for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action; 
 (viii) the Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities
and this Indenture; and 
 (ix) the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(b) The provisions of this Section 14.02 which have been made specifically applicable to the Trustee shall apply to the
Trustee and, if a separate or co-trustee is appointed pursuant to Section 14.15, to any separate or co-trustee. 

  
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 Section 14.03. Recitals deemed made by Company. The recitals in
this Indenture and in the Bonds (except the authentication certificate of the Trustee) shall be taken as the statements of the Company and the Trustee assumes no responsibility for the correctness of such statements. The Trustee makes no
representations as to the condition, genuineness, validity or value of the Mortgaged Property or any part thereof, or as to the title of the Company thereto, or as to the validity or adequacy of the security afforded thereby and hereby, or as to the
validity of this Indenture or of the Bonds issued hereunder. The Trustee shall be under no responsibility or duty with respect to the disposition of any Bonds authenticated and delivered hereunder or the application of the proceeds thereof or the
application of any moneys paid to the Company under any provision hereof. 
 Section 14.04. Trustee not
liable for debts from operation of Mortgaged Property; Trustee may own Bonds. (a) The Trustee and any separate or co-trustee shall not be liable in case of entry by it or the Collateral Trustee upon the Mortgaged Property for debts
contracted or liability or damages incurred in the management or operation of Mortgaged Property. 
 (b) The Trustee, any Paying
Agent, Bond registrar, or Authenticating Agent, in its individual or any other capacity, may become the holder, owner or pledgee of Bonds and, subject to Section 14.11 and Section 14.12, may otherwise deal with the Company
with the same rights the Trustee would have if it were not Trustee, Paying Agent, bond registrar or authenticating agent. 

Section 14.05. Trustee may give notices incidental to action by it. Whenever it is provided in this Indenture
that the Trustee shall take any action upon the happening of a specified event or upon the fulfillment of any condition or upon the request of the Company or of Bondholders, the Trustee taking such action shall have full power to give any and all
notices and to do any and all acts and things incidental to such action. 
 Section 14.06. [Reserved.]

 Section 14.07. Trustee may rely on certificates and may consult counsel; responsibility in selection of
experts. To the extent permitted by Section 14.01 and Section 14.02: 
 (a) the Trustee may conclusively
rely and shall be fully protected in acting upon any Accountant’s Certificate, Appraiser’s Certificate, Officers’ Certificate, Engineer’s Certificate, Company Order, Opinion of Counsel, Board resolution, certificate, opinion,
notice, demand, request, waiver, consent, order, appraisal, report, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; and any request or direction of the Company
mentioned herein shall be sufficiently evidenced by an Officers’ Certificate, Company Order, Board resolution or other written order; 
 (b) the Trustee may consult with counsel, who may be counsel to the Company, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or
suffered by the Trustee hereunder in good faith and in accordance with the opinion of such counsel; 
 (c) the Trustee shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, 

  
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direction, consent, order, bond, debenture or other paper or document but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see
fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur
no liability of any kind by reason of such inquiry or investigation; and 
 (d) the Trustee shall not have any responsibility
for the selection, appointment or approval by the Company of any expert for any purpose expressed in this Indenture. 

Section 14.08. Trustee not required to expend its own funds. No provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or
liability is not reasonably assured to it. 
 Section 14.09. Compensation and indemnification of Trustee;
lien therefor. (a) The Company shall pay to the Trustee from time to time, and the Trustee shall be entitled to receive from the Company, reasonable compensation for all services rendered by the Trustee in its execution of the trusts
created by this Indenture and in its exercise and performance of any of the powers and duties of the Trustee hereunder, which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust,
and the Company shall reimburse the Trustee for all appropriate advances made by the Trustee and shall reimburse to the Trustee from time to time its expenses and disbursements (including the reasonable compensation and the expenses and
disbursements of all persons not regularly in its employ and of its counsel) except to the extent that such expenses and disbursements are determined to have been caused by the negligence or willful misconduct of the Trustee. The Company also
covenants to indemnify the Trustee for, and to defend and hold it harmless against, any loss, liability or expense (including the reasonable compensation and expenses and disbursements of all persons not regularly in its employ and of its counsel),
arising out of or in connection with the acceptance or administration of the trust created by this Indenture and the performance of its duties hereunder, including the costs and expenses of defending against any claim of liability in the premises,
except to the extent that such expenses and disbursements are determined to have been caused by the negligence or willful misconduct of the Trustee. To secure the performance of the obligations of the Company under this Section 14.09,
the Trustee shall have (in addition to any other rights under this Indenture) a lien prior to that of the Bondholders upon the Mortgaged Property, including all Mortgaged Property and funds held or collected by the Trustee. “Trustee” for
purposes of this Section 14.09(a) shall include any predecessor Trustee, but the negligence or willful misconduct of any Trustee shall not affect the indemnification of any other Trustee. 

(b) If, and to the extent that, the Trustee and its counsel and other persons not regularly in its employ do not receive compensation for
services rendered, reimbursement of its or their advances, expenses and disbursements, or indemnity, as provided in Section 14.09(a), as the result of allowances made in any reorganization, bankruptcy, receivership, liquidation or other
proceeding or by any plan of reorganization or readjustment of obligations of the Company, the Trustee shall be entitled, in priority to the Bondholders, to receive any distribution of any securities, dividends or other disbursements which would
otherwise be made to the 

  
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Bondholders in any such proceeding or proceedings and the Trustee is hereby authorized to collect and receive such distributions, dividends or other disbursements, to deduct therefrom the amounts
due to the Trustee, its counsel and other persons not regularly in its employ on account of services rendered, advances, expenses and disbursements made or incurred, or indemnity, and to pay and distribute the balance, pro rata, to the Bondholders.
The Trustee shall have a lien upon any securities or other consideration to which the Bondholders may become entitled pursuant to any such plan of reorganization or readjustment of obligations, or in any such proceeding or proceedings. 

(c) The benefits of this Section 14.09 shall survive the termination of this Indenture, the payment of the Bonds and the
resignation or removal of the Trustee. 
 Section 14.10. Trustee may rely on facts established by
Officers’ Certificate. Whenever in the administration of the trusts created by this Indenture, prior to a Default, or after the curing of Default, the Trustee shall deem it necessary or desirable that a matter be proved or established prior
to taking or suffering any action hereunder, such matter (unless other evidence in respect thereof is herein specifically prescribed) may to the extent permitted by Sections 14.01 and 14.02 be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate shall be full warrant to the Trustee for any action taken by it under this Indenture in reliance hereon. 

Section 14.11. Action to be taken by Trustee which becomes creditor of Company. The Trustee will comply with
TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A trustee which has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein.

 Section 14.12. Action to be taken by Trustee acquiring conflicting interest. The Trustee will
comply with TIA Section 310(b); provided, however, that each series of Bonds with respect to each other series of Bonds shall be excluded from the requirements of TIA Section 310(b)(1) pursuant to the proviso to
TIA Section 310(b)(1). 
 Section 14.13. Resignation or removal of Trustee. (a) The
Trustee may at any time resign and be discharged of the trusts created by this Indenture by giving written notice to the Company specifying the day upon which such resignation shall take effect, and such resignation shall take effect upon the day
specified in such notice unless previously a successor trustee shall have been appointed by the Bondholders or the Company in the manner provided in Section 14.14, and in such event such resignation shall take effect immediately on the
appointment of such successor trustee. This Section 14.13 shall not be applicable to resignations pursuant to TIA Section 310(b). 
 (b) Any Trustee may be removed at any time by an instrument or concurrent instruments in writing filed with such Trustee and signed and acknowledged by the holders of not less than a majority in aggregate
principal amount of the then Outstanding Bonds or by their attorneys in fact duly authorized. 
 (c) In case at any time the
Trustee shall cease to be eligible in accordance with Section 7.04 or Section 14.01, then the Trustee so ceasing to be eligible shall resign immediately 

  
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in the manner and with the effect provided in this Section 14.13; and in the event that it does not resign immediately in such case, then it may be removed forthwith by an
instrument or concurrent instruments in writing filed with the Trustee so ceasing to be eligible and either (i) signed by an Authorized Executive Officer attested to by the Secretary or an Assistant Secretary of the Company or (ii) signed
and acknowledged by the holders of a majority in aggregate principal amount of Outstanding Bonds or by their attorneys in fact duly authorized. 
 (d) The resignation or removal of the Trustee shall not be effective until a successor Trustee which is eligible in accordance with Sections 7.04 and 14.01 and qualified in accordance
with TIA Section 310(b) and Section 14.12, shall have been appointed and accepted such appointment in a writing delivered to the Company and the predecessor Trustee. 

Section 14.14. Appointment of successor Trustee. (a) In case at any time the Trustee shall resign or shall be
removed or shall become adjudged a bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be appointed, or if any public officer shall take charge or control of the Trustee, or of its property or affairs, for the purpose of
rehabilitation, conservation or liquidation, or a vacancy shall be deemed to exist in the office of the Trustee for any other reason, the Company, by a Board resolution, shall promptly appoint a successor trustee. Within one (1) year after such
resignation, removal, adjudication, appointment or taking, or the occurrence of such vacancy, a successor Trustee may be appointed by the holders of not less than a majority in aggregate principal amount of the Outstanding Bonds, and the successor
trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor trustee and supersede the successor trustee appointed by the Company or by such receiver or trustee. 

(b) The Company shall give notice of any appointment of a successor Trustee made by it or by Bondholders in the manner provided in
Section 14.13(a). 
 (c) If no appointment of a successor Trustee shall be made pursuant to Section 14.14(a)
within six (6) months after a vacancy shall have occurred in the office of Trustee, any Bondholder or any resigning Trustee may at the expense of the Company apply to any court of competent jurisdiction to appoint a successor Trustee. Such
court may thereupon after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee. 
 (d)
If any Trustee resigns because of a conflict of interest as provided in TIA Section 310(b) and a successor Trustee has not been appointed by the Company or the Bondholders or, if appointed, has not accepted the appointment, within thirty
(30) days after the date of such resignation, the resigning Trustee may at the expense of the Company apply to any court of competent jurisdiction for the appointment of a successor trustee. 

(e) Any Trustee appointed under this Section 14.14 as successor Trustee shall be a bank or trust company eligible under
Section 7.04 and Section 14.01 and qualified under Section 14.12. 

Section 14.15. Appointment of additional trustees or co-trustees; notice by Bondholders to Trustee, notice to all
trustees; contents, filing, etc. of instrument appointing trustee. (a) At any time or times, for the purpose of conforming to any legal requirements, restrictions or conditions 

  
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in any State or jurisdiction in which any Mortgaged Property may be located, the Company and the Trustee shall have the power to appoint, and, upon the request of the Trustee, the Company shall
for such purpose join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee, either to act as separate trustee or trustees, or
co-trustee or co-trustees jointly with the Trustee, of all or any of the Mortgaged Property. In the event that the Company shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request to do so, the
Trustee alone shall have the power to make such appointment. 
 (b) Every separate trustee, every co-trustee and every successor
trustee, other than any trustee which may be appointed as successor to the original Trustee, shall, to the extent permitted by law, but to such extent only, be appointed subject to the following provisions and conditions: 

(i) the rights, powers, duties and obligations conferred or imposed upon trustees hereunder or any of them shall be
conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such separate trustee or separate trustees or co-trustee or co-trustees jointly, except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate trustee or separate
trustees or co-trustee or co-trustees; 
 (ii) the Bonds shall be authenticated and delivered, and all powers,
duties, obligations and rights conferred upon the Trustee in respect of the custody of all Bonds and other securities and of all cash pledged or deposited hereunder, shall be exercised solely by the original Trustee or its successors in the trust
hereunder; and 
 (iii) the Company and the Trustee, at any time by an instrument in writing executed by them
jointly, may accept the resignation of or remove any separate trustee or co-trustee appointed under this Section 14.15 or otherwise, and, upon the request of the Trustee, the Company shall, for such purpose, join with the Trustee in the
execution, delivery and performance of all instruments and agreements necessary or proper to make effective such resignation or removal. In the event that the Company shall not have joined in such action within fifteen (15) days after the
receipt by it of a request so to do, the Trustee alone shall have power to accept such resignation or to remove such separate trustee or co-trustee. A successor to any separate trustee or co-trustee so resigned or removed may be appointed in the
manner provided in this Section 14.15. 
 (c) No Trustee shall be liable by reason of any act or omission of any other
trustee hereunder. 
 (d) Any notice, request or other writing, by or on behalf of the Bondholders delivered to the original
Trustee, or its successor in the trust hereunder, shall be deemed to have been delivered to all of the then trustees or co-trustees as effectually as if delivered to each of them. Every instrument appointing any trustee or trustees other than a
successor to the original Trustee shall refer to this Indenture and the conditions expressed in this Article XIV and upon the 

  
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acceptance in writing of such appointment, such trustee or trustees, or co-trustee or co-trustees, shall be vested with the estates or property specified in such instrument, either jointly with
the original Trustee, its successor, or separately, as may be provided in such instrument subject to all the trusts, conditions, and provisions of this Indenture; and every such instrument shall be filed with the original Trustee or its successor in
the trust hereunder. Any separate trustee or trustees, or any co-trustee or co-trustees, may at any time by an instrument in writing constitute and appoint the original Trustee or its successor in the trust hereunder the agent or attorney in fact
for such trustee, with full power and authority, to the extent which may be permitted by law, to do any and all acts and things and exercise any and all discretion authorized or permitted by such trustee, for and on behalf of such trustee, and in
the name of such trustee. In case any separate trustee or trustees or co-trustee or co-trustees, or a successor to any of them, shall die, become incapable of acting, resign or be removed, all the estates, property, rights, powers, trusts, duties
and obligations of such separate trustee or co-trustee, so far as permitted by law, shall vest in and be exercised by the original Trustee or its successor in the trust hereunder, without the appointment of a new trustee as successor to such
separate trustee or co-trustee. 
 Section 14.16. Acceptance by successor trustee; requirements of predecessor
Trustee upon retiring. Any successor trustee appointed hereunder shall execute, acknowledge and deliver to the predecessor trustee, and also to the Company, an instrument accepting such appointment hereunder, and thereupon such successor
trustee, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor in trust hereunder, with like effect as if originally named as
trustee herein; but the trustee ceasing to act shall nevertheless, on the written request of the Company, or of the successor trustee, or of the holders of not less than 10% in aggregate principal amount of the then Outstanding Bonds, execute,
acknowledge and deliver such instruments of conveyance and further assurance and do such other things as may reasonably be required for more fully and certainly vesting and confirming in such successor trustee all the right, title and interest of
the trustee to which such trustee succeeds in such rights, powers, trusts, duties and obligations, and the trustee ceasing to act shall also, upon like request, pay over, assign and deliver to the successor trustee any money or any pledged
securities which may then be in the possession of such trustee. If any deed, conveyance or instrument in writing from the Company is required by the new trustee for more fully and certainly vesting in and confirming to such new trustee such estates,
properties, rights, powers, trusts, duties and obligations, any and all such deeds, conveyances and instruments in writing shall, on request, be executed, acknowledged and delivered by the Company. 

Section 14.17. Merger or consolidation of Trustee. Any corporation into which the Trustee may be merged or with which
it may be consolidated or any corporation resulting from any merger or consolidation in which the Trustee shall be a party or any corporation to which substantially all the business and assets of the Trustee may be transferred, provided such
corporation shall be eligible under Section 7.04 and Section 14.01 and qualified under Section 14.12, shall be the successor trustee under this Indenture, without the execution or filing of any instrument or the
performance of any further act on the part of the Company or any other trustee hereunder, anything herein to the contrary notwithstanding. In case any of the Bonds contemplated to be issued hereunder shall have been authenticated but not delivered,
any such successor to the Trustee may, subject to the same terms and conditions as though such successor had itself authenticated such Bonds, adopt the certificate of authentication of the original Trustee

  
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or of any successor to it as trustee hereunder, and deliver such Bonds so authenticated; and in case any of such Bonds shall not have been authenticated, any successor to the Trustee may
authenticate such Bonds either in the name of any predecessor trustee or in the name of the successor trustee, and in all such cases such certificate shall have the same full force which the certificate of the Trustee shall have; provided,
however, that the right to authenticate Bonds in the name of the original Trustee shall apply only to its successor or successors by merger or consolidation or sale as aforesaid. 

Section 14.18. [Reserved.] 
 Section 14.19. Appointment of Authenticating Agent. (a) The Trustee may appoint an Authenticating Agent or Agents with respect to the Bonds of one or more series, which shall be
authorized to act on behalf of the Trustee to authenticate Bonds of such series issued upon original issuance, exchange, registration of transfer or partial redemption thereof or pursuant to Section 2.09, and Bonds so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Bonds by the Trustee or
the certificate of authentication of the Trustee, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. 
 (b) Each Authenticating Agent shall be acceptable to the Company and shall at all times be a
corporation organized and doing business under the laws of the United States of America or of a State, authorized under such laws to act as authenticating agent, having a combined capital and surplus of not less than Fifty Million Dollars
($50,000,000), and being subject to supervision or examination by Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority
referred to in Section 7.04, then for the purposes of this Section 14.19 the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with this Section 14.19(b), such Authenticating Agent shall resign immediately in the matter and with the effect specified in
Section 14.19(d). 
 (c) Any corporation into which any Authenticating Agent may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency business of any Authenticating Agent, shall become the
Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 (d) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Company. The Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of such termination to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible in accordance
with Section 14.19(b), the Trustee promptly shall appoint a successor Authenticating 

  
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Agent acceptable to the Company. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of
its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible in accordance with Section 14.19(b). 

(e) Each Authenticating Agent by the acceptance of its appointment shall be deemed to have agreed with the Company and the Trustee that:
it will timely perform and carry out the duties of an Authenticating Agent as herein set forth, including among other things, the duty to authenticate and deliver Bonds when presented to it in connection with the original issuance, exchange or
registration of transfer or partial redemptions of Bonds; it will furnish from time to time as requested by the Company or the Trustee appropriate records of all transactions carried out by it as Authenticating Agent and will furnish to the Company
or the Trustee such other information and reports as the Company or the Trustee may reasonably require; it is eligible for appointment as Authenticating Agent and will notify the Company and the Trustee promptly if it shall cease to be so eligible;
it will indemnify the Trustee against any loss, liability or expense incurred by the Trustee and will defend any claims asserted against the Trustee by reason of any acts or failures to act of the Authenticating Agent, but it shall have no liability
for any action taken by it at the specific direction of the Trustee. 
 (f) The Company agrees to pay to the Authenticating
Agent from time to time reasonable compensation for its services. 
 ARTICLE XV 

SUPPLEMENTAL INDENTURES AND SUPPLEMENTAL MORTGAGES 

Section 15.01. Provision for Supplemental Indentures, Supplemental Mortgages and amended Collateral Trust Agreement.
Without the consent of any Bondholder, (i) the Trustee and the Company, when authorized by a Board resolution, from time to time and at any time, may enter into Supplemental Indentures hereto which shall thereafter form a part hereof,
(ii) the Company, when authorized by a Board resolution, from time to time and at any time, may enter into Supplemental Mortgages to the Mortgage which shall thereafter form a part thereof and/or (iii) the Trustee, as requested by the
Company, may direct the Collateral Trustee to enter into an amendment with the Company to the Collateral Trust Agreement or consent to any Supplemental Mortgage entered into by the Company; in each case for any one or more of the following purposes,
as applicable: 
 (a) to amplify or correct the description of any property conveyed or pledged or intended so to be by the
Mortgage, or to convey, transfer and assign to the Collateral Trustee and to subject to the Lien of the Mortgage with the same force and effect as if included in the granting clause hereof, additional property and franchises, together with such
other provisions as may be appropriate to express the respective rights of the Collateral Trustee and the Company in regard thereto; 
 (b) to grant, bargain, sell, warrant, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto the Collateral Trustee, and to specifically subject to the Lien of the

  
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Mortgage, any Excepted Property, including property, rights and interests in all real and personal property then owned and thereafter acquired by the Company which is (i) outside the State
of Iowa and an integral part of or used or to be used as an integral part of the electric generating, transmission and distribution operations of the Company in or outside of the State of Iowa, or (ii) is an integral part of or used or to be
used as an integral part of the gas distribution operations of the Company either in the State of Iowa or wherever located in or outside of the State of Iowa, and such Supplemental Mortgage shall specifically describe all such property which is then
owned by the Company; and all of such property then owned and thereafter acquired by the Company shall cease to be Excepted Property and shall be Mortgaged Property or all purposes of this Indenture; 

(c) to close this Indenture against the issue of additional Bonds or to add limitations on the amount, terms, provisions, authentication,
delivery, issue and purposes of the issue of Bonds under this Indenture; 
 (d) to establish and create one or more series of
Bonds and to specify certain terms of such series of Bonds, which terms may include, but are not limited to, those set forth in Section 2.01(c), all in a manner not inconsistent with the provisions of this Indenture; 

(e) to provide for alternative methods or forms for evidencing and recording the ownership of Bonds and matters related thereto;

 (f) to reflect changes in Generally Accepted Accounting Principles; 

(g) to comply with the rules or regulations of any national securities exchange on which any of the Bonds may be listed; 

(h) to modify the provisions of this Indenture to such extent as shall be necessary to continue the qualification of this Indenture under
the TIA, or under any similar federal statute hereafter enacted; 
 (i) to evidence the succession of another corporation to the
Company, or successive successions, and the assumption by such successor corporation of the covenants and obligations of the Company under this Indenture, the Mortgage and the Collateral Trust Agreement; to evidence the succession of a new trustee
to any trustee hereunder; or to evidence the appointment and the terms of such appointment of any co-trustee or separate trustee appointed pursuant to Section 14.15; 
 (j) to change, alter, modify, vary or eliminate any of the terms, provisions, restrictions or conditions of this Indenture; provided, however, that if any such change, alteration,
modification, variation or elimination made in a Supplemental Indenture pursuant to this Section 15.01(j) would materially adversely affect the rights of the holders of any then Outstanding Bonds against the Company or its property, then
such change, alteration, modification, variation or elimination shall be expressly stated in such Supplemental Indenture to become effective only as to Bonds issued thereafter; 

(k) to make such provision in regard to matters or questions arising under this Indenture or the Mortgage as may be necessary or
desirable and not inconsistent with this 

  
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Indenture or the Mortgage or for the purpose of supplying any omission, curing any ambiguity, or curing, correcting or supplementing any defective or inconsistent provision contained in this
Indenture, any Supplemental Indenture, the Mortgage or any Supplemental Mortgage, or for any other purpose not inconsistent with this Indenture or the Mortgage and which will not materially impair the security of this Indenture or the Mortgage or
materially adversely affect the Outstanding Bonds; and 
 (l) in the case of the Collateral Trust Agreement, for the purposes
provided in, and in accordance with, Section 8.05(c), and in the case of the Mortgage, to make changes corresponding to changes permitted to be made in the Collateral Trust Agreement by clauses (iii) through (vii) of Section
8.05(c). 
 Section 15.02. Requirements for Supplemental Indentures and Supplemental Mortgages.
(a) With the consent of the holders of not less than a majority in aggregate principal amount of the Outstanding Bonds which would be affected by the action to be taken, and in case one or more of the series of Outstanding Bonds would be
materially adversely affected by the action to be taken, with the consent of the holders of not less than 60% in aggregate principal amount of the Outstanding Bonds of such series so affected (which need not include 60% of the aggregate principal
amount of the Outstanding Bonds of each such series), the Company, when authorized by a Board resolution, and the Trustee, may from time to time and at any time, enter into a Supplemental Indenture or the Trustee may instruct the Collateral Trustee
to enter into or consent to a Supplemental Mortgage or enter into an amendment to the Collateral Trust Agreement, for the purpose of adding any provision to, or changing in any manner or eliminating any provision of, this Indenture, the Mortgage,
any Supplemental Indenture, any Supplemental Mortgage or the Collateral Trust Agreement, as applicable or of modifying in any manner the rights of the holders of Bonds; provided, however, that anything in this Section 15.02
to the contrary notwithstanding, no such Supplemental Indenture or Supplemental Mortgage shall, without the consent of the holder of each Outstanding Bond affected thereby, (i) extend the fixed maturity of any Bonds, change any terms of any
sinking, improvement, maintenance, replacement or analogous fund or conversion rights with respect to any Bonds, or reduce the rate or extend the time of payment of interest thereon, or reduce the principal amount thereof, or, subject to Article
XII, limit the right of a holder of Bonds to institute suit for the enforcement of payment of principal of, or premium, if any, or interest, if any, on such Bonds in accordance with the terms of such Bonds, or (ii) reduce the aforesaid
percentage of Outstanding Bonds, the holders of which are required to consent to any such Supplemental Indenture or Supplemental Mortgage, or (iii) permit the creation by the Company of any Prior Lien (but no merger or consolidation permitted
by Section 13.01 of the Company with any other Person owning property which is subject to a Prior Lien, shall be deemed to be the creation of any Prior Lien). For the purposes of this Section 15.02 and Sections
15.01(j) and 15.01(k), Bonds shall be deemed to be materially adversely affected by a Supplemental Indenture or Supplemental Mortgage, as applicable, if such Supplemental Indenture or Supplemental Mortgage, as applicable, materially
adversely affects or materially diminishes the rights of holders of such Bonds against the Company or against its property. The Trustee may in reliance on an Opinion of Counsel determine whether or not, in accordance with the foregoing, Bonds of any
particular series would be materially adversely affected by any Supplemental Indenture or Supplemental Mortgage and any such determination shall be conclusive upon the holders of Bonds of such series and all other series. Subject to
Section 14.01 and Section 14.02, the Trustee shall not be liable for any such determination made in good faith. 

  
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 (b) Upon the request of the Company, accompanied by a copy of a Board resolution authorizing
the execution of any such Supplemental Indenture or Supplemental Mortgage, and upon the filing with the Trustee of evidence of the consent of Bondholders as aforesaid, the Trustee shall join with the Company in the execution of such Supplemental
Indenture and/or instruct the Collateral Trustee to join with the Company in the execution of, or consent to, such Supplemental Mortgage, or the execution of such amendment to the Collateral Agency Agreement, as applicable. 

(c) It shall not be necessary for the consent of the Bondholders under this Section 15.02 to approve the particular form of
any proposed Supplemental Indenture or Supplemental Mortgage or amendment to the Collateral Trust Agreement, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 15.03. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any
Supplemental Indenture or Supplemental Mortgage or amendment to the Collateral Trust Agreement permitted by this Article XV or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and,
subject to Section 14.01, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such Supplemental Indenture, Supplemental Indenture or amendment to the Collateral Trust Agreement is authorized or
permitted by this Indenture. The Trustee may, but shall not, except to the extent required in the case of a Supplemental Indenture entered into under Section 14.01(b), be obligated to, enter into any such Supplemental Indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 15.04.
Effect of Supplemental Indentures. Upon the execution of any Supplemental Indenture under this Article XV, this Indenture shall be modified in accordance therewith and such Supplemental Indenture shall form a part of this Indenture for
all purposes; and every holder of Bonds theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 15.05. Conformity with Trust Indenture Act. Every Supplemental Indenture executed pursuant to this Article
XV shall conform to the requirements of the TIA as then in effect if this Indenture shall then be qualified under the TIA. 

Section 15.06. Reference in Bonds to Supplemental Indentures. Bonds authenticated and delivered after the execution of
any Supplemental Indenture pursuant to this Article XV may, and if required by the Trustee shall, bear a notation in a form approved by the Trustee as to any matter provided for in such Supplemental Indenture. If the Company shall so
determine, new Bonds so modified as to conform, in the opinion of the Trustee and the Company, to any such Supplemental Indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Bonds. 

  
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 ARTICLE XVI 
 MEETINGS OF BONDHOLDERS 

Section 16.01. Manner of calling meetings and determination of Bonds affected. (a) The Trustee shall on request
of the Company pursuant to a Board resolution or upon written request of the holders of not less than a majority in aggregate principal amount of Outstanding Bonds call a meeting of Bondholders to be held at such time and at such place in either the
Borough of Manhattan, the City and State of New York, or the city in which the principal office of the Trustee or the city in which the principal office of the Company is located, as the Trustee shall determine. Notice of every meeting of
Bondholders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and specifying each series of Bonds which would be affected by the proposed action, shall be mailed not less than
twenty-one (21) or more than one hundred eighty (180) days before such meeting (i) to each holder as of a record date not more than fifteen (15) days prior to the date of such mailing of Bonds which would be affected by the
action proposed to be taken at the meeting and then Outstanding, addressed to such holder at the address appearing on the Bond register maintained pursuant to Section 2.06, (ii) to all Bondholders whose names and addresses are
preserved at the time by the Trustee, as provided in TIA Section 312(a), (iii) to the Trustee at the address provided in Section 21.03, or at such other place as may be designated by the Trustee from time to time, and
(iv) to the Company at the address provided in Section 21.03, or at such other place as may be designated by the Company from time to time; provided, however, that the mailing of such notice to any Bondholder shall in
no case be a condition precedent to the validity of any action taken at such meeting. 
 (b) The Trustee may in its discretion
determine whether or not Bonds of any particular series would be affected by action proposed to be taken at a meeting, and if such action is a waiver of a past Default as provided in Section 12.24 or the authorization of a Supplemental
Indenture or Supplemental Mortgage as provided in Section 15.02, whether or not the holders of such Bonds would be materially adversely affected, and any such determination shall be conclusive upon the holders of Bonds of such series and
all other series. Subject to Section 14.01, Section 14.02 and Section 14.07, the Trustee shall not be liable for any such determination made in good faith. 

Section 16.02. Calling of meetings by Company or Bondholders. In case at any time the Company, pursuant to a Board
resolution, or the holders of not less than a majority in aggregate principal amount of the Outstanding Bonds which would be affected by the action proposed to be taken, shall have requested the Trustee to call a meeting of Bondholders, by written
request setting forth in general terms the action proposed to be taken at such meeting, and the Trustee shall not have made the first publication of the notice of such meeting or mailed the notice of such meeting, if publication need not be made,
within twenty (20) days after receipt of such request, then the Company or the holders of Bonds in the amount above specified may determine the time and place in the Borough of Manhattan, the City and State of New York, or in the city in which
the principal office of the Trustee or the city in which the principal office of the Company is located, for such meeting and may call such meeting by giving notice thereof as provided in Section 16.01. 

  
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 Section 16.03. Persons entitled to vote at meeting. To be entitled to
vote at any meeting of Bondholders a Person shall: (a) be a holder of one or more Bonds of such a series; or (b) be the holder of a certificate (with respect to one or more Bonds of such a series) then in effect and satisfactory to the
Trustee issued pursuant to Section 20.01; or (c) be a Person appointed by an instrument in writing as a proxy for such a holder or holders of Bonds of such a series or for a holder of such a certificate, provided that no Person who
holds a Bond which is excluded in the determination of the requisite amount concurring in any action as set forth in Section 20.03 shall be permitted to vote. The only Persons who shall be entitled to be present or to speak at any
meeting of Bondholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel, and any representatives of the Company and its counsel. 

Section 16.04. Conduct of meetings; procedures. (a) Notwithstanding any other provision of this Indenture, the
Trustee on its own initiative or on request of the Company may, or upon request of the holders of a majority in aggregate principal amount of the Outstanding Bonds shall, from time to time, make such reasonable procedures, and may vary such
procedures, as it may deem advisable for any meeting of Bondholders, in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidences of the right to vote, and, except as
otherwise provided in this Section 16.04 and in Section 16.05, such other matters concerning the conduct of the meeting as the Trustee may deem advisable. Except as otherwise permitted or required by any such procedures, the
holding of Bonds shall be proved in the manner specified in Section 20.01 and the appointment of any proxy shall be proved in the manner specified in Section 20.01 or by having the signature of the Person executing the proxy
witnessed or guaranteed by any trust company, bank, banker or other depository authorized by Section 20.01 to certify to the holding of Bonds which are transferable by delivery. 

(b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been
called by the Company or by Bondholders as provided in Section 16.02, in which case the Company or the Bondholders calling the meeting, as the case may be, shall in a similar manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the holders of a majority in aggregate principal amount of the Outstanding Bonds represented at the meeting and entitled to vote. 

(c) Subject to Section 20.03, upon the submission of any resolution at any meeting, each Bondholder or proxy shall be
entitled to one vote for each $1,000 principal amount of Outstanding Bonds held by such Bondholder or by the Bondholders represented by such proxy, as the case may be, the holders of which are entitled by this Article XVI to vote;
provided, however, that no vote shall be cast or counted at any meeting in respect of any Bond challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote other than by virtue of Outstanding Bonds held by such chairman or instruments in writing as aforesaid duly designating such chairman as the person to vote on behalf of other Bondholders. Any meeting of Bondholders duly called pursuant
Section 16.01 or Section 16.02 may be adjourned from time to time, and the meeting may be held as so adjourned without further notice. 

  
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 Section 16.05. Manner of voting. (a) The vote upon any action
proposed to be taken at such meeting, which action shall be submitted to the meeting in the form of a resolution, shall be by written ballots on which shall be subscribed the signatures of the holders of Outstanding Bonds or their representatives by
proxy and the serial number or numbers of the Outstanding Bonds held or represented by them. The chairman of the meeting shall appoint two (2) inspectors of votes who shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Bondholders shall be prepared by the secretary of the
meeting and there shall be attached to such record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts, setting forth a copy of the notice of the
meeting. The record shall show the serial numbers and principal amounts of the Outstanding Bonds voting in favor of any resolution submitted in accordance with Article XVI. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one (1) of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee. 

(b) Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 16.06. Rights of Trustee or Bondholders not to be hindered or delayed. Nothing in this Article XVI
contained shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Bondholders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or
rights conferred upon or reserved to the Trustee or to the Bondholders under any provision of this Indenture or of the Outstanding Bonds. 
 Section 16.07. Action by written consent. Any action which may be taken at a meeting of Bondholders, including the authorization of a Supplemental Indenture or Supplemental Mortgage as
provided in Section 15.02(a), may be taken without a meeting, without prior notice and without a vote, if such action is consented to in writing (evidenced as provided in Article XX) by the holders of Outstanding Bonds holding not
less than the minimum aggregate principal amount of Outstanding Bonds which is necessary to authorize or take such action at a meeting of Bondholders. 
 ARTICLE XVII 
 BONDHOLDER LISTS
AND REPORTS BY THE COMPANY 
 AND
THE TRUSTEE 
 Section 17.01. Company to furnish Bondholder lists. The Company
shall, so long as any Bonds are Outstanding under this Indenture, furnish or cause to be furnished to the Trustee not later than June 30 and December 31 in each year, and at such other times as the Trustee may request in writing, the
information required by TIA Section 312(a) (as of a date not more than fifteen (15) days prior to the date such information is furnished), which the Trustee shall preserve in as current a form as is reasonably practicable; provided
that no such information need be furnished so long as the Trustee is Bond registrar pursuant to Section 2.06. The Trustee will also comply with TIA Section 312(b), but the Trustee, the Company and each person acting on behalf
of the Trustee or the Company shall have the protection of TIA Section 312(c). 

  
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 Section 17.02. Company to comply with TIA Section 314. The Company shall
file with the Trustee, within fifteen (15) days after it files the same with the Securities and Exchange Commission, copies of the reports, information and documents (or portions thereof) required to be so filed pursuant to pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended. The Company shall be deemed to have complied with the previous sentence to the extent that such information, documents and reports are filed with the
Commission via EDGAR (or any successor electronic delivery procedure). The Company shall also comply with the other provisions of TIA Section 314(a)(1)-(3). 

Section 17.03. Trustee reports to Bondholders and compliance with TIA Section 313. The Trustee shall (a) transmit
within sixty (60) days after May 15 in each year, beginning with the year 2014, to the Bondholders specified in TIA Section 313(c) and to the Securities and Exchange Commission, a brief report dated as of such May 15th and
complying with the requirements of TIA Section 313(a), but no such report shall be required if no event described in TIA Section 313(a) shall have occurred during the twelve (12) month period ended on such May 15th,
and (b) comply with the other provisions of TIA Section 313. 
 Section 17.04. Company reports to
Trustee regarding ordinary course disposition. In the case of transactions permitted by Section 10.02 hereof, the Company shall deliver to the Trustee, within fifteen (15) days after the end of each of the six-month periods ended on
June 30 and December 31 in each year, an Officers’ Certificate to the effect that all transactions effected pursuant to Section 10.02 hereof during the preceding six-month period were made in the ordinary course of business and
that all proceeds therefrom were used by the Company as permitted herein. 
 ARTICLE XVIII 

DEFEASANCE 
 Section 18.01. Effect of payment of indebtedness; deposit of money or Eligible Obligations in certain instances deemed payment. (a) The Trustee may, and upon request of the Company
shall, cause the Collateral Trustee to satisfy and discharge the Lien of the Mortgage and execute and deliver to the Company upon its written request such deeds and instruments as shall be required to discharge the Lien of the Mortgage, and reconvey
and transfer to the Company the Mortgaged Property, whenever all Bonds have become Retired Bonds, and thereupon the Bondholders shall have no rights under this Indenture except to payment of principal of, premium, if any, and interest, if any, on
their Bonds. 
 (b) Notwithstanding the satisfaction and discharge of this Indenture, the Trustee shall have an unsecured right
to receive compensation and reimbursement of expenses pursuant to Section 14.09 through the date of such satisfaction and discharge, and to charge and be reimbursed by the Company for any reasonable expenditures and liabilities (incurred
in good faith and without negligence by the Trustee) which it may thereafter incur. 

  
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 (c) Bonds for the payment of which at their stated maturity within one (1) year
and Bonds for the redemption of which within one (1) year, moneys in the necessary amount and/or Eligible Obligations in an amount which, taking into account any reinvestment and proceeds thereof, will, in the opinion of an Accountant as
certified to the Trustee in an Accountant’s Certificate, provide moneys which, together with the moneys, if any, deposited with or held by the Trustee, shall be sufficient to pay when due the principal of, premium, if any, and interest, if any,
due and to become due on such Bonds on the redemption or maturity date thereof and on any interest payment dates thereof, as the case may be, shall have been set apart by or deposited with the Trustee, with irrevocable direction to apply the same to
such payment, subject to Section 18.02 (with or without any additional right given to the Bondholders to surrender their Bonds or obtain therefrom payment therefor prior to such redemption or maturity date) shall for all purposes under
this Indenture, including satisfying the Lien of the Mortgage, be deemed to have been paid; provided that in case of redemption the notice of such redemption shall have been given or arrangements shall have been made to the satisfaction of the
Trustee that such notice will be given. 
 Section 18.02. Unclaimed moneys. In case any moneys
deposited with the Trustee or any Paying Agent or proceeds of the investment in or sale of Eligible Obligations held in trust for the payment of the principal of, premium, if any, or interest on any Bond remain unclaimed for two (2) years after
such principal, premium, if any, or interest has become due and payable, the Trustee or such Paying Agent shall so advise the Company and shall pay over to or upon the written order of the Company such moneys, and thereupon the Trustee or such
Paying Agent shall be released from any and all further liability with respect to the payment of principal of or premium, if any, or interest on such Bond, and the holder of such Bond shall be entitled (subject to any applicable statute of
limitations) as an unsecured creditor to seek the payment thereof from the Company. 
 ARTICLE XIX 

IMMUNITY OF INCORPORATORS, SUBSCRIBERS TO THE
CAPITAL 
 STOCK, SHAREHOLDERS, OFFICERS AND
DIRECTORS 
 Section 19.01. General provision. No recourse under or upon any obligation,
covenant or agreement contained in this Indenture or any Supplemental Indenture, or in any Bond or because of the creation of any indebtedness hereby secured, shall be had against any incorporator or any past, present or future subscriber to the
capital stock, shareholder, officer, director, agent or representative of the Company or of any predecessor or successor corporation, as such, either directly or through the Company or any predecessor or successor corporation under any rule of law,
statute or constitution or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise; it being expressly agreed and understood that this Indenture and the obligations hereby secured, are solely corporate obligations,
and that no such personal liability shall attach to, or be incurred by, such incorporators, subscribers to the capital stock, shareholders, officers, directors, agents or representatives of the Company or of any predecessor or successor corporation,
or any of them, as such, because of the incurring of the indebtedness hereby authorized, or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or in any of the Bonds, or implied therefrom, and that any
and all such personal liability of every name and nature, and any and all such rights and claims against 

  
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every such incorporator, subscriber to the capital stock, shareholder, officer, director, agent or representative, as such, whether arising at common law or in equity, or created by rule of law,
statute, constitution or otherwise, are expressly released and waived as a condition of, and as part of the consideration for, the execution of this Indenture and the issue of the Bonds secured hereby. 

ARTICLE XX 

EVIDENCE OF RIGHTS OF BONDHOLDERS 

AND OWNERSHIP OF BONDS 

Section 20.01. Evidence of action by Bondholders. (a) Whenever in this Indenture it is provided that the holders
of a specified percentage in aggregate principal amount of Outstanding Bonds may take any action (including the making of any demand or request, the giving of any notice or consent, or the taking of any other action) the fact that at the time of
taking any such action the holders of such specified percentage have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by Bondholders in person or by attorneys appointed in writing, or
(ii) by the record of the Bondholders voting in favor thereof at any meeting of Bondholders duly called and held in accordance with Article XVI, or (iii) by a combination of such instrument or instruments and any such record of such
a meeting of Bondholders. 
 (b) Proof of the execution of any such instrument, or of a writing appointing any such attorney, or
of the holding by any Person of any Bonds shall be sufficient for any purpose of this Indenture (except as otherwise expressly provided) if made in the following manner: 

(i) the fact and date of the execution by any Person of any instrument or writing may be proved by the certificate of any
notary public, or other officer authorized to take acknowledgments of deeds to be recorded in the jurisdiction in which such notary public or officer purports to act, that the Person signing such instrument or writing acknowledged to such notary
public or officer the execution thereof, or by an affidavit of a witness to such execution sworn to before any such notary public or officer; 
 (ii) the amount of Bonds transferable by delivery, and the series and serial numbers thereof, held by any Person, and the date of such Person’s holding such Bonds, may be proved either by exhibiting
such Bonds themselves or by a certificate executed by any trust company, bank, banker or other depositary wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such
Person had on deposit with or exhibited to such trust company, bank, banker or other depositary, the Bonds described in such certificate. Each such certificate shall be dated and shall state that on the date thereof Bonds bearing a specified serial
number or numbers were deposited with or exhibited to such trust company, bank, banker or other depositary by the Person named in such certificate. No such certificate shall continue to be effective if (A) a similar certificate bearing a later
date issued in respect of the same Bond shall be produced, or (B) the Bond specified in such certificate (or Bonds issued in exchange or substitution for such Bond) shall be exhibited. The Trustee may nevertheless in its discretion require
further proof of such holding of Bonds in cases where it deems such further proof desirable. The ownership of Bonds shall be proved by the Bond register of the Company maintained pursuant to Section 2.06. The record of any
Bondholders’ meeting shall be proved in the manner provided in Section 16.05. 

  
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 Section 20.02. Inspection of Bonds. Neither the Company nor the Trustee
shall be bound to recognize any Person as the holder of a Bond unless and until such Bond is submitted for inspection, if required, and the title of such Person to such Bond satisfactorily established, if disputed. 

Section 20.03. Bondholder may revoke consent. At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 20.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Outstanding Bonds specified in this Indenture in connection with such action, any holder of an Outstanding Bond
the serial number of which is shown by the evidence to be included in the Outstanding Bonds the holders of which have taken such action may, by filing written notice with the Trustee at its principal office and upon proof of such holding as provided
in Section 20.01, revoke such action so far as concerns such Bond. Except as aforesaid any such action taken by the holder of any Bond shall be conclusive and binding upon such holder and upon all future holders of such Bond (and any
Bond issued in lieu thereof or exchanged therefor), irrespective of whether or not any notation of such action is made upon such Bond, and in any event any action taken by the holders of the percentage in aggregate principal amount of the
Outstanding Bonds specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all of the Bonds. 
 ARTICLE XXI 
 MISCELLANEOUS 

Section 21.01. Certificates, opinions, etc.. (a) Each certificate or opinion which is required by this Indenture
to be delivered to the Trustee with respect to compliance with a condition or covenant contained in this Indenture shall include (i) a statement that the Person signing such certificate or opinion has read such covenant or condition;
(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, such
Person has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not in the
opinion of such Person such condition or covenant has been complied with. 
 (b) Every request or application by the Company for
action by the Trustee shall be accompanied by an Officers’ Certificate and an Opinion of Counsel stating in each case that in the opinion of the Person signing such Officers’ Certificate or Opinion of Counsel the conditions precedent, if
any, to such action, provided for in this Indenture (including any covenants the compliance with which constitutes a condition precedent to such action), have been complied with. 

  
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 (c) The same officer or officers of the Company, or the same Engineer or counsel or other
Person, as the case may be, need not certify to all the matters required to be certified under any Article or Section of this Indenture, but different officers, Engineers, counsel or other Persons may certify to different facts respectively.

 Section 21.02. Successors and assigns. Whenever any Person is referred to in this Indenture, such
reference shall be deemed to include the successors or assigns of such Person, and all the covenants and agreements in this Indenture contained by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of
the respective successors and assigns of the Company and the Trustee whether so expressed or not. 
 Section 21.03.
Notices to Trustee and Company. Any request, demand, authorization, direction, notice, consent, waiver or act of Bondholders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 (a) the Trustee by any Bondholder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Trustee at the following address (until another address is filed by the Trustee with the Company for the purpose of this Section 21.03): 

The Bank of New York Mellon Trust Company, N.A. 
 2 North LaSalle Street, Suite 1020 
 Chicago, Illinois 60602 

Attention: Corporate Trust Administration 
 (b) the Company by the Trustee or by any Bondholder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to
the Company at the following address (until another address is filed by the Company with the Trustee for the purpose of this Section 21.03): 
 MidAmerican Energy Company 
 666 Grand Avenue, Suite 500 

Des Moines, Iowa 50309-2580 
 Attention: Corporate Secretary 
 Section 21.04. Governing law.
This Indenture and the Bonds shall be governed by and construed in accordance with the law of the State of New York (including without limitation Section 5-1401 of the New York General Obligations Law or any successor to such statute), except
to the extent that the TIA shall be applicable and except to the extent that the law of any jurisdiction wherein any portion of the Mortgaged Property is located shall mandatorily govern the creation of a mortgage lien on and security interest in,
or perfection, priority or enforcement of the Lien of the Mortgage or exercise of remedies with respect to, such portion of the Mortgaged Property. 
 Section 21.05. Waiver of jury trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE BONDS 

  
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OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE COMPANY AND TRUSTEE FURTHER WAIVES ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A
JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. 
 Section 21.06. Conflict with TIA. If any provision of this
Indenture limits, qualifies, or conflicts with another provision of this Indenture which is required to be included pursuant to any requirements of Sections 310 to 317, inclusive, of the TIA, such required provision shall control.

 Section 21.07. TIA construed as in effect on date hereof. Wherever reference is made in this Indenture to
the TIA, such reference is made to the TIA as it was in force on the date of the execution of this Indenture. 

Section 21.08. Titles, Table of Contents and Section Headings. The titles of the Articles, the table of contents and
the section headings in this Indenture are included for convenience of reference only and shall not be deemed to be part of this Indenture. 
 Section 21.09. Counterparts. This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same
instrument. 
 Section 21.10. Force majeure. In no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
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 IN WITNESS WHEREOF, MIDAMERICAN ENERGY COMPANY has caused its corporate name to be hereunto
affixed, and this instrument to be signed by its Chief Executive Officer, President or one of its Vice Presidents, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., to evidence its acceptance of the trust hereby created, has caused its corporate
name to be hereunto affixed, and this instrument to be signed by one of its Vice Presidents, all as of the day and year first above written. 
  

			
	MIDAMERICAN ENERGY COMPANY
		
	By:	 	  

	Name:	 	William J. Fehrman
	Title:	 	President and Chief Executive Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A.
		
	By:	 	  

	Name:	 	
	Title:

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