Document:

Loan and Security Agreement

 Exhibit 10.84 
 LOAN AND SECURITY AGREEMENT 
 Dated as of
October 6, 2006 
 Between 
 SHC CHOPIN PLAZA, LLC 
 as Borrower 
 and 
 CITIGROUP
GLOBAL MARKETS REALTY CORP., 
 as Lender 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	1
			
	Section 1.1	  	Definitions	  	1
	Section 1.2	  	Principles of Construction	  	25
		
	II. GENERAL TERMS	  	26
			
	Section 2.1	  	Loan; Disbursement to Borrower	  	26
	Section 2.2	  	Interest; Loan Payments; Late Payment Charge	  	26
	Section 2.3	  	Prepayments	  	28
	Section 2.4	  	Regulatory Change; Taxes	  	29
	Section 2.5	  	Conditions Precedent to Closing	  	30
		
	III. CASH MANAGEMENT	  	34
			
	Section 3.1	  	Cash Management	  	34
		
	IV. REPRESENTATIONS AND WARRANTIES	  	42
			
	Section 4.1	  	Borrower Representations	  	42
		
	V. BORROWER COVENANTS	  	52
			
	Section 5.1	  	Affirmative Covenants	  	52
	Section 5.2	  	Negative Covenants	  	60
		
	VI. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION	  	63
			
	Section 6.1	  	Insurance Coverage Requirements	  	63
	Section 6.2	  	Condemnation and Insurance Proceeds	  	68
		
	VII. IMPOSITIONS, OTHER CHARGES, LIENS AND OTHER ITEMS	  	72
			
	Section 7.1	  	Impositions and Other Charges	  	72
	Section 7.2	  	No Liens	  	72
	Section 7.3	  	Contest	  	72
		
	VIII. TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS	  	73
			
	Section 8.1	  	Restrictions on Transfers and Indebtedness	  	73

  

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	Section 8.2	  	Sale of Building Equipment	  	74
	Section 8.3	  	Immaterial Transfers and Easements, etc	  	74
	Section 8.4	  	Transfers of Interests in Borrower	  	74
	Section 8.5	  	Loan Assumption	  	75
	Section 8.6	  	Notice Required; Legal Opinions	  	77
	Section 8.7	  	Leases	  	77
		
	IX. INTEREST RATE CAP AGREEMENT	  	80
			
	Section 9.1	  	Interest Rate Cap Agreement	  	80
	Section 9.2	  	Pledge and Collateral Assignment	  	80
	Section 9.3	  	Covenants	  	81
	Section 9.4	  	Representations and Warranties	  	82
	Section 9.5	  	Payments	  	83
	Section 9.6	  	Remedies	  	83
	Section 9.7	  	Sales of Rate Cap Collateral	  	85
	Section 9.8	  	Public Sales Not Possible	  	86
	Section 9.9	  	Receipt of Sale Proceeds	  	86
	Section 9.10	  	Extension Interest Rate Cap Agreement	  	86
	Section 9.11	  	Filing of Financing Statements Authorized	  	86
		
	X. MAINTENANCE OF PROPERTY; ALTERATIONS	  	86
			
	Section 10.1	  	Maintenance of Property	  	86
	Section 10.2	  	Alterations and Expansions	  	87
		
	XI. BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER INFORMATION	  	89
			
	Section 11.1	  	Books and Records	  	89
	Section 11.2	  	Financial Statements	  	90
		
	XII. ENVIRONMENTAL MATTERS	  	92
			
	Section 12.1	  	Representations	  	92
	Section 12.2	  	Covenants. Compliance with Environmental Laws	  	92
	Section 12.3	  	Environmental Reports	  	93
	Section 12.4	  	Environmental Indemnification	  	93
	Section 12.5	  	Recourse Nature of Certain Indemnifications	  	94
		
	XIII. RESERVED	  	94
		
	XIV. SECURITIZATION AND PARTICIPATION	  	94
			
	Section 14.1	  	Sale of Note and Securitization	  	94

  

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	Section 14.2	  	Cooperation with Rating Agencies	  	95
	Section 14.3	  	Securitization Financial Statements	  	96
	Section 14.4	  	Securitization Indemnification	  	96
	Section 14.5	  	Retention of Servicer	  	98
		
	XV. ASSIGNMENTS AND PARTICIPATIONS	  	98
			
	Section 15.1	  	Assignment and Acceptance	  	98
	Section 15.2	  	Effect of Assignment and Acceptance	  	98
	Section 15.3	  	Content	  	99
	Section 15.4	  	Register	  	99
	Section 15.5	  	Substitute Notes	  	100
	Section 15.6	  	Participations	  	100
	Section 15.7	  	Disclosure of Information	  	100
	Section 15.8	  	Security Interest in Favor of Federal Reserve Bank	  	101
		
	XVI. RESERVE ACCOUNTS	  	101
			
	Section 16.1	  	Tax Reserve Account	  	101
	Section 16.2	  	Insurance Reserve Account	  	102
	Section 16.3	  	Intentionally Deleted	  	102
	Section 16.4	  	FF&E Reserve Account	  	102
	Section 16.5	  	Condominium Charges Reserve Account	  	103
	Section 16.6	  	Letter of Credit Provisions	  	103
		
	XVII. DEFAULTS	  	104
			
	Section 17.1	  	Event of Default	  	104
	Section 17.2	  	Remedies	  	107
	Section 17.3	  	Remedies Cumulative; Waivers	  	109
	Section 17.4	  	Costs of Collection	  	109
		
	XVIII. SPECIAL PROVISIONS	  	109
			
	Section 18.1	  	Exculpation	  	109
		
	XIX. MISCELLANEOUS	  	111
			
	Section 19.1	  	Survival	  	111
	Section 19.2	  	Lender’s Discretion	  	111
	Section 19.3	  	Governing Law	  	111
	Section 19.4	  	Modification, Waiver in Writing	  	112
	Section 19.5	  	Delay Not a Waiver	  	112
	Section 19.6	  	Notices	  	113
	Section 19.7	  	TRIAL BY JURY	  	114
	Section 19.8	  	Headings	  	114

  

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	Section 19.9	  	Severability	  	114
	Section 19.10	  	Preferences	  	114
	Section 19.11	  	Waiver of Notice	  	114
	Section 19.12	  	Expenses; Indemnity	  	115
	Section 19.13	  	Exhibits and Schedules Incorporated	  	117
	Section 19.14	  	Offsets, Counterclaims and Defenses	  	117
	Section 19.15	  	Liability of Assignees of Lender	  	117
	Section 19.16	  	No Joint Venture or Partnership; No Third Party Beneficiaries	  	117
	Section 19.17	  	Publicity	  	118
	Section 19.18	  	Waiver of Marshalling of Assets	  	118
	Section 19.19	  	Waiver of Counterclaim and Other Actions	  	118
	Section 19.20	  	Conflict; Construction of Documents; Reliance	  	118
	Section 19.21	  	Prior Agreements	  	119
	Section 19.22	  	Counterparts	  	119
	Section 19.23	  	Joint and Several Liability	  	119

  

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 EXHIBITS AND SCHEDULES 
  

			
	EXHIBIT A	  	TITLE INSURANCE REQUIREMENTS
	EXHIBIT B	  	SURVEY REQUIREMENTS
	EXHIBIT C	  	SINGLE PURPOSE ENTITY PROVISIONS
	EXHIBIT D	  	ENFORCEABILITY OPINION REQUIREMENTS
	EXHIBIT E	  	NON-CONSOLIDATION OPINION REQUIREMENTS
	EXHIBIT F	  	COUNTERPARTY OPINION REQUIREMENTS
	EXHIBIT G	  	FORM OF TENANT ESTOPPEL LETTER
	EXHIBIT H-1	  	BORROWER ORGANIZATIONAL STRUCTURE AT CLOSING
	EXHIBIT H-2	  	INTENTIONALLY DELETED
	EXHIBIT I	  	INTEREST RATE CAP AGREEMENT REQUIREMENTS
	EXHIBIT J	  	FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
	EXHIBIT K	  	FORM OF SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT
	EXHIBIT L	  	INTENTIONALLY DELETED
	EXHIBIT M	  	COUNTERPARTY ACKNOWLEDGMENT
	EXHIBIT N	  	INTENTIONALLY DELETED
	EXHIBIT O	  	INTENTIONALLY DELETED
	EXHIBIT P	  	INTENTIONALLY DELETED
	EXHIBIT Q	  	INTENTIONALLY DELETED
	EXHIBIT R	  	ARTICLE 8 OPT IN LANGUAGE
	SCHEDULE I	  	LITIGATION SCHEDULE
	SCHEDULE II	  	INTENTIONALLY DELETED
	SCHEDULE III	  	PRE-APPROVED TRANSFEREES
	SCHEDULE IV	  	PRE-APPROVED MANAGERS
	SCHEDULE V	  	INTENTIONALLY DELETED
	SCHEDULE VI	  	INTENTIONALLY DELETED
	SCHEDULE VII	  	INTENTIONALLY DELETED

  

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 LOAN AND SECURITY AGREEMENT 
 THIS LOAN AND SECURITY AGREEMENT dated as of October 6, 2006 (as amended, restated, replaced, supplemented or otherwise modified from
time to time, this “Agreement”), between SHC CHOPIN PLAZA, LLC, a Delaware limited liability company, (the “Borrower”) having an office at c/o Strategic Hotel Funding, L.L.C., 77 West Wacker
Drive, Suite 4600, Chicago, Illinois 60601, and CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 388 Greenwich Street, New York, New York 10013 (together with its successors and assigns,
“Lender”). 
 W I T N E S S E T
H: 
 WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; 
 WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan
Documents (as hereinafter defined). 
 NOW, THEREFORE, in consideration of the making of the Loan by Lender and the covenants,
agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 
 I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 Section 1.1
Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent: 
 “Acceptable Counterparty” shall mean a bank or other financial institution which has a long-term unsecured debt or counterparty rating of “AA-” (long term) and
“A-1+” (short term) or higher by S&P and its equivalent by Moody’s and, if the counterparty is rated by Fitch, by Fitch. 
 “Acceptable Management Agreement” shall mean, with respect to the Property, a new or amended management agreement with the Manager which agreement (as applicable) shall be upon
terms and conditions entered into by Borrower, Operating Lessee, and/or Manager with respect to the Property in accordance with the terms of Section 5.2.14 hereof. 
 “Acceptable Manager” shall mean (i) the current Manager as of the Closing Date or any wholly-owned Affiliate
(whether direct or indirect) of said current Manager, (ii) at any time after the Closing Date, any Pre-approved Manager listed on Schedule IV hereto, provided each such property manager continues to be Controlled by
substantially the same Persons Controlling such property manager as of the Closing Date (or if such Manager is a publicly traded company, such Manager continues to be publicly traded on an established securities market), (iii) any other hotel
management company that manages a system of at least six (6) hotels or resorts of a class and quality of at least as comparable to the Property (as reasonably 

 determined by Manager and Operating Lessee; provided, however, Operating Lessee shall obtain
Lender’s prior approval of such determination, not to be unreasonably withheld) and containing not fewer than 1,500 hotel rooms in the aggregate (including hotel/condominium units under management) in the aggregate, (iv) any Close
Affiliate of any of the foregoing Persons or (v) any other reputable and experienced professional hotel management company with respect to which a Rating Agency Confirmation has been obtained. 
 “Accommodation Security Documents” shall mean the Security Instrument, the Assignment of Leases and UCC-1 Financing
Statements which have been executed by Borrower and Operating Lessee in favor of Lender to secure Borrower’s obligations under the Loan Documents. 
 “Account Agreement” shall mean the Account and Control Agreement, dated the date hereof, among Lender, Borrower and Cash Management Bank. 
 “Account Collateral” shall have the meaning set forth in Section 3.1.2. 
 “Acknowledgment” shall mean the Acknowledgment, dated on or about the date hereof made by Counterparty, or as
applicable, Acceptable Counterparty in the form of Exhibit M. 
 “Additional Non-Consolidation
Opinion” shall have the meaning set forth in Section 4.1.29(b). 
 “Affiliate”
shall mean, with respect to any specified Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with, or any general partner or managing member in, such specified Person. 

“Agreement” shall mean this Agreement, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
 “ALTA” shall mean American Land Title Association, or any successor
thereto. 
 “Alteration” shall mean any demolition, alteration, installation, improvement or decoration
of or to the Property or any part thereof or the Improvements (including FF&E) thereon (other than any of the foregoing that (i) is permitted to be done and actually is done by or on behalf of the Manager without the consent of the Borrower
(it being the intent of the parties that for this purpose amounts expended by Manager in respect of FF&E in the ordinary course of business from amounts reserved for FF&E under the Management Agreement shall be deemed not to be an
Alteration), or (ii) is paid for out of any reserve account described in Article XVI. 
 “Approved
Bank” shall have the meaning set forth in the Account Agreement. 
 “Assignment and
Acceptance” shall mean an assignment and acceptance entered into by Lender and an assignee, and accepted by Lender in accordance with Article XV and in substantially the form of Exhibit J or such other
form customarily used by Lender in connection with the participation or syndication of mortgage loans at the time of such assignment. 
  

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 “Assignment of Leases” shall mean that certain first priority
Assignment of Leases, Rents, Hotel Revenue and Security Deposits, dated as of the date hereof, from Borrower and Operating Lessee, as assignor, to Lender, as assignee, assigning to Lender all of Borrower’s and Operating Lessee’s interest
in and to the Leases, Rents, Hotel Revenue and Security Deposits as security for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Bankruptcy Code” shall mean Title 11, U.S.C.A., as amended from time to time and any successor statute
thereto. 
 “Beneficial” when used in the context of beneficial ownership has the analogous meaning to
that specified in Rule 13d-3 under the Securities Exchange Act of 1934, as amended. 
 “Best of Borrower’s
Knowledge”, shall mean the actual (as opposed to imputed or constructive) present knowledge of: Cory Warning and Ryan Bowie after due inquiry, and without creating any personal liability on the part of any said individuals. In the case
where the term “Best of Borrower’s Knowledge” is used in the context of representations or warranties of Borrower to be made after the date hereof, the term shall include the Person or Persons, as applicable, that occupy the
capacities of said individuals on the date such representation or warranty to the extent that one or more of such individuals no longer occupy their current capacities. 
 “Borrower” has the meaning set forth in the first paragraph of this Agreement. 
 “Borrower’s Account” shall mean an account with any Person subsequently identified in a written notice from Borrower to Lender, which Borrower’s Account shall be under
the sole dominion and control of Borrower. 
 “Budget” shall mean the operating budget for the Property
prepared by Manager on Borrower’s behalf, pursuant to the Management Agreement, for the applicable Fiscal Year or other period setting forth, in reasonable detail, Manager’s estimates, consistent with the Management Agreement, of the
anticipated results of operations of the Property, including revenues from all sources, all Operating Expenses, Management Fees and Capital Expenditures. 
 “Building Equipment” shall have the meaning set forth in the Security Instrument. 
 “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, Florida or in the state in which Servicer is located are not
open for business. When used with respect to an Interest Determination Date, Business Day shall mean any day on which dealings in deposits in U.S. Dollars are transacted in the London interbank market. 
 “Capital Expenditures” shall mean any amount incurred in respect of capital items which in accordance with GAAP
would not be included in Borrower’s annual financial statements for an applicable period as an operating expense of the Property. 
 “Cash” shall mean the legal tender of the United States of America. 
  

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 “Cash and Cash Equivalents” shall mean any one or a combination of
the following: (i) Cash, and (ii) U.S. Government Obligations. 
 “Cash Management Bank” shall
mean LaSalle Bank National Association or any successor Approved Bank acting as Cash Management Bank under the Account Agreement or other financial institution approved by the Lender and, if a Securitization has occurred, the Rating Agencies.

 “Casualty” shall mean a fire, explosion, flood, collapse, earthquake or other casualty affecting the
Property. 
 “CGM” shall have the meaning set forth in Section 14.4.2(b). 
 “CGM Group” shall have the meaning set forth in Section 14.4.2(b). 
 “Close Affiliate” shall mean with respect to any Person (the “First Person”) any other Person (each, a
“Second Person”) which is an Affiliate of the First Person and in respect of which any of the following are true: (a) the Second Person owns, directly or indirectly, at least 75% of all of the legal, Beneficial and/or equitable
interest in such First Person, (b) the First Person owns, directly or indirectly, at least 75% of all of the legal, Beneficial and/or equitable interest in such Second Person, or (c) a third Person owns, directly or indirectly, at least
75% of all of the legal, Beneficial and/or equitable interest in both the First Person and the Second Person. 
 “Closing Date” shall mean the date of this Agreement set forth in the first paragraph hereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued
pursuant thereto in temporary or final form. 
 “Collateral Accounts” shall have the meaning set forth
in Section 3.1.1. 
 “Collection Account” shall have the meaning set forth in
Section 3.1.1. 
 “Condemnation” shall mean a taking or voluntary conveyance during the term
hereof of all or any part of the Property or any interest therein or right accruing thereto or use thereof, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority, whether or not the
same shall have actually been commenced. 
 “Consumer Price Index” or “CPI”
shall mean the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, New York – Northern New Jersey – Long Island, NY – NJ – CT – PA; All Items;
1982-84 = 100. If the Bureau of Labor Statistics substantially revises the manner in which the CPI is determined, an adjustment shall be made by Lender in the revised index which would produce results equivalent, as nearly as possible, to those
which would be obtained if the CPI had not been so revised. If the CPI becomes unavailable to the public because publication is 
  

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 discontinued, or otherwise, Lender shall substitute therefor a comparable index based upon changes in the
cost of living or purchasing power of the consumer dollar published by any other governmental agency reasonably acceptable to Borrower or, if no such index is available, then, subject to reasonable approval of Borrower, a comparable index published
by a major bank, other financial institution, university or recognized financial publication shall be substituted. 
 “CPI Increase” shall mean the relevant figure multiplied by a fraction, the numerator of which shall be the CPI on each anniversary of the Closing Date and the denominator of which shall be the CPI on the Closing
Date, which CPI Increase is calculated on each anniversary of the Closing Date. 
 “Condominium” shall
mean the Condominium established pursuant to the Declaration, which Condominium is comprised of all of the Property and includes certain property owned by others and being more particularly described in the Declaration. 
 “Condominium Act” shall mean the Florida Condominium Act (Chapter 718 of the Florida Statutes) and all
modifications, supplements and replacements thereof and all regulations with respect thereto, now or hereafter enacted or promulgated. 
 “Condominium Association” shall mean the condominium association established pursuant to the Condominium Documents. 
 “Condominium Board” shall mean the board of directors or managers of the Condominium Association. 
 “Condominium Charges” shall have the meaning set forth in Section 5.1.24. 
 “Condominium Charges Reserve Account” shall have the meaning set forth in Section 3.1.1. 
 “Condominium Documents” shall have the meaning set forth in Section 5.1.24. 
 “Control” shall mean (i) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise and (ii) the ownership, direct or indirect, of no less than 51% of the voting securities of such Person, and the terms Controlled, Controlling and Common Control shall have correlative
meanings. 
 “Counterparty” shall mean the counterparty to the Interest Rate Cap Agreement and any
counterparty under a Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement and, if applicable, any credit support provider identified in the Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension
Interest Rate Cap Agreement. 
 “Counterparty Opinion” shall have the meaning set forth in
Section 9.3(f). 
 “Current Debt Service Reserve Account” shall have the meaning set forth
in Section 3.1.1. 
  

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 “Debt” shall mean, with respect to any Person at any time,
(a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services; (b) obligations of such Person as lessee
under leases which should have been or should be, in accordance with GAAP, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA;
(d) obligations issued for, or liabilities incurred on the account of, such Person; (e) obligations or liabilities of such Person arising under letters of credit, credit facilities or other acceptance facilities; (f) obligations of
such Person under any guarantees or other agreement to become secondarily liable for any obligation of any other Person, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to
purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any Lien on any property of such Person, whether or not the obligations
have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement. 
 “Debt Service” shall mean, with respect to any particular period of time, scheduled interest payments under the Note. 
 “Declaration” shall mean that certain Declaration of Condominium for Miami Center of the Condominium dated as of February 24, 1989, by City National Bank of Florida, as
amended by the First Amendment to Declaration of Condominium for Miami Center dated as of August 29, 1990, establishing the condominium regime at the Condominium, as the same may be amended, supplemented or otherwise modified from time to time.

 “Default” shall mean the occurrence of any event hereunder or under any other Loan Document which,
but for the giving of notice or passage of time, or both, would be an Event of Default. 
 “Default
Rate” shall have the meaning set forth in the Note. 
 “Disclosure Documents” shall have
the meaning set forth in Section 14.4.1. 
 “Disqualified Transferee” shall mean any Person
or its Close Affiliate that, (i) has (within the past five (5) years) defaulted, or is now in default, beyond any applicable cure period, of its material obligations, under any material written agreement with Lender, any Affiliate of
Lender, or, unless approved by the Rating Agencies, any other financial institution or other person providing or arranging financing; (ii) has been convicted in a criminal proceeding for a felony or a crime involving moral turpitude or that is
an organized crime figure or is reputed (as determined by Lender in its sole discretion) to have substantial business or other affiliations with an organized crime figure; (iii) has at any time filed a voluntary petition under the Bankruptcy
Code or any other federal or state bankruptcy or insolvency law; (iv) as to which an involuntary petition (which was not subsequently dismissed within one hundred twenty (120) days) has at any time been filed under the Bankruptcy Code or
any other federal or state bankruptcy or insolvency law; (v) has at any time filed an answer consenting to or acquiescing in any involuntary petition filed against it by any other person under the Bankruptcy Code or any other federal or state
bankruptcy or insolvency law; (vi) has at any time consented to or 
  

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 acquiesced in or joined in an application for the appointment of a custodian, receiver, trustee or examiner
for itself or any of its property; (vii) has at any time made an assignment for the benefit of creditors, or has at any time admitted its insolvency or inability to pay its debts as they become due; or (viii) has been found by a court of
competent jurisdiction or other governmental authority in a comparable proceeding to have violated any federal or state securities laws or regulations promulgated thereunder. 
 “Downgrade” shall have the meaning as set forth in Section 9.3(c) hereof. 
 “DSCR” shall mean, with respect to a particular period, the ratio of Net Operating Income to the aggregate amount of
Debt Service that is payable in respect of such period, as computed by Lender from time to time pursuant to the terms hereof, using in all cases, an assumed loan constant (instead of actual debt service payable under such loan) per annum equal to
the strike price of the Interest Rate Cap Agreement in effect on the date of such determination (which constant shall be calculated at all times using an actual/360 accrual convention). If no such period is specified, then the period shall be deemed
to be the immediately preceding four (4) Fiscal Quarters. 
 “Eligible Account” has the meaning set
forth in the Account Agreement. 
 “Eligible Collateral” shall mean U.S. Government Obligations, Letters
of Credit or Cash and Cash Equivalents, or any combination thereof. 
 “Environmental Certificate” shall
have the meaning set forth in Section 12.2.1. 
 “Environmental Claim” shall mean any claim,
action, cause of action, investigation or written notice by any Person alleging potential liability (including potential liability for investigatory costs, cleanup costs, natural resource damages, property damages, personal injuries or penalties)
arising out of, based upon or resulting from (a) the presence, threatened presence, release or threatened release into the environment of any Hazardous Materials from or at the Property, or (b) the violation, or alleged violation, of any
Environmental Law relating to the Property. 
 “Environmental Event” shall have the meaning set forth in
Section 12.2.1. 
 “Environmental Indemnity” shall mean the Environmental Indemnity, dated
the date hereof, made by Sponsor in favor of Lender. 
 “Environmental Law” shall have the meaning
provided in the Environmental Indemnity. 
 “Environmental Reports” shall have the meaning set forth in
Section 12.1. 
 “ERISA” shall mean the United States Employee Retirement Income Security
Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued thereunder. 
 “Event of Default” shall have the meaning set forth in Section 17.1(a). 
  

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 “Excess Cash Flow” shall have the meaning set forth in
Section 3.1.5. 
 “Exchange Act” shall have the meaning set forth in
Section 14.4.1. 
 “Exculpated Parties” shall have the meaning set forth in
Section 18.1.1. 
 “Excusable Delay” shall mean a delay due to acts of god, governmental
restrictions, stays, judgments, orders, decrees, enemy actions, civil commotion, fire, casualty, strikes, work stoppages, shortages of labor or materials or other causes beyond the reasonable control of Borrower, but Borrower’s lack of funds in
and of itself shall not be deemed a cause beyond the control of Borrower. 
 “Expansion” shall mean any
expansion or reduction of the Property or any portion thereof or the Improvements thereon. 
 “Extension Interest
Rate Cap Agreement” shall mean, following the Borrower’s exercise of its option to extend the Maturity Date pursuant to Section 5 of the Note, an Interest Rate Cap Agreement or Agreements (together with the confirmations and
schedules relating thereto), each from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit I hereto; provided that, to the extent any such interest rate cap agreement does not meet the foregoing
requirements, an “Extension Interest Rate Cap Agreement” shall be such interest rate cap agreement as may be approved by each of the Rating Agencies (such approval to be evidenced by the receipt of a Rating Agency Confirmation).

 “FF&E” shall mean furniture, fixtures and equipment of the type customarily utilized in hotel
properties in Florida similar to the Property. 
 “FF&E Reserve Account” shall have the meaning set
forth in Section 3.1.1. 
 “Final Completion” shall mean, with respect to any specified
work, the final completion of all such work, including the performance of all “punch list” items, as confirmed by an Officer’s Certificate and, with respect to any Material Alteration or Material Expansion, a certificate of the
Independent Architect, if applicable. 
 “Fiscal Quarter” shall mean each quarter within a Fiscal Year
in accordance with GAAP. 
 “Fiscal Year” shall mean the period commencing on the Closing Date and
ending on and including December 31 of the calendar year in which the Closing Date occurs and thereafter each twelve month period commencing on January 1 and ending on December 31 until the Debt is repaid in full, or such other common
fiscal year of Borrower as Borrower may select from time to time with the prior consent of Lender, such consent not to be unreasonably withheld. 
 “Fitch” shall mean Fitch Ratings Inc. 
  

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 “Fitness Center Lease” shall mean the Spa/Salon/Health Club
Management Agreement, dated December 30, 1996 by and between InterContinental Florida Limited Partnership, a Florida limited partnership and Oknes, Inc., a Florida corporation. 
 “GAAP” shall mean the generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the
accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession, to the extent such principles are applicable to the facts and circumstances on the date of
determination, as appropriately modified by the Uniform System. 
 “Governmental Authority” shall mean
any court, board, agency, commission, office or other authority of any nature whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
 “Group Services Fee” shall mean the expenses payable to Manager or any Affiliate as permitted under Article 7 of the
Management Agreement or any similar provision in a replacement Management Agreement. 
 “Hazardous
Materials” shall have the meaning provided in the Environmental Indemnity. 
 “Holding
Account” shall have the meaning set forth in Section 3.1.1. 
 “Hotel Revenue”
shall mean all revenues, income, Rents, issues, profits, termination or surrender fees, penalties and other amounts arising from the use or enjoyment of all or any portion of the Property, including, without limitation, the rental or surrender of
any office space, retail space, parking space, halls, stores, and offices of every kind, the rental or licensing of signs, sign space or advertising space and all membership fees and dues, rentals, revenues, receipts, income, accounts, accounts
receivable, cancellation fees, penalties, credit card receipts and other receivables relating to or arising from rentals, rent equivalent income, income and profits from guest rooms, meeting rooms, conference and banquet rooms, food and beverage
facilities, health clubs, spas, vending machines, parking facilities, telecommunication and television systems, guest laundry, the provision or sale of other goods and services, and any other items of revenue, receipts or other income as identified
in the Uniform System. 
 “Impositions” shall mean all taxes (including all ad valorem, sales (including
those imposed on lease rentals), use, single business, gross receipts, value added, intangible transaction, privilege or license or similar taxes), governmental assessments (including all assessments for public improvements or benefits, whether or
not commenced or completed prior to the date hereof and whether or not commenced or completed within the term of this Agreement), water, sewer or other rents and charges, excises, levies, fees (including license, permit, inspection, authorization
and similar fees), and all other governmental charges, in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Property and/or any Rents and Hotel Revenue (including all
interest 
  

 9 

 and penalties thereon), which at any time prior to, during or in respect of the term hereof may be assessed
or imposed on or in respect of or be a Lien upon (a) Borrower (including all income, franchise, single business or other taxes imposed on Borrower for the privilege of doing business in the jurisdiction in which the Property is located),
(b) the Property, or any other collateral delivered or pledged to Lender in connection with the Loan, or any part thereof, or any Rents or Hotel Revenue therefrom or any estate, right, title or interest therein, or (c) any occupancy,
operation, use or possession of, or sales from, or activity conducted on, or in connection with the Property or the leasing or use of all or any part thereof. Nothing contained in this Agreement shall be construed to require Borrower to pay any tax,
assessment, levy or charge imposed on (i) any tenant occupying any portion of the Property, (ii) any manager of the Property, including any Manager, or (iii) Servicer, Lender or any other third party in the nature of a capital levy,
estate, inheritance, succession, income or net revenue tax. 
 “Improvements” shall have
the meaning set forth in the Security Instrument. 
 “Increased Costs” shall have the
meaning set forth in Section 2.4.1. 
 “Indebtedness” shall mean, at any
given time, the Principal Amount, together with all accrued and unpaid interest thereon and all other obligations and liabilities due or to become due to Lender pursuant hereto, under the Note or in accordance with the other Loan Documents and all
other amounts, sums and expenses paid by or payable to Lender hereunder or pursuant to the Note or the other Loan Documents. 
 “Indemnified Parties” shall have the meaning set forth in Section 19.12(b). 
 “Independent” shall mean, when used with respect to any Person, a Person who: (i) does not have
any direct financial interest or any material indirect financial interest in any Borrower or in any Affiliate of any Borrower, (ii) is not connected with Borrower or any Affiliate of Borrower as an officer, employee, promoter, underwriter,
trustee, partner, member, manager, creditor, director, supplier, customer or person performing similar functions and (iii) is not a member of the immediate family of a Person defined in (i) or (ii) above. 
 “Independent Architect” shall mean an architect, engineer or construction consultant selected by
Borrower which is Independent, licensed to practice in the State and has at least five (5) years of architectural experience and which is reasonably acceptable to Lender. 
 “Independent Director”, “Independent Manager”, or “Independent
Member” shall mean a Person who is not and will not be while serving and has never been (i) a member (other than an Independent Member), manager (other than an Independent Manager), director, (other than an Independent Director),
employee, attorney, or counsel of Borrower or its Affiliates, (ii) in the seven (7) years prior to the Closing Date, a customer, supplier or other Person who derives more than 1% of its purchases or revenues from its activities with
Borrower or its Affiliates, (iii) a direct or indirect legal or beneficial owner in such entity or any of its Affiliates, (iv) a member of the immediate family of any member, manager, employee, attorney, customer, supplier or other Person
referred to above, or (v) a person Controlling or under the common Control of anyone listed in (i) through (iv) above. A Person that otherwise satisfies the foregoing shall not be disqualified from serving as an Independent Director
or Independent 
  

 10 

 Manager or Independent Member if such individual is at the time of initial appointment, or at any time while
serving as such, is an Independent Director or Independent Manager or Independent Member, as applicable, of a Single Purpose Entity affiliated with Borrower. 
 “Insurance Requirements” shall mean, collectively, (i) all material terms of any insurance policy required pursuant to this Agreement and (ii) all material regulations
and then-current standards applicable to or affecting the Property or any part thereof or any use or condition thereof, which may, at any time, be recommended by the Board of Fire Underwriters, if any, having jurisdiction over the Property, or such
other body exercising similar functions. 
 “Insurance Reserve Account” shall have the meaning set forth
in Section 3.1.1(b). 
 “Insurance Reserve Amount” shall have the meaning set forth in
Section 16.2. 
 “Insurance Reserve Trigger” shall mean Borrower’s failure to deliver
to Lender not less than five Business Days prior to each Payment Date (unless the prior notice to Lender provided evidence reasonably satisfactory to Lender that Borrower had prepaid such insurance premiums through a future Payment Date), evidence
that all insurance premiums for the insurance required to be maintained pursuant to the terms of this Agreement have been paid in full. 
 “Intangible” shall have the meaning set forth in the Security Instrument. 
 “Interest Determination Date” shall have the meaning set forth in the Note. 
 “Interest Period” shall have the meaning set forth in the Note. 
 “Interest Rate Cap Agreement” shall mean an Interest Rate Agreement or Agreements (together with the confirmation and schedules relating thereto), or, with Lender’s prior written consent (which shall not be
unreasonably withheld, delayed or conditioned), a swap or other interest rate hedging instrument, each between a Counterparty and Borrower obtained by Borrower and collaterally assigned to Lender pursuant to this Agreement, and each satisfying the
requirements set forth in Exhibit I and, in the case of a swap or other interest rate hedging agreement consented to by Lender, any additional requirements of the Rating Agencies). 
 “Land” shall have the meaning set forth in the Security Instrument. 
 “Late Payment Charge” shall have the meaning set forth in Section 2.2.3. 
 “Lease” shall mean any lease (other than the Operating Lease), sublease or subsublease, letting, license,
concession, or other agreement (whether written or oral and whether now or hereafter in effect) (excluding club membership programs now or hereafter in effect entitling Persons to preferential access to the Property) pursuant to which any Person is
granted by the Borrower or Operating Lessee a possessory interest in, or right to use or occupy all or any portion of any space in the Property or any facilities at the Property (other than typical short-term occupancy rights of hotel guests which
are not the subject of a written agreement), and every modification, amendment or other agreement relating to such lease, sublease, subsublease, or 
  

 11 

 other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and
every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. 
 “Lease Modification” shall have the meaning set forth in Section 8.8.1. 
 “Legal Requirements” shall mean all present and future laws, statutes, codes, ordinances, orders, judgments, decrees, injunctions, rules, regulations and requirements, and
irrespective of the nature of the work to be done, of every Governmental Authority including, without limitation, Environmental Laws and all covenants, restrictions and conditions now or hereafter of record which may be applicable to Borrower or to
the Property and the Improvements and the Building Equipment thereon, or to the use, manner of use, occupancy, possession, operation, maintenance, alteration, repair or reconstruction of the Property and the Improvements and the Building Equipment
thereon including, without limitation, building and zoning codes and ordinances and laws relating to handicapped accessibility. 
 “Lender” shall have the meaning set forth in the first paragraph of this Agreement. 
 “Letter of Credit” shall mean an irrevocable, unconditional, transferable (without the imposition of any fee except any fees which are expressly payable by the Borrower), clean sight draft letter of credit (either an
evergreen letter of credit or one which does not expire until at least sixty (60) days after the Maturity Date (the “LC Expiration Date”), in favor of Lender and entitling Lender to draw thereon in New York, New York, based
solely on a statement executed by an officer or authorized signatory of Lender and issued by an Approved Bank. If at any time (a) the institution issuing any such Letter of Credit shall cease to be an Approved Bank or (b) the Letter of
Credit is due to expire prior to the LC Expiration Date, Lender shall have the right immediately to draw down the same in full and hold the proceeds thereof in accordance with the provisions of this Agreement, unless Borrower shall deliver a
replacement Letter of Credit from an Approved Bank within (i) as to (a) above, twenty (20) days after Lender delivers written notice to Borrower that the institution issuing the Letter of Credit has ceased to be an Approved Bank or
(ii) as to (b) above, at least twenty (20) days prior to the expiration date of said Letter of Credit. 
 “Liabilities” shall have the meaning set forth in Section 14.4.2(b). 
 “LIBOR” shall have the meaning set forth in the Note. 
 “LIBOR Cap Strike
Rate” shall mean 7.50%. 
 “LIBOR Margin” shall mean “LIBOR Margin” as defined in
the Note. 
 “LIBOR Rate” shall have the meaning set forth in the Note. 
 “License” shall have the meaning set forth in Section 4.1.23. 
 “Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any
other encumbrance or charge on or affecting Borrower, the 
  

 12 

 Property, any portion thereof or any interest therein, including, without limitation, any conditional sale
or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and the filing of mechanic’s, materialmen’s and other similar liens and
encumbrances. 
 “Loan” shall mean the loan in the amount of $90,000,000 made by Lender to Borrower
pursuant to this Agreement. 
 “Loan Documents” shall mean, collectively, this Agreement, the Note, the
Security Instrument, the Assignment of Leases, the Environmental Indemnity, the Subordination of Operating Lease, the Account Agreement, the Sponsor Indemnity, the Manager Subordination Agreements and all other documents executed and/or delivered by
Borrower in connection with the Loan including any certifications or representations delivered by or on behalf of Borrower, any Affiliate of Borrower, the Manager, or any Affiliate of the Manager (including, without limitation, any certificates in
connection with any legal opinions delivered on the date hereof), together with all of the Accommodation Security Documents executed by the Operating Lessee. 
 “Loan to Value Ratio” shall mean the ratio, as of a particular date, in which the numerator is equal to the outstanding principal balance of the Loan and the denominator is equal
to the appraised value of the Property as determined by Lender in its reasonable discretion. 
 “Management
Agreement” shall mean that certain Hotel Management Agreement dated April 1, 2005 between IHG Management (Maryland), LLC and DTRS Michigan Avenue/Chopin Plaza Sub, LLC and recorded as Official Records Book 23248, Page 2022 of the
Dade County Recoder, as further assigned to the Operating Lessee pursuant to that Assignment and Assumption of Management Agreement and Manager Consent dated the date hereof, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time in accordance with the terms hereof. 
 “Management Control” shall mean, with
respect to any direct or indirect interest in the Borrower or the Property (not including Manager under an Approved Management Agreement), the power and authority to make and implement or cause to be made and implemented all material decisions with
respect to the operation, management, financing and disposition of the specified interest. 
 “Management
Fee” shall mean an amount equal to the management fees payable to the Manager pursuant to the terms of the Management Agreement for management services, the Group Services Fee, incentive management fees and any other fees described in
the Management Agreement, and any allocated franchise fees. 
 “Manager” shall mean, as of the Closing
Date, IHG Management (Maryland), LLC, a Maryland corporation, or any replacement “Manager” appointed in accordance with Section 5.2.14 hereof. 
 “Manager Accounts” shall mean the “Bank Accounts” (as defined in the Management Agreement) maintained by Manager in the name of Borrower or Operating Lessee with respect
to the Property and in accordance with the terms of the Management Agreement. 
  

 13 

 “Manager FF&E Reserve Account” shall mean the “Reserve
Account” as defined in the Management Agreement. 
 “Manager Reimbursable Expenses” shall mean the
“Reimbursable Expenses” as defined in Section 5.09 of the Management Agreement. 
 “Manager
Subordination Agreements” shall mean that certain Consent to Assignment, Agreement and Estoppel and Subordination, Non-Disturbance and Attornment Agreement dated the date hereof, among Lender, Borrower, Operating Lessee, and
Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Material Adverse Effect” shall mean any event or condition that has a material adverse effect on (i) the Property taken as a whole, (ii) the use, operation, or value of the Property, (iii) the
business, profits, operations or financial condition of the Borrower or (iv) the ability of Borrower to repay the principal and interest of the Loan as it becomes due or to satisfy any of Borrower’s obligations under the Loan Documents.

 “Material Alteration” shall mean any Alteration (other than with respect to replacements of FF&E
that are funded from reserves for FF&E reserved for hereunder or under the Management Agreement by the Manager) to be performed by or on behalf of Borrower at the Property, the total cost of which (including, without limitation, construction
costs and costs of architects, engineers and other professionals), as reasonably estimated by an Independent Architect, exceeds the Threshold Amount. 
 “Material Casualty” shall mean a Casualty where the loss (i) is in an aggregate amount equal to or in excess of thirty percent (30%) of the outstanding Principal Amount
of the Loan or (ii) has caused thirty percent (30%) or more of the hotel rooms or common areas (including banquet and conference facilities) in the Property to be unavailable for its applicable use. 
 “Material Condemnation” shall mean a Condemnation where the loss (i) is in an aggregate amount equal to or in
excess of thirty percent (30%) of the outstanding Principal Amount of the Loan or (ii) has caused thirty percent (30%) or more of the hotel rooms or common areas (including banquet and conference facilities) in the Property to be
unavailable for its applicable use. 
 “Material Expansion” shall mean any Expansion to be performed by
or on behalf of the Borrower at the Property, the total cost of which, as reasonably estimated by an Independent Architect, exceeds the Threshold Amount. 
 “Material Lease” shall mean any Lease (a) demising a premises within the Property that is more than 10,000 net rentable square feet or (b) that is for a term equal to or
greater than sixty (60) months. 
 “Maturity Date” shall have the meaning set forth in the Note.

 “Maturity Date Payment” shall have the meaning set forth in the Note. 
  

 14 

 “Maximum Legal Rate” shall mean the maximum non-usurious interest
rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states
whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
 “Monetary Default” shall mean a Default (i) that can be cured with the payment of money or (ii) arising pursuant to Section 17.1(a)(vi) or (vii). 
 “Monthly FF&E Reserve Amount” shall mean an amount determined by Lender (based upon the most recent monthly
operating statements delivered pursuant hereto) equal to 4% of Hotel Revenue. 
 “Monthly Insurance Reserve
Amount” shall have the meaning set forth in Section 16.2. 
 “Monthly Tax Reserve
Amount” shall have the meaning set forth in Section 16.1. 
 “Moody’s”
shall mean Moody’s Investors Service, Inc. 
 “Net Operating Income” shall mean, for any specified
period, the excess of Operating Income over Operating Expenses for the trailing twelve (12) month period. 
 “New Lease” shall have the meaning set forth in Section 8.8.1. 
 “Non-Consolidation Opinion” shall have the meaning provided in Section 2.5.5. 
 “Non-Disturbance Agreement” shall have the meaning set forth in Section 8.8.9. 
 “Note” shall mean that certain Amended and Restated Note in the principal amount of Ninety Million Dollars ($90,000,000), made by Borrower in favor of Lender as of the date hereof, as the same may be amended,
restated, replaced, substituted (including any components or subcomponents) or supplemented or otherwise modified from time to time. 
 “Obligations” shall have meaning set forth in the recitals of the Security Instrument. 
 “OFAC List” means the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office Foreign Assets Control and accessible through
the internet website www.treas.gov/ofac/t11sdn.pdf. 
 “Officer’s Certificate” shall mean a
certificate executed by an authorized signatory of Borrower that is familiar with the financial condition of Borrower and the operation of the Property or the particular matter which is the subject of such Officer’s Certificate. 
 “Operating Asset” shall have the meaning set forth in the Security Instrument. 
  

 15 

 “Operating Expenses” shall mean, for any specified period, without
duplication, all expenses of Borrower or Operating Lessee (or by Manager for the account of Borrower or Operating Lessee) during such period in connection with the ownership or operation of the Property, including costs (including labor) of
providing services including rooms, food and beverage, telecommunications, garage and parking and other operating departments, as well as real estate and other business taxes, other rental expenses, insurance premiums, utilities costs,
administrative and general costs, repairs and maintenance costs, Management Fees under the Management Agreement, other costs and expenses relating to the Property, required FF&E reserves, and legal expenses incurred in connection with the
operation of the Property, determined, in each case on an accrual basis, in accordance with GAAP. “Operating Expenses” shall not include (i) depreciation or amortization or other noncash items, (ii) the principal of and interest
on the Note, (iii) income taxes or other taxes in the nature of income taxes, (iv) any expenses (including legal, accounting and other professional fees, expenses and disbursements) incurred in connection with and allocable to the issuance
of the Note, (v) the cost of any FF&E expenditures (other than amounts deposited into the applicable hotel operating account for FF&E expenditures, which shall be considered an “Operating Expense” as used herein) or any other
capital expenditures, or (vi) the excess of insurance premiums over the Maximum Premium Amount (per annum) incurred by Borrower solely in connection with the purchase of terrorism insurance pursuant to Section 6.1(xi) distributions to the
shareholders of the Borrower. Expenses that are accrued as Operating Expenses during any period shall not be included in Operating Expenses when paid during any subsequent period. 
 “Operating Lease” means that certain lease agreement dated the date hereof between the Borrower, as lessor and the
Operating Lessee, as lessee. 
 “Operating Lessee” means DTRS InterContinental Miami, LLC, a Delaware
limited liability company, as lessee under the Operating Lease. 
 “Operating Income” shall mean for any
specified period, all income received by Borrower or Operating Lessee (or by Manager for the account of Borrower or Operating Lessee) from any Person during such period in connection with the ownership or operation of the Property, determined on an
accrual basis of accounting determined in accordance with GAAP, including the following: 
 (i) all amounts payable to Borrower,
Operating Lessee or to Manager for the account of Borrower or Operating Lessee by any Person as Rent and/or Hotel Revenue; 
 (ii) all amounts payable to Borrower or Operating Lessee (or to Manager for the account of Borrower or Operating Lessee) pursuant to any reciprocal easement and/or operating agreements, covenants, conditions and restrictions, condominium
documents and similar agreements affecting the Property and binding upon and/or benefiting Borrower and other third parties, but specifically excluding the Management Agreement; 
 (iii) condemnation awards to the extent that such awards are compensation for lost rent allocable to such specified period; 
  

 16 

 (iv) business interruption and loss of “rental value” insurance proceeds to the
extent such proceeds are allocable to such specified period; and 
 (v) all investment income with respect to the Collateral
Accounts. 
 Notwithstanding the foregoing clauses (i) through (v), Operating Income shall not include (A) any Proceeds (other than of
the types described in clauses (iii) and (iv) above), (B) any proceeds resulting from the sale, exchange, transfer, financing or refinancing of all or any part of the Property (other than of the types described in clause (i) and
(iii) above), (C) any repayments received from Tenants of principal loaned or advanced to Tenants by Borrower, (D) any type of income that would otherwise be considered Operating Income pursuant to the provisions above but is paid
directly by any Tenant to a Person other than Borrower or Manager or its agent and (E) any fees or other amounts payable by a Tenant or another Person to Borrower that are reimbursable to Tenant or such other Person. 
 “Opinion of Counsel” shall mean opinions of counsel of law firm(s) licensed to practice in Florida and New York
selected by Borrower and reasonably acceptable to Lender. 
 “Other Charges” shall mean maintenance
charges, impositions other than Impositions, and any other charges, including, without limitation, Condominium Charges, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or
assessed or imposed against the Property or any part thereof by any Governmental Authority, other than those required to be paid by a Tenant pursuant to its respective Lease. 
 “Other Taxes” shall have the meaning set forth in Section 2.4.3. 
 “Payment Date” shall have the meaning set forth in the Note. 
 “Permitted Borrower Transferee” shall mean any entity (i) that is experienced in owning and operating
(including acting as asset manager) properties similar to the Property, (ii) (a) with a net worth together with its Close Affiliates, as of a date no more than six (6) months prior to the date of the transfer of at least $1 Billion
(exclusive of the Property) and (b) who, immediately prior to such transfer, controls, together with its Close Affiliates real estate equity assets of at least $1 Billion, (iii) which, together with its Close Affiliates owns or has under
management or acts as the exclusive fund manager or investment advisor, at the time of the transfer, not fewer than 20 first class full service resort hotels or business hotel properties (excluding the Property) containing not fewer than 5,000 hotel
rooms in the aggregate and (iv) that is not a Disqualified Transferee.. 
 “Permitted Borrower Transferee
Alternative” shall mean any entity (i) that is experienced in owning and operating (including acting as asset manager of) properties similar to the Property, (ii) that either (a) has a net worth together with its Close
Affiliates, as of a date no more than six (6) months prior to the date of the transfer of at least $300 Million (exclusive of the Property) and, immediately prior to such transfer, controls, together with its Close Affiliates real estate equity
assets of at least $1 Billion or (b) together with its Close Affiliates owns or has under management or acts as the exclusive fund manager or investment advisor, at the time of the transfer, not fewer than 6 luxury resort hotels (excluding the
Property) containing not fewer than 3,000 hotel rooms in the aggregate and (iii) that is not a Disqualified Transferee. 
  

 17 

 “Permitted Debt” shall mean collectively, (a) the Note and the
other obligations, indebtedness and liabilities specifically provided for in any Loan Document and secured by this Agreement, the Security Instrument and the other Loan Documents, (b) trade payables and other liabilities incurred in the
ordinary course of Borrower’s business and payable by or on behalf of Borrower in respect of the operation of the Property, not secured by Liens on the Property (other than liens being properly contested in accordance with the provisions of
this Agreement or the Security Instrument), such payables and liabilities (which shall not include taxes, accrued payroll and benefits, customer, membership and security deposits and deferred income), not to exceed at any one time outstanding two
percent (2%) of the Principal Amount of the Loan, provided that (but subject to the remaining terms of this definition) each such amount shall be paid within sixty (60) days following the date on which each such amount is incurred,
provided, that such two percent (2.0%) limitation shall not include normal and customary retainages related to Alterations that are reserved for by Borrower, (c) purchase money indebtedness and capital lease obligations incurred in the
ordinary course of Borrower’s business, having scheduled annual debt service not to exceed $600,000, (d) contingent obligations to repay customer, membership and security deposits held in the ordinary course of Borrower’s business,
(e) obligations incurred in the ordinary course of Borrower’s business for the financing of any applicable portfolio insurance premiums, (f) any Management Fees not yet due and payable under the Management Agreement, (g) taxes or
other charges not yet due and payable or delinquent or which are being diligently contested in good faith in accordance with Section 5.1(b)(ii) hereof, (h) indebtedness relating to Liens in respect of property or assets imposed by law
which were incurred in the ordinary course of business, such as carriers’, warehousemen’s, landlord’s, mechanic’s, materialmen’s, repairmen’s and other similar Liens arising in the ordinary course of business, and Liens
for workers’ compensation, unemployment insurance and similar programs, in each case arising in the ordinary course of business which are either not yet due and payable or being diligently contested in good faith in accordance with the
requirements of the Loan Documents, (i) the Revolver Loan and (j) such other unsecured indebtedness approved by Lender in its sole discretion and with respect to which Borrower has received a Rating Confirmation. Nothing contained herein
shall be deemed to require Borrower to pay any amount, so long as Borrower is in good faith, and by proper legal proceedings, diligently contesting the validity, amount or application thereof, provided that in each case, at the time of the
commencement of any such action or proceeding, and during the pendency of such action or proceeding (i) no Event of Default shall exist and be continuing hereunder, (ii) adequate reserves with respect thereto are maintained on the books of
Borrower in accordance with GAAP, and (iii) such contest operates to suspend collection or enforcement, as the case may be, of the contested amount and such contest is maintained and prosecuted continuously and with diligence. Notwithstanding
anything set forth herein, in no event shall Borrower be permitted under this provision to enter into a note (other than the Note and the other Loan Documents) or other instrument for borrowed money other than permitted purchase money indebtedness
as described in this definition. 
 “Permitted Encumbrances” shall mean collectively, (a) the Liens
and security interests created or permitted by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Policy, (c) Liens, if any, for Impositions imposed by any Governmental Authority not yet due or
delinquent (other than any such Lien imposed pursuant to 
  

 18 

 Section 401(a)(29) of the Code or by ERISA), (d) Liens on personal property items that are the
subject of clause (c) of the definition of Permitted Debt, and (e) any Lien or encumbrance relating to or resulting from the Condominium Documents other than a Lien resulting solely from the failure of Borrower to pay any Condominium
Charges as provided in the Condominium Documents. 
 “Permitted Investments” shall have the meaning set
forth in the Account Agreement. 
 “Person” shall mean any individual, corporation, partnership, joint
venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the
foregoing. 
 “Physical Conditions Report” shall mean, with respect to the Property, collectively, the
(i) seismic report and (ii) structural engineering report (prepared by an Independent Architect), both of which have been (a) addressed to Lender (b) prepared based on a scope of work determined by Lender in Lender’s
reasonable discretion, and (c) in form and content acceptable to Lender in Lender’s reasonable discretion, together with any amendments or supplements thereto. 
 “Plan” shall have the meaning set forth in Section 4.1.10. 
 “Pre-approved Manager” shall mean any entity set forth on Schedule IV. 
 “Pre-approved Transferee” shall mean any of the entities set forth on Schedule III hereof, or any Close Affiliates thereof, provided any of the foregoing
entities or their Close Affiliates shall only be a “Pre-approved Transferee” if (i) such entity continues to be Controlled by substantially the same Persons Controlling such entity as of the Closing Date or if such Pre-approved
Transferee is a publicly traded company, such Pre-approved Transferee continues to be publicly traded on an established securities market, (ii) there has been no material adverse change in the financial condition or results of operations of
such entity since the Closing Date, (iii) such entity is not a Disqualified Transferee and (iv) if such entity as of the Closing Date is rated (a) “Investment Grade”, there has been no deterioration in such entity’s long-term or
short-term credit rating (if any) since the Closing Date below “BBB-” or (b) below “Investment Grade”, there has been no deterioration in such entity’s long-term or short-term credit rating (if any) since the Closing
Date. 
 “Prepayment Fee” shall have the meaning set forth in the Note. 
 “Principal Amount” shall have the meaning set forth in the Note. 
 “Proceeds” shall mean amounts, awards or payments payable to Borrower (including, without limitation, amounts
payable under any title insurance policies covering Borrower’s ownership interest in the Property) or Lender with respect to any Condemnation or Casualty and specifically including insurance required to be maintained hereunder (after the
deduction therefrom and payment to Borrower and Lender, respectively, of any and all reasonable expenses incurred by Borrower and Lender in the recovery thereof, including all 
  

 19 

 attorneys’ fees and disbursements, the fees of insurance experts and adjusters and the costs incurred
in any litigation or arbitration with respect to any claim under such insurance policies or with respect to such Condemnation or Casualty). 
 “Prohibited Person” means any Person identified on the OFAC List or any other Person with whom a U.S. Person may not conduct business or transactions by prohibition of Federal law
or Executive Order of the President of the United States of America. 
 “Property” shall have the
meaning set forth in the Security Instrument. 
 “Provided Information” shall have the meaning set forth
in Section 14.1.1. 
 “Proxy” shall mean that certain Condominium Proxy which shall be
provided by Borrower to Lender pursuant to Section 5.1.24(f) hereof, pursuant to which Borrower shall grant Lender a proxy to vote its interest in the Unit with respect to all matters affecting the Condominium upon the occurrence and during the
continuance of an Event of Default and which shall include conditional resignations of each of the representatives elected or appointed by Borrower to the Condominium Board. 
 “Rate Cap Collateral” shall have the meaning set forth in Section 9.2. 
 “Rating Agencies” shall mean (a) prior to a Securitization, each of S&P, Moody’s and Fitch and any
other nationally-recognized statistical rating agency which has been approved by Lender and (b) after a Securitization has occurred, each such Rating Agency which has rated the Securities in the Securitization. 
 “Rating Agency Confirmation” shall mean, collectively, a written affirmation from each of the Rating Agencies that
the credit rating of the Securities given by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the
occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion. In the event that, at any given time, no such Securities shall have been issued and are then outstanding, then the term
Rating Agency Confirmation shall be deemed instead to require the written approval of Lender based on its good faith determination of whether the Rating Agencies would issue a Rating Agency Confirmation if any such Securities were outstanding.

 “Real Property” shall mean, collectively, the Land, the Improvements and the Appurtenances (as
defined in the Security Instrument). 
 “Register” shall have the meaning set forth in
Section 15.4. 
 “Regulatory Change” shall mean any change after the date of this Agreement
in federal, state or foreign laws or regulations or the adoption or the making, after such date, of any interpretations, directives or requests applying to Lender, or any Person Controlling Lender or to a class of banks or companies Controlling
banks of or under any federal, state or foreign laws or regulations (whether or not having the force of law) by any court or Governmental Authority or monetary authority charged with the interpretation or administration thereof. 
  

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 “Relevant Portions” shall have the meaning set forth in
Section 14.4.2(a). 
 “Rents” shall mean all rents, rent equivalents, moneys payable as
damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility
and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower and/or Operating Lessee from any and all
sources arising from or attributable to the Property and Proceeds, if any, from business interruption or other loss of income insurance. 
 “Restoration” shall have the meaning provided in Section 6.2.2. 
 “Retail/Service Facilities” shall have the meaning provided in Section 8.7.10. 
 “Replacement Interest Rate Cap Agreement” shall mean, in connection with a replacement of an Interest Rate Cap Agreement following a Downgrade of the Counterparty thereto, an
interest rate cap agreement (together with the confirmation and schedules relating thereto) from an Acceptable Counterparty and satisfying the requirements set forth on Exhibit I hereto; provided that to the extent any such
interest rate cap agreement does not meet the foregoing requirements a “Replacement Interest Cap Agreement” shall be such interest rate cap agreement approved by each of the Rating Agencies, such approval to be evidenced by the receipt of
a Rating Agency Confirmation. 
 “Revolver Loan” shall mean that certain revolving credit facility from
Deutsche Bank Trust Company Americas to Strategic Hotel Funding, L.L.C., evidenced by that certain Revolving Credit Agreement, dated as of November 5, 2006, hereof, between Deutsche Bank Trust Company Americas, Wachovia Bank National
Association, as lender, various financial institutions, as lenders specified therein and Strategic Hotel Funding, L.L.C., as the same has heretofore and may hereafter be amended, restated, supplemented or otherwise modified or replaced, from time to
time. 
 “S&P” shall mean Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. 
 “Securities” shall have the meaning set forth in
Section 14.1. 
 “Securities Act” shall have the meaning set forth in
Section 14.4.1. 
 “Securitization” shall have the meaning set forth in
Section 14.1. 
 “Security Instrument” shall mean that certain first priority Amended and
Restated Mortgage, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents, Hotel Revenue and Security Deposits, dated the date hereof, executed and delivered by Borrower and certain of its affiliates to Lender and
encumbering the Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  

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 “Servicer” shall mean such Person designated in writing with an
address for such Person by Lender, in its sole discretion, to act as Lender’s agent hereunder with such powers as are specifically delegated to the Servicer by Lender, whether pursuant to the terms of this Agreement, the Account Agreement or
otherwise, together with such other powers as are reasonably incidental thereto. 
 “Single Purpose
Entity” shall mean a Person, other than an individual, which (i) is formed or organized solely for the purpose of owning, leasing, managing, holding, developing, using, operating and financing the Property, (ii) does not engage in
any business unrelated to the Property and the ownership, development, use, operation and financing thereof, (iii) does not have any assets other than those related to its interest in the Property or the operation, management and financing
thereof or any indebtedness other than the Permitted Debt, (iv) maintains its own separate books and records and its own accounts, in each case which are separate and apart from the books and records and accounts of any other Person (however
the presentation of combined or consolidated financial condition or results of operation for purposes of financial statements prepared for the ultimate equity owners of multiple Single Purpose Entities shall be allowed), (v) holds itself out as
being a Person, separate and apart from any other Person, (vi) does not and will not commingle its funds or assets with those of any other Person, (vii) conducts its own business in its own name; (viii) maintains separate financial
statements; provided, however, that any consolidated financial statements contain a note indicating that it and its Affiliates are separate legal entities and maintain records, books of account, and accounts separate and apart from any other Person,
(ix) pays its own liabilities out of its own funds, (x) observes all partnership, corporate or limited liability company formalities, as applicable, (xi) pays the salaries of its own employees, if any, and maintains a sufficient
number of employees, if any, in light of its contemplated business operations, (xii) does not pledge its assets or guarantee or otherwise obligate itself with respect to the debts of any other Person or hold out itself or its credit as being
available to satisfy the obligations of any other Person, (xiii) does not acquire obligations or securities of its partners, members or shareholders, (xiv) allocates fairly and reasonably shared expenses, including, without limitation, any
overhead for shared office space, if any, (xv) uses separate stationary, invoices, and checks bearing its own name, (xvi) maintains an arms-length relationship with its Affiliates, (xvii) does not pledge its assets for the benefit of
any other Person (other than as permitted under clauses (a) and (d) of the definition of Permitted Encumbrances) or make any cash loans or advances to any other Person, (xviii) uses commercially reasonable efforts to correct any known
misunderstanding regarding its separate identity and (xix) maintains adequate capital in light of its contemplated business operations. In addition, if such Person is a partnership, (1) all general partners of such Person shall be Single
Purpose Entities; and (2) if such Person has more than one general partner, then the organizational documents shall provide that such Person shall continue (and not dissolve) for so long as a solvent general partner exists. In addition, if such
Person is a corporation, then, at all times: (a) such Person shall have at least two (2) Independent Directors and (b) the board of directors of such Person may not take any action requiring the unanimous affirmative vote of 100% of
the members of the board of directors unless all of the directors, including the Independent Directors, shall have participated in such vote. In addition, if such Person is a limited liability company, (a) such Person shall have at least
two (2) Independent Managers or Independent Members, (b) if such Person is managed by a board of managers, the board of managers of such Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the
board of managers unless all of the managers, including the 
  

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 Independent Managers, shall have participated in such vote, (c) if such Person is not managed by a
board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the members of such Person unless all of the members, including the Independent Members, shall have participated in such vote,
(d) each managing member shall be a Single Purpose Entity and (e) its articles of organization, certificate of formation and/or operating agreement, as applicable, shall provide that until all of the Indebtedness and Obligations are paid
in full such entity will not dissolve. In addition, the organizational documents of such Person shall provide that such Person (1) without the unanimous consent of all of the partners, directors or members, as applicable, shall not with respect
to itself or to any other Person in which it has a direct or indirect legal or beneficial interest (a) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or other similar official for the
benefit of the creditors of such Person or all or any portion of such Person’s properties, or (b) take any action that might cause such Person to become insolvent, petition or otherwise institute insolvency proceedings or otherwise seek
any relief under any laws relating to the relief from debts or the protection of debtors generally, (2) will maintain its books, records, resolutions and agreements as official records, (3) will hold its assets in its own name,
(4) will maintain its financial statements, accounting records and other organizational documents, books and records separate and apart from any other Person, (5) will not identify its partners, members or shareholders, or any Affiliates
of any of them as a division or part of it, (6) will maintain an arms-length relationship with its Affiliates, (7) except for capital contributions or capital distributions will not enter into or be a party to any transaction with its
partners, members, shareholders, or its Affiliates except in the ordinary course of business and on terms which are intrinsically fair and are no less favorable to it than would be obtained in a comparable arms-length transaction with a third party;
(8) will not buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities); and (9) except as permitted by the Loan Documents, will not form, acquire or hold any subsidiary (whether
corporation, partnership, limited liability company or other) or own any equity interest in any other entity other than the Property. 
 “Special Taxes” shall mean any and all present or future taxes, levies, imposts, deductions, charges or withholdings, or any liabilities with respect thereto, including those arising after the date hereof as result
of the adoption of or any change in law, treaty, rule, regulation, guideline or determination of a Governmental Authority or any change in the interpretation or application thereof by a Governmental Authority but excluding, in the case of Lender,
such taxes (including income taxes, franchise taxes and branch profit taxes) as are imposed on or measured by Lender’s net income by the United States of America or any Governmental Authority of the jurisdiction under the laws under which
Lender is organized or maintains a lending office. 
 “Sponsor” shall mean, DTRS MICHIGAN AVENUE/CHOPIN
PLAZA, LP, a Delaware limited partnership, INTERCONTINENTAL FLORIDA LIMITED PARTNERSHIP, a Delaware limited partnership, and CIMS LIMITED PARTNERSHIP, an Illinois limited partnership on a joint and several liability basis, all of which shall execute
and deliver the Sponsor Indemnity on the Closing Date. 
  

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 “Sponsor Indemnity” shall mean that certain Sponsor Indemnity
Agreement of Borrower, dated as of the date hereof, by Sponsor in favor of Lender, as the same may be amended, supplemented, restated or otherwise modified from time to time. 
 “State” shall mean the State in which the Property or any part thereof is located. 
 “Sub-Account(s)” shall have the meaning set forth in Section 3.1.1. 
 “Subordination of Operating Lease” shall mean that certain Operating Lease Subordination Agreement, dated the date
hereof, among Lender, Borrower, Operating Lessee, and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Survey” shall mean a survey of the Property prepared by a surveyor licensed in the State and satisfactory to Lender and the company or companies issuing the Title Policy, and
containing a certification of such surveyor satisfactory to Lender. 
 “Tax Reserve Account” shall have
the meaning set forth in Section 3.1.1. 
 “Tax Reserve Amount” shall have the meaning set
forth in Section 16.1. 
 “Tenant” shall mean any Person leasing, subleasing or otherwise
occupying any portion of the Property or permitted to use any portion of the facilities at the Property, other than the Manager and its employees, agents and assigns. 
 “Terrorism Coverage Required Amount” shall mean an aggregate amount equal to the full replacement cost of the Property and the Improvements (without deduction for physical
depreciation) from time to time, or such lesser amounts approved by Lender in its sole discretion (or after a Securitization, upon receipt of a Rating Agency Confirmation). 
 “Threshold Amount” shall mean an amount equal to 10% of the Principal Amount of the Loan, being $9,000,000 as of the
date of this Agreement. 
 “Title Company” shall mean, Lawyers Title Insurance Corporation and Land
America Title Insurance Company. 
 “Title Policy” shall mean an ALTA mortgagee title insurance policy
in a form acceptable to Lender (or, if the Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and acceptable to Lender) issued by the Title Company with respect to the
Property and insuring the lien of the Security Instrument. 
 “Transfer” shall mean to, directly or
indirectly, sell, assign, convey, mortgage, transfer, pledge, hypothecate, encumber, grant a security interest in, exchange or otherwise dispose of any beneficial interest or grant any option or warrant with respect to, or where used as a noun, a
direct or indirect sale, assignment, conveyance, transfer, pledge or other disposition of any beneficial interest by any means whatsoever whether voluntary, involuntary, by operation of law or otherwise. 
  

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 “UCC” or “Uniform Commercial Code” shall
mean the Uniform Commercial Code as in effect in the State. 
 “Ultimate Equity Owner” shall mean
Strategic Hotel Funding, L.L.C., a Delaware limited liability company. 
 “Underwriter Group” shall have
the meaning set forth in Section 14.4.2(b). 
 “Uniform System” shall
mean the Uniform System of Accounts for Hotels, 9th
Edition, International Association of Hospitality Accountants (1996), as from time to time amended. 
 “Unit” shall mean the Hotel Unit as defined in the Condominium Documents. 
 “U.S.
Government Obligations” shall mean any direct obligations of, or obligations guaranteed as to principal and interest by, the United States Government or any agency or instrumentality thereof, provided that such obligations are backed by
the full faith and credit of the United States. Any such obligation must be limited to instruments that have a predetermined fixed dollar amount of principal due at maturity that cannot vary or change. If any such obligation is rated by S&P, it
shall not have an “r” highlighter affixed to its rating. Interest must be fixed or tied to a single interest rate index plus a single fixed spread (if any), and move proportionately with said index. U.S. Government Obligations include, but
are not limited to: U.S. Treasury direct or fully guaranteed obligations, Farmers Home Administration certificates of beneficial ownership, General Services Administration participation certificates, U.S. Maritime Administration guaranteed
Title XI financing, Small Business Administration guaranteed participation certificates or guaranteed pool certificates, U.S. Department of Housing and Urban Development local authority bonds, and Washington Metropolitan Area Transit Authority
guaranteed transit bonds. In no event shall any such obligation have a maturity in excess of 365 days. 
 Section 1.2
Principles of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All accounting terms not specifically defined herein shall be construed in accordance
with GAAP as modified by the Uniform System. When used herein, the term “financial statements” shall include the notes and schedules thereto. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the
definitions given them in this Agreement when used in any other Loan Document or in any certificate or other document made or delivered pursuant thereto. All uses of the word “including” shall mean including, without limitation unless the
context shall indicate otherwise. Unless otherwise specified, the words hereof, herein and hereunder and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 
  

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 II. GENERAL TERMS 
 Section 2.1 Loan; Disbursement to Borrower. 
 2.1.1 The Loan. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. 
 2.1.2 Disbursement to Borrower. Borrower may request and receive only one borrowing hereunder in respect of the Loan and any
amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower acknowledges and agrees that the full proceeds of the Loan have been disbursed by Lender to Borrower on the Closing Date. 
 2.1.3 The Note, Security Instrument and Loan Documents. The Loan shall be evidenced by the Note and secured by the Security
Instrument, the Assignment of Leases, this Agreement and the other Loan Documents. 
 2.1.4 Use of Proceeds.
Borrower shall use the proceeds of the Loan to repay and discharge any existing mortgage loans secured by the Property, to provide any necessary or appropriate reserves, to make cash distributions to its members for, among other things, repayment of
any existing mezzanine loans secured by direct or indirect interests in Borrower, and as may be otherwise set forth on the Loan closing statement executed by Borrower at closing. 
 Section 2.2 Interest; Loan Payments; Late Payment Charge. 
 2.2.1 Payment of Principal and Interest. 
 (i) Except as set forth in Section 2.2.1(ii), interest shall accrue on the Principal Amount as set forth in the Note. 
 (ii) Upon the occurrence and during the continuance of an Event of Default and from and after the Maturity Date if the entire Principal
Amount is not repaid on the Maturity Date, interest on the outstanding principal balance of the Loan and, to the extent permitted by law, overdue interest and other amounts due in respect of the Loan shall accrue at the Default Rate calculated from
the date such payment was due without regard to any grace or cure periods contained herein. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness (or
that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be added to the Indebtedness, shall itself accrue interest at the same rate as the Loan and shall be secured by the Security
Instrument. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the Indebtedness, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of
Default, and Lender retains its rights under the Note to accelerate and to continue to demand payment of the Indebtedness upon the happening of any Event of Default. 
  

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 2.2.2 Method and Place of Payment. 
 (a) On each Payment Date, Borrower shall pay or cause to be paid to Lender interest accruing pursuant to the Note for the entire Interest
Period during which said Payment Date shall occur. 
 (b) All amounts advanced by Lender pursuant to the applicable provisions
of the Loan Documents, other than the Principal Amount, together with any interest at the Default Rate or other charges as provided therein, shall be due and payable hereunder as provided in the Loan Documents. In the event any such advance or
charge is not so repaid by Borrower, Lender may, at its option and upon notice to Borrower, first apply any payments received under the Note to repay such advances, together with any interest thereon, or other charges as provided in the Loan
Documents, and the balance, if any, shall be applied in payment of any installment of interest or principal then due and payable. 
 (c) The Maturity Date Payment shall be due and payable in full on the Maturity Date. 
 2.2.3
Late Payment Charge. If any interest payment due under the Loan Documents is not paid by Borrower within five (5) days after to the date on which it is due (or, if such fifth (5th) day is not a Business Day, then the Business Day immediately preceding such day) on or prior to the
date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid sum or the Maximum Legal Rate (the “Late Payment Charge”) in order to defray the
expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by this Agreement, the Security Instrument and the other Loan
Documents to the extent permitted by applicable law. Borrower acknowledges and agrees that the five day grace period with respect to the applicability of the Late Payment Charge (i) shall only apply to Borrower’s first failure to make a
monthly interest payment in any calendar year and (ii) shall not constitute a payment grace period and shall in no way limit Lender’s rights under Article XVII. 
 2.2.4 Usury Savings. This Agreement and the Note are subject to the express condition that at no time shall Borrower be
obligated or required to pay interest on the Principal Amount of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the
other Loan Documents, Borrower is at any time required or obligated to pay interest on the Principal Amount due under the Note at a rate in excess of the Maximum Legal Rate, then the LIBOR Rate or the Default Rate, as the case may be, shall be
deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due under the Note. All sums
paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan
until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 
  

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 Section 2.3 Prepayments. 
 2.3.1 Prepayments. No prepayments of the Indebtedness shall be permitted except as set forth in Section 4 of the Note.
Borrower agrees and acknowledges after the closing of the Loan that prior to a material Event of Default (as determined by Lender in its sole and absolute discretion) (x) in the case of prepayments of the Loan in connection with a Casualty or
Condemnation, principal will be applied (to the extent not used for restoration pursuant to the terms hereof) to the Note, any substitute or component notes (as applicable) sequentially starting with the most senior securitized tranche and
(y) in the case of all prepayments of the Loan other than in accordance with the preceding clause (x), such prepayments will be applied to the Note, any substitute or component notes (as applicable) pro-rata (on the basis of their
respective principal balances) among the securitized and any non-securitized portions of the Loan (and pro-rata within the securitized portions of the Loan). Notwithstanding the foregoing, upon the occurrence and during the continuance of a material
Event of Default (as determined by Lender in its sole and absolute discretion), Borrower agrees and acknowledges that any principal prepayments of the Loan will be applied to the Note, any substitute or component notes (as applicable) sequentially,
starting with the most senior securitized tranche (it being acknowledged that during the continuance of a material Event of Default all securitized portions of the Loan shall be paid in full prior to the payment of any non-securitized portions of
the Loan). 
 2.3.2 Prepayments after Event of Default. If, following an Event of Default, Lender shall
accelerate the Indebtedness and Borrower thereafter tenders payment of all or any part of the Indebtedness, or if all or any portion of the Indebtedness is recovered by Lender after such Event of Default, (a) such payment may be made only on
the next occurring Payment Date together with all unpaid interest thereon as calculated through the end of the Interest Period during which such Payment Date occurs (even if such period extends beyond such Payment Date and calculated as if such
payment had not been made on such Payment Date), and all other fees and sums payable hereunder or under the Loan Documents, including without limitation, interest that has accrued at the Default Rate and any Late Payment Charges), (b) such
payment shall be deemed a voluntary prepayment by Borrower, and (c) Borrower shall pay, in addition to the Indebtedness, an amount equal to the Prepayment Fee, if applicable. 
 2.3.3 Release of Property. Lender shall, at the reasonable expense of Borrower, upon payment in full of the Principal Amount
and interest on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and provisions of the Note and this Agreement, release the Lien of (i) this Agreement upon the Account Collateral and the Rate
Cap Collateral and (ii) the Security Instrument on the Property or assign it, in whole or in part, to a new lender. In such event, Borrower shall submit to Lender, on a date prior to the date of such release or assignment sufficient to provide
a reasonable period for review thereof, a release of lien or assignment of lien, as applicable, for such property for execution by Lender. Such release or assignment, as applicable, shall be in a form appropriate in each jurisdiction in which the
Property is located and satisfactory to Lender in its reasonable discretion. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release or assignment, as
applicable. 
  

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 Section 2.4 Regulatory Change; Taxes. 
 2.4.1 Increased Costs. If, at any time prior to the first Securitization of the Loan, as a result of any Regulatory Change or
compliance of Lender therewith, the basis of taxation of payments to Lender of the principal of or interest on the Loan is changed or Lender or the company Controlling Lender shall be subject to (i) any tax, duty, charge or withholding of any
kind with respect to this Agreement (excluding federal taxation of the overall net income of Lender); or (ii) any reserve, special deposit or similar requirements relating to any extensions of credit or other assets of, or any deposits with or
other liabilities, of Lender or any company Controlling Lender is imposed, modified or deemed applicable; or (iii) any other condition affecting loans to borrowers subject to LIBOR-based interest rates is imposed on Lender or any company
Controlling Lender and Lender determines that, by reason thereof, the cost to Lender or any company Controlling Lender of making, maintaining or extending the Loan to Borrower is increased, or any amount receivable by Lender or any company
Controlling Lender hereunder in respect of any portion of the Loan to Borrower is reduced, in each case by an amount deemed by Lender in good faith to be material (such increases in cost and reductions in amounts receivable being herein called
“Increased Costs”), then Lender shall provide notice thereof to Borrower and Borrower agrees that it will pay to Lender upon Lender’s written request such additional amount or amounts as will compensate Lender or any
company Controlling Lender for such Increased Costs to the extent Lender determines that such Increased Costs are allocable to the Loan and provided that Lender is generally exercising rights similar to those set forth in this
Section 2.4.1 against other borrowers similarly situated to Borrower. Lender will notify Borrower of any event occurring after the date hereof which will entitle Lender to compensation pursuant to this Section 2.4.1 as
promptly as practicable after it obtains knowledge thereof and determines to request such compensation; provided, however, that, if Lender fails to deliver a notice within 90 days after the date on which an officer of Lender
responsible for overseeing this Agreement knows or has reason to know of its right to additional compensation under this Section 2.4.1, Lender shall only be entitled to additional compensation for any such Increased Costs incurred from
and after the date that is 90 days prior to the date Borrower received such notice. If Lender requests compensation under this Section 2.4.1, Borrower may, by notice to Lender, require that Lender furnish to Borrower a statement setting
forth the basis for requesting such compensation and the method for determining the amount thereof, and a description as to why Section 2.4.5 is not applicable. 
 2.4.2 Special Taxes. At all times prior to the first Securitization of the Loan, Borrower shall make all payments hereunder
free and clear of and without deduction for Special Taxes. If, at any time prior to the first Securitization of the Loan, Borrower shall be required by law to deduct any Special Taxes from or in respect of any sum payable hereunder or under any
other Loan Document to Lender, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.4.2) Lender
receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions, and (iii) Borrower shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law. 
 2.4.3 Other Taxes. In addition, for all periods prior to the first
Securitization of the Loan, Borrower agrees to pay any present or future stamp or documentary 
  

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 taxes or other excise or property taxes, charges, or similar levies which arise from any payment made
hereunder, or from the execution, delivery or registration of, or otherwise with respect to, this Agreement, the other Loan Documents, or the Loan (hereinafter referred to as “Other Taxes”). 
 2.4.4 Indemnity. Borrower shall indemnify Lender for all periods prior to the first Securitization of the Loan, for the full
amount of Special Taxes and Other Taxes (including any Special Taxes or Other Taxes imposed by any Governmental Authority on amounts payable under this Section 2.4.4) paid by Lender and any liability (including penalties, interest, and
expenses) arising therefrom or with respect thereto, whether or not such Special Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within thirty (30) days after the date Lender makes written demand
therefor. 
 2.4.5 Change of Office. To the extent that changing the jurisdiction of Lender’s applicable
office would have the effect of minimizing Special Taxes, Other Taxes or Increased Costs, Lender shall use reasonable efforts to make such a change, provided that same would not otherwise be disadvantageous to Lender. 
 2.4.6 Survival. Without prejudice to the survival of any other agreement of Borrower hereunder, the agreements and
obligations of Borrower contained in this Section 2.4 shall survive the payment in full of principal and interest hereunder, and the termination of this Agreement. 
 Section 2.5 Conditions Precedent to Closing. The obligation of Lender to make the Loan hereunder is subject to the fulfillment
by, or on behalf of, Borrower or waiver by Lender of the following conditions precedent no later than the Closing Date; provided, however, that unless a condition precedent shall expressly survive the Closing Date pursuant to a
separate agreement, by funding the Loan, Lender shall be deemed to have waived any such conditions not theretofore fulfilled or satisfied: 
 2.5.1 Representations and Warranties; Compliance with Conditions. The representations and warranties of Borrower contained in this Agreement and the other Loan Documents shall be true and
correct in all material respects on and as of the Closing Date with the same effect as if made on and as of such date, and no Default or Event of Default shall have occurred and be continuing; and Borrower shall be in compliance in all material
respects with all terms and conditions set forth in this Agreement and in each other Loan Document on its part to be observed or performed. 
 2.5.2 Delivery of Loan Documents; Title Policy; Reports; Leases. 
 (a) Loan Documents. Lender shall have received an original copy of this Agreement, the Note and all of the other Loan Documents, in each case, duly executed (and to the extent required, acknowledged) and delivered on behalf of
Borrower and any other parties thereto. 
 (b) Security Instrument, Assignment of Leases. Lender shall have
received evidence that original counterparts of the Security Instrument and Assignment of Leases, in proper form for recordation, have been delivered to the Title Company for recording, so as 
  

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 effectively to create, in the reasonable judgment of Lender, upon such recording valid and enforceable first
priority Liens upon the Property, in favor of Lender (or such other trustee as may be required or desired under local law), subject only to the Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents. 

(c) UCC Financing Statements. Lender shall have received evidence that the UCC financing statements relating to the
Security Instrument and this Agreement have been delivered to the Title Company for filing in the applicable jurisdictions. 
 (d) Title Insurance. Lender shall have received a pro forma Title Policy or a Title Policy issued by the Title Company and dated as of the Closing Date, with reinsurance and direct access agreements acceptable
to Lender. Such Title Policy shall (i) provide coverage in the amount of the Loan, (ii) insure Lender that the Security Instrument creates a valid, first priority Lien on the Property, free and clear of all exceptions from coverage
other than Permitted Encumbrances and standard exceptions and exclusions from coverage (as modified by the terms of any endorsements), (iii) contain the endorsements and affirmative coverages set forth on Exhibit A (or such
other endorsements and affirmative coverages approved by Lender) and such additional endorsements and affirmative coverages as Lender may reasonably request, and (iv) name Lender as the insured. The Title Policy shall be assignable. Lender
also shall have received evidence that all premiums in respect of such Title Policy have been paid. 
 (e)
Survey. Lender shall have received a current or rectified Survey for the Property, containing the survey certification substantially in the form attached hereto as Exhibit B or such other form as approved by Lender.
Such Survey shall reflect the same legal description contained in the Title Policy referred to in clause (d) above. The surveyor’s seal shall be affixed to the Survey and the surveyor shall provide a certification for such Survey in
form and substance acceptable to Lender. 
 (f) Insurance. Lender shall have received valid certificates of
insurance for the policies of insurance required hereunder, satisfactory to Lender in its reasonable discretion, and evidence of the payment of all insurance premiums currently due and payable for the existing policy period. 
 (g) Environmental Reports. Lender shall have received an Environmental Report in respect of the Property satisfactory to
Lender. 
 (h) Zoning. Lender shall have received an ALTA 3.1 zoning endorsement for the Title Policy.

 (i) Certificate of Occupancy. Lender shall have received a copy of the valid certificates of occupancy for the
Property or evidence acceptable to Lender that a certificate of occupancy is not required by applicable law. 
 (j)
Encumbrances. Borrower shall have taken or caused to be taken such actions in such a manner so that Lender has a valid and perfected first Lien as of the Closing Date on the Property (including extinguishing all existing mezzanine debt
and Liens in connection with such debt), subject only to Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents, and Lender shall have received satisfactory evidence thereof. 
  

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 2.5.3 Related Documents. Each additional document not specifically referenced
herein, but relating to the transactions contemplated herein, shall have been duly authorized, executed and delivered by all parties thereto and Lender shall have received and approved certified copies thereof. 
 2.5.4 Delivery of Organizational Documents. On or before the Closing Date, Borrower shall deliver, or cause to be delivered,
to Lender copies certified by an Officer’s Certificate, of all organizational documentation related to Borrower, Operating Lessee and Sponsor and certain Affiliates of the foregoing as have been requested by Lender and/or the formation,
structure, existence, good standing and/or qualification to do business of Borrower, Operating Lessee and Sponsor and such Affiliates, as Lender may request in its sole discretion, including, without limitation, good standing certificates,
qualifications to do business in the appropriate jurisdictions, resolutions authorizing the entering into of the Loan and incumbency certificates as may be requested by Lender. Each of the organizational documents of Borrower shall contain
provisions having a substantive effect materially similar to that of the language set forth in Exhibit C or such other language as approved by Lender. Lender hereby approves the organizational documents of Borrower delivered to
Lender on the date hereof. 
 2.5.5 Opinions. Lender shall have received: 
  

	 	(a)	a Non-Consolidation Opinion substantially in compliance with the requirements set forth in Exhibit E or in such other form approved by the Lender
(the “Non-Consolidation Opinion”); 

  

	 	(b)	the Opinion of Counsel substantially in compliance with the requirements set forth in Exhibit D or in such other form approved by the Lender; and

  

	 	(c)	from Counterparty the Counterparty Opinion substantially in compliance with the requirements set forth in Exhibit F or in such other form approved by
the Lender. 

 2.5.6 Budgets. Borrower shall have delivered the Budget for the current Fiscal Year,
which Budget shall be certified by an Officer’s Certificate. 
 2.5.7 Completion of Proceedings. All
corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this Agreement and other Loan Documents and all documents incidental thereto shall be satisfactory in form and substance to Lender, and Lender
shall have received all such counterpart originals or certified copies of such documents as Lender may reasonably request. 
 2.5.8 Payments. All payments, deposits or escrows, if any, required to be made or established by Borrower under this Agreement, the Note and the other Loan Documents on or before the Closing Date shall have been paid.

  

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 2.5.9 Interest Rate Cap Agreement. Lender shall have received the original
Interest Rate Cap Agreement which shall be in form and substance satisfactory to Lender and an original counterpart of the Acknowledgment executed and delivered by the Counterparty. 
 2.5.10 Account Agreement. Lender shall have received the original of the Account Agreement executed by each of Cash
Management Bank, Operating Lessee, and Borrower. 
 2.5.11 Intentionally Deleted. 
 2.5.12 Leases and Rent Roll. Lender shall have received copies of all Leases, certified as requested by Lender. Lender shall
have received a certified rent roll of the Property dated within thirty (30) days prior to the Closing Date. 
 2.5.13
Transaction Costs. Borrower shall have paid or reimbursed Lender for all title insurance premiums, recording and filing fees, costs of Environmental Reports, Physical Conditions Reports, appraisals and other reports, the reasonable fees
and costs of Lender’s counsel and all other third party out-of-pocket expenses incurred in connection with the origination of the Loan. 
 2.5.14 Material Adverse Effect. No event or condition shall have occurred since the date of Borrower’s most recent financial statements previously delivered to Lender which has or could
reasonably be expected to have a Material Adverse Effect. The Operating Income and Operating Expenses of the Property and all other features of the transaction shall be as represented to Lender without material adverse change. Neither Borrower nor
any of its constituent Persons shall be the subject of any bankruptcy, reorganization, or insolvency proceeding. 
 2.5.15
Tax Lot. Lender shall have received evidence that the Property constitutes one (1) or more separate tax lots, which evidence shall be reasonably satisfactory in form and substance to Lender. 
 2.5.16 Physical Conditions Report. Lender shall have received a Physical Conditions Report (or re-certified Physical
Conditions Report) with respect to the Property, which report shall be satisfactory in form and substance to Lender. 
 2.5.17 Appraisal. Lender shall have received an appraisal of the Property, which shall be satisfactory in form and substance to Lender. 
 2.5.18 Operating Lease. Lender shall have received the originals of the Operating Lease, executed by Operating Lessee and Borrower and the Subordination of Operating Lease, executed by
Operating Lessee. 
 2.5.19 Management Agreement. Lender shall have received a certified copy of the Management
Agreement which shall be satisfactory in form and substance to Lender. 
  

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 2.5.20 Financial Statements. Lender shall have received certified copies of
financial statements with respect to the Property for the three most recent Fiscal Years, each in form and substance satisfactory to Lender. 
 2.5.21 Further Documents. Lender or its counsel shall have received such other and further approvals, opinions, documents and information as Lender or its counsel may have reasonably
requested including the Loan Documents in form and substance satisfactory to Lender and its counsel. 
 III. CASH
MANAGEMENT 
 Section 3.1 Cash Management. 
 3.1.1 Establishment of Accounts. Borrower hereby confirms that, simultaneously with the execution of this Agreement, pursuant
to the Account Agreement, Operating Lessee has established with Cash Management Bank, in the name of Borrower for the benefit of Lender, as secured party, a collection amount (the “Collection Account”), which has been
established as an interest-bearing deposit account, and a holding account (the “Holding Account”), which has been established as a securities account. Both the Collection and the Holding Account and each sub-account of either
such account and the funds deposited therein and the securities and other assets credited thereto shall serve as additional security for the Loan. Pursuant to the Account Agreement, Borrower shall irrevocably instruct and authorize Cash Management
Bank to disregard any and all orders for withdrawal from the Collection Account or the Holding Account made by, or at the direction of, Borrower or Operating Lessee other than to transfer all amounts on deposit in the Collection Account on a daily
basis to the Holding Account. Borrower agrees that, prior to the payment in full of the Indebtedness, the terms and conditions of the Account Agreement shall not be amended or modified without the prior written consent of Lender (which consent
Lender may grant or withhold in its sole discretion), and if a Securitization has occurred, the delivery by Borrower of a Rating Agency Confirmation. In recognition of Lender’s security interest in the funds deposited into the Collection
Account and the Holding Account, Borrower shall identify both the Collection Account and the Holding Account with the name of Lender, as secured party. The Collection Account shall be named as follows: “Intercontinental Miami f/b/o Citigroup
Global Markets Realty Corp., as secured party Collection Account,” account number 724141.1. The Holding Account shall be named as follows: “Intercontinental Miami f/b/o Citigroup Global Markets Realty Corp., as secured party Holding
Account,” account number 724141.2. Borrower confirms that it has established with Cash Management Bank the following sub-accounts of the Holding Account (each, a “Sub-Account” and, collectively, the
“Sub-Accounts” and together with the Holding Account and the Collection Account, the “Collateral Accounts”), which (i) may be ledger or book entry sub-accounts and need not be actual sub-accounts,
(ii) shall each be linked to the Holding Account, (iii) shall each be a “Securities Account” pursuant to Article 8 of the UCC and (iv) shall each be an Eligible Account to which certain funds shall be allocated and from
which disbursements shall be made pursuant to the terms of this Agreement: 
 (a) a sub-account for the retention of Account
Collateral in respect of Impositions and Other Charges for the Property with the account number 724141.2 (the “Tax Reserve Account”); 
  

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 (b) a sub-account for the retention of Account Collateral in respect of insurance premiums
for the Property with the account number 724141.2 (the “Insurance Reserve Account”); 
 (c) a
sub-account for the retention of Account Collateral in respect of FF&E with the account number 724141.2 (the “FF&E Reserve Account”); 
 (d) a sub-account for the retention of Account Collateral in respect of current Debt Service on the Loan with the account number 724141.2 (the “Current Debt Service Reserve
Account”); and 
 (e) a sub-account for the retention of Account Collateral in respect of reserves for Condominium
Charges at the Property with the account number 724141.2 (the “Condominium Charges Reserve Account”). 
 3.1.2 Pledge of Account Collateral. To secure the full and punctual payment and performance of the Obligations, Borrower and Operating Lessee hereby collaterally assigns, grants a security interest in and pledges to Lender, to
the extent not prohibited by applicable law (and shall cause Operating Lessee to execute the Accommodation Security Documents with respect thereto), a first priority continuing security interest in and to the following property of Borrower and/or
Operating Lessee, as applicable, whether now owned or existing or hereafter acquired or arising and regardless of where located (all of the same, collectively, the “Account Collateral”): 
 (a) the Collateral Accounts and Manager Accounts and all cash, checks, drafts, securities entitlements, certificates, instruments and other
property, including, without limitation, all deposits and/or wire transfers from time to time deposited or held in, credited to or made to Collateral Accounts; 
 (b) any and all amounts invested in Permitted Investments; 
 (c) all interest,
dividends, cash, instruments, securities entitlements and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing or purchased with funds from the Collateral Accounts;
and 
 (d) to the extent not covered by clauses (a), (b) or (c) above, all proceeds (as defined under the UCC) of
any or all of the foregoing. 
 In addition to the rights and remedies herein set forth, Lender shall have all of the rights and
remedies with respect to the Account Collateral available to a secured party at law or in equity, including, without limitation, the rights of a secured party under the UCC, as if such rights and remedies were fully set forth herein. 
 This Agreement shall constitute a security agreement for purposes of the Uniform Commercial Code and other applicable law. 
  

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 3.1.3 Maintenance of Collateral Accounts. (a) Borrower agrees that the
Collection Account is and shall be maintained (i) as a “deposit account” (as such term is defined in Section 9-102(a) of the UCC), (ii) in such a manner that Lender shall have control (within the meaning of
Section 9-104(a) of the UCC) over the Collection Account and (iii) such that neither the Borrower, Operating Lessee, nor Manager shall have any right of withdrawal from the Collection Account and, except as provided herein, no Account
Collateral shall be released to the Borrower, Operating Lessee, or Manager from the Collection Account. Without limiting the Borrower’s obligations under the immediately preceding sentence, Borrower shall only establish and maintain the
Collection Account with a financial institution that has executed an agreement substantially in the form of the Account Agreement or in such other form acceptable to Lender in its sole discretion. 
 (b) Borrower agrees that each of the Holding Account and the Sub-Accounts is and shall be maintained (i) as a “securities
account” (as such term is defined in Section 8-501(a) of the UCC), (ii) in such a manner that Lender shall have control (within the meaning of Section 8-106(d)(2) of the UCC) over the Holding Account and any Sub-Account,
(iii) such that neither Borrower, Operating Lessee, nor Manager shall have any right of withdrawal from the Holding Account or the Sub-Accounts and, except as provided herein, no Account Collateral shall be released to Borrower from the Holding
Account or the Sub-Accounts, (iv) in such a manner that the Cash Management Bank shall agree to treat all property credited to the Holding Account or the Sub-Accounts as “financial assets” and (v) such that all securities or
other property underlying any financial assets credited to the Accounts shall be registered in the name of Cash Management Bank, indorsed to Cash Management Bank or in blank or credited to another securities account maintained in the name of Cash
Management Bank and in no case will any financial asset credited to any of the Collateral Accounts be registered in the name of Borrower, payable to the order of Borrower or specially indorsed to Borrower except to the extent the foregoing have been
specially indorsed to Cash Management Bank or in blank. Without limiting Borrower’s obligations under the immediately preceding sentence, Borrower shall only establish and maintain the Holding Account with a financial institution that has
executed an agreement substantially in the form of the Account Agreement or in such other form acceptable to Lender in its sole discretion. 
 (c) The Collateral Accounts shall be Eligible Accounts. The Collateral Accounts shall be subject to such applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve
System and of any other banking or governmental authority, as may now or hereafter be in effect. Income and interest accruing on the Collateral Accounts or any investments held in such accounts shall be periodically added to the principal amount of
such account and shall be held, disbursed and applied in accordance with the provisions of this Agreement and the Account Agreement. Borrower shall be the beneficial owner of the Collateral Accounts for federal income tax purposes and shall report
all income on the Collateral Accounts. 
 3.1.4 Deposits into Sub-Accounts. On the date hereof, Borrower has
deposited the following amounts into the Sub-Accounts: 
 (i) $0.00 into the Tax Reserve Account; 
  

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 (ii) $0.00 into the Insurance Reserve Account; 
 (iii) $0.00 into the Current Debt Service Reserve Account; 
 (iv) $0.00 into the FF&E Reserve Account; and 
 (v) $0.00 into the
Condominium Charges Reserve Account. 
 3.1.5 Monthly Funding of Sub-Accounts. (a) Borrower hereby
irrevocably authorizes Lender to transfer (and, pursuant to the Account Agreement shall irrevocably authorize Cash Management Bank to execute any corresponding instructions of Lender), and Lender shall transfer (or cause Cash Management Bank to
transfer pursuant to disbursement instructions from Lender), from the Holding Account by 11:00 a.m. New York time on each Business Day, or as soon thereafter as sufficient funds are in the Holding Account to make the applicable transfers, funds in
the following amounts and in the following order of priority: 
 (i) during the continuance of an Event of Default and at any
such time that Manager does not reserve for or otherwise set aside and pay Impositions and Other Charges directly, funds in an amount equal to the Monthly Tax Reserve Amount and any other amounts required pursuant to Section 16.1 for the
month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer the same to the Tax Reserve Account; 
 (ii) during the continuance of an Event of Default and at any time when the insurance required to be maintained pursuant to this Agreement is provided under a blanket policy in accordance with
Article VI hereof and the premiums in respect of such blanket policy are not paid or caused to be paid before such premiums become due and payable or at any time that Manager does not pay, reserve for or otherwise set aside and pay,
premiums with respect to the Insurance Requirements, funds in an amount equal to the Monthly Insurance Reserve Amount for the month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer
the same to the Insurance Reserve Account, or following an Event of Default or an Insurance Reserve Trigger, funds sufficient (calculated on a monthly basis from the Insurance Reserve Trigger until the month in which the premium is due) to permit
Lender to pay insurance premiums for the insurance required to be maintained pursuant to the terms of this Agreement and the Security Instrument on the respective due dates therefor (up to a maximum amount equal to the aggregate annual insurance
premium required hereunder), and Lender shall so pay such funds to the insurance company having the right to receive such funds; 
 (iii) funds in an amount equal to the amount of Debt Service due on the Payment Date for the month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer the same to the Current
Debt Service Reserve Account; 
 (iv) during the continuance of an Event of Default and at any such time that Manager does not
reserve for or otherwise set aside and pay Condominium Charges directly, funds in an amount equal to the amount of Condominium Charges that will be payable under the 
  

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 Condominium Documents for the month immediately succeeding the month in which the Payment Date immediately
following the date of the transfer from the Holding Account occurs and transfer the same to the Condominium Charges Reserve Account and such deposit may be increased by Lender pursuant to Section 16.5; 
 (v) at any such time that Manager does not reserve or otherwise set aside for FF&E in accordance with the terms of the Management
Agreement, funds in an amount equal to the Monthly FF&E Reserve Amount for the month in which the Payment Date immediately following the date of the transfer from the Holding Account occurs and transfer the same to the FF&E Reserve Account;
and 
 (vi) provided no Event of Default shall have occurred and is then continuing and subject to the provisions of
Section 3.1.5(b), funds in an amount equal to the balance (if any) remaining or deposited in the Holding Account after the foregoing deposits (such remainder being hereinafter referred to as “Excess Cash Flow”)
and transfer the same to the Borrower’s Account (or a third party account as directed by Borrower), free of any Lien or continuing security interest. 
 (b) Notwithstanding anything to the contrary contained herein or in the Security Instrument, but subject to Section 7.3, to the extent that Borrower shall fail to pay any mortgage recording
tax, costs, expenses or other amounts pursuant to Section 19.12 of this Agreement within the time period set forth therein, Lender shall have the right, at any time, upon five (5) Business Days’ notice to Borrower, to withdraw
from the Holding Account, an amount equal to such unpaid taxes, costs, expenses and/or other amounts and pay such amounts to the Person(s) entitled thereto. 
 3.1.6 Payments from Sub-Accounts. Borrower irrevocably authorizes Lender to make and, provided no Event of Default shall have occurred and be continuing, Lender hereby agrees to make, the
following payments from the Sub-Accounts to the extent of the monies on deposit therefor: 
 (i) if notified (timely) by
Borrower or otherwise determined by Lender in its reasonable discretion that Manager will not pay Impositions or Other Charges, funds from the Tax Reserve Account to Lender sufficient to permit Lender to pay (or otherwise to Borrower to reimburse
Borrower for) (A) Impositions and (B) Other Charges, on the respective due dates therefor, and Lender shall so pay such funds to the Governmental Authority having the right to receive such funds (or shall reimburse Borrower or Operating
Lessee upon confirmation of payment); 
 (ii) at any time when the insurance required to be maintained pursuant to this
Agreement is provided under a blanket policy in accordance with Article VI hereof and the premiums in respect of such blanket policy are not paid or caused to be paid before such premiums become due and payable or at any time that
Manager does not pay, reserve for or otherwise set aside and pay, premiums with respect to the Insurance Requirements and otherwise following an Insurance Reserve Trigger, funds from the Insurance Reserve Account to Lender sufficient to permit
Lender to pay insurance premiums for the insurance required to be maintained pursuant to the terms of this Agreement and the Security Instrument, on the respective due dates therefor, and Lender shall so pay such funds to the insurance company
having the right to receive such funds; 
  

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 (iii) funds from the Current Debt Service Reserve Account to Lender sufficient to pay Debt
Service on each Payment Date, and Lender, on each Payment Date, shall apply such funds to the payment of the Debt Service payable on such Payment Date; 
 (iv) if notified (timely) by Borrower or otherwise determined by Lender in its reasonable discretion that Manager will not pay Condominium Charges, funds from the Condominium Charges Reserve Account to
Lender sufficient to pay the Condominium Charges for the next calendar month after a Payment Date, and Lender, on each Payment Date, shall apply such funds to the payment of the Condominium Charges payable for the next calendar month; and

 (v) if notified (timely) by Borrower or otherwise determined by Lender in its reasonable discretion that Manager will not
reserve for FF&E as required under the Management Agreement, and provided Borrower shall have complied with the procedures set forth in Section 16.6, funds from the FF&E Reserve Account to the Borrower’s Account to pay for
FF&E. 
 If and to the extent any Sponsor or any Close Affiliate (other than Borrower or Operating Lessee) makes a payment
of any Imposition, any insurance premium under a blanket policy or capital expenditure or overhead charge which qualifies as an Operating Expense, with respect to the Property and such expense is provided for in the Budget, provided no Event of
Default has occurred and is continuing, such Sponsor or Close Affiliate will be entitled to receive reimbursement from the Manager, Lender, or the applicable Sub-Account established under hereunder or under the Management Agreement and such payment
shall not be required to be re-deposited into the Collection Account. 
 3.1.7 Cash Management Bank.
(a) Lender shall have the right to replace the Cash Management Bank with a financial institution reasonably satisfactory to Borrower in the event that (i) the Cash Management Bank fails, in any material respect, to comply with the Account
Agreement, (ii) the Cash Management Bank named herein is no longer the Cash Management Bank or (iii) the Cash Management Bank is no longer an Approved Bank. Upon the occurrence and during the continuance of an Event of Default, Lender
shall have the right at Borrower’s sole cost and expense to replace Cash Management Bank at any time, without notice to Borrower. Borrower shall cooperate with Lender in connection with the appointment of any replacement Cash Management Bank
and the execution by the Cash Management Bank and the Borrower of an Account Agreement and delivery of same to Lender. 
 (b) So
long as no Event of Default shall have occurred and be continuing, Borrower shall have the right at its sole cost and expense to replace the Cash Management Bank with a financial institution that is an Approved Bank, provided that such financial
institution and Borrower shall execute and deliver to Lender an Account Agreement substantially similar to the Account Agreement executed as of the Closing Date. 
  

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 3.1.8 Borrower’s Account Representations, Warranties and Covenants.
Borrower represents, warrants and covenants that (i) as of the date hereof, Borrower has caused Operating Lessee to direct all Tenants under the Leases to mail all checks and wire all funds with respect to any payments due under such Leases
directly to Manager, (ii) Borrower shall cause Manager and Operating Lessee to deposit all amounts payable to Borrower or Operating Lessee pursuant to the Management Agreement directly into the Collection Account, (iii) Borrower and
Operating Lessee shall pay or cause to be paid all Rents, Cash and Cash Equivalents or other items of Operating Income not otherwise collected by Manager within two Business Days after receipt thereof by Borrower, Operating Lessee or its Affiliates
directly into the Collection Account and, until so deposited, any such amounts held by Borrower or Operating Lessee, shall be deemed to be Account Collateral and shall be held in trust by it for the benefit, and as the property, of Lender and shall
not be commingled with any other funds or property of Borrower or Operating Lessee, (iv) other than the Manager Accounts, there are no accounts other than the Collateral Accounts maintained by Borrower or Operating Lessee with respect to the
Property or the collection of Rents and credit card company receivables with respect to the Property and (v) so long as the Loan shall be outstanding, neither Borrower, Operating Lessee, nor any other Person shall open any other operating
accounts with respect to the Property or the collection of Rents or credit card company receivables with respect to the Property, except for the Collateral Accounts and the Manager Accounts; provided that, Borrower and Manager shall not be
prohibited from utilizing one or more separate accounts for the disbursement or retention of funds that have been transferred to the Borrower’s Account pursuant to Section 3.1.5. 
 3.1.9 Account Collateral and Remedies. (a) Upon the occurrence and during the continuance of an Event of Default,
without additional notice from Lender to Borrower, (i) Lender may, in addition to and not in limitation of Lender’s other rights, make any and all withdrawals from, and transfers between and among, the Collateral Accounts as Lender shall
determine in its sole and absolute discretion to pay any Obligations; (ii) all Excess Cash Flow shall be retained in the Holding Account or applicable Sub-Accounts and (iii) Lender may liquidate and transfer any amounts then invested in
Permitted Investments to the Collateral Accounts to which they relate or reinvest such amounts in other Permitted Investments as Lender may reasonably determine is necessary to perfect or protect any security interest granted or purported to be
granted hereby or to enable Lender to exercise and enforce Lender’s rights and remedies hereunder with respect to any Account Collateral or to preserve the value of the Account Collateral. 
 (b) Upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably constitutes and appoints Lender as
Borrower’s true and lawful attorney-in-fact, with full power of substitution, to execute, acknowledge and deliver any instruments and to exercise and enforce every right, power, remedy, option and privilege of Borrower with respect to the
Account Collateral, and do in the name, place and stead of Borrower, all such acts, things and deeds for and on behalf of and in the name of Borrower, which Borrower could or might do or which Lender may deem necessary or desirable to more fully
vest in Lender the rights and remedies provided for herein and to accomplish the purposes of this Agreement. The foregoing powers of attorney are irrevocable and coupled with an interest. Upon the occurrence and during the continuance of an Event of
Default, Lender may perform or cause performance of any such agreement, and any reasonable expenses of Lender incurred in connection therewith shall be paid by Borrower as provided in Section 5.1.16. 
  

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 (c) Borrower hereby expressly waives, to the fullest extent permitted by law, presentment,
demand, protest or any notice of any kind (except as expressly required under the Loan Documents) in connection with this Agreement or the Account Collateral. Borrower acknowledges and agrees that ten (10) Business Days’ prior written
notice of the time and place of any public sale of the Account Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to Borrower within the meaning of the UCC. 
 3.1.10 Transfers and Other Liens. Borrower agrees that it will not (i) sell or otherwise dispose of any of the Account
Collateral except as may be expressly permitted under the Loan Documents, or (ii) create or permit to exist any Lien upon or with respect to all or any of the Account Collateral, except for the Lien granted to Lender under this Agreement.

 3.1.11 Reasonable Care. Beyond the exercise of reasonable care in the custody thereof, Lender shall have no
duty as to any Account Collateral in its possession or control as agent therefor or bailee thereof or any income thereon or the preservation of rights against any person or otherwise with respect thereto. Lender shall be deemed to have exercised
reasonable care in the custody and preservation of the Account Collateral in its possession if the Account Collateral is accorded treatment substantially equal to that which Lender accords its own property, it being understood that Lender shall not
be liable or responsible for any loss or damage to any of the Account Collateral, or for any diminution in value thereof, by reason of the act or omission of Lender, its Affiliates, agents, employees or bailees, except to the extent that such loss
or damage results from Lender’s gross negligence or willful misconduct. In no event shall Lender be liable either directly or indirectly for losses or delays resulting from any event which may be the basis of an Excusable Delay, computer
malfunctions, interruption of communication facilities, labor difficulties or other causes beyond Lender’s reasonable control or for indirect, special or consequential damages except to the extent of Lender’s gross negligence or willful
misconduct. Notwithstanding the foregoing, Borrower acknowledges and agrees that (i) Lender does not have custody of the Account Collateral, (ii) Cash Management Bank has custody of the Account Collateral, (iii) the initial Cash
Management Bank was chosen by Borrower and (iv) Lender has no obligation or duty to supervise Cash Management Bank or to see to the safe custody of the Account Collateral. 
 3.1.12 Lender’s Liability. (a) Lender shall be responsible for the performance only of such duties with respect to
the Account Collateral as are specifically set forth in this Section 3.1 or elsewhere in the Loan Documents, and no other duty shall be implied from any provision hereof. Lender shall not be under any obligation or duty to perform any
act with respect to the Account Collateral which would cause it to incur any expense or liability or to institute or defend any suit in respect hereof, or to advance any of its own monies. Borrower shall indemnify and hold Lender, its employees and
officers harmless from and against any loss, cost or damage (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Lender in connection with the transactions contemplated hereby with respect to the Account
Collateral (excluding losses on Permitted Investments) except as such may be caused by the gross negligence or willful misconduct of Lender, its employees, officers or agents. 
 (b) Lender shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, opinion, bond or other
paper, document or signature believed 
  

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 by it in good faith to be genuine, and, in so acting, it may be assumed that any person purporting to give
any of the foregoing in connection with the provisions hereof has been duly authorized to do so. Lender may consult with counsel, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken
or suffered by it hereunder and in good faith in accordance therewith. 
 3.1.13 Continuing Security Interest.
This Agreement shall create a continuing security interest in the Account Collateral and shall remain in full force and effect until payment in full of the Indebtedness; provided, however, such security interest shall automatically
terminate with respect to funds which were duly deposited into Borrower’s Account in accordance with the terms hereof. Upon payment in full of the Indebtedness, this security interest shall automatically terminate without further notice from
any party and Borrower shall be entitled to the return, upon its request, of such of the Account Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and Lender shall execute such instruments and documents as may
be reasonably requested by Borrower to evidence such termination and the release of the Account Collateral. 
 IV.
REPRESENTATIONS AND WARRANTIES 
 Section 4.1 Borrower Representations. Borrower represents and warrants
as of the Closing Date that: 
 4.1.1 Organization. Each of Borrower and Operating Lessee is a limited liability
company, and have been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its properties and to transact the businesses in which it is now engaged. Each
Sponsor entity is a limited partnership, and each such entity has been duly organized and is validly existing and in good standing pursuant to the laws of the relevant State where formed with requisite power and authority to own its properties and
to transact the businesses in which it is now engaged. Each of Borrower and Operating Lessee has duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties,
businesses and operations. Collectively, Borrower and Operating Lessee possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which each
is now engaged, and the sole business of Borrower is the ownership of the Property. The organizational structure of Borrower upon the closing is accurately depicted by the schematic diagram attached hereto as Exhibit H-1. Borrower
shall not itself, and shall not permit Operating Lessee to, change its name, identity, corporate structure or jurisdiction of organization unless it shall have given Lender seven (7) days prior written notice of any such change and shall have
taken all steps reasonably requested by Lender to grant, perfect, protect and/or preserve the security interest granted hereunder to Lender. 
 4.1.2 Proceedings. Each of Borrower, Operating Lessee, and Sponsor, has full power to and has taken all necessary action to authorize the execution, delivery and performance of this
Agreement and the other Loan Documents. This Agreement and the other Loan Documents have been duly executed and delivered by, or on behalf of, each of Borrower, Operating Lessee, and Sponsor, as applicable, and constitute legal, valid and binding
obligations 
  

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 of Borrower, Operating Lessee, and Sponsor, as applicable, enforceable against Borrower, Operating Lessee,
and Sponsor, as applicable, in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 
 4.1.3 No Conflicts. The
execution, delivery and performance of this Agreement and the other Loan Documents by Borrower, Operating Lessee, and Sponsor, as applicable, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of Borrower, Operating Lessee, and Sponsor, pursuant to the terms of any indenture,
mortgage, deed of trust, loan agreement, partnership agreement or other agreement or instrument to which Borrower, Operating Lessee, and Sponsor, is a party or by which any of Borrower’s, Operating Lessee’s, and Sponsor’s, property or
assets is subject (unless consents from all applicable parties thereto have been obtained), nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority, and any
consent, approval, authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance by Borrower, Operating Lessee, and Sponsor, of this Agreement or any other Loan
Documents has been obtained and is in full force and effect. 
 4.1.4 Litigation. There are no lawsuits,
administrative proceedings, arbitration proceedings, or other such legal proceedings that have been filed and served upon Borrower (or with respect to which Borrower has otherwise received proper notice) or, to the Best of Borrower’s Knowledge,
otherwise pending or threatened against or affecting Borrower, Operating Lessee, or the Property whose outcome, if determined against Borrower, Operating Lessee, or the Property, would have a Material Adverse Effect. To the Best of Borrower’s
Knowledge, Schedule I includes each pending action against Borrower, Operating Lessee, or otherwise affecting the Property that involves a claim or claims for either (a) monetary damages exceeding $250,000, or
(b) injunctive relief or other equitable remedy that could have a Material Adverse Effect, excluding: (i) actions for monetary damages only that have been tendered to, and accepted without reservation of rights by, the liability insurance
carrier for the Property, (ii) worker’s compensation claims, and (iii) any proceedings by employees working at the Property where the amount claimed in such proceeding is less than $250,000; to the Best of Borrower’s Knowledge,
the aggregate amount of such claims described in subclause (iii) of this sentence is less than $1,000,000. 
 4.1.5
Agreements. Neither Borrower nor Operating Lessee is a party to any agreement or instrument or subject to any restriction which is reasonably likely to have a Material Adverse Effect. Neither Borrower nor Operating Lessee is in default in
any respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower, Operating Lessee, or the Property is bound, which
default is reasonably likely to have a Material Adverse Effect. Neither Borrower nor Operating Lessee has any material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which Borrower or Operating Lessee is a party or by which Borrower, Operating 
  

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 Lessee, or the Property is otherwise bound, other than (a) obligations incurred in the ordinary course
of the operation of the Property, including membership programs disclosed in writing to Lender on or prior to the date hereof, and (b) obligations under the Loan Documents. 
 4.1.6 Title. Borrower has good, marketable and insurable fee simple title to the Land and the Improvements, free and clear of
all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Borrower or Operating Lessee, as applicable, has good and marketable title to the
remainder of the Property, free and clear of all Liens whatsoever except the Permitted Encumbrances. The Security Instrument, when properly recorded in the appropriate records, and Accommodation Security Documents, together with any Uniform
Commercial Code financing statements required to be filed in connection therewith, will create (a) a valid, perfected first mortgage lien on the Land and the Improvements, subject only to Permitted Encumbrances and (b) perfected security
interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances. Except as may be indicated in and
insured over by the Title Policy, to the Best of Borrower’s Knowledge, there are no claims for payment for work, labor or materials affecting the Property which are or may become a lien prior to, or of equal priority with, the Liens
created by the Loan Documents. Borrower represents and warrants that none of the Permitted Encumbrances will have a Material Adverse Effect. Borrower shall preserve its right, title and interest in and to the Property for so long as the Note remains
outstanding and will warrant and defend same and the validity and priority of the Lien hereof from and against any and all claims whatsoever other than the Permitted Encumbrances. 
 4.1.7 No Bankruptcy Filing. None of Borrower, Operating Lessee, or Sponsor, is contemplating either the filing of a petition
by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of such entity’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against
Borrower or against Operating Lessee or any Sponsor. 
 4.1.8 Full and Accurate Disclosure. To the Best of
Borrower’s Knowledge, no statement of fact made by Borrower in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained
herein or therein not misleading. There is no fact presently known to Borrower which has not been disclosed which has a Material Adverse Effect, or to the Best of Borrower’s Knowledge could reasonably be expected to have a Material Adverse
Effect. 
 4.1.9 All Property. The Property constitutes all of the real property, personal property, equipment
and fixtures currently (i) owned or leased by Borrower or Operating Lessee or (ii) used in the operation of the business located on the Property, other than items owned by Manager or any Tenants (excluding items owned by Operating Lessee).

 4.1.10 ERISA. (A) Borrower does not maintain or contribute to and is not required to contribute to, an
“employee benefit plan” as defined by Section 3(3) of ERISA, which is subject to Title IV of ERISA (other than a “multiemployer plan” as defined by 
  

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 Section 3(37) of ERISA), and Borrower (i) has no knowledge of any material liability which has
been incurred or is expected to be incurred by Borrower which is reasonably likely to result in a Material Adverse Effect and is or remains unsatisfied for any taxes or penalties or unfunded contributions with respect to any “employee benefit
plan” or any “plan,” within the meaning of Section 4975(e)(1) of the Internal Revenue Code or any other benefit plan (other than a “multiemployer plan”) maintained, contributed to, or required to be contributed to by
Borrower or by any entity that is under common control with Borrower within the meaning Section 4001(a)(14) of ERISA (each, an “ERISA Affiliate”) (each, a “Plan”) or any plan that would be a Plan
but for the fact that it is a multiemployer plan within the meaning of ERISA Section 3(37); and (ii) has made and shall continue to make when due all required contributions to all such Plans (other than Plans relating to ERISA Affiliates),
if any, where the failure to so contribute is reasonably likely to result in a Material Adverse Effect. Each such Plan (other than Plans relating to ERISA Affiliates), if any, has been and will be administered in material compliance with its terms
and the applicable provisions of ERISA, the Internal Revenue Code, and any other applicable federal or state law; and no action shall be taken or fail to be taken that would result in the disqualification or loss of tax-exempt status of any such
Plan intended to be qualified and/or tax exempt; and 
 (a) With respect to any “multiemployer plan,”
(i) Borrower has not, since September 26, 1980, made or suffered a “complete withdrawal” or a “partial withdrawal,” as such terms are respectively defined in Sections 4203 and 4205 of ERISA, (ii) Borrower has
made and shall continue to make when due all required contributions to all such “multiemployer plans” and (iii) no ERISA Affiliate has, since September 26, 1980, made or suffered a “complete withdrawal” or a
“partial withdrawal,” as such terms are respectively defined in Sections 4203 and 4205 of ERISA which withdrawal is reasonably expected to have a Material Adverse Effect. 
 (b) Borrower is not an employee benefit plan, as defined in Section 3(3) of ERISA, whether or not subject to Title I of ERISA,
none of the assets of Borrower constitutes or will constitute plan assets of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101 and transactions by or with Borrower are not subject to similar laws regulating investment
of, and fiduciary obligations with respect to, plans similar to the provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect (“Similar Laws”), which prohibit or otherwise restrict the
transactions contemplated by this Agreement. 
 4.1.11 Compliance. Borrower and the Property and the use thereof
comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes except where the failure to so comply is not reasonably expected to result in a Material Adverse Effect.
To the Best of Borrower’s Knowledge, neither Borrower nor Operating Lessee is in default or in violation of any order, writ, injunction, decree or demand of any Governmental Authority. To the Best of Borrower’s Knowledge, there has not
been committed by Borrower or Operating Lessee any act or omission affording the federal government or any other Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in performance of
Borrower’s obligations under any of the Loan Documents. 
 4.1.12 Financial Information. To the Best of
Borrower’s Knowledge, all financial data including, without limitation, the statements of cash flow and income and 
  

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 operating expense, that have been delivered by or on behalf of Borrower to Lender in respect of the Property
(i) are true, complete and correct in all material respects, (ii) fairly represent the financial condition of the Property as of the date of such reports, and (iii) to the extent prepared or audited by an independent certified public
accounting firm, have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein. Neither Borrower nor Operating Lessee has any material contingent liabilities, liabilities for delinquent taxes, unusual forward
or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and could reasonably be expected to have a Material Adverse Effect, except as referred to or reflected in said financial
statements and operating statements. Since the date of such financial statements, there has been no material adverse change in the financial condition, operations or business of Borrower or Operating Lessee from that set forth in said financial
statements. 
 4.1.13 Condemnation. No Condemnation has been commenced or, to the Best of Borrower’s
Knowledge, is contemplated with respect to all or any portion of the Property. 
 4.1.14 Federal Reserve
Regulations. None of the proceeds of the Loan will be used for the purpose of purchasing or carrying any “margin stock” as defined in Regulation U, Regulation X or Regulation T or for the purpose of reducing or
retiring any Indebtedness which was originally incurred to purchase or carry “margin stock” or for any other purpose which might constitute this transaction a “purpose credit” within the meaning of Regulation U or
Regulation X. As of the Closing Date, Borrower does not own any “margin stock.” 
 4.1.15 Utilities and
Public Access. The Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the Property for its intended uses. To the Best of Borrower’s Knowledge, all
utilities necessary to the existing use of the Property are located either in the public right-of-way abutting the Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the
Property. All roads necessary for the use of the Property for its current purposes have been completed and, if necessary, dedicated to public use. 
 4.1.16 Not a Foreign Person. Borrower is not a foreign person within the meaning of § 1445(f)(3) of the Code. 
 4.1.17 Separate Lots. The Property is comprised of one (1) or more contiguous parcels which constitute a separate tax
lot or lots and does not constitute or include a portion of any other tax lot not a part of the Property. 
 4.1.18
Assessments. To the Best of Borrower’s Knowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property
that may result in such special or other assessments. 
 4.1.19 Enforceability. The Loan Documents are not
subject to any existing right of rescission, set-off, counterclaim or defense by Borrower, including the defense 
  

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 of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right
thereunder, render the Loan Documents unenforceable (subject to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject as to enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law)), and Borrower has not asserted any right of rescission, set-off, counterclaim or defense with respect thereto. 
 4.1.20 No Prior Assignment. There are no prior sales, transfers or assignments of the Leases or any portion of the Rents due
and payable or to become due and payable which are presently outstanding following the funding of the Loan, other than those being terminated or assigned to Lender concurrently herewith. 
 4.1.21 Insurance. Borrower has obtained and has delivered to Lender certified copies or certificates of all insurance
policies required under this Agreement, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. Borrower has not, and to the Best of Borrower’s Knowledge no Person has, done by act or omission anything
which would impair the coverage of any such policy. 
 4.1.22 Use of Property. The Property is used exclusively
for hotel purposes and other appurtenant and related uses. 
 4.1.23 Certificate of Occupancy; Licenses. To the
Best of Borrower’s Knowledge, all material certifications, permits, licenses (including, without limitation, a license to serve alcohol on the Property) and approvals, including without limitation, certificates of completion and occupancy
permits required of Borrower for the legal use, occupancy and operation of the Property for hotel purposes (collectively, the “Licenses”), have been obtained and are in full force and effect. Borrower shall keep and maintain
all Licenses necessary for the operation of the Property for hotel purposes. The use being made of the Property is in conformity with the certificate of occupancy issued for the Property. 
 4.1.24 Flood Zone. Except as may be shown on the Survey with respect to portions of the Improvements other than buildings and
enclosed structures, none of the Improvements on the Property are located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards. 
 4.1.25 Physical Condition. To the Best of Borrower’s Knowledge and except as expressly disclosed in the Physical
Conditions Report, the Property, including, without limitation, all buildings, Improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment,
elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; to the Best of Borrower’s Knowledge and except as disclosed in the Physical
Conditions Report, there exists no structural or other material defects or damages in or to the Property, whether latent or otherwise, and Borrower has not received any written notice from any insurance company or bonding company of any defects or
inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of
insurance or bond. 
  

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 4.1.26 Boundaries. To the Best of Borrower’s Knowledge and except as
disclosed on the Survey, all of the Improvements lie wholly within the boundaries and building restriction lines of the Real Property, and no improvements on adjoining properties encroach upon the Real Property, and no easements or other
encumbrances upon the Real Property encroach upon any of the Improvements, so as to have a Material Adverse Effect on the value or marketability of the Real Property except those which are insured against by the Title Policy. 
 4.1.27 Leases. The Property is not subject to any Leases other than the Leases described in the certified rent roll delivered
in connection with the origination of the Loan. Such certified rent roll is true, complete and correct in all material respects as of the date set forth therein. No Person has any possessory interest in the Property or right to occupy the same
(other than typical short-term occupancy rights of hotel guests which are not the subject of a written agreement) except under and pursuant to the provisions of the Leases. The Fitness Center Lease will terminate on October 1, 2006. All other
current Leases are in full force and effect and to the Best of Borrower’s Knowledge, there are no material defaults thereunder by either party (other than as expressly disclosed on the certified rent roll delivered to Lender or the Tenant
estoppel certificates delivered to Lender in connection with the closing of the Loan) and there are no conditions that, with the passage of time or the giving of notice, or both, would constitute material defaults thereunder. No Rent has been paid
more than one (1) month in advance of its due date, except as disclosed in the Tenant estoppel certificates delivered to Lender in connection with the closing of the Loan. There has been no prior sale, transfer or assignment, hypothecation or
pledge by Borrower of any Lease or of the Rents received therein, which will be outstanding following the funding of the Loan, other than those being assigned to Lender concurrently herewith. No Tenant under any Lease has a right or option pursuant
to such Lease or otherwise to purchase all or any part of the property of which the leased premises are a part. 
 4.1.28
Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under applicable Legal Requirements currently in effect in connection with
the transfer of the Property to Borrower have been paid and the granting and recording of the Security Instrument and the UCC financing statements required to be filed in connection with the Loan. All mortgage, mortgage recording, stamp, intangible
or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents,
including, without limitation, the Security Instrument, have been paid, and, under current Legal Requirements, the Security Instrument is enforceable against Borrower in accordance with its terms by Lender (or any subsequent holder thereof) subject
only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law.

 4.1.29 Single Purpose Entity/Separateness. (a) Borrower hereby represents, warrants and covenants that
each of Operating Lessee and Borrower is and always 
  

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 has been, since the date of its respective formation, a Single Purpose Entity and has not, since the date of
its respective formation, conducted any business and owned any property whatsoever, except as specifically described in the Non-Consolidation Opinion. 
 All of the assumptions made in the Non-Consolidation Opinion, including, but not limited to, any exhibits attached thereto and any certificates delivered by Borrower in connection with the issuance of the
Non-Consolidation Opinion, are true and correct in all respects and any assumptions made in any subsequent non-consolidation opinion delivered in connection with the Loan Documents (an “Additional Non-Consolidation Opinion”),
including, but not limited to, any exhibits attached thereto, are true and correct in all material respects. Borrower has complied with all of the assumptions made with respect to it in the Non-Consolidation Opinion. To the Best of Borrower’s
Knowledge, each entity other than Borrower with respect to which an assumption shall be made in any Additional Non-Consolidation Opinion will have complied and will comply with all of the assumptions made with respect to it in any Additional
Non-Consolidation Opinion. 
 4.1.30 Management Agreement. The Management Agreement is in full force and effect
and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. The Manager is not an Affiliate of Borrower. 
 4.1.31 Illegal Activity. No portion of the Property has been or will be purchased with proceeds of any illegal activity.

 4.1.32 Condominium Documents. The Condominium Documents are in full force and effect and there is no default,
breach or violation beyond the expiration of applicable notice and cure periods existing thereunder by Borrower, or to the best of Borrower’s knowledge, any other party thereto and to the best of Borrower’s knowledge, no event has occurred
(other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a default, breach or violation by any party thereunder. To the best of Borrower’s knowledge, the Condominium
Documents are in full compliance with all the Condominium Act and all applicable local, state and federal laws, rules and regulations which affect the establishment and maintenance of condominiums in the State. No Condominium Charges payable by the
Borrower are past due as of the date hereof. 
 4.1.33 Tax Filings. Borrower has filed (or has obtained effective
extensions for filing) all federal, state and local tax returns required to be filed and has paid or made adequate provision for the payment of all federal, state and local taxes, charges and assessments payable by Borrower. 
 4.1.34 Solvency/Fraudulent Conveyance. Borrower (a) has not entered into the transaction contemplated by this Agreement
or any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) has received reasonably equivalent value in exchange for its obligations under the Loan Documents. After giving effect to the Loan, the fair saleable
value of Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair
saleable value of Borrower’s assets is 
  

 49 

 and will, immediately following the making of the Loan, be greater than Borrower’s probable
liabilities, including the maximum amount of its contingent liabilities on its Debts as such Debts become absolute and matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small
capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur Debt and liabilities (including contingent liabilities and other commitments) beyond its ability to
pay such Debt and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower). 
 4.1.35 Investment Company Act. Borrower is not (a) an investment company or a company Controlled by an investment
company, within the meaning of the Investment Company Act of 1940, as amended, (b) a holding company or a subsidiary company of a holding company or an affiliate of either a holding company or a subsidiary company within the mean of the Public
Utility Holding Company Act of 1935, as amended or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 
 4.1.36 Interest Rate Cap Agreement. The Interest Rate Cap Agreement is in full force and effect and enforceable against
Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws generally affecting the enforcement of creditors’ rights and subject as to enforceability to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law). 
 4.1.37 Labor. Except as described on
Schedule I, no work stoppage, labor strike, slowdown or lockout is pending or threatened by employees and other laborers at the Property. Except as described on Schedule I, neither Borrower, Manager nor
Operating Lessee (i) is involved in or, to the Best of Borrower’s Knowledge, threatened with any material labor dispute, material grievance or litigation relating to labor matters involving any employees and other laborers at the Property,
including, without limitation, violation of any federal, state or local labor, safety or employment laws (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints, (ii) to the Best of Borrower’s Knowledge,
has engaged with respect to the Property, in any unfair labor practices within the meaning of the National Labor Relations Act or the Railway Labor Act, or (iii) is a party to, or bound by, any existing collective bargaining agreement or union
contract with respect to employees and other laborers at the Property. 
 4.1.38 Brokers. Neither Borrower nor,
to the Best of Borrower’s Knowledge, Lender has dealt with any broker or finder with respect to the loan transactions contemplated by the Loan Documents and neither party has done any acts, had any negotiations or conversations, or made any
agreements or promises which will in any way create or give rise to any obligation or liability for the payment by either party of any brokerage fee, charge, commission or other compensation to any Person with respect to the transactions
contemplated by the Loan Documents. Borrower covenants and agrees that it shall pay as and when due any and all brokerage fees, charges, commissions or other compensation or reimbursement due to any broker of Borrower with respect to the
transactions contemplated by the Loan Documents. Borrower and Lender shall each indemnify and hold harmless the other from and against any 
  

 50 

 loss, liability, cost or expense, including any judgments, attorneys’ fees, or costs of appeal,
incurred by the other party and arising out of or relating to any claim for brokerage commissions or finder’s fees alleged to be due as a result of the indemnifying party’s agreements or actions. The provisions of this
Section 4.1.38 shall survive the expiration and termination of this Agreement and the payment of the Indebtedness. 
 4.1.39 No Other Debt. Borrower has not borrowed or received debt financing that has not heretofore or contemporaneously herewith been repaid in full, other than the Permitted Debt. 
 4.1.40 Taxpayer Identification Number. Borrower’s Federal taxpayer identification number is 20-2519878. 
 4.1.41 Compliance with Anti-Terrorism, Embargo and Anti-Money Laundering Laws. (i) None of Borrower or any
Person who owns any equity interest in or Controls Borrower or, to the Best of Borrower’s Knowledge, Sponsor or Ultimate Equity Owners, currently is identified on the OFAC List or otherwise qualifies as a Prohibited Person, and Borrower has
implemented procedures to ensure that no Person who now or hereafter owns any equity interest in Borrower, Ultimate Equity Owners or Sponsor is a Prohibited Person or Controlled by a Prohibited Person, and (ii) none of Borrower, Ultimate Equity
Owners or Sponsor is in violation of any Legal Requirements relating to anti-money laundering or anti-terrorism, including, without limitation, Legal Requirements related to transacting business with Prohibited Persons or the requirements of the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, U.S. Public Law 107-56, and the related regulations issued thereunder, including temporary regulations, all as amended from
time to time. 
 4.1.42 Knowledge Qualifications. Borrower represents that Ryan Bowie and Cory Warning are in a
position to have meaningful knowledge with respect to the matters set forth in the Loan Documents which have been qualified to the knowledge of such Persons. 
 4.1.43 Leases. Borrower represents that it has heretofore delivered to Lender true and complete copies of all Leases and any and all amendments or modifications thereof. 
 4.1.44 FF&E. Manager is reserving for FF&E on a monthly basis not less than an amount equal to four percent (4%)
of adjusted gross revenues with respect to the Property; such reserves are maintained in the Manager FF&E Reserve Account (subject to disbursements therefrom as permitted by the Management Agreement). 
 4.1.45 Survival of Representations. Borrower agrees that all of the representations and warranties of Borrower set forth in
Section 4.1 and elsewhere in this Agreement and in the other Loan Documents shall be deemed given and made as of the date of the funding of the Loan and survive for so long as any amount remains owing to Lender under this Agreement or
any of the other Loan Documents by Borrower or Sponsor unless a longer survival period is expressly stated in a Loan Document with respect to a specific representation or warranty, in which case, for such longer period. All representations,
warranties, covenants 
  

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 and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have
been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 
 V.
BORROWER COVENANTS 
 Section 5.1 Affirmative Covenants. From the Closing Date and until payment and
performance in full of all obligations of Borrower under the Loan Documents or the earlier release of the Lien of this Agreement and the Security Instrument in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby
covenants and agrees with Lender to comply with and to cause Operating Lessee to comply with, the following covenants, and in such connection, references in this Article V to Borrower shall alternatively mean Operating Lessee, as the
context may require: 
 5.1.1 Performance by Borrower. Borrower shall observe, perform and fulfill each and every
covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower, in accordance with the provisions of each Loan Document, and shall not enter into or otherwise suffer or permit any amendment, waiver,
supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower, as applicable, without the prior written consent of Lender. 
 5.1.2 Existence; Compliance with Legal Requirements; Insurance. Subject to Borrower’s right of contest pursuant to
Section 7.3, Borrower shall comply and cause the Property to be in compliance with all Legal Requirements applicable to the Borrower, Manager and the Property and the uses permitted upon the Property. Borrower shall do or cause to be
done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary to comply with all Legal Requirements applicable to it and the Property. There shall never be committed
by Borrower, and Borrower shall not knowingly permit any other Person in occupancy of or involved with the operation or use of the Property to commit, any act or omission affording the federal government or any state or local government the right of
forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, knowingly permit or suffer to exist any act
or omission affording such right of forfeiture. Borrower shall at all times maintain, preserve and protect all material franchises and trade names and preserve all the remainder of its property used in the conduct of its business and shall keep the
Property in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as more fully set forth in the Security Instrument.
Borrower shall keep the Property insured at all times to such extent and against such risks, and maintain liability and such other insurance, as set forth in this Agreement. 
 5.1.3 Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending
or threatened in writing against Borrower which, if determined adversely to Borrower, would have a Material Adverse Effect. 
 5.1.4 Single Purpose Entity. (a) Borrower shall remain a Single Purpose Entity. 
  

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 (b) Except as permitted by the Loan Documents, Borrower shall continue to maintain its own
deposit account or accounts, separate from those of any Affiliate, with commercial banking institutions. None of the funds of Borrower will be commingled with the funds of any other Affiliate. 
 (c) To the extent that Borrower shares the same officers or other employees as any of its Affiliates, the salaries of and the expenses
related to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such common officers and employees.

 (d) To the extent that Borrower jointly contracts with any of its Affiliates to do business with vendors or service providers
or to share overhead expenses, the costs incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that Borrower contracts or does business with vendors or service
providers where the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are provided, and each
such entity shall bear its fair share of such costs. All material transactions between (or among) Borrower and any of its Affiliates shall be conducted on substantially the same terms (or on more favorable terms for Borrower) as would be conducted
with third parties. 
 (e) To the extent that Borrower or any of its Affiliates have offices in the same location, there shall
be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses. 
 (f) Borrower shall conduct its affairs strictly in accordance with its organizational documents, and observe all necessary, appropriate and customary corporate, limited liability company or partnership formalities, as applicable, including,
but not limited to, obtaining any and all consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, without limitation, payroll and intercompany transaction accounts.

 (g) In addition, Borrower shall: (i) maintain books and records separate from those of any other Person;
(ii) maintain its assets in such a manner that it is not more costly or difficult to segregate, identify or ascertain such assets; (iii) hold regular meetings of its board of directors, shareholders, partners or members, as the case may
be, and observe all other corporate, partnership or limited liability company, as the case may be, formalities; (iv) hold itself out to creditors and the public as a legal entity separate and distinct from any other entity; (v) prepare
separate tax returns and financial statements, or if part of a consolidated group, then it will be shown as a separate member of such group; (vi) transact all business with its Affiliates on an arm’s-length basis and pursuant to
enforceable agreements; (vii) conduct business in its name and use separate stationery, invoices and checks; (viii) not commingle its assets or funds with those of any other Person; and (ix) not assume, guarantee or pay the debts or
obligations of any other Person (however the presentation of combined or consolidated financial condition or results of operation for purposes of financial statements prepared for the ultimate equity owners of multiple Single Purpose Entities shall
be allowed). 
  

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 5.1.5 Consents. If Borrower is a corporation, the board of directors of such
Person may not take any action requiring the unanimous affirmative vote of 100% of the members of the board of directors unless all of the directors, including the Independent Directors, shall have participated in such vote if such vote relates to a
Material Action (as such term is defined in the Borrower’s organizational documents). If Borrower is a limited liability company, (a) if such Person is managed by a board of managers, the board of managers of such Person may not take any
action requiring the unanimous affirmative vote of 100% of the members of the board of managers unless all of the managers, including the Independent Managers, shall have participated in such vote if such vote relates to a Material Action (as such
term is defined in the Borrower’s organizational documents), (b) if such Person is not managed by a board of managers, the members of such Person may not take any action requiring the affirmative vote of 100% of the members of such Person
unless all of the members, including the Independent Members, shall have participated in such vote if such vote relates to a Material Action (as such term is defined in the Borrower’s organizational documents). An affirmative vote of 100% of
the directors, board of managers or members, as applicable, including without limitation the Independent Directors, of Borrower shall be required to (i) file a bankruptcy or insolvency petition or otherwise institute insolvency proceedings or
to authorize Borrower to do so or (ii) file an involuntary bankruptcy petition against any Close Affiliate. Furthermore, Borrower’s formation documents shall expressly state that for so long as the Loan is outstanding, Borrower shall not
be permitted to (i) dissolve, liquidate, consolidate, merge or sell all or substantially all of Borrower’s assets other than in connection with the repayment of the Loan or (ii) engage in any other business activity and such
restrictions shall not be modified or violated for so long as the Loan is outstanding. 
 5.1.6 Access to
Property. Borrower shall permit agents, representatives and employees of Lender and the Rating Agencies to inspect the Property or any part thereof during normal business hours on Business Days upon reasonable advance notice. 
 5.1.7 Notice of Default. Borrower shall promptly advise Lender (a) of any event or condition that has or is likely to
have a Material Adverse Effect and (b) of the occurrence of any Default or Event of Default of which Borrower has knowledge. 
 5.1.8 Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any proceedings before any court, board or other Governmental Authority which would reasonably be expected to affect in any
material adverse way the rights of Lender hereunder or under any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such proceedings which may have a Material Adverse Effect. 

5.1.9 Perform Loan Documents. Borrower shall observe, perform and satisfy all the terms, provisions, covenants and
conditions of, and shall pay when due all costs, fees and expenses to the extent required, under the Loan Documents executed and delivered by, or applicable to, Borrower. 
 5.1.10 Insurance. (a) Borrower shall cooperate with Lender in obtaining for Lender the benefits of any Proceeds lawfully
or equitably payable in connection with the Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements) out of such Proceeds. 
  

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 (b) Borrower shall comply with all Insurance Requirements and shall not bring or keep or
permit to be brought or kept any article upon any of the Property or cause or permit any condition to exist thereon which would be prohibited by any Insurance Requirement, or would invalidate insurance coverage required hereunder to be maintained by
Borrower on or with respect to any part of the Property pursuant to Section 6.1. 
 5.1.11 Further
Assurances; Separate Notes. (a) Borrower shall execute and acknowledge (or cause to be executed and acknowledged) and deliver to Lender all documents, and take all actions, reasonably required by Lender from time to time to confirm the
rights created or now or hereafter intended to be created under this Agreement and the other Loan Documents and any security interest created or purported to be created thereunder, to protect and further the validity, priority and enforceability of
this Agreement and the other Loan Documents, to subject to the Loan Documents any property of Borrower intended by the terms of any one or more of the Loan Documents to be encumbered by the Loan Documents, or otherwise carry out the purposes of the
Loan Documents and the transactions contemplated thereunder. At any time after the Closing Date, Borrower agrees that it shall, upon request, reasonably cooperate with Lender in connection with any request by Lender to reallocate the LIBOR Margin
among the Notes or to sever the Note into two (2) or more separate substitute or component notes in an aggregate principal amount equal to the Principal Amount and to reapportion the Loan among such separate substitute notes, including, without
limitation, by executing and delivering to Lender new substitute or component notes to replace the Note, amendments to or replacements of existing Loan Documents to reflect such severance and/or Opinions of Counsel with respect to such substitute or
component notes, amendments and/or replacements, provided that Borrower shall bear no costs or expenses in connection therewith (other than administrative costs and expenses of Borrower and legal fees of counsel to the Borrower and Sponsor), and the
holders of such substitute or component notes shall designate a lead lender or agent for such holders to whom Borrower may direct all communications with respect to the Loan. Any such substitute or component notes may have varying principal amounts
and economic terms, provided, however, that (i) the maturity date of any such substitute or component notes shall be the same as the scheduled Maturity Date of the Note immediately prior to the issuance of such substitute notes,
(ii) the substitute notes shall provide for amortization of the Principal Amount on a weighted average basis over a period not less than the amortization period provided under the Note, if any, immediately prior to the issuance of the
substitute notes, (iii) the weighted average LIBOR Margin for the term of the substitute notes shall not exceed the LIBOR Margin under the Note immediately prior to the issuance of such substitute notes; and (iv) the economics of the Loan,
taken as a whole, shall not change in a manner which is adverse to Borrower. Upon the occurrence and during the continuance of an Event of Default, Lender may apply payment of all sums due under such substitute notes in such order and priority as
Lender shall elect in its sole and absolute discretion. 
 (b) No Securitization shall occur prior to April 9, 2007.
Borrower further agrees that if, in connection with the Securitization, it is determined by the Rating Agencies that a portion of the Securitization would not receive an “investment grade” rating unless the principal amount of the Loan
were to be decreased and, as a result, the principal amount of the 
  

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 Loan is decreased, then the Borrower shall take all actions as are necessary to effect the
“resizing”, including the reallocation of the LIBOR Margin of the Loan, and Borrower shall execute and deliver any and all necessary amendments or modifications to the Loan Documents. In connection with the foregoing, Borrower agrees, at
Lender’s sole cost and expense other than with respect to (1) Borrower’s, Operating Lessee’s, the Sponsor’s, each Ultimate Equity Owners’ and their Affiliate’s counsel fees and (2) if the principal amount of
the Loan is increased, an endorsement to the Title Policy reflecting an increase in the insured amount thereunder which shall be at Borrower’s sole cost and expense, to execute and deliver such documents and other agreements reasonably
required by Lender to “re-size” the Loan, including, without limitation, an amendment to this Agreement, the Note, the Security Instrument and the other Loan Documents. Borrower agrees to reimburse Lender for all costs and expenses
(including, without limitation, reasonable attorneys’ fees and expenses) incurred by Lender in connection with any “resizing” of the Loan. Notwithstanding the foregoing, Lender agrees that any “resizing” of the Loan shall
not change the economics of the Loan in a manner which is adverse to Borrower. 
 (c) In addition, Borrower shall, at
Borrower’s sole cost and expense: 
 (i) furnish to Lender, to the extent not otherwise already furnished to Lender and
reasonably acceptable to Lender, all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document,
certificate, agreement and instrument required to be furnished by Borrower pursuant to the terms of the Loan Documents; 
 (ii)
execute and deliver, from time to time, such further instruments (including, without limitation, delivery of any financing statements under the UCC) as may be reasonably requested by Lender to confirm the Lien of the Security Instrument on any
Building Equipment, Operating Asset or any Intangible; 
 (iii) execute and deliver to Lender such documents, instruments,
certificates, assignments and other writings, and do such other acts necessary to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations of Borrower under the Loan Documents, as Lender may
reasonably require; 
 (iv) do and execute all and such further lawful and reasonable acts, conveyances and assurances for the
carrying out of the terms and conditions of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time; and 
 (v) cause its New York counsel to re-issue the New York opinion delivered on the date hereof (in identical form and without updating) in favor of a trustee in a Securitization if such trustee is different
that the trustee currently listed in such opinion. 
 5.1.12 Mortgage Taxes. Borrower shall pay all taxes,
charges, filing, registration and recording fees, excises and levies payable with respect to the Note or the Liens created or secured by the Loan Documents, other than income, franchise and doing business taxes imposed on Lender. 
 5.1.13 Operation. Borrower shall, and shall cause Manager to, (i) promptly perform and/or observe all of the covenants
and agreements required to be 
  

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 performed and observed by it under the Management Agreement and do all things necessary to preserve and to
keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any “event of default” under the Management Agreement of which it is aware; (iii) enforce in a commercially reasonable manner the performance and
observance of all of the covenants and agreements required to be performed and/or observed by the Manager under the Management Agreement. 
 5.1.14 Business and Operations. Borrower shall continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance,
management and operation of the Property. Borrower shall qualify to do business and shall remain in good standing under the laws of the State in which the Property is located and as and to the extent required for the ownership, maintenance,
management and operation of the Property. 
 5.1.15 Title to the Property. Borrower shall warrant and defend
(a) its title to the Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Liens of the Security Instrument, the Assignment of Leases and this
Agreement on the Property, subject only to Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including
reasonable attorneys’ fees and court costs) incurred by Lender if an interest in the Property, other than as permitted hereunder, is claimed by another Person. 
 5.1.16 Costs of Enforcement. In the event (a) that this Agreement or the Security Instrument is foreclosed upon in whole or in part or that this Agreement or the Security Instrument is
put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any security agreement prior to or subsequent to this Agreement in which proceeding Lender is made a party, or a mortgage prior to or
subsequent to the Security Instrument in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by
Borrower or any of its constituent Persons for the benefit of its creditors, Borrower, its successors or assigns, shall be chargeable with and agrees to pay all costs of collection and defense, including reasonable attorneys’ fees and costs,
incurred by Lender or Borrower in connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, together with all required service or use taxes. 
 5.1.17 Estoppel Statement. (a) Borrower shall, from time to time, upon thirty (30) days’ prior written request
from Lender, execute, acknowledge and deliver to the Lender, an Officer’s Certificate, stating that this Agreement and the other Loan Documents are unmodified and in full force and effect (or, if there have been modifications, that this
Agreement and the other Loan Documents are in full force and effect as modified and setting forth such modifications), stating the amount of accrued and unpaid interest and the outstanding principal amount of the Note and containing such other
information, qualified to the Best of Borrower’s Knowledge, with respect to the Borrower, the Property and the Loan as Lender shall reasonably request. The estoppel certificate shall also state either that no Default exists hereunder or, if any
Default shall exist hereunder, specify such Default and the steps being taken to cure such Default. 
  

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 (b) Borrower shall use commercially reasonable efforts to deliver to Lender, within
thirty (30) days of Lender’s request, tenant estoppel certificates from each Tenant under any Material Lease entered into after the Closing Date in substantially the form and substance of the estoppel certificate set forth in
Exhibit G provided that Borrower shall not be required to deliver such certificates more frequently than one time in any calendar year; provided, however, that there shall be no limit on the number of times
Borrower may be required to obtain such certificates if a Default hereunder or under any of the Loan Documents has occurred and is continuing. 
 5.1.18 Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4. 
 5.1.19 No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property (a) with
any other real property constituting a tax lot separate from the Property and (b) which constitutes real property with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of
any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property. 
 5.1.20 No Further Encumbrances. Borrower shall do, or cause to be done, all things necessary to keep and protect the Property and all portions thereof unencumbered from any Liens, easements
or agreements granting rights in or restricting the use or development of the Property, except for (a) Permitted Encumbrances, (b) Liens permitted pursuant to the Loan Documents, (c) Liens for Impositions prior to the imposition of
any interest, charges or expenses for the non-payment thereof and (d) any Liens permitted pursuant to Leases. 
 5.1.21
Leases. Borrower shall promptly after receipt thereof deliver to Lender a copy of any notice received with respect to any Material Lease claiming that Borrower is in default in the performance or observance of any of the material terms,
covenants or conditions of any of the Material Leases, if such default is reasonably likely to have a Material Adverse Effect. 
 5.1.22 Article 8 “Opt In” Language. Each organizational document of Borrower and each of the other entities identified in Section 4.1.29 hereof shall be modified to include the language set forth on
Exhibit R. 
 5.1.23 FF&E. Borrower shall cause Manager to reserve for FF&E on a
monthly basis in accordance with the Management Agreement not less than an amount equal to four percent (4%) of adjusted gross revenues with respect to the Property, such reserves to be maintained in the Manager FF&E Reserve Account.

 5.1.24 Condominium. (a) Borrower shall promptly and faithfully make all payments required under, and
promptly and faithfully observe and perform all other terms, covenants and conditions on the part of Borrower to be observed and performed under (i) the Declaration; (ii) the by-laws of the Condominium; (iii) the rules and regulations
promulgated by the Condominium Board or other executive body of the Condominium from time to time; and (iv) all other documents (A) creating the Unit, (B) related, in any material respect, to the 
  

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 condominium characteristics of ownership of the Unit, to the ownership rights of Borrower in and to the Unit
or to the relationship among owners of units in the Condominium, or governing the Unit, as the same may be amended (collectively, the “Condominium Documents”). 
 (b) Borrower shall pay in respect of the Unit on or before the expiration of any applicable grace or cure period all common expenses,
charges and assessments, special or general, and other items for the payment of which Borrower is or may hereafter be responsible under the terms of the Condominium Documents (collectively, “Condominium Charges”). 
 (c) Lender shall have the right, at reasonable times and upon reasonable notice, to inspect the records of the Condominium as provided in
the Condominium Documents until such time as the Indebtedness is paid in full. 
 (d) Borrower will take all commercially
reasonable action to obtain as promptly as possible, and forthwith upon receipt furnish to the Lender, upon Lender’s request, a true and correct copy of: (i) each notice of any meeting of the association of owners of the Condominium;
(ii) the minutes of any such meeting; (iii) any statement of financial condition of said association, audited or otherwise, furnished to or available to an owner; (iv) any statement showing the allocation of expenses and any other
assessments against the owners; (v) any statements issued to Borrower calling for payment of expenses other than the regular monthly maintenance statements; and (vi) any notice of default given to Borrower in respect of the observance of
the Condominium Documents, or any of them. 
 (e) In the event that Lender (or its nominee) shall acquire title to the Unit
through the exercise of its rights and remedies under the Security Instrument or by way of a deed in lieu thereof, then Borrower hereby acknowledges and agrees that, subject to the provisions of the Condominium Documents, Lender (or its nominee)
shall be solely entitled to remove any Condominium Board members appointed by Borrower representing the Unit and/or to designate replacement or substitute Condominium Board members representing the Unit. 
 (f) Borrower has delivered to Lender the executed Proxy on the date hereof. Upon the occurrence and during the continuance of an Event of
Default, Lender shall have the right to exercise the power of attorney granted pursuant to the Proxy and exercise all rights, powers and remedies of Borrower as owner of the Unit pursuant to the Condominium Documents. The rights granted to Lender
under the Proxy shall automatically terminate upon the payment of the Loan in full. 
 (g) Without the prior written consent of
Lender (not to be unreasonably withheld), Borrower shall not vote as to any of the following matters upon which Borrower, as an “owner” under the provisions of the Condominium Documents, would or might be authorized to vote, any such vote
without such consent being void and of no effect: (i) any subdivision of the Unit not otherwise permitted by the Declaration which would result in a partition of all or a part of the Property subject to the Declaration or have a material
adverse effect on (A) the value of the Property, (B) the business operations or financial condition of Borrower, or (C) the ability of Borrower to repay the principal and interest on the Loan as it becomes due; (ii) the nature
and amount of any insurance covering all or a part of the Condominium and the disposition of any proceeds thereof relating to the Property; the manner in which any condemnation or threat of 
  

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 condemnation of all or a part of the Condominium (but only to the extent directly relating to the Property)
shall be defended or settled and the disposition of any award or settlement in connection therewith; (iii) any amendment to the Condominium Documents which by its terms requires the consent of Lender and any removal of the Condominium from the
provisions of the Condominium Act; (iv) subject to the obligations of the Borrower under the Condominium Documents, the creation of, or any change in, any private restrictive covenant, zoning ordinance, or other public or private restrictions,
now or hereafter limiting or defining the uses which may be made of the Condominium or any part thereof; or (v) any relocation of the boundaries of the Units that would adversely affect the Unit. Borrower shall not, and shall not cause the
Condominium to take any action inconsistent with the terms and conditions of this Agreement, the Security Instrument or any other Loan Document which would have a material adverse effect on (A) the value of the Property, (B) the business
operations or financial condition of Borrower, or (C) the ability of Borrower to repay the principal and interest on the Loan as it becomes due. 
 Section 5.2 Negative Covenants. From the Closing Date until payment and performance in full of all Obligations of Borrower under the Loan Documents or the earlier release of the Lien of this
Agreement or the Security Instrument in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with Lender that it will not do (and will not permit Operating Lessee to do), or permit to be
done, directly or indirectly, any of the following (and in such connection, references in this Article V to Borrower shall alternatively mean Operating Lessee, as the context may require): 
 5.2.1 Incur Debt. Incur, create or assume (or permit Operating Lessee to incur, create or assume) any Indebtedness other than
Permitted Debt or Transfer all or any part of the Property or any interest therein, except as permitted in the Loan Documents; 
 5.2.2 Encumbrances. Except as permitted pursuant to Article VIII, (a) incur, create or assume or permit the incurrence, creation or assumption of any Indebtedness other than Permitted Debt secured by an
interest in Borrower or Operating Lessee and (b) Transfer or permit the Transfer of any interest in such Persons; 
 5.2.3 Engage in Different Business. Engage, or permit Operating Lessee to engage, directly or indirectly, in any business other than that of entering into this Agreement and the other Loan Documents to which Borrower is a
party and the use, ownership, management, leasing, renovation, financing, development, operation and maintenance of the Property and activities related thereto; 
 5.2.4 Make Advances. Make or permit Operating Lessee to make advances or make loans to any Person, or hold any investments, except as expressly permitted pursuant to the terms of this
Agreement or any other Loan Document; 
 5.2.5 Partition. Partition or permit the partition of the Property,
except as permitted hereunder; 
 5.2.6 Commingle. Commingle its assets or permit Operating Lessee to commingle
its assets with the assets of any of Borrower’s and/or Operating Lessee’s Affiliates except as permitted by the definition of “Single Purpose Entity”; 
  

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 5.2.7 Guarantee Obligations. Guarantee or permit Operating Lessee to
guarantee any obligations of any Person; 
 5.2.8 Transfer Assets. Transfer or permit Operating Lessee to
transfer any asset other than in the ordinary course of business or Transfer any interest in the Property except as may be permitted hereby or in the other Loan Documents; 
 5.2.9 Amend Organizational Documents. Amend or modify any of its or Operating Lessee’s organizational documents without
Lender’s consent, other than in connection with any Transfer permitted pursuant to Article VIII or to reflect any change in capital accounts, contributions, distributions, allocations or other provisions that do not and could not
reasonably be expected to have a Material Adverse Effect and provided that each such Person remain a Single Purpose Entity; 
 5.2.10 Dissolve. Dissolve, wind-up, terminate, liquidate, merge with or consolidate into another Person, except following or simultaneously with a repayment of the Loan in full or as expressly permitted pursuant to this
Agreement; 
 5.2.11 Bankruptcy. (i) File (or permit Operating Lessee to file) a bankruptcy or insolvency
petition or otherwise institute insolvency proceedings, (ii) dissolve, liquidate, consolidate, merge or sell all or substantially all of Borrower’s assets other than in connection with the repayment of the Loan, (iii) engage (or
permit Operating Lessee to engage) in any other business activity or (iv) file or solicit the filing (or permit Operating Lessee to file or solicit the filing) of an involuntary bankruptcy petition against Borrower, or Operating Lessee, or any
Close Affiliate of any such Person without obtaining the prior consent of all of the directors of Borrower, including, without limitation, the Independent Directors; 
 5.2.12 ERISA. Engage in any activity that would subject it to regulation under ERISA or qualify it as an “employee benefit plan” (within the meaning of Section 3(3) of ERISA)
to which ERISA applies and Borrower’s assets do not and will not constitute plan assets within the meaning of 29 C.F.R. Section 2510.3-101; 
 5.2.13 Distributions. From and after the occurrence and during the continuance of an Event of Default, make (or permit Operating Lessee to make) any distributions to or for the benefit of
any of Borrower’s, or Operating Lessee’s shareholders, partners or members, as the case may be, or its or their Affiliates; 
 5.2.14 Manager. (a) Borrower represents, warrants and covenants on behalf of itself and Operating Lessee that the Property shall at all times be managed by an Acceptable Manager pursuant to an Acceptable Management
Agreement. 
 (b) Notwithstanding any provision to the contrary contained herein or in the other Loan Documents, except as
provided in this Section 5.2.14 or in connection with a release made in accordance with Section 2.3.4, Borrower may not amend, modify, supplement, alter or waive any right under the Management Agreement (or permit any such
action) without the receipt of a Rating Agency Confirmation. Without the receipt of a Rating Agency Confirmation, Borrower shall be permitted to make any nonmaterial modification, change, supplement, alteration or amendment to the Management
Agreement and to waive any nonmaterial rights 
  

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 thereunder, provided that no such modification, change, supplement, alteration, amendment or waiver shall
affect the cash management procedures set forth in the Management Agreement or the Loan Documents, decrease the cash flow of the Property, adversely affect the marketability of the Property, change the definitions of “default” or
“event of default,” change the definitions of “operating expense” or words of similar meaning to add additional items to such definitions, change any definitions or provisions so as to reduce the payments due the Borrower
thereunder, change the timing of remittances to the Borrower thereunder, increase or decrease reserve requirements, change the term of the Management Agreement or increase any Management Fees payable under the Management Agreement. 
 (c) Borrower may enter into a new Management Agreement with an Acceptable Manager upon receipt of a Rating Agency Confirmation with respect
to the Management Agreement and delivery of an acceptable Non-Consolidation Opinion covering such replacement manager if such Person (i) is not covered by the Non-Consolidation Opinion or an Additional Non-Consolidation Opinion, and
(ii) is an Affiliate of Borrower. 
 (d) Notwithstanding anything contained herein (i) approvals will not be required
to enter into management agreements for Retail/Service Facilities that are not expected to have a Material Adverse Effect, and (ii) amendments to the Management Agreement relating to the Retail/Service Facilities will be deemed to be
nonmaterial modifications permitted by Section 5.2.14(b) provided they are not expected to have a Material Adverse Effect. 
 5.2.15 Management Fee. Borrower may not, without the prior written consent of Lender (which may be withheld in its sole and absolute discretion) take or permit to be taken any action that would increase the percentage amount
of the Management Fee, or add a new type of fee (other than a “Group Services Expense” as permitted by Section 5.2.14 above) payable to Manager relating to the Property, including, without limitation, the Management Fee.

 5.2.16 Operating Lease. Without the prior written consent of Lender surrender or terminate the Operating Lease
unless the other party thereto is in material default and the termination of such agreement would be commercially reasonable. 
 5.2.17 Modify Account Agreement. Without the prior consent of Lender, which shall not be unreasonably withheld, delayed or conditioned (and if a Securitization shall have occurred, a Rating Agency Confirmation obtained by
Borrower), Borrower shall not execute any modification to the Account Agreement; 
 5.2.18 Zoning
Reclassification. Except as contemplated by Section 2.3.4, without the prior written consent of Lender, which consent shall not be unreasonably withheld, (a) initiate or consent to any zoning reclassification of any portion
of the Property, (b) seek any variance under any existing zoning ordinance that would result in the use of the Property becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, or
(c) allow any portion of the Property to be used in any manner that could result in the use of the Property becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation; 
 5.2.19 Intentionally Deleted. 
  

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 5.2.20 Debt Cancellation. Cancel or otherwise forgive or release any material
claim or debt owed to it by any Person, except for adequate consideration or in the ordinary course of its business and except for termination of a Lease as permitted by Section 8.8; 
 5.2.21 Misapplication of Funds. Distribute any revenue from the Property or any Proceeds in violation of the provisions of
this Agreement, fail to remit amounts to the Collection Accounts or Holding Account, as applicable, as required by Section 3.1, misappropriate any security deposit or portion thereof or apply the proceeds of the Loan in violation of
Section 2.1.4; or 
 5.2.22 Single-Purpose Entity. Fail to be (or permit Operating Lessee) to fail to
be a Single-Purpose Entity or take or suffer any action or inaction the result of which would be to cause such Person to cease to be a Single-Purpose Entity. 
 VI. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 
 Section 6.1
Insurance Coverage Requirements. Borrower shall, at its sole cost and expense, during the term of this Agreement, comply with the following insurance obligations: 
 (a) Borrower, at its sole cost and expense, for the mutual benefit of Borrower and Lender, shall keep or cause to be kept the Property
insured and obtain and maintain policies of insurance insuring against loss or damage by standard perils included within the classification “All Risks of Physical Loss.” Such insurance (i) shall be in an aggregate amount equal to the
then full replacement cost of the Property and the Improvements (without deduction for physical depreciation), or such lesser amounts approved by Lender in its sole discretion (or after a Securitization, upon receipt of a Rating Agency
Confirmation), and (ii) shall have deductibles no greater than $500,000 (as escalated by the CPI Increase) (or, with respect to windstorm insurance, deductibles no greater than 10% of the full replacement cost of the Property. The policies of
insurance carried in accordance with this paragraph shall be paid annually in advance and shall contain a “Replacement Cost Endorsement” with a waiver of depreciation. 
 (b) Borrower, at its sole cost and expense, for the mutual benefit of Borrower and Lender, shall also obtain and maintain or cause to be
obtained and maintained the following policies of insurance: 
 (i) Flood insurance if any part of the Property is located in an
area identified by the Federal Emergency Management Agency as an area federally designated a “100 year flood plain” (an “Affected Property” and collectively the “Affected Properties”) and
(A) flood insurance is generally available at reasonable premiums and in such amount as generally required by institutional lenders for similar properties or (B) if not so available from a private carrier, from the federal government at
commercially reasonable premiums to the extent available. In either case, the flood insurance shall be in an amount at least equal to the aggregate principal amount of the Loan outstanding from time to time or the maximum limit of coverage available
with respect to the Property under said program, whichever is less; provided, however, notwithstanding the foregoing, Borrower hereby agrees to maintain at all times flood insurance in an amount equal to at least $50,000,000 in the aggregate and
shared with all other properties covered by the blanket policy (if any) for the Affected Properties; 
  

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 (ii) Commercial general liability insurance, including broad form property damage, blanket
contractual and personal injuries (including death resulting therefrom) coverages and containing minimum limits per occurrence of $1,000,000 with a $2,000,000 general aggregate for any policy year. In addition, at least $50,000,000 excess and/or
umbrella liability insurance shall be obtained and maintained for claims, including legal liability imposed upon Borrower and all related court costs and attorneys’ fees and disbursements; 
 (iii) Rental loss and/or business interruption insurance in an amount sufficient to avoid any co-insurance penalty and equal to the greater
of (A) the estimated gross revenues from the operation of the Property (including (x) the total payable under the Leases and all Rents and (y) the total of all other amounts to be received by Borrower or third parties that are the
legal obligation of the Tenants), net of non-recurring expenses, for a period of up to the next succeeding eighteen (18) months, or (B) the projected Operating Expenses (including debt service) for the maintenance and operation of the
Property for a period of up to the next succeeding eighteen (18) months as the same may be reduced or increased from time to time due to changes in such Operating Expenses and shall include an endorsement providing 12 months extended period of
indemnity. The amount of such insurance shall be increased from time to time as and when the Rents increase or the estimates of (or the actual) gross revenue, as may be applicable, increases or decreases to the extent Rents or the estimates of gross
revenue decrease; 
 (iv) Insurance against loss or damage from (A) leakage of sprinkler systems and (B) explosion of
steam boilers, air conditioning equipment, high pressure piping, machinery and equipment, pressure vessels or similar apparatus now or hereafter installed in any of the Improvements (without exclusion for explosions) and insurance against loss of
occupancy or use arising from any breakdown, in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to the Property; 
 (v) Worker’s compensation insurance with respect to all employees of Borrower as and to the extent required by any Governmental
Authority or Legal Requirement and employer’s liability coverage of at least $2,000,000 which is scheduled to the excess and/or umbrella liability insurance as referenced in clause (ii) above; 
 (vi) During any period of repair or restoration, completed value (non-reporting) builder’s “all risk” insurance in an amount
equal to not less than the full insurable value of the Property against such risks (including fire and extended coverage and collapse of the Improvements to agreed limits) as Lender may request, in form and substance acceptable to Lender;

 (vii) Coverage to compensate for the cost of demolition and the increased cost of construction for the Property; 

(viii) Intentionally Deleted; 
  

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 (ix) Windstorm insurance in an amount equal to the probable maximum loss (as determined by
Lender in its sole discretion) of the Property per occurrence and in the aggregate and shared with other properties covered by the blanket insurance (if any) provided, that any credit enhancement proposed to be provided by or on behalf of
Borrower in connection with the deductible on such windstorm insurance shall be subject to the prior receipt of a Rating Agency Confirmation; 
 (x) Law and ordinance insurance coverage in an amount no less than that set forth in the insurance policies covering the Property as of the date hereof; 
 (xi) Provided that insurance coverage relating to the acts of terrorist groups or individuals is either (a) available at commercially
reasonable rates, (b) commonly obtained by owners of commercial properties in the same geographic area and which are similar to the Property or (c) maintained for another hotel property in the same geographic area which is at least 51%
owned directly or indirectly by Strategic Hotel Funding, LLC, Borrower shall be required to carry terrorism insurance throughout the term of the Loan (including any extension terms) in an amount equal to, with respect to “certified” and
“non-certified” acts of terrorism, an amount equal to the Terrorism Coverage Required Amount (per occurrence) (collectively, the “Initial Terrorism Coverage Amount”). Lender agrees that terrorism insurance coverage
may be provided under a blanket policy that is acceptable to Lender. Notwithstanding the foregoing, Borrower agrees at all times to maintain terrorism insurance coverage throughout the term of the Loan (including extension terms) in an amount not
less than that which can be purchased for a sum equal to $130,000 (the “Maximum Premium Amount”) in any single policy year, provided, that under no circumstance shall terrorism coverage in excess of the Initial Terrorism
Coverage Amount (per occurrence) of coverage be required hereunder; 
 (xii) Such other insurance as may from time to time be
reasonably required by Lender in order to protect its interests; and 
 (xiii) All insurance required under this
Section 6.1 may be provided by or on behalf of Borrower in a blanket policy covering the Property and other properties. 
 (c) All policies of insurance (the “Policies”) required pursuant to this Section 6.1 shall be issued by companies approved by Lender and licensed or authorized to do business in the state where the
Property is located. Further, unless otherwise approved by Lender in its reasonable discretion (prior to a Securitization) and the Rating Agencies in writing, the issuer(s) of the Policies required under this Section 6.1 shall have a
claims paying ability rating of “A” or better by Standard & Poor’s and “Aa2” or better by Moody’s, except that the issuer(s) of the Policies required under Section 6.1(b)(viii) hereof shall have a
claims paying ability rating of “A” or better by Standard & Poor’s and “A2” or better by Moody’s; provided, however, if the insurance provided hereunder is procured by a syndication of more then five
(5) insurers then the foregoing requirements shall not be violated if at least (i) sixty percent (60%) of the coverage is with carriers having a claims paying ability rating of “A” or better by Standard &
Poor’s and “Aa2” or better by Moody’s and (ii) each other carrier providing coverage has a claims paying ability rating of “BBB-” or better by Standard & Poor’s and Fitch Ratings and “Baa3”
or better by Moody’s. The Policies (i) shall name Lender (or an agent on Lender’s behalf) and its successors and/or assigns as their interest may appear as an additional insured or 
  

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 as a loss payee (except that in the case of general liability insurance, Lender (or an agent on
Lender’s behalf) shall be named an additional insured and not a loss payee), and in addition, any Policies of the Condominium Association shall name the Lender as an insured or additional insured, as its interest may appear; (ii) shall
contain a Non-Contributory Standard Lender Clause and, except with respect to general liability insurance, a Lender’s Loss Payable Endorsement, or their equivalents, naming Lender as the Person to which all payments made by such insurance
company shall be paid; (iii) shall include effective waivers by the insurer of all claims for insurance premiums against all loss payees, additional insureds and named insureds (other than Borrower) and all rights of subrogation against any
loss payee, additional insured or named insured; (iv) shall be assigned to Lender; (v) except as otherwise provided above, shall be subject to a deductible, if any, not greater in any material respect than the deductible for such coverage
on the date hereof; (vi) shall contain such provisions as Lender deems reasonably necessary or desirable to protect its interest, including endorsements providing that neither Borrower, Lender nor any other party shall be a Contributor-insurer
(except deductibles) under said Policies and that no material modification, reduction, cancellation or termination in amount of, or material change (other than an increase) in, coverage of any of the Policies shall be effective until at least thirty
(30) days after receipt by each named insured, additional insured and loss payee of written notice thereof or ten (10) days after receipt of such notice with respect to nonpayment of premium; (vii) shall permit Lender to pay the
premiums and continue any insurance upon failure of Borrower to pay premiums when due, upon the insolvency of Borrower or through foreclosure or other transfer of title to the Property (it being understood that Borrower’s rights to coverage
under such policies may not be assignable without the consent of the insurer); and (viii) shall provide that any proceeds shall be payable to Lender and that the insurance shall not be impaired or invalidated by virtue of (A) any act,
failure to act, negligence of, or violation of declarations, warranties or conditions contained in such policy by any Borrower, Lender or any other named insured, additional insured or loss payee, except for the willful misconduct of Lender
knowingly in violation of the conditions of such policy, (B) the occupation, use, operation or maintenance of the Property for purposes more hazardous than permitted by the terms of the Policy, (C) any foreclosure or other proceeding or
notice of sale relating to the Property, or (D) any change in the possession of the Property without a change in the identity of the holder of actual title to the Property (provided that with respect to items (C) and (D), any notice
requirements of the applicable Policies are satisfied). Notwithstanding the foregoing, for purposes of this Section 6.1 hereof, Lender hereby approves the existing blanket insurance policies. 
 (d) Insurance Premiums; Certificates of Insurance.  
 (i) Borrower shall pay the premiums for such Policies (the “Insurance Premiums”) as the same become due and payable
and shall furnish to Lender the receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to Lender (provided, however, that Borrower are not required to furnish such evidence of
payment to Lender if such Insurance Premiums are to be paid by Lender pursuant to the terms of this Agreement). Within thirty (30) days after request by Lender, Borrower shall obtain such increases in the amounts of coverage required hereunder
as may be reasonably requested in writing by Lender or as may be requested in writing by the Rating Agencies, (except with respect to the Terrorism Insurance), taking into consideration changes in liability laws, changes in prudent customs and
practices, and the like. In the event Borrower satisfy the requirements under this Section 6.1 through the use of a Policy covering properties in 
  

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 addition to the Property (a “Blanket Policy”), then (unless such policy is provided
in substantially the same manner as it is as of the date hereof), Borrower shall provide evidence satisfactory to Lender that the Insurance Premiums for the Property is separately allocated under such Policy to the Property and that payment of such
allocated amount (A) shall maintain the effectiveness of such Policy as to the Property and (B) shall otherwise provide the same protection as would a separate policy that complies with the terms of this Agreement as to the Property,
notwithstanding the failure of payment of any other portion of the insurance premiums. If no such allocation is available, Lender shall have the right to increase the amount required to be deposited into the Insurance Reserve Account in an amount
sufficient to purchase a non-blanket Policy covering the Property from insurance companies which qualify under this Agreement. 
 (ii) Borrower shall deliver to Lender on or prior to the Closing Date certificates setting forth in reasonable detail the material terms (including any applicable notice requirements) of all Policies from the respective insurance companies
(or their authorized agents) that issued the Policies, including that such Policies may not be canceled or modified in any material respect without thirty (30) days’ prior notice to Lender, or ten (10) days’ notice with respect
to nonpayment of premium. Borrower shall deliver to Lender, concurrently with each change in any Policy, a certificate with respect to such changed Policy certified by the insurance company issuing that Policy, in substantially the same form and
containing substantially the same information as the certificates required to be delivered by Borrower pursuant to the first sentence of this clause (d)(ii) and stating that all premiums then due thereon have been paid to the applicable
insurers and that the same are in full force and effect (or if such certificate and/or other information described in clause (d)(ii) shall not be obtainable by Borrower, Borrower may deliver an Officer’s Certificate to such effect
in lieu thereof). 
 (e) Renewal and Replacement of Policies. 
 (i) Not less than three (3) Business Days prior to the expiration, termination or cancellation of any Policy, Borrower shall renew such
policy or obtain a replacement policy or policies (or a binding commitment for such replacement policy or policies), which shall be effective no later than the date of the expiration, termination or cancellation of the previous policy, and shall
deliver to Lender a certificate in respect of such policy or policies (A) containing the same information as the certificates required to be delivered by Borrower pursuant to clause (d)(ii) above, or a copy of the binding commitment for
such policy or policies and (B) confirming that such policy complies with all requirements hereof. 
 (ii) If Borrower
does not furnish to Lender the certificates as required under clause (e)(i) above, Lender may procure, but shall not be obligated to procure, such replacement policy or policies and pay the Insurance Premiums therefor, and Borrower agrees to
reimburse Lender for the cost of such Insurance Premiums promptly on demand. 
 (iii) Concurrently with the delivery of each
replacement policy or a binding commitment for the same pursuant to this clause (e), Borrower shall deliver to Lender a report or attestation from a duly licensed or authorized insurance broker or from the insurer, setting forth the
particulars as to all insurance obtained by Borrower pursuant to this Section 6.1 and then in effect and stating that all Insurance Premiums then due thereon have been paid in full 
  

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 to the applicable insurers, that such insurance policies are in full force and effect and that, in the
opinion of such insurance broker or insurer, such insurance otherwise complies with the requirements of this Section 6.1 (or if such report shall not be available after Borrower shall have used reasonable efforts to provide the same,
Borrower will deliver to Lender an Officer’s Certificate containing the information to be provided in such report). 
 (f)
Separate Insurance. Borrower will not take out separate insurance concurrent in form or contributing in the event of loss with that required to be maintained pursuant to this Section 6.1 unless such insurance complies with
clause (c) above. 
 (g) Securitization. Following any Securitization, Borrower shall name any
trustee, servicer or special servicer designated by Lender as a loss payee, and any trustee, servicer and special servicer as additional insureds, with respect to any Policy for which Lender is to be so named hereunder. 
 Section 6.2 Condemnation and Insurance Proceeds. 
 6.2.1 Right to Adjust. (a) If the Property is damaged or destroyed, in whole or in part in any material respect, by a
Casualty, Borrower shall give prompt written notice thereof to Lender, generally describing the nature and extent of such Casualty. Following the occurrence of a Casualty, Borrower, regardless of whether proceeds are available, shall in a reasonably
prompt manner proceed to restore, repair, replace or rebuild the Property to the extent practicable to be of at least equal value and of substantially the same character as prior to the Casualty, all in accordance with the terms hereof applicable to
Alterations. 
 (b) Subject to clause (e) below, in the event of a Casualty which is not a Material Casualty, Borrower may
settle and adjust such claim; provided that such adjustment is carried out in a competent and timely manner. In such case, Borrower is hereby authorized to collect and receipt for Lender any Proceeds. 
 (c) Subject to clause (e) below, in the event of a Casualty where the loss exceeds the Threshold Amount, Borrower may settle and adjust
such claim only with the consent of Lender (which consent shall not be unreasonably withheld, delayed or conditioned) and Lender shall have the opportunity to participate, at Borrower’s cost, in any such adjustments. 
 (d) Except as provided in clause (b) above, the proceeds of any Policy shall be due and payable solely to Lender and held and applied
in accordance with the terms hereof (or, if mistakenly paid to the Borrower, shall be held in trust by the Borrower for the benefit of Lender and shall be paid over to Lender by the Borrower within two (2) Business Days of receipt). 

(e) Notwithstanding the terms of clauses (a) and (b) above, Lender shall have the sole authority to adjust any claim with
respect to a Casualty and to collect all Proceeds if an Event of Default shall have occurred and is continuing. 
 6.2.2
Right of the Borrower to Apply to Restoration. Notwithstanding anything contained herein to the contrary, (i) the provisions of the Condominium Documents with respect to insurance Proceeds or Condemnation Proceeds for the Restoration
shall control in 
  

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 the event of any conflict between the provisions of the Condominium Documents and the provisions of this
Agreement or any of the other Loan Documents and (ii) Lender hereby agrees to apply the insurance Proceeds and Condemnation Proceeds to the Restoration to the extent required by, and in accordance with, the Condominium Documents. 
 In the event of (a) a Casualty that does not constitute a Material Casualty, or (b) a Condemnation that does not constitute a
Material Condemnation, Lender shall permit the application of the Proceeds (after reimbursement of any expenses incurred by Lender) to reimburse or pay Borrower for the cost of restoring, repairing, replacing or rebuilding or otherwise curing title
defects at the Property (the “Restoration”), in the manner required hereby, provided and on the condition that (1) no Event of Default shall have occurred and be then continuing and (2) in the reasonable judgment of
Lender: 
 (i) the Property can be restored to an economic unit not materially less valuable (taking into account the effect of
the termination of any Leases and the proceeds of any rental loss or business interruption insurance which the Borrower receives or is entitled to receive, in each case, due to such Casualty or Condemnation) and not materially less useful than the
same was prior to the Casualty or Condemnation, 
 (ii) the Property, after such Restoration and stabilization, will adequately
secure the outstanding balance of the Loan, 
 (iii) the Restoration can be completed by the earliest to occur of: 

(A) the date on which the business interruption insurance carried by Borrower with respect to the Property shall expire; 
 (B) the 180th day prior to the Maturity Date (taking into account any extension thereof), and 
 (C) with respect to a Casualty, the expiration of the payment period on the rental loss or business interruption insurance coverage in
respect of such Casualty; and 
 (iv) after receiving reasonably satisfactory evidence to such effect, during the period of the
Restoration, the sum of (A) income derived from the Property, plus (B) proceeds of rental loss insurance or business interruption insurance, if any, payable together with such other monies as Borrower may irrevocably make available for the
Restoration, will equal or exceed the sum of (x) 105% of Operating Expenses and (y) the Debt Service. 
 Notwithstanding the
foregoing, if any of the conditions set forth in sub-clauses (1) and (2) of the proviso in this Section 6.2.2 is not satisfied, then, unless Lender shall otherwise elect, at its sole option, the Proceeds shall be applied in the
following order of priority: (A) first, to prepay the principal of the Loan; (B) second, to pay the amount of (1) all accrued and unpaid interest in respect of the Principal Amount of the Indebtedness so prepaid through the date which
is the final day of the Interest Period in which such prepayment is made (including, if an Event of Default has occurred and is then continuing, interest owed at the Default Rate), and (2) all other sums (excluding any Prepayment Fee) then due
and owing under the Loan Documents and 
  

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 (C) third, to reimburse Lender for any fees and expenses of Lender incurred in connection therewith (it
being agreed that, upon satisfaction in full of the entitlements under clauses (A), (B) and (C) of this sentence, Borrower shall be entitled to receive a release of the Lien of the Security Instrument and the other Loan Documents with
respect to the Property in accordance with and subject to the terms of Section 2.3.3 hereof and any surplus Proceeds shall be paid over to the Borrower or as the Borrower directs. Notwithstanding the foregoing, or anything else to the
contrary contained herein, all Proceeds with respect to the insurance determined pursuant to Section 6.1.4 shall be deposited directly into the Collection Account and shall be disbursed in accordance with Article III as if
such Proceeds are applied in the manner amounts received from the Manager are applied 
 6.2.3 Material Casualty or
Condemnation and Lender’s Right to Apply Proceeds. In the event of a Material Casualty or a Material Condemnation, then Lender shall have the option to (i) apply the Proceeds hereof in the following order of priority:
(A) first, to prepay the principal of the Loan; (B) second, to pay the amount of (1) all accrued and unpaid interest in respect of the Principal Amount of the Indebtedness so prepaid through the date which is the final day of the
Interest Period in which such prepayment is made (including, if an Event of Default has occurred and is then continuing, interest owed at the Default Rate), and (2) all other sums (excluding any Prepayment Fee) then due and owing under the Loan
Documents; (C) third, to reimburse Lender for any fees and expenses of Lender incurred in connection therewith; and (D) fourth, it being agreed that, upon satisfaction in full of the entitlements under clauses (A), (B) and
(C) of this sentence, Borrower shall be entitled to receive the balance of the Proceeds, if any and a release of the Lien of the Security Instrument and the other Loan Documents with respect to the Property in accordance with and subject to the
terms of Section 2.3.3 hereof), or (ii) make such Proceeds available to reimburse Borrower for the cost of any Restoration in the manner set forth below in Section 6.2.4 hereof provided, however, that if
the Management Agreement provides that the Operating Lessee or Borrower is required to use the Proceeds to restore the Property and Operating Lessee or Borrower does not have the right to terminate the Management Agreement pursuant to the terms of
the Management Agreement as a result of such Casualty or Condemnation or otherwise, then the Lender shall be obligated to make such Proceeds available to the Borrower for the Restoration of such Property pursuant to Section 6.2.4 below.
Notwithstanding anything to the contrary contained herein, in the event of a Material Casualty or a Material Condemnation, where Borrower cannot restore, repair, replace or rebuild the Property to be of at least substantially equal value and of
substantially the same character as prior to the Material Casualty or Material Condemnation or title defect because the Property is a legally non-conforming use or as a result of any other Legal Requirement, Borrower hereby agrees that Lender may
apply the Proceeds payable in connection therewith in accordance with clauses (A), (B) (C) and (D). 
 6.2.4
Manner of Restoration and Reimbursement. If Borrower is entitled pursuant to Sections 6.2.2 or 6.2.3 above to reimbursement out of Proceeds (and the conditions specified therein shall have been satisfied), such Proceeds
shall be disbursed on a monthly basis upon Lender being furnished with (i) such architect’s certificates, waivers of lien, contractor’s sworn statements, title insurance endorsements, bonds, plats of survey and such other evidences of
cost, payment and performance as Lender may reasonably require and approve, and (ii) all plans and specifications for such Restoration, such plans and specifications to be approved by Lender prior to commencement of any work (such approval not
to be 
  

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 unreasonably withheld, delayed or conditioned). In addition, no payment made prior to the Final Completion
of the Restoration (excluding punch-list items) shall exceed ninety percent (90%) of the aggregate value of the work performed from time to time; funds other than Proceeds shall be disbursed prior to disbursement of such Proceeds; and at all
times, the undisbursed balance of such Proceeds remaining in the hands of Lender, together with funds deposited for that purpose or irrevocably committed to the satisfaction of Lender by or on behalf of Borrower for that purpose, shall be at least
sufficient in the reasonable judgment of Lender to pay for the cost of completion of the Restoration, free and clear of all Liens or claims for Lien. Prior to any disbursement, Lender shall have received evidence reasonably satisfactory to it of the
estimated cost of completion of the Restoration (such estimate to be made by Borrower’s architect or contractor and approved by Lender in its reasonable discretion), and Borrower shall have deposited with Lender Eligible Collateral in an amount
equal to the excess (if any) of such estimated cost of completion over the net Proceeds. Any surplus which may remain out of Proceeds received pursuant to a Casualty after payment of such costs of Restoration shall be paid to the Borrower or as the
Borrower directs. Any surplus which may remain out of Proceeds received pursuant to a Condemnation shall be paid to the Borrower or as the Borrower directs. 
 6.2.5 Condemnation. (a) Borrower shall promptly give Lender written notice of the actual commencement or written threat of commencement of any Condemnation and shall deliver to
Lender copies of any and all papers served in connection with such Condemnation. Following the occurrence of a Condemnation, Borrower, regardless of whether Proceeds are available, shall promptly proceed to restore, repair, replace or rebuild the
same to the extent practicable to be of at least equal value and of substantially the same character as prior to such Condemnation, all to be effected in accordance with the terms hereof applicable to Alterations. 
 (b) Lender is hereby irrevocably appointed as Borrower’s attorney-in-fact, coupled with an interest, with exclusive power to collect,
receive and retain any Proceeds in respect of a Condemnation and to make any compromise or settlement in connection with such Condemnation, subject to the provisions of this Section. Provided no Event of Default has occurred and is continuing,
(x) in the event of a Condemnation which is not a Material Condemnation, Borrower may settle and compromise such Proceeds; provided that the same is effected in a competent and timely manner, and (y) in the event of a Condemnation, where
the loss exceeds the Threshold Amount, Borrower may settle and compromise the Proceeds only with the consent of Lender (which consent shall not be unreasonably withheld, delayed or conditioned) and Lender shall have the opportunity to participate,
at Borrower’ cost, in any litigation and settlement discussions in respect thereof. Notwithstanding any Condemnation by any public or quasi-public authority (including any transfer made in lieu of or in anticipation of such a Condemnation),
Borrower shall continue to pay the Indebtedness at the time and in the manner provided for in the Note, this Agreement and the other Loan Documents, and the Indebtedness shall not be reduced unless and until any Proceeds shall have been actually
received and applied by Lender to discharge the Indebtedness, pay required interest and pay any other required amounts, in each case, pursuant to the terms of Sections 6.2.2 or 6.2.3 above. Lender shall not be limited to the
interest paid on the Proceeds by the condemning authority but shall be entitled to receive out of the Proceeds interest at the rate or rates provided in the Note. Borrower shall cause any Proceeds that are payable to Borrower to be paid directly to
Lender to be held and applied in accordance with the terms hereof. 
  

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 VII. IMPOSITIONS, OTHER CHARGES, LIENS AND OTHER ITEMS 
 Section 7.1 Impositions and Other Charges. Subject to the third sentence of this Section 7.1, Borrower shall
pay, or shall cause Operating Lessee to pay all Impositions now or hereafter levied or assessed or imposed against the Property or any part thereof prior to the imposition of any interest, charges or expenses for the non-payment thereof and shall
pay all Other Charges on or before the date they are due. Subject to Borrower’s right of contest set forth in Section 7.3, as set forth in the next two sentences and provided that there are sufficient funds available in the Tax
Reserve Account, Lender, on behalf of Borrower, shall pay all Impositions and Other Charges which are attributable to or affect the Property or Borrower, prior to the date such Impositions or Other Charges shall become delinquent or late charges may
be imposed thereon, directly to the applicable taxing authority with respect thereto. Lender shall, or Lender shall direct the Cash Management Bank to, pay to the taxing authority such amounts to the extent funds in the Tax Reserve Account are
sufficient to pay such Impositions. Nothing contained in this Agreement or the Security Instrument shall be construed to require Borrower to pay any tax, assessment, levy or charge imposed on Lender in the nature of a franchise, capital levy,
estate, inheritance, succession, income or net revenue tax. 
 Section 7.2 No Liens. Subject to its right
of contest set forth in Section 7.3, Borrower shall at all times keep, or cause to be kept, the Property free from all Liens (other than Permitted Encumbrances) and shall pay when due and payable (or bond over) all claims and demands of
mechanics, materialmen, laborers and others which, if unpaid, might result in or permit the creation of a Lien on the Property or any portion thereof and shall in any event cause the prompt, full and unconditional discharge of all Liens imposed on
or against the Property or any portion thereof within forty-five (45) days after receiving written notice of the filing (whether from Lender, the lienor or any other Person) thereof. Borrower shall do or cause to be done, at the sole cost of
Borrower, everything reasonably necessary to fully preserve the first priority of the Lien of the Security Instrument against the Property, subject to the Permitted Encumbrances. Upon the occurrence and during the continuance of an Event of Default
with respect to its Obligations as set forth in this Article VII, Lender may (but shall not be obligated to) make such payment or discharge such Lien, and Borrower shall reimburse Lender within three (3) Business Days following
demand for all such advances pursuant to Section 19.12 (together with interest thereon at the Default Rate). 
 Section 7.3 Contest. Nothing contained herein shall be deemed to require Borrower to pay, or cause to be paid, any Imposition or to satisfy any Lien, or to comply with any Legal Requirement or Insurance Requirement, so
long as Borrower is in good faith, and by proper legal proceedings, where appropriate, diligently contesting the validity, amount or application thereof, provided that in each case, at the time of the commencement of any such action or proceeding,
and during the pendency of such action or proceeding (i) no Event of Default shall exist and be continuing hereunder, (ii) Borrower shall keep Lender informed of the status of such contest at reasonable intervals, (iii) if neither
Borrower nor Operating Lessee is providing security as provided in clause (vi) below, adequate reserves with respect thereto are maintained on Borrower’s books in accordance with GAAP or in the Tax Reserve Account or Insurance Reserve
Account, as applicable, (iv) either such contest operates to suspend collection or enforcement as the case may be, of the contested Imposition, Lien or Legal Requirement and such contest is maintained and prosecuted continuously and with
diligence or the Imposition or 
  

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 Lien is bonded, (v) in the case of any Insurance Requirement, the failure of Borrower to comply
therewith shall not impair the validity of any insurance required to be maintained by Borrower under Section 6.1 or the right to full payment of any claims thereunder, and (vi) in the case of Impositions and Liens which are not
bonded in excess of $1,000,000 individually, or in the aggregate, during such contest, Borrower, shall deposit with or deliver to Lender either Cash and Cash Equivalents or a Letter or Letters of Credit in an amount equal to 125% of (A) the
amount of Borrower’s obligations being contested plus (B) any additional interest, charge, or penalty arising from such contest. Notwithstanding the foregoing, the creation of any such reserves or the furnishing of any bond or other
security, Borrower promptly shall comply with any contested Legal Requirement or Insurance Requirement or shall pay any contested Imposition or Lien, and compliance therewith or payment thereof shall not be deferred, if, at any time the Property or
any portion thereof shall be, in Lender’s reasonable judgment, in imminent danger of being forfeited or lost or Lender is likely to be subject to civil or criminal damages as a result thereof. If such action or proceeding is terminated or
discontinued adversely to Borrower, Borrower shall deliver to Lender reasonable evidence of Borrower’s compliance with such contested Imposition, Lien, Legal Requirements or Insurance Requirements, as the case may be. 
 VIII. TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS 
 Section 8.1 Restrictions on Transfers and Indebtedness. (a) Except in connection with such action as is permitted
by the subsequent provisions of this Article VIII, Borrower will not, without Lender’s prior written consent and a Rating Agency Confirmation with respect to the transfer or other matter in question, (A), Transfer legal, Beneficial
or direct or indirect equitable interests in all or any part of the Property, the Borrower or Operating Lessee, (B) permit or suffer any owner, directly or indirectly, of a legal, Beneficial or equitable interest in the Property, the Borrower
or Operating Lessee to Transfer such interest, whether by transfer of stock or other legal, Beneficial or equitable interest in any entity or otherwise, (C) mortgage, hypothecate or otherwise encumber or grant a security interest in all or any
part of the legal, Beneficial or equitable interests in all or any part of the Property, the Borrower or the Operating Lessee, or (D) file of record a declaration of condominium with respect to the Property. Notwithstanding any provision herein
to the contrary, nothing contained herein shall be deemed to restrict or otherwise interfere with the ability of the holders of direct or indirect legal, Beneficial or equitable interests in the Ultimate Equity Owner to Transfer such interests,
whether in connection with an initial public offering of shares in Ultimate Equity Owner or otherwise or any pledge to secure the Revolver Loan or the enforcement or foreclosure thereof pursuant to such pledge. 
 (b) Borrower shall not incur, create or assume any Indebtedness without the consent of Lender; provided, however, Borrower
may, without the consent of Lender, incur, create or assume Permitted Debt or allow or suffer such Permitted Debt to be incurred, created or assumed. 
 (c) Notwithstanding the foregoing, nothing herein shall prevent Borrower or any direct or indirect owner of any legal or Beneficial or equitable interest therein, to enter into a purchase and sale
agreement or other similar arrangements to Transfer any interest in connection with any sale of the Property or other interest so long as a condition precedent to such Transfer is the payment, in full, of the Indebtedness. 
  

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 Section 8.2 Sale of Building Equipment. Borrower may Transfer or
dispose of Building Equipment which is being replaced or which is no longer necessary in connection with the operation of the Property free from the Lien of the Security Instrument provided that such Transfer or disposal will not have a Material
Adverse Effect on the value of the Property taken as a whole, will not materially impair the utility of the Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under any Lease, in either case
as a result thereof, and provided, further, that any new Building Equipment acquired by Borrower or Operating Lessee (and not so disposed of) shall be subject to the Lien of the Security Instrument. Lender shall, from time to time,
upon receipt of an Officer’s Certificate requesting the same and confirming satisfaction of the conditions set forth above, execute a written instrument in form reasonably satisfactory to Lender to confirm that such Building Equipment which is
to be, or has been, sold or disposed of is free from the Lien of the Security Instrument. 
 Section 8.3 Immaterial
Transfers and Easements, etc. Borrower and Operating Lessee may, without the consent of Lender, (i) make immaterial Transfers of portions of the Property to Governmental Authorities for dedication or public use (subject to the
provisions of Section 6.2) or, portions of the Property to third parties for the purpose of erecting and operating additional structures whose use is integrated with the use of the Property, and (ii) grant easements, restrictions,
covenants, reservations and rights of way in the ordinary course of business for access, water and sewer lines, telephone and telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such Transfer,
conveyance or encumbrance set forth in the foregoing clauses (i) and (ii) shall materially impair the utility and operation of the Property or have a Material Adverse Effect on the value of the Property taken as a whole. In connection with
any Transfer permitted pursuant to this Section 8.3, Lender shall execute and deliver any instrument reasonably necessary or appropriate, in the case of the Transfers referred to in clause (i) above, to release the portion of the
Property affected by such Condemnation or such Transfer from the Lien of the Security Instrument or, in the case of clause (ii) above, to subordinate the Lien of the Security Instrument to such easements, restrictions, covenants, reservations
and rights of way or other similar grants upon receipt by Lender of: 
 (a) thirty (30) days prior written notice thereof;

 (b) a copy of the instrument or instruments of Transfer; 
 (c) an Officer’s Certificate stating (x) with respect to any Transfer, the consideration, if any, being paid for the Transfer and
(y) that such Transfer does not materially impair the utility and operation of the Property, materially reduce the value of the Property or have a Material Adverse Effect; and 
 (d) reimbursement of all of Lender’s reasonable costs and expenses incurred in connection with such Transfer. 
 Section 8.4 Transfers of Interests in Borrower. In addition to any transfer permitted by any other provision of this
Article VIII, each holder of any direct or indirect interest in the Borrower shall have the right to transfer (but not pledge, hypothecate or encumber) its equity interest in the Borrower to any Person who is not a Disqualified Transferee
without 
  

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 Lender’s consent or a Rating Agency Confirmation if Section 8.6 is complied with and, after
giving effect to such transfer: 
 (a) (i) the Property will be directly owned by a Single Purpose Entity in compliance with
the representations, warranties and covenants in Section 4.1.29 hereof (as if the Borrower shall have remade all of such representations, warranties and covenants as of, and after giving effect to, the transfer), and which shall have
executed and delivered to Lender an assumption agreement in form and substance acceptable to Lender, evidencing the continuing agreement of the Borrower to abide and be bound by all the terms, covenants and conditions set forth in this Agreement,
the Note, the Security Instrument and the other Loan Documents and all other outstanding obligations under the Loan, together with such legal opinions and title insurance endorsements as may be reasonably requested by Lender; 
 (b) an Acceptable Manager shall continue to act as Manager for the Property pursuant to the existing Management Agreement or an Acceptable
Management Agreement; 
 (c) Any Ultimate Equity Owners or a Close Affiliate of any such entity owns directly or indirectly at
least fifty-one percent (51%) of the equity interests in the Borrower and the Person that is the proposed transferee is not a Disqualified Transferee; provided that, after giving effect to any such transfer, in no event shall any Person other
than Ultimate Equity Owner or a Close Affiliate of Ultimate Equity Owner exercise Management Control over the Borrower. In the event that Management Control shall be exercisable jointly by any Ultimate Equity Owner or a Close Affiliate of any
Ultimate Equity Owner with any other Person or Persons, then the applicable Ultimate Equity Owner or such Close Affiliate shall be deemed to have Management Control only if such Ultimate Equity Owner or such Close Affiliate retains the ultimate
right as between such Ultimate Equity Owner or such Close Affiliate and the transferee to unilaterally make all material decisions with respect to the operation, management, financing and disposition of the Property; 
 (d) if there has been a Transfer of forty-nine percent (49%) or more of the direct membership interests, stock or other direct equity
ownership interests in Borrower, Borrower shall have first delivered to Lender (and, after a Securitization, the Rating Agencies) an Officer’s Certificate and legal opinion of the types described in Section 8.6 below; and

 (e) Borrower shall cause the transferee, if Lender so requests and if such transferee is required to be a Single Purpose
Entity pursuant to this Agreement, to deliver to S&P and to any other Rating Agency Lender requests its organizational documents solely for the purpose of Standard & Poor’s and such other Rating Agency Lender requests confirming
that such organizational documents comply with the single purpose bankruptcy remote entity requirements set forth herein. 
  

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 Section 8.5 Loan Assumption. Without limiting the foregoing, Borrower
and Operating Lessee shall have the right to sell, assign, convey or transfer (but not mortgage, hypothecate or otherwise encumber or grant a security interest in) legal or equitable title to all (but not less than all) of the Property only if:

 (a) after giving effect to the proposed transaction: 
 the Property will be owned by a Single Purpose Entity wholly owned (directly or indirectly) by a Permitted Borrower Transferee, Permitted
Borrower Transferee Alternative, Pre-approved Transferee or such other entity (specifically approved in writing by both Lender and each Rating Agency) which will be in compliance with the representations, warranties and covenants contained in
Section 4.1.29 hereof (as if such transferee shall have remade all of such representations, warranties and covenants as of, and after giving effect to, the proposed transaction); such Single Purpose Entity shall have executed and
delivered to Lender an assumption agreement and such other agreements as Lender may reasonably request (collectively, the “Assumption Agreement”) in form and substance acceptable to Lender, evidencing the proposed
transferee’s agreement to abide and be bound by all the terms, covenants and conditions set forth in this Agreement, the Note, the Security Instrument and the other Loan Documents and all other outstanding obligations under the Loan; the
Permitted Borrower Transferee, Permitted Borrower Transferee Alternative, Pre-approved Transferee or such other approved entity shall assume the obligations of Sponsor under the Loan Documents (and such Single Purpose Entity and the applicable
Permitted Borrower Transferee, Permitted Borrower Transferee Alternative, Pre-approved Transferee or other approved entity shall thereafter be subject to the provisions of this Article VIII), and the transferee shall cause to be
delivered to Lender, such legal opinions and title insurance endorsements as may be reasonably requested by Lender; 
 (i) an
Acceptable Manager shall continue to act as Manager for the Property pursuant to the existing Management Agreement or an Acceptable Management Agreement; and 
 (ii) no Event of Default shall have occurred and be continuing; 
 (b) the
Assumption Agreement shall state the applicable transferee’s agreement to abide by and be bound by the terms in the Note (or such other promissory notes to be executed by the transferee, such other promissory note or notes to be on the same
terms as the Note), the Security Instrument, this Agreement (or such other loan agreement to be executed by such transferee, which shall contain terms substantially identical to the terms hereof) and such other Loan Documents (or other loan
documents to be delivered by such transferee, which shall contain terms substantially identical to the terms of the applicable Loan Documents) whenever arising, and Borrower, and/or such transferee shall deliver such legal opinions and title
insurance endorsements as may reasonably be requested by Lender; 
 (c) following execution of a contract for the sale of the
Property and not less than thirty (30) days prior to the expected date of such proposed sale, Borrower shall submit notice of such sale to Lender. Borrower shall submit to Lender, not less than ten (10) days prior to the expected date of
such sale, the Assumption Agreement for execution by Lender. Such documents shall be in a form appropriate for the jurisdiction in which the Property is located and shall be reasonably satisfactory to Lender. In addition, Borrower shall provide all
other documentation Lender reasonably requires to be delivered by Borrower in connection with such assumption, together with an Officer’s Certificate certifying that (i) the assumption to be effected will be effected in compliance with the
terms of this Agreement and (ii) will not impair or otherwise adversely affect the validity or priority of the Lien of the Security Instrument; 
  

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 (d) prior to any such transaction, the proposed transferee shall deliver to Lender an
Officer’s Certificate stating that (x) such transferee is not an “employee benefit plan” within the meaning of Section 3(3) of ERISA that is subject Title I of ERISA or any other Similar Law and (y) the underlying
assets of the proposed transferee do not constitute assets of any such employee benefit plan for purposes of ERISA or any Similar Law; 
 (e) if the transfer is to (i) an entity other than a Single Purpose Entity wholly owned directly or indirectly by one or more Pre-approved Transferees, Permitted Borrower Transferees or Permitted Borrower Transferee Alternatives, a
Rating Agency Confirmation shall have been received in respect of such proposed transfer (or, if the proposed transfer shall occur prior to a Securitization, such transfer shall be subject to Lender’s consent in its sole discretion) and
(ii) a Permitted Borrower Transferee Alternative, such transfer shall be subject to Lender’s prior written consent in its reasonable discretion; 
 (f) the terms of Section 8.6 shall be complied with and Borrower shall cause the transferee to deliver to S&P and to any other Rating Agency Lender requests its organizational documents
solely for the purpose of S&P and any other Rating Agency Lender requests confirming that such organizational documents comply with the single purpose bankruptcy remote entity requirements set forth herein; and 
 (g) Lender shall have received the payment of, or reimbursement for, all reasonable costs and expenses incurred by Lender and the Rating
Agencies (and any servicer in connection with a Securitization) in connection therewith (including, without limitation, reasonable attorneys’ fees and disbursements). 
 Section 8.6 Notice Required; Legal Opinions. Not less than five (5) Business Days prior to the closing of any
transaction permitted under the provisions of Sections 8.2 through 8.5, Borrower shall deliver or cause to be delivered to Lender (A) an Officer’s Certificate describing the proposed transaction and stating that such
transaction is permitted hereunder and under the other Loan Documents, together with any documents upon which such Officer’s Certificate is based, and (B) a legal opinion of counsel to Borrower or the transferee selected by either of them
(to the extent approved by Lender and the Rating Agencies), in form and substance consistent with similar opinions then being required by the Rating Agencies and acceptable to the Rating Agencies, confirming, among other things, that the assets of
the Borrower, and of its managing general partner or managing member, as applicable, will not be substantively consolidated with the assets of such owners or Controlling Persons of the Borrower as Lender or the Rating Agencies may specify, in the
event of a bankruptcy or similar proceeding involving such owners or Controlling Persons. 
 Section 8.7
Leases. 
 8.7.1 New Leases and Lease Modifications. Except as otherwise provided in this
Section 8.7, Borrower shall not and shall not permit Operating Lessee to (i) enter into any Lease on terms other than “market” and rental rates (in Borrower’s or Operating Lessee’s good faith judgment), or (ii) enter into
any Material Lease (a “New Lease”), or (iii) consent to the assignment of any Material Lease (unless required to do so by the terms of such Material Lease) that releases the original Tenant from its obligations under the
Material 
  

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 Lease, or (iv) modify any Material Lease (including, without limitation, accept a surrender of any
portion of the Property subject to a Material Lease (unless otherwise permitted or required by law), allow a reduction in the term of any Material Lease or a reduction in the Rent payable under any Material Lease, change any renewal provisions of
any Material Lease, materially increase the obligations of the landlord or materially decrease the obligations of any Tenant) or terminate any Material Lease (any such action referred to in clauses (iii) and (iv) being referred to herein
as a “Lease Modification”) without the prior written consent of Lender which consent shall not be unreasonably withheld, delayed or conditioned. Any New Lease or Lease Modification that requires Lender’s consent shall be
delivered to Lender for approval not less than ten (10) Business Days prior to the effective date of such New Lease or Lease Modification. Lender acknowledges and consents to the termination of the Fitness Center Lease effective on or about
October 1, 2006. 
 8.7.2 Leasing Conditions. Subject to terms of this Section 8.7,
provided no Event of Default shall have occurred and be continuing, Borrower may enter into a New Lease or Lease Modification, without Lender’s prior written consent, that satisfies each of the following conditions (as evidenced by an
Officer’s Certificate delivered to Lender prior to Borrower’s entry into such New Lease or Lease Modification): 
 (a)
with respect to a New Lease or Lease Modification, the premises demised thereunder is not more than 10,000 net rentable square feet of the Property; 
 (b) the term of such New Lease or Lease Modification, as applicable, does not exceed 120 months, plus up to two (2) 60-month option terms (or equivalent combination of renewals); 
 (c) the New Lease or Lease Modification provides for “market” rental rates other terms and does not contain any terms which would
adversely affect Lender’s rights under the Loan Documents or that would have a Material Adverse Effect; 
 (d) the New
Lease or Lease Modification, as applicable, provides that the premises demised thereby cannot be used for any of the following uses: any pornographic or obscene purposes, any commercial sex establishment, any pornographic, obscene, nude or semi-nude
performances, modeling, materials, activities or sexual conduct or any other use that has or could reasonably be expected to have a Material Adverse Effect; 
 (e) the Tenant under such New Lease or Lease Modification, as applicable, is not an Affiliate of Borrower; 
 (f) the New Lease or Lease Modification, as applicable, does not prevent Proceeds from being held and disbursed by Lender in accordance with the terms hereof and does not entitle any Tenant to receive and
retain Proceeds except those that may be specifically awarded to it in condemnation proceedings because of the Condemnation of its trade fixtures and its leasehold improvements which have not become part of the Property and such business loss as
Tenant may specifically and separately establish; and 
 (g) the New Lease or Lease Modification, as applicable satisfies the
requirements of Section 8.7.7 and Section 8.7.8. 
  

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 8.7.3 Delivery of New Lease or Lease Modification. Upon the execution
of any New Lease or Lease Modification, as applicable, Borrower shall deliver to Lender an executed copy of the Lease. 
 8.7.4 Lease Amendments. Borrower agrees that it shall not have the right or power, as against Lender without its consent, to cancel, abridge, amend or otherwise modify any Lease unless such modification complies
with this Section 8.7. 
 8.7.5 Security Deposits. All security or other deposits of Tenants
of the Property shall be treated as trust funds and shall, if required by law or the applicable Lease not be commingled with any other funds of Borrower, and such deposits shall be deposited, upon receipt of the same by Borrower in a separate trust
account maintained by Borrower expressly for such purpose. Within ten (10) Business Days after written request by Lender, Borrower shall furnish to Lender reasonably satisfactory evidence of compliance with this Section 8.7.5,
together with a statement of all lease securities deposited with Borrower by the Tenants and the location and account number of the account in which such security deposits are held. 
 8.7.6 No Default Under Leases. Borrower shall (i) promptly perform and observe all of the material terms,
covenants and conditions required to be performed and observed by Borrower under the Leases, if the failure to perform or observe the same would have a Material Adverse Effect; (ii) exercise, within ten (10) Business Days after a written
request by Lender, any right to request from the Tenant under any Lease a certificate with respect to the status thereof and (iii) not collect any of the Rents, more than one (1) month in advance (except that Borrower may collect such
security deposits and last month’s Rents as are permitted by Legal Requirements and are commercially reasonable in the prevailing market and collect other charges in accordance with the terms of each Lease). 
 8.7.7 Subordination. All Lease Modifications and New Leases entered into by Borrower after the date hereof shall by
their express terms be subject and subordinate to this Agreement and the Security Instrument (through a subordination provision contained in such Lease or otherwise) and shall provide that, if Lender agrees to a non-disturbance provision pursuant to
Section 8.7.9, the Person holding any rights thereunder shall attorn to Lender or any other Person succeeding to the interests of Lender upon the exercise of its remedies hereunder or any transfer in lieu thereof on the terms set forth
in this Section 8.7. 
 8.7.8 Attornment. Each Lease Modification and New Lease entered into
from and after the date hereof shall provide that in the event of the enforcement by Lender of any remedy under this Agreement or the Security Instrument, if Lender agrees to a non-disturbance provision pursuant to Section 8.7.9, the
Tenant under such Lease shall, at the option of Lender or of any other Person succeeding to the interest of Lender as a result of such enforcement, attorn to Lender or to such Person and shall recognize Lender or such successor in the interest as
lessor under such Lease without change in the provisions thereof; provided, however, Lender or such successor in interest shall not be liable for or bound by (i) any payment of an installment of rent or additional rent made more
than thirty (30) days before the due date of such installment, (ii) any act or omission of or default by Borrower under any such Lease (but the Lender, or such successor, shall be subject to the continuing obligations of the landlord to
the extent arising from and after such succession to the extent of Lender’s, or such successor’s, 
  

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 interest in the Property), (iii) any credits, claims, setoffs or defenses which any Tenant may have
against Borrower, (iv) any obligation on Borrower’s part, pursuant to such Lease, to perform any tenant improvement work or (v) any obligation on Borrower’s part, pursuant to such Lease, to pay any sum of money to any Tenant.
Each such New Lease shall also provide that, upon the reasonable request by Lender or such successor in interest, the Tenant shall execute and deliver an instrument or instruments confirming such attornment. 
 8.7.9 Non-Disturbance Agreements. Lender shall enter into, and, if required by applicable law to provide constructive
notice or requested by a Tenant, record in the county where the subject Property is located, a subordination, attornment and non-disturbance agreement, substantially in form and substance substantially similar to the form attached hereto as
Exhibit K (a “Non-Disturbance Agreement”), with any Tenant (other than an Affiliate of Borrower) entering into a New Lease permitted hereunder or otherwise consented to by Lender within ten (10)
Business Days after written request therefor by Borrower, provided that, such request is accompanied by an Officer’s Certificate stating that such Lease complies in all material respects with this Section 8.7. All reasonable third
party costs and expenses incurred by Lender in connection with the negotiation, preparation, execution and delivery of any Non-Disturbance Agreement, including, without limitation, reasonable attorneys’ fees and disbursements, shall be paid by
Borrower (in advance, if requested by Lender). 
 8.7.10 Approvals for Retail/service Facilities.
Notwithstanding anything contained herein (i) approvals will not be required for termination of the Fitness Center Lease and any similar gift shop or other miscellaneous space in lobby or similar locations, and (ii) provided the other
requirements of Section 8.7.2 on New Leases and Lease Modifications are otherwise satisfied, the restriction therein on New Leases or Lease Modifications with Affiliates will not apply to New Leases or Lease Modifications relating to
portions of the Property used for retail or service facilities (“Retail/Service Facilities”). 
 IX.
INTEREST RATE CAP AGREEMENT 
 Section 9.1 Interest Rate Cap Agreement. Borrower shall maintain
the Interest Rate Cap Agreement with an Acceptable Counterparty in effect and having a term extending through the last day of the accrual period in which the applicable Maturity Date occurs, and an initial notional amount equal to the Loan Amount.
The Interest Rate Cap Agreement shall have a strike rate equal to the LIBOR Cap Strike Rate. The notional amount of the Interest Rate Cap Agreement may be reduced from time to time in amounts equal to any prepayment of the principal of the Loan made
in accordance with the Loan Documents, provided that the strike rate shall be equal to the LIBOR Cap Strike Rate. 
 Section
9.2 Pledge and Collateral Assignment. Borrower hereby pledges, assigns, transfers, delivers and grants a continuing first priority lien to Lender, as security for payment of all sums due in respect of the Loan and the performance
of all other terms, conditions and covenants of this Agreement and any other Loan Document on Borrower’s part to be paid and performed, in, to and under all of Borrower’s right, title and interest whether now owned or hereafter acquired
and whether now existing or hereafter arising (collectively, the “Rate Cap Collateral”): (i) in the Interest Rate Cap Agreement (as soon as such agreement is effective or when and if any replacement
agreement becomes effective, any Replacement Interest Rate Cap 
  

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 Agreement or Extension Interest Rate Cap Agreement); (ii) to receive any and all payments under the
Interest Rate Cap Agreement (or, when and if any such agreement becomes effective, any Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement), whether as contractual obligations, damages or otherwise; and (iii) to all
claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of the Interest Rate Cap Agreement (as soon as such agreement is effective or when and if any such agreement becomes
effective, any Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement), in each case including all accessions and additions to, substitutions for and replacements, products and proceeds of any of the foregoing. Borrower
shall deliver to Lender an executed counterpart of such Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Lender and require that
payments be made directly to Lender) and notify the Counterparty of such assignment (either in such Interest Rate Cap Agreement, Replacement Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement or by separate instrument). Borrower
shall not, without obtaining the prior written consent of Lender, further pledge, transfer, deliver, assign or grant any security interest in the Interest Rate Cap Agreement (or, when and if any such agreement becomes effective, any Replacement
Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement), or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements or any other notice or instrument as may be required under
the UCC, as appropriate, except those naming Lender as the secured party, to be filed with respect thereto. 
 Section 9.3
Covenants. (a) Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement. All amounts paid by the Counterparty under the Interest Rate Cap Agreement to Borrower or
Lender shall be deposited immediately into the Holding Account pursuant to Section 3.1. Borrower shall take all actions reasonably requested by Lender to enforce Borrower’s rights under the Interest Rate Cap Agreement in the event
of a default by the Counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder. 
 (b)
Borrower shall defend Lender’s right, title and interest in and to the Rate Cap Collateral pledged by Borrower pursuant hereto or in which it has granted a security interest pursuant hereto against the claims and demands of all other Persons.

 In the event of (x) any downgrade, withdrawal or qualification (each, a “Downgrade”) of the
rating of the Counterparty such that, thereafter, the Counterparty shall cease to be an Acceptable Counterparty and (y) the Counterparty shall fail to comply with the requirements contained in the Interest Rate Cap Agreement which are described
in “Exhibit I” upon such occurrence, the Borrower shall either (i) obtain a Rating Agency Confirmation with respect to the Counterparty or (ii) replace the Interest Rate Cap Agreement with a Replacement Interest Cap
Agreement, (x) having a term extending through the end of the Interest Period in which the Maturity Date occurs, (y) in a notional amount at least equal to the Principal Amount of the Loan then outstanding, and (z) having a strike
rate equal to the LIBOR Cap Strike Rate. 
 (c) In the event that Borrower fails to purchase and deliver to Lender the Interest
Rate Cap Agreement as and when required hereunder, Lender may purchase the Interest Rate Cap Agreement and the cost incurred by Lender in purchasing the Interest Rate Cap Agreement shall be paid by Borrower to Lender with interest thereon at the
Default Rate from the date such cost was incurred by Lender until such cost is paid by Borrower to Lender. 
  

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 (d) Borrower shall not (i) without the prior written consent of Lender, modify, amend
or supplement the terms of the Interest Rate Cap Agreement, (ii) without the prior written consent of Lender, except in accordance with the terms of the Interest Rate Cap Agreement, cause the termination of the Interest Rate Cap Agreement prior
to its stated maturity date, (iii) without the prior written consent of Lender, except as aforesaid, waive or release any obligation of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) under the
Interest Rate Cap Agreement, (iv) without the prior written consent of Lender, consent or agree to any act or omission to act on the part of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) which,
without such consent or agreement, would constitute a default under the Interest Rate Cap Agreement, (v) fail to exercise promptly and diligently each and every material right which it may have under the Interest Rate Cap Agreement,
(vi) take or intentionally omit to take any action or intentionally suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Interest Rate Cap
Agreement or any defense by the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) to payment or (vii) fail to give prompt notice to Lender of any notice of default given by or to Borrower under or with
respect to the Interest Rate Cap Agreement, together with a complete copy of such notice. If Borrower shall have received written notice that the Securitization shall have occurred, no consent by Lender provided for in this
Section 9.3(e) shall be given by Lender unless Lender shall have received a Rating Agency Confirmation. 
 In
connection with an Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender an Opinion of Counsel from counsel (which counsel may be in-house counsel for the Counterparty) for the Counterparty upon which Lender and its successors and
assigns may rely (the “Counterparty Opinion”), under New York law and, if the Counterparty is a non-U.S. entity, the applicable foreign law, substantially in compliance with the requirements set forth in
Exhibit F or in such other form approved by the Lender. 
 Section 9.4 Representations and
Warranties. Borrower hereby covenants with, and represents and warrants to, Lender as follows: 
 (a) The Interest
Rate Cap Agreement constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors
generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (b) The Rate Cap Collateral is free and clear of all claims or security interests of every nature whatsoever, except such as are created pursuant to this Agreement and the other Loan Documents, and
Borrower has the right to pledge and grant a security interest in the same as herein provided without the consent of any other Person other than any such consent that has been obtained and is in full force and effect. 
  

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 (c) The Rate Cap Collateral has been duly and validly pledged hereunder. All consents and
approvals required to be obtained by Borrower for the consummation of the transactions contemplated by this Agreement have been obtained. 
 (d) Giving effect to the aforesaid grant and assignment to Lender, Lender has, as of the date of this Agreement, and as to Rate Cap Collateral acquired from time to time after such date, shall have, a
valid, and upon proper filing, perfected and continuing first priority lien upon and security interest in the Rate Cap Collateral; provided that no representation or warranty is made with respect to the perfected status of the security interest of
Lender in the proceeds of Rate Cap Collateral consisting of “cash proceeds” or “non-cash proceeds” as defined in the UCC except if, and to the extent, the provisions of Section 9-306 of the UCC shall be complied with.

 (e) Except for financing statements filed or to be filed in favor of Lender as secured party, there are no financing
statements under the UCC covering any or all of the Rate Cap Collateral and Borrower shall not, without the prior written consent of Lender, until payment in full of all of the Obligations, execute and file in any public office, any enforceable
financing statement or statements covering any or all of the Rate Cap Collateral, except financing statements filed or to be filed in favor of Lender as secured party. 
 Section 9.5 Payments. If Borrower at any time shall be entitled to receive any payments with respect to the Interest Rate Cap Agreement, such amounts shall, immediately upon becoming
payable to Borrower, be deposited by Counterparty into the Holding Account. 
 Section 9.6 Remedies.
Subject to the provisions of the Interest Rate Cap Agreement, if an Event of Default shall occur and then be continuing: 
 (a)
Lender, without obligation to resort to any other security, right or remedy granted under any other agreement or instrument, shall have the right to, in addition to all rights, powers and remedies of a secured party pursuant to the UCC, at any time
and from time to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or more parcels and at the same or different times) and all right, title and interest, claim and demand therein and right
of redemption thereof, at public or private sale, for cash, upon credit or for future delivery, and in connection therewith Lender may grant options and may impose reasonable conditions such as requiring any purchaser to represent that any
“securities” constituting any part of the Rate Cap Collateral are being purchased for investment only, Borrower hereby waiving and releasing any and all equity or right of redemption to the fullest extent permitted by the UCC or applicable
law. If all or any of the Rate Cap Collateral is sold by Lender upon credit or for future delivery, Lender shall not be liable for the failure of the purchaser to purchase or pay for the same and, in the event of any such failure, Lender may resell
such Rate Cap Collateral. It is expressly agreed that Lender may exercise its rights with respect to less than all of the Rate Cap Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral, provided,
however, that such partial exercise shall in no way restrict or jeopardize Lender’s right to exercise its rights with respect to all or any other portion of the Rate Cap Collateral at a later time or times. 
  

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 (b) Lender may exercise, either by itself or by its nominee or designee, in the name of
Borrower, all of Lender’s rights, powers and remedies in respect of the Rate Cap Collateral, hereunder and under law. 
 (c) Borrower hereby irrevocably, in the name of Borrower or otherwise, authorizes and empowers Lender and assigns and transfers unto Lender, and constitutes and appoints Lender its true and lawful attorney-in-fact, and as its agent,
irrevocably, with full power of substitution for Borrower and in the name of Borrower, upon the occurrence and during the continuance of an Event of Default, (i) to exercise and enforce every right, power, remedy, authority, option and
privilege of Borrower under the Interest Rate Cap Agreement, including any power to subordinate or modify the Interest Rate Cap Agreement (but not, unless an Event of Default exists and is continuing, the right to terminate or cancel the Interest
Rate Cap Agreement), or to give any notices, or to take any action resulting in such subordination, termination, cancellation or modification and (ii) in order to more fully vest in Lender the rights and remedies provided for herein, to
exercise all of the rights, remedies and powers granted to Lender in this Agreement, and Borrower further authorizes and empowers Lender, as Borrower’s attorney-in-fact, and as its agent, irrevocably, with full power of substitution for
Borrower and in the name of Borrower, upon the occurrence and during the continuance of an Event of Default, to give any authorization, to furnish any information, to make any demands, to execute any instruments and to take any and all other action
on behalf of and in the name of Borrower which in the opinion of Lender may be necessary or appropriate to be given, furnished, made, exercised or taken under the Interest Rate Cap Agreement, in order to comply therewith, to perform the conditions
thereof or to prevent or remedy any default by Borrower thereunder or to enforce any of the rights of Borrower thereunder. These powers-of-attorney are irrevocable and coupled with an interest, and any similar or dissimilar powers heretofore given
by Borrower in respect of the Rate Cap Collateral to any other Person are hereby revoked. 
 (d) Upon the occurrence and during
the continuance of an Event of Default, Lender may, without notice to, or assent by, Borrower or any other Person (to the extent permitted by law), but without affecting any of the Obligations, in the name of Borrower or in the name of Lender,
notify the Counterparty, or if applicable, any other counterparty to the Interest Rate Cap Agreement, to make payment and performance directly to Lender; extend the time of payment and performance of, compromise or settle for cash, credit or
otherwise, and upon any terms and conditions, any obligations owing to Borrower, or claims of Borrower, under the Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits or other proceedings deemed by
Lender necessary or advisable for the purpose of collecting upon or enforcing the Interest Rate Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by Lender to protect and preserve and realize upon the Rate
Cap Collateral and the other rights contemplated hereby. 
 (e) Pursuant to the powers-of-attorney provided for above, Lender
may take any action and exercise and execute any instrument which it may deem necessary or advisable to accomplish the purposes hereof; provided, however, that Lender shall not be permitted to take any action pursuant to said
power-of-attorney that would conflict with any limitation on Lender’s rights with respect to the Rate Cap Collateral. Without limiting the generality of the foregoing, Lender, after the occurrence of an Event of Default, shall have the right
and power to receive, endorse and collect all checks and other orders for the payment of money made payable to 
  

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 Borrower representing: (i) any payment of obligations owed pursuant to the Interest Rate Cap Agreement,
(ii) interest accruing on any of the Rate Cap Collateral or (iii) any other payment or distribution payable in respect of the Rate Cap Collateral or any part thereof, and for and in the name, place and stead of Borrower, to execute
endorsements, assignments or other instruments of conveyance or transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder. 
 (f) Lender may exercise all of the rights and remedies of a secured party under the UCC. 
 (g) Without limiting any other provision of this Agreement or any of Borrower’s rights hereunder, and without waiving or releasing Borrower from any obligation or default hereunder, Lender shall have the right, but not the obligation,
to perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security of this Agreement, to cure such Event of Default or to cause any term, covenant, condition or obligation required under
this Agreement or the Interest Rate Cap Agreement to be performed or observed by Borrower to be promptly performed or observed on behalf of Borrower. All amounts advanced by, or on behalf of, Lender in exercising its rights under this
Section 9.7(g) (including, but not limited to, reasonable legal expenses and disbursements incurred in connection therewith), together with interest thereon at the Default Rate from the date of each such advance, shall be payable by
Borrower to Lender upon demand and shall be secured by this Agreement. 
 Section 9.7 Sales of Rate Cap
Collateral. No demand, advertisement or notice, all of which are, to the fullest extent permitted by law, hereby expressly waived by Borrower, shall be required in connection with any sale or other disposition of all or any part of
the Rate Cap Collateral, except that Lender shall give Borrower at least thirty (30) Business Days’ prior written notice of the time and place of any public sale or of the time when and the place where any private sale or other disposition
is to be made, which notice Borrower hereby agrees is reasonable, all other demands, advertisements and notices being hereby waived. To the extent permitted by law, Lender shall not be obligated to make any sale of the Rate Cap Collateral if it
shall determine not to do so, regardless of the fact that notice of sale may have been given, and Lender may without notice or publication adjourn any public or private sale, and such sale may, without further notice, be made at the time and place
to which the same was so adjourned. Upon each private sale of the Rate Cap Collateral of a type customarily sold in a recognized market and upon each public sale, unless prohibited by any applicable statute which cannot be waived, Lender (or its
nominee or designee) may purchase any or all of the Rate Cap Collateral being sold, free and discharged from any trusts, claims, equity or right of redemption of Borrower, all of which are hereby waived and released to the extent permitted by law,
and may make payment therefor by credit against any of the Obligations in lieu of cash or any other obligations. In the case of all sales of the Rate Cap Collateral, public or private, Borrower shall pay all reasonable costs and expenses of every
kind for sale or delivery, including brokers’ and attorneys’ fees and disbursements and any tax imposed thereon. However, the proceeds of sale of Rate Cap Collateral shall be available to cover such costs and expenses, and, after deducting
such costs and expenses from the proceeds of sale, Lender shall apply any residue to the payment of the Obligations in the order of priority as set forth in Section 11 of the Security Instrument. 
  

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 Section 9.8 Public Sales Not Possible. Borrower acknowledges that the
terms of the Interest Rate Cap Agreement may prohibit public sales, that the Rate Cap Collateral may not be of the type appropriately sold at public sales, and that such sales may be prohibited by law. In light of these considerations, Borrower
agrees that private sales of the Rate Cap Collateral shall not be deemed to have been made in a commercially unreasonably manner by mere virtue of having been made privately. 
 Section 9.9 Receipt of Sale Proceeds. Upon any sale of the Rate Cap Collateral by Lender hereunder (whether by virtue
of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt by Lender or the officer making the sale or the proceeds of such sale shall be a sufficient discharge to the purchaser or purchasers of the Rate Cap
Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to Lender or such officer or be answerable in any way for the misapplication or non-application
thereof. 
 Section 9.10 Extension Interest Rate Cap Agreement. If Borrower exercises any of its options to
extend the Maturity Date pursuant to Section 5 of the Note, then, on or prior to the Maturity Date being extended, the Borrower shall obtain or have in place an Extension Interest Rate Cap Agreement (i) having a term through the end
of the Interest Period in which the extended Maturity Date occurs, (ii) in a notional amount at least equal to the Principal Amount of the Loan as of the Maturity Date being extended, and (iii) having a strike rate equal to an amount such
that the maximum interest rate paid by the Borrower after giving effect to payments made under such Extension Interest Rate Cap Agreement shall equal no more than the LIBOR Cap Strike Rate. 
 Section 9.11 Filing of Financing Statements Authorized. Borrower and Operating Lessee hereby authorize the filing of a
form UCC-1 financing statement naming the Borrower and the Operating Lessee as debtors and the Lender as secured party in any office (including the office of the Secretary of State of the State of Delaware) covering all property of the Borrower and
the Operating Lessee (including, but not limited to, the Account Collateral and the Rate Cap Collateral, but excluding Excess Cash Flow). 
 X. MAINTENANCE OF PROPERTY; ALTERATIONS 
 Section 10.1
Maintenance of Property. Borrower shall keep and maintain, or cause to be kept and maintained, the Property and every part thereof in good condition and repair, subject to ordinary wear and tear, and, subject to Excusable Delays
and the provisions of this Agreement with respect to damage or destruction caused by a Casualty or Condemnation, shall not permit or commit any waste, impairment, or deterioration of any portion of the Property in any material respect. Borrower
further covenants to do all other acts which from the character or use of the Property may be reasonably necessary to protect the security hereof, the specific enumerations herein not excluding the general. Borrower shall not demolish any
Improvement on the Property except as the same may be necessary in connection with an Alteration or a restoration in connection with a Condemnation or Casualty, or as otherwise permitted herein, in each case in accordance with the terms and
conditions hereof. 
  

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 Section 10.2 Alterations and Expansions. Borrower shall not perform or
undertake or consent to the performance or undertaking of any Alteration or Expansion, except in accordance with the following terms and conditions: 
 (a) The Alteration or Expansion shall be undertaken in accordance with the applicable provisions of this Agreement, the other Loan Documents, the Leases and all Legal Requirements. 
 (b) No Event of Default shall have occurred and be continuing or shall occur as a result of such action. 
 (c) A Material Alteration or Material Expansion, to the extent architects are customarily used for alterations or expansions of those types,
but including any structural change to any of the Property or the Improvements, shall be conducted under the supervision of an Independent Architect and shall not be undertaken until ten (10) Business Days after there shall have been filed with
Lender, for information purposes only and not for approval by Lender, detailed plans and specifications and cost estimates therefor, prepared and approved in writing by such Independent Architect. Such plans and specifications may be revised at any
time and from time to time, provided that revisions of such plans and specifications shall be filed with Lender, for information purposes only. 
 (d) The Alteration or Expansion may not in and of itself, either during the Alteration or Expansion or upon completion, be reasonably expected to have a Material Adverse Effect with respect to the
Property. 
 (e) All work done in connection with any Alteration or Expansion shall be performed with due diligence to Final
Completion in a good and workmanlike manner, all materials used in connection with any Alteration or Expansion shall be not less than the standard of quality of the materials generally used at the Property as of the date hereof (or, if greater, the
then-current customary quality in the sub-market in which the Property is located) and all work shall be performed and all materials used in accordance with all applicable Legal Requirements and Insurance Requirements. 
 (f) The cost of any Alteration or Expansion shall be promptly and fully paid for by Borrower, subject to the next succeeding sentence. No
payment made prior to the Final Completion (excluding punch-list items) of an Alteration or Expansion or Restoration to any contractor, subcontractor, materialman, supplier, engineer, architect, project manager or other Person who renders services
or furnishes materials in connection with such Alteration shall exceed ninety percent (90%) of the aggregate value of the work performed by such Person from time to time and materials furnished and incorporated into the Improvements.

 (g) Intentionally Deleted. 
 (h) With respect to any Material Alteration or Material Expansion: 
 (i) Borrower
shall have delivered to Lender Eligible Collateral in an amount equal to at least the total estimated remaining unpaid costs of such Material Alteration or Material Expansion which is in excess of the Threshold Amount, which Eligible Collateral
shall 
  

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 be held by Lender as security for the Indebtedness and released to Borrower as such work progresses in
accordance with Section 10.2(h)(iii); provided, however, in the event that any Material Alteration or Material Expansion shall be made in conjunction with any Restoration with respect to which Borrower shall be entitled to
use or apply Proceeds pursuant to Section 6.2 hereof (including any Proceeds remaining after completion of such Restoration), the amount of the Eligible Collateral to be furnished pursuant hereto need not exceed the aggregate cost of
such Restoration and such Material Alteration or Material Expansion (in either case, as estimated by the Independent Architect) less the sum of the amount of any Proceeds which the Borrower is entitled to withdraw pursuant to Section 6.2
hereof and the Threshold Amount; 
 (ii) Prior to commencement of construction of such Material Alteration or Material
Expansion, Borrower shall deliver to Lender a schedule (with the concurrence of the Independent Architect) setting forth the projected stages of completion of such Alteration or Expansion and the corresponding amounts expected to be due and payable
by or on behalf of Borrower in connection with such completion, such schedule to be updated quarterly by Borrower (and with the concurrence of the Independent Architect) during the performance of such Alteration or Expansion. 
 (iii) Any Eligible Collateral that a Borrower delivers to Lender pursuant hereto (and the proceeds of any such Eligible Collateral) shall
be invested (to the extent such Eligible Collateral can be invested) by Lender in Permitted Investments for a period of time consistent with the date on which the Borrower notifies Lender that the Borrower expects to request a release of such
Eligible Collateral in accordance with the next succeeding sentence. From time to time as the Alteration or Expansion progresses, the amount of any Eligible Collateral so furnished may, upon the written request of Borrower to Lender, be withdrawn by
Borrower and paid or otherwise applied by or returned to Borrower in an amount equal to the amount Borrower would be entitled to so withdraw if Section 6.2.4 were applicable, and any Eligible Collateral so furnished which is a Letter of
Credit may be reduced by Borrower in an amount equal to the amount Borrower would be entitled to so reduce if Section 6.2.4 hereof were applicable, subject, in each case, to the satisfaction of the conditions precedent to withdrawal of
funds or reduction of the Letter of Credit set forth in Section 6.2.4 hereof. In connection with the above-described quarterly update of the projected stages of completion of the Material Alteration or Material Expansion (as concurred
with by an Independent Architect), Borrower shall increase (or be permitted to decrease, as applicable) the Eligible Collateral then deposited with Lender as necessary to comply with Section 10.2(h)(i) hereof. 
 (iv) At any time after Final Completion of such Material Alterations or Material Expansions, the whole balance of any Cash deposited with
Lender pursuant to Section 10.2(h) hereof then remaining on deposit may be withdrawn by Borrower and shall be paid by Lender to Borrower, and any Eligible Collateral so deposited shall, to the extent it has not been called upon, reduced
or theretofore released, be released by Lender to Borrower, within ten (10) days after receipt by Lender of an application for such withdrawal and/or release together with an Officer’s Certificate, and as to the following clauses (A)
and (B) of this clause also a certificate of the Independent Architect, setting forth in substance as follows: 
 (A) that
such Material Alteration(s) or Material Expansion(s) has been completed in all material respects in accordance with any plans and specifications therefor previously filed with Lender under Section 10.2(c) hereof; 
  

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 (B) that to the knowledge of the certifying Person, (x) such Material Alteration(s) or
Material Expansion(s) has been completed in compliance with all Legal Requirements, and (y) to the extent required for the legal use or occupancy of the portion of the Property affected by such Alteration(s) or Expansion(s), the applicable
Borrower has obtained a temporary or permanent certificate of occupancy (or similar certificate) or, if no such certificate is required, a statement to that effect; 
 (C) that to the knowledge of the certifying Person, all amounts that a Borrower is or may become liable to pay in respect of such Material Alteration(s) or Material Expansion(s) through the date of the
certification have been paid in full or adequately provided for and, to the extent that such are customary and reasonably obtainable by prudent property owners in the area where the applicable Property is located, that Lien waivers have been
obtained from the general contractor and subcontractors performing such Alteration(s) or Expansion(s) or at its sole cost and expense, Borrower shall cause a nationally recognized title insurance company to deliver to Lender an endorsement to the
Title Policy, updating such policy and insuring over such Liens without further exceptions to such policy other than Permitted Encumbrances, or shall, at its sole cost and expense, cause a reputable title insurance company to deliver a
lender’s title insurance policy, in such form, in such amounts and with such endorsements as the Title Policy, which policy shall be dated the date of completion of the Material Alteration and shall contain no exceptions other than
Permitted Encumbrances; provided, however, that if, for any reason, Borrower are unable to deliver the certification required by this clause (C) with respect to any costs or expenses relating to the Alteration(s) or Expansion(s),
then, assuming Borrower are able to satisfy each of the other requirements set forth in clauses (A) and (B) above, Borrower shall be entitled to the release of the difference between the whole balance of such Eligible Collateral and the
total of all costs and expenses to which Borrower are unable to certify; and 
 (D) that to the knowledge of the certifying
Person, no Event of Default has occurred and is continuing. 
 XI. BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND
OTHER INFORMATION 
 Section 11.1 Books and Records. Borrower shall keep and maintain on a fiscal
year basis proper books and records separate from any other Person, in which accurate and complete entries shall be made of all dealings or transactions of or in relation to the Note, the Property and the business and affairs of Borrower and
Operating Lessee relating to the Property which shall reflect all items of income and expense in connection with the operation on an individual basis of the Property and in connection with any services, equipment or furnishings provided in
connection with the operation of the Property, in accordance with GAAP. Lender and its authorized representatives shall have the right at reasonable times and upon reasonable notice to examine the books and records of Borrower and Operating
Lessee relating to the operation of the Property and to make such copies or extracts thereof as Lender may reasonably 
  

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 require. Notwithstanding any other provision of this Agreement or any other Loan Document, so long as the
Borrower and Operating Lessee otherwise comply with the foregoing provisions of this Section 11.1, any requirement for the presentation of audited financial statements or similar reports of the Borrower, the Property or the Operating
Lessee shall be deemed satisfied if such audit financial statement or similar reports are contained in an audited financial statement or similar report which includes a separate combining schedule setting forth in reasonable detail the separate
financial information which relates solely to the Borrower, the Operating Lessee and the Property. 
 Section 11.2
Financial Statements. 
 11.2.1 Monthly Reports. At the request of Lender, Borrower shall
furnish to Lender, within thirty (30) days after the end of each calendar month, unaudited operating statements, aged accounts receivable reports, rent rolls, STAR Reports and PACE Reports; occupancy and ADR reports for the Property, in each
case accompanied by an Officer’s Certificate certifying (i) with respect to the operating statements, that to the Best of Borrower’s Knowledge and the best of such officer’s knowledge such statements are true, correct, accurate
and complete and fairly present the results of the operations of Borrower and the Property, and (ii) with respect to the aged accounts receivable reports, rent rolls, occupancy and ADR reports, that such items are to the Best of Borrower’s
Knowledge and the best of such officer’s knowledge true, correct and accurate and fairly present the results of the operations of Borrower and the Property. Borrower will also provide Lender copies of all flash reports within its possession as
to monthly revenues of the Property upon request. 
 11.2.2 Quarterly Reports. Borrower will
furnish, or cause to be furnished, to Lender on or before the forty-fifth (45th) day after the end of each Fiscal Quarter, the following items, accompanied by an Officer’s Certificate, certifying that to the Best of Borrower’s Knowledge and the best of such
officer’s knowledge such items are true, correct, accurate and complete and fairly present the financial condition and results of the operations of Borrower and the Property in a manner consistent with GAAP (subject to normal periodic
adjustments) to the extent applicable: 
 (a) quarterly and year to date financial statements prepared for such fiscal quarter
with respect to the Borrower, including a balance sheet and operating statement for such quarter for the Borrower for such quarter; 
 (b) occupancy levels at the Property for such period, including average daily room rates and the average revenue per available room; 
 (c) concurrently with the provision of such reports, Borrower shall also furnish a report of Operating Income and Operating Expenses (as well as a calculation of Net Operating Income based thereon) with
respect to the Borrower and the Property for the most recently completed quarter; 
 (d) a STAR Report and to the extent
provided by Manager a PACE Report for the most recently completed quarter; 
 (e) a calculation of DSCR for the trailing
four (4) Fiscal Quarters; and 
  

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 (f) to the extent provided by Manager a report of aged accounts receivable relating to the
Property as of the most recently completed quarter and a list of Security Deposits and the aggregate amount of all Security Deposits. 
 11.2.3 Annual Reports. Borrower shall furnish to Lender within ninety (90) days following the end of each Fiscal Year a complete copy of the annual financial statements of the Borrower, audited by a “Big Four”
accounting firm or another independent certified public accounting firm acceptable to Lender in accordance with GAAP for such Fiscal Year and containing a balance sheet, a statement of operations and a statement of cash flows. The annual financial
statements of the Borrower shall be accompanied by (i) an Officer’s Certificate certifying that each such annual financial statement presents fairly, in all material respects, the financial condition and results of operation of the
Property and has been prepared in accordance with GAAP and (ii) a management report, in form and substance reasonably satisfactory to Lender, discussing the reconciliation between the financial statements for such Fiscal Year and the most
recent Budget. Together with the Borrower’s annual financial statements, the Borrower shall furnish to Lender (A) an Officer’s Certificate certifying as of the date thereof whether, to Borrower’s knowledge, there exists a Default
or Event of Default, and if such Default or Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same; and (B) an annual report, for the most recently completed fiscal
year, containing: 
  

	 	(1)	Capital Expenditures (including for this purpose any and all additions to, and replacements of, FF&E,) made in respect of the Property, including separate line
items with respect to any project costing in excess of $500,000; 

  

	 	(2)	occupancy levels for the Property for such period; and 

  

	 	(3)	average daily room rates at the Property for such period. 

 11.2.4 Leasing Reports. Not later than forty-five (45) days after the end of each fiscal quarter of Borrower’s operations, Borrower shall deliver to Lender a true and complete rent
roll for the Property, dated as of the last month of such fiscal quarter, showing the percentage of gross leasable area of the Property, if any, leased as of the last day of the preceding calendar quarter, the current annual rent for the Property,
the expiration date of each Lease, whether to Borrower’s knowledge any portion of the Property has been sublet, and if it has, the name of the subtenant, and such rent roll shall be accompanied by an Officer’s Certificate certifying that
such rent roll is true, correct and complete in all material respects as of its date and stating whether Borrower, within the past three (3) months, has issued a notice of default with respect to any Lease which has not been cured and the
nature of such default. 
 11.2.5 Management Agreement. Borrower shall deliver to Lender, within ten (10)
Business Days of the receipt thereof by Borrower, a copy of all reports prepared by Manager pursuant to the Management Agreement, including, without limitation, the Budget and any inspection reports. 
  

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 11.2.6 Budget. Not later than March 1st of each Fiscal Year hereafter, Borrower shall prepare or cause to be
prepared and deliver to Lender, for informational purposes only, a Budget in respect of the Property for the Fiscal Year in which such delivery date falls. If Borrower subsequently amends the Budget, Borrower shall promptly deliver the amended
Budget to Lender. 
 11.2.7 Other Information. Borrower shall, promptly after written request by Lender or, if a
Securitization shall have occurred, the Rating Agencies, furnish or cause to be furnished to Lender, in such manner and in such detail as may be reasonably requested by Lender, such reasonable additional information as may be reasonably requested
with respect to the Property. The information required to be furnished by Borrower to Lender under this Section 11.2 shall be provided in both hard copy format and electronic format; provided that Borrower shall only be required
to provide the information required under this Section 11.2.7 in electronic format if such information is so available in the ordinary course of the operations of the Borrower and Manager and without significant expense. 
 XII. ENVIRONMENTAL MATTERS 
 Section 12.1 Representations. Borrower hereby represents and warrants that except as set forth in the environmental reports and studies delivered to Lender (the “Environmental
Reports”), (i) Borrower has not engaged in or knowingly permitted any operations or activities upon, or any use or occupancy of the Property, or any portion thereof, for the purpose of or in any way involving the handling,
manufacture, treatment, storage, use, generation, release, discharge, refining, dumping or disposal of any Hazardous Materials on, under, in or about the Property, or transported any Hazardous Materials to, from or across the Property, except in all
cases in material compliance with Environmental Laws and only in the course of legitimate business operations at the Property; (ii) to the Best of Borrower’s Knowledge, no tenant, occupant or user of the Property, or any other Person, has
engaged in or permitted any operations or activities upon, or any use or occupancy of the Property, or any portion thereof, for the purpose of or in any material way involving the handling, manufacture, treatment, storage, use, generation, release,
discharge, refining, dumping or disposal of any Hazardous Materials on, in or about the Property, or transported any Hazardous Materials to, from or across the Property, except in all cases in material compliance with Environmental Laws and only in
the course of legitimate business operations at the Property; (iii) to the Best of Borrower’s Knowledge, no Hazardous Materials are presently constructed, deposited, stored, or otherwise located on, under, in or about the Property except
in material compliance with Environmental Laws; (iv) to the Best of Borrower’s Knowledge, no Hazardous Materials have migrated from the Property upon or beneath other properties which would reasonably be expected to result in material
liability for Borrower; and (v) to the Best of Borrower’s Knowledge, no Hazardous Materials have migrated or threaten to migrate from other properties upon, about or beneath the Property which would reasonably be expected to result in
material liability for Borrower. 
 Section 12.2 Covenants. Compliance with Environmental Laws.

 Subject to Borrower’s right to contest under Section 7.3, Borrower covenants and agrees with Lender that it
shall comply with all Environmental Laws. If at any time during the 
  

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 continuance of the Lien of the Security Instrument, a Governmental Authority having jurisdiction over the
Property requires remedial action to correct the presence of Hazardous Materials in, around, or under the Property (an “Environmental Event”), Borrower shall deliver prompt notice of the occurrence of such Environmental Event
to Lender. Within thirty (30) days after Borrower has knowledge of the occurrence of an Environmental Event, Borrower shall deliver to Lender an Officer’s Certificate (an “Environmental Certificate”) explaining the
Environmental Event in reasonable detail and setting forth the proposed remedial action, if any. Borrower shall promptly provide Lender with copies of all notices from any Governmental Authority which allege or identify any actual or potential
violation or noncompliance received by or prepared by or for Borrower in connection with any Environmental Law. For purposes of this paragraph, the term “notice” shall mean any summons, citation, directive, order, claim, pleading, letter,
application, filing, report, findings, declarations or other materials provided by any Governmental Entity pertinent to compliance of the Property and Borrower with such Environmental Laws. 
 Section 12.3 Environmental Reports. Upon the occurrence and during the continuance of an Environmental Event with respect to
the Property or an Event of Default, Lender shall have the right to direct Borrower to obtain consultants reasonably approved by Lender to perform a comprehensive environmental audit of the Property. Such audit shall be conducted by an environmental
consultant chosen by Lender and may include a visual survey, a record review, an area reconnaissance assessing the presence of hazardous or toxic waste or substances, PCBs or storage tanks at the Property, an asbestos survey of the Property, which
may include random sampling of the Improvements and air quality testing, and such further site assessments as Lender may reasonably require due to the results obtained from the foregoing. Borrower grants Lender, its agents, consultants and
contractors the right to enter the Property as reasonable or appropriate for the circumstances for the purposes of performing such studies and the reasonable cost of such studies shall be due and payable by Borrower to Lender upon demand and shall
be secured by the Lien of the Security Instrument. Lender shall not unreasonably interfere with, and Lender shall direct the environmental consultant to use its commercially reasonable efforts not to hinder, Borrower’s or any Tenant’s,
other occupant’s or Manager’s operations upon the Property when conducting such audit, sampling or inspections. By undertaking any of the measures identified in and pursuant to this Section 12.3, Lender shall not be deemed to
be exercising any control over the operations of Borrower or the handling of any environmental matter or hazardous wastes or substances of Borrower for purposes of incurring or being subject to liability therefor. 
 Section 12.4 Environmental Indemnification. Borrower shall protect, indemnify, save, defend, and hold harmless the Indemnified
Parties from and against any and all liability, loss, damage, actions, causes of action, costs or expenses whatsoever (including reasonable attorneys’ fees and expenses) and any and all claims, suits and judgments which any Indemnified Party
may suffer, as a result of or with respect to: (a) any Environmental Claim relating to or arising from the Property; (b) the violation of any Environmental Law in connection with the Property; (c) any release, spill, or the presence
of any Hazardous Materials affecting the Property; and (d) the presence at, in, on or under, or the release, escape, seepage, leakage, discharge or migration at or from, the Property of any Hazardous Materials, whether or not such condition was
known or unknown to Borrower; provided that, in each case, Borrower shall be relieved of its obligation under this subsection if any of the matters referred to in 
  

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 clauses (a) through (d) above did not occur (but need not have been discovered) prior to
(1) the foreclosure of the Security Instrument, (2) the delivery by Borrower to Lender or its designee of a deed-in-lieu of foreclosure with respect to the Property, or (3) Lender’s or its designee’s taking possession and
control of the Property after the occurrence of an Event of Default hereunder. If any such action or other proceeding shall be brought against Lender, upon written notice from Borrower to Lender (given reasonably promptly following Lender’s
notice to Borrower of such action or proceeding), Borrower shall be entitled to assume the defense thereof, at Borrower’s expense, with counsel reasonably acceptable to Lender; provided, however, Lender may, at its own expense,
retain separate counsel to participate in such defense, but such participation shall not be deemed to give Lender a right to control such defense, which right Borrower expressly retains. Notwithstanding the foregoing, each Indemnified Party shall
have the right to employ separate counsel at Borrower’s expense if, in the reasonable opinion of legal counsel, a conflict or potential conflict exists between the Indemnified Party and Borrower that would make such separate representation
advisable. Borrower shall have no obligation to indemnify an Indemnified Party for damage or loss resulting from such Indemnified Party’s gross negligence or willful misconduct. 
 Section 12.5 Recourse Nature of Certain Indemnifications. Notwithstanding anything to the contrary provided in this Agreement
or in any other Loan Document, the indemnification provided in Section 12.4 shall be fully recourse to Borrower (but not its constituent parties) and shall be independent of, and shall survive, the discharge of the Indebtedness, the
release of the Lien created by the Security Instrument, and/or the conveyance of title to the Property to Lender or any purchaser or designee in connection with a foreclosure of the Security Instrument or conveyance in lieu of foreclosure.

 XIII. RESERVED 
  

	 	XIV.	SECURITIZATION AND PARTICIPATION 

 Section 14.1 Sale of Note and Securitization. At the request of Lender and, to the extent not already required to be provided by Borrower under this Agreement, Borrower shall use reasonable
efforts to satisfy the market standards which may be reasonably required in the marketplace or by the Rating Agencies in connection with the sale of the Note or participation therein as part of the first successful securitization (such sale and/or
securitization, the “Securitization”) of rated single or multi-class securities (the “Securities”) secured by or evidencing ownership interests in the Note and this Agreement, including using
reasonable efforts to do (or cause to be done) the following (but Borrower shall not in any event be required to incur, suffer or accept (except to a de minimis extent)) (i) any lesser rights or greater obligations or liability than as
currently set forth in the Loan Documents and (ii) except as set forth in this Article XIV and other than payment by Borrower of any legal fees of Borrower and Sponsor, any expense or any liability: 
 14.1.1 Provided Information. (i) Provide, at the sole expense of the holder of the Note (other than legal fees of counsel
to the Borrower and Sponsor), such non-confidential financial and other information (but not projections) with respect to the Property and Borrower and Manager to the extent such information is reasonably available to Borrower or Manager,
(ii) provide, at the sole expense of the holder of the Note (other than legal 
  

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 fees of counsel to the Borrower and Sponsor), business plans (but not projections) and budgets relating to
the Property, to the extent prepared by the Borrower or Manager and (iii) cooperate with the holder of the Note (and its representatives) in obtaining, at the sole expense of the holder of the Note (other than legal fees of counsel to the
Borrower and Sponsor), such site inspection, appraisals, market studies, environmental reviews and reports, engineering reports and other due diligence investigations of the Property, as may be reasonably requested by the holder of the Note or
reasonably requested by the Rating Agencies (all information provided pursuant to this Section 14.1 together with all other information heretofore provided to Lender in connection with the Loan, as such may be updated, at Borrower’s
request, in connection with a Securitization, or hereafter provided to Lender in connection with the Loan or a Securitization, being herein collectively called the “Provided Information”); 
 14.1.2 Opinions of Counsel. Use reasonable efforts to cause to be rendered such customary updates or customary modifications
to the Opinions of Counsel delivered at the closing of the Loan as may be reasonably requested by the holder of the Note or the Rating Agencies in connection with the Securitization. Borrower’s failure to use reasonable efforts to deliver or
cause to be delivered the opinion updates or modifications required hereby within twenty (20) Business Days after written request therefor shall constitute an “Event of Default” hereunder. To the extent any of the
foregoing Opinions of Counsel were required to be delivered in connection with the closing of the Loan, any update thereof shall be at the expense of Lender and without cost to Borrower. Any such Opinions of Counsel that Borrower is reasonably
required to cause to be delivered in connection with a Securitization (which the parties agree shall consist of a “Review Letter” and bring downs of the Opinions of Counsel delivered as of the date hereof which Borrower acknowledges will
be required to be delivered by Borrower’s counsel in connection with a Securitization taking into account the due diligence Borrower’s counsel deems reasonably necessary to deliver such “Review Letter”). Borrower shall not be
required to pay the cost of any reliance letters or new opinions to permit successor holders of the Loan or any interest therein to rely on the opinions delivered at Closing in connection with Securitization or assignments of the Loan. 

14.1.3 Modifications to Loan Documents. Without cost to the Borrower (other than legal fees of counsel to the Borrower and
Sponsor), execute such amendments to the organizational documents of Borrower, Security Instrument and Loan Documents as may be reasonably requested by Lender or the Rating Agencies in order to achieve the required rating or to effect the
Securitization (including, without limitation, modifying the Payment Date, as defined in the Note, to a date other than as originally set forth in the Note), provided, that nothing contained in this Section 14.1.3 shall result in
any economic or other adverse change in the transaction contemplated by the Security Instrument or the Loan Documents (unless Borrower is made whole by the holder of Note) or result in any operational changes that are burdensome to the Property,
Operating Lessee, Manager or Borrower. 
 Section 14.2 Cooperation with Rating Agencies. Borrower shall, at
Lender’s expense (other than legal fees of counsel to the Borrower and Sponsor), (i) at Lender’s request, meet with representatives of the Rating Agencies at reasonable times to discuss the business and operations of the Property, and
(ii) cooperate with the reasonable requests of the Rating Agencies in connection with the Property. Until the Obligations are paid in full, Borrower shall provide the Rating Agencies with all financial reports required hereunder and such other
information as 
  

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 they shall reasonably request, including copies of any default notices or other material notices delivered
to and received from Lender hereunder, to enable them to continuously monitor the creditworthiness of Borrower and to permit an annual surveillance of the implied credit rating of the Securities. 
 Section 14.3 Securitization Financial Statements. Borrower acknowledges that all such financial information delivered by
Borrower to Lender pursuant to Article XI may, at Lender’s option, be delivered to the Rating Agencies. 
 Section 14.4 Securitization Indemnification. 
 14.4.1 Disclosure Documents. Borrower
understands that certain of the Provided Information may be included in disclosure documents in connection with the Securitization, including a prospectus or private placement memorandum or a public registration statement (each, a
“Disclosure Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”) or the Securities and
Exchange Act of 1934, as amended (the “Exchange Act”), or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization. In the
event that the Disclosure Document is required to be revised prior to the sale of all Securities, upon request, Borrower shall reasonably cooperate with the holder of the Note in updating the Provided Information for inclusion or summary in the
Disclosure Document by providing all current information pertaining to Borrower and the Property reasonably requested by Lender. 
 14.4.2 Indemnification Certificate. In connection with each of (x) a preliminary and a private placement memorandum, or (y) a preliminary and final prospectus, as applicable, Borrower agrees to provide, at
Lender’s reasonable request, an indemnification certificate (at no cost to Borrower other than legal fees of counsel to the Borrower and Sponsor): 
 (a) certifying that Borrower has carefully examined those portions of such memorandum or prospectus, as applicable, reasonably designated in writing by Lender for Borrower’s review pertaining to
Borrower, the Property, the Loan and/or the Provided Information and insofar as such sections or portions thereof specifically pertain to Borrower, the Property, the Provided Information or the Loan (such portions, the “Relevant
Portions”), the Relevant Portions do not (except to the extent specified by Borrower if Borrower does not agree with the statements therein), as of the date of such certificate, to the Best of Borrower’s Knowledge, contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading. 
 (b) indemnifying Lender and the Affiliates of Citigroup Global Markets Inc. (collectively, “CGM”) that have prepared
the Disclosure Document relating to the Securitization, each of its directors, each of its officers who have signed the Disclosure Document and each person or entity who controls CGM within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (collectively, the “CGM Group”), and CGM, together with the CGM Group, each of their respective directors and each person who controls CGM or the CGM Group, within the meaning of
Section 15 of the Securities Act and Section 20 
  

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 of the Exchange Act (collectively, the “Underwriter Group”) for any actual,
out-of-pocket losses, third party claims, damages (excluding lost profits, diminution in value and other consequential damages) or liabilities arising out of third party claims (the “Liabilities”) to which any member of the
Underwriter Group may become subject to the extent such Liabilities arise out of or are based upon any untrue statement of any material fact contained in the Relevant Portions and in the Provided Information or arise out of or are based upon the
omission by Borrower to state therein a material fact required to be stated in the Relevant Portions in order to make the statements in the Relevant Portions in light of the circumstances under which they were made, not misleading (except that
(x) Borrower’s obligation to indemnify in respect of any information contained in a preliminary or final registration statement, private placement memorandum or preliminary or final prospectus shall be limited to any untrue statement or
omission of material fact therein known to Borrower to the extent in breach of Borrower’s certification made pursuant to clause (a) above and (y) Borrower shall have no responsibility for the failure of any member of the Underwriting
Group to accurately transcribe written information supplied by Borrower or to include such portions of the Provided Information). 
 (c) Borrower’s liability under clauses (a) and (b) above shall be limited to Liabilities arising out of or based upon any such untrue statement or omission made in a Disclosure Document in reliance upon and in conformity with
information furnished to Lender by, or furnished at the direction and on behalf of, Borrower in connection with the preparation of those portions of the registration statement, memorandum or prospectus pertaining to Borrower, the Property or the
Loan, including financial statements of Borrower and operating statements with respect to the Property. This indemnity agreement will be in addition to any liability which Borrower may otherwise have. 
 (d) Promptly after receipt by an indemnified party under this Article XIV of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Article XIV, notify the indemnifying party in writing of the commencement thereof, but the omission to so notify the
indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder except to the extent that failure to notify causes prejudice to the indemnifying party. In the
event that any action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled, jointly with any other indemnifying party, to participate therein and, to
the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such
indemnified party. After notice from the indemnifying party to such indemnified party under this Article XIV of its assumption of such defense, the indemnifying party shall not be liable for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have
reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or in conflict with those available to the indemnifying party, the indemnified party or parties shall have the right to
select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties at the expense of the indemnifying party. The indemnifying party shall not be liable for
the expenses 
  

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 of separate counsel unless an indemnified party shall have reasonably concluded that there may be legal
defenses available to it that are different from or in conflict with those available to another indemnified party. 
 (e) In
order to provide for just and equitable contribution in circumstances in which the indemnity provided for in this Article XIV is for any reason held to be unenforceable by an indemnified party in respect of any actual, out-of-pocket
losses, claims, damages or liabilities relating to third party claims (or action in respect thereof) referred to therein which would otherwise be indemnifiable under this Article XIV, the indemnifying party shall contribute to the amount
paid or payable by the indemnified party as a result of such actual, out of pocket losses, third party claims, damages or liabilities (or action in respect thereof) (but excluding damages for lost profits, diminution in value of the Property and
consequential damages); provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution for Liabilities arising therefrom from
any person who was not guilty of such fraudulent misrepresentation. In determining the amount of contribution to which the respective parties are entitled, the following factors shall be considered: (i) the CGM Group’s and Borrower’s
relative knowledge and access to information concerning the matter with respect to which the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission; (iii) the limited responsibilities and obligations of
Borrower as specified herein; and (iv) any other equitable considerations appropriate in the circumstances. 
 Section
14.5 Retention of Servicer. Lender reserves the right to retain the Servicer. Lender has advised Borrower that the Servicer initially retained by Lender shall be Wachovia Securities and Borrower shall pay any reasonable servicing fees,
special servicing fees, trustee fees and any administrative fees and expenses of the Servicer, including, without limitation, reasonable attorney and other third-party fees and disbursements in connection with a prepayment, release of the Property,
assumption or modification of the Loan or enforcement of the Loan Documents. Borrower shall also pay the ongoing standard monthly servicing fee. 
 XV. ASSIGNMENTS AND PARTICIPATIONS 
 Section 15.1 Assignment
and Acceptance. At no incremental cost or liability to Borrower, Lender may assign to one or more Persons all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including, without limitation, all or
a portion of the Note); provided that the parties to each such assignment shall execute and deliver to Lender, for its acceptance and recording in the Register (as hereinafter defined), an Assignment and Acceptance. In addition, at no incremental
cost to Borrower, Lender may participate to one or more Persons all or any portion of its rights and obligations under this Agreement and the other Loan Documents (including without limitation, all or a portion of the Note) utilizing such
documentation to evidence such participation and the parties’ respective rights thereunder as Lender, in its sole discretion, shall elect. 
 Section 15.2 Effect of Assignment and Acceptance. Upon such execution, delivery, acceptance and recording, from and after the effective date specified in such Assignment and Acceptance,
(i) the assignee thereunder shall be a party hereto and, to the extent 
  

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 that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance,
have the rights and obligations of Lender, as the case may be, hereunder and such assignee shall be deemed to have assumed such rights and obligations, and (ii) Lender shall, to the extent that rights and obligations hereunder have been
assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement and the other Loan Documents (and, in the case of an Assignment and Acceptance covering all or the remaining
portion of Lender’s rights and obligations under this Agreement and the other Loan Documents, Lender shall cease to be a party hereto) accruing from and after the effective date of the Assignment and Acceptance, except with respect to
(A) any payments made by Borrower to Lender pursuant to the terms of the Loan Documents after the effective date of the Assignment and Acceptance and (B) any letter of credit, cash deposit or other deposits or security (other than the Lien
of the Security Instrument and the other Loan Documents) delivered to or for the benefit of or deposited with Citigroup Global Markets Realty Corp., as Lender, for which Citigroup Global Markets Realty Corp. shall remain responsible for the proper
disposition thereof until such items are delivered to a party who is qualified as an Approved Bank and agrees to hold the same in accordance with the terms and provisions of the agreement pursuant to which such items were deposited. 
 Section 15.3 Content. By executing and delivering an Assignment and Acceptance, Lender and the assignee thereunder confirm to
and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with this Agreement or any other Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest
created or purported to be created under or in connection with, this Agreement or any other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (ii) Lender makes no representation or warranty and assumes no
responsibility with respect to the financial condition of Borrower or the performance or observance by Borrower of any of its obligations under any Loan Documents or any other instrument or document furnished pursuant thereto; (iii) such
assignee confirms that it has received a copy of this Agreement, together with copies of such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance;
(iv) such assignee will, independently and without reliance upon Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this
Agreement and the other Loan Documents; (v) such assignee appoints and authorizes Lender to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents as are delegated to Lender by the terms
hereof together with such powers and discretion as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform, in accordance with their terms, all of the obligations which by the terms of this Agreement and the other
Loan Documents are required to be performed by Lender. 
 Section 15.4 Register. Borrower shall maintain a copy of
each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of Lender and each assignee pursuant to this Article XV and the Principal Amount of the Loan owing to each such
assignee from time to time (the “Register”). The entries in the Register shall, with respect to such assignees, be conclusive and binding for all purposes, absent 
  

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 manifest error. The Register shall be available for inspection by Lender or any assignee pursuant to this
Article XV at any reasonable time and from time to time upon reasonable prior written notice. 
 Section 15.5
Substitute Notes. Upon its receipt of an Assignment and Acceptance executed by an assignee, together with any Note or Notes subject to such assignment, Lender shall, if such Assignment and Acceptance has been completed and is in
substantially the form of Exhibit J hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register, and (iii) give prompt written notice thereof to Borrower. Within
five (5) Business Days after its receipt of such notice, Borrower, at Lender’s own expense, shall execute and deliver to Lender in exchange and substitution for the surrendered Note or Notes a new Note to the order of such assignee in an
amount equal to the portion of the Loan assigned to it and a new Note to the order of Lender in an amount equal to the portion of the Loan retained by it hereunder. Such new Note or Notes shall be in an aggregate Principal Amount equal to the
aggregate then outstanding principal amount of such surrendered Note or Notes, shall be dated the effective date of such Assignment and Acceptance and shall otherwise be in substantially the form of the Note (modified, however, to the extent
necessary so as not to impose duplicative or increased obligations on Borrower and to delete obligations previously satisfied by Borrower). Notwithstanding the provisions of this Article XV, Borrower and Operating Lessee shall not be
responsible or liable for any additional taxes, reserves, adjustments or other costs and expenses that are related to, or arise as a result of, any transfer of the Loan or any interest or participation therein that arise solely and exclusively from
the transfer of the Loan or any interest or participation therein or from the execution of the new Note contemplated by this Section 15.5, including, without limitation, any mortgage tax. Lender and/or the assignees, as the case may be,
shall from time to time designate one agent through which Borrower shall request all approvals and consents required or contemplated by this Agreement and on whose statements Borrower, Operating Lessee and Sponsor may rely. 
 Section 15.6 Participations. Each assignee pursuant to this Article XV may sell participations to one or more
Persons (other than Borrower or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including, without limitation, all or a portion of the Note held by it);
provided, however, that (i) such assignee’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such assignee shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) such assignee shall remain the holder of any such Note for all purposes of this Agreement and the other Loan Documents, and (iv) Borrower, Lender and the assignees pursuant to this
Article XV shall continue to deal solely and directly with such assignee in connection with such assignee’s rights and obligations under this Agreement and the other Loan Documents. In the event that more than one (1) party
comprises Lender, Lender shall designate one party to act on the behalf of all parties comprising Lender in providing approvals and all other necessary consents under the Loan Documents and on whose statements Borrower, Operating Lessee and Sponsor
may rely. 
 Section 15.7 Disclosure of Information. Any assignee pursuant to this Article XV may, in
connection with any assignment or participation or proposed assignment or participation pursuant to this Article XV, disclose to the assignee or participant or proposed assignee or participant, any information relating to Borrower
furnished to such assignee by or on 
  

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 behalf of Borrower; provided, however, that, prior to any such disclosure, the assignee or
participant or proposed assignee or participant shall agree in writing for the benefit of Borrower to preserve the confidentiality of any confidential information received by it. 
 Section 15.8 Security Interest in Favor of Federal Reserve Bank. Notwithstanding any other provision set forth in this
Agreement or any other Loan Document, any assignee pursuant to this Article XV may at any time create a security interest in all or any portion of its rights under this Agreement or the other Loan Documents (including, without
limitation, the amounts owing to it and the Note or Notes held by it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System. 
  
  

	 	XVI.	RESERVE ACCOUNTS 

 Section 16.1 Tax Reserve Account. In accordance with the time periods set forth in Section 3.1, if an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower
shall deposit into the Tax Reserve Account an amount equal to (a) one-twelfth of the annual Impositions that Lender reasonably estimates, based on the most recent tax bill for the Property, will be payable during the next ensuing
twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Impositions at least twenty (20) days prior to the imposition of any interest, charges or expenses for the non-payment thereof and (b) one-twelfth
of the annual Other Charges that Lender reasonably estimates will be payable during the next ensuing twelve (12) months (said monthly amounts in (a) and (b) above hereinafter called the “Monthly Tax Reserve
Amount”, and the aggregate amount of funds held in the Tax Reserve Account being the “Tax Reserve Amount”). As of the Closing Date, the Monthly Tax Reserve Amount is $0.00, but such amount is subject to
adjustment by Lender in accordance with the provisions of Section 3.1 and this Section 16.1. The Monthly Tax Reserve Amount shall be paid by Borrower to Lender on each Payment Date during the continuance of an Event of
Default to the extent required to be paid hereunder. Lender will apply the Monthly Tax Reserve Amount to payments of Impositions and Other Charges required to be made by Borrower pursuant to Article V and Article VII and
under the Security Instrument, subject to Borrower’s right to contest Impositions in accordance with Section 7.3. In making any payment relating to the Tax Reserve Account, Lender may do so according to any bill, statement or
estimate procured from the appropriate public office, without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of funds in
the Tax Reserve Account shall exceed the amounts due for Impositions and Other Charges pursuant to Article V and Article VII, Lender shall credit such excess against future payments to be made to the Tax Reserve Account. If
at any time Lender reasonably determines that the Tax Reserve Amount is not or will not be sufficient to pay Impositions and Other Charges by the dates set forth above, Lender shall notify Borrower of such determination and Borrower shall increase
its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the imposition of any interest, charges or expenses for the non-payment of the Impositions
and Other Charges. Upon payment of the Impositions and Other Charges, Lender shall reassess the amount necessary to be deposited in the Tax Reserve Account for the succeeding period, which calculation shall take into account any excess amounts
remaining in the Tax Reserve Account. 
  

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 Section 16.2 Insurance Reserve Account. If an Event of Default shall have
occurred and be continuing and if required as provided in Section 3.1 hereof, Borrower will immediately pay to Lender for transfer by Lender to the Holding Account (or if Borrower fails to so pay Lender, Lender will transfer from the
Holding Account) an amount (the “Insurance Reserve Amount”) equal to payments of insurance premiums required to be made by Borrower to pay (or to reimburse Borrower or Operating Lessee for) the insurance required pursuant to
Article VI and under the Security Instrument in accordance with the time periods set forth in Section 3.1, an amount equal to one-twelfth of the insurance premiums that Lender reasonably estimates based on the most recent
bill, will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such insurance premiums at least twenty (20) days prior to the
expiration of the policies required to be maintained by Borrower pursuant to the terms hereof (said monthly amounts hereinafter called the “Monthly Insurance Reserve Amount”); provided, however, that immediately
following an Insurance Reserve Trigger, Borrower will pay to Lender for transfer by Lender to the Insurance Reserve Account (or if Borrower fails to so pay Lender, Lender will transfer from the Holding Account) an amount equal to payments of
insurance premiums required to be made by Borrower to pay (or to reimburse Borrower or Operating Lessee) for the insurance required pursuant to Article VI and under the Security Instrument. As of the Closing Date, the Monthly Insurance
Reserve Amount is $0.00. The Monthly Insurance Reserve Amount, if same is payable pursuant to Section 3.1 and this Section 16.2, shall be paid by Borrower to Lender on each Payment Date. Lender will apply the Monthly
Insurance Reserve Amount to payments of insurance premiums required to be made by Borrower to pay for the insurance required pursuant to Article VI and under the Security Instrument. In making any payment relating to the Insurance
Reserve Account, Lender may do so according to any bill, statement or estimate procured from the insurer or agent, without inquiry into the accuracy of such bill, statement or estimate or into the validity thereof. If at any time Lender reasonably
determines that the Insurance Reserve Amount is not or will not be sufficient to pay insurance premiums (up to a maximum amount equal to the aggregate annual insurance premium required hereunder), Lender shall notify Borrower of such determination
and Borrower shall increase the Insurance Reserve Amount by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to expiration of the applicable insurance policies. Upon payment of
such insurance premiums, Lender shall reassess the amount necessary to be deposited in the Insurance Reserve Account for the succeeding period, which calculation shall take into account any excess amounts remaining in the Insurance Reserve Account.

 Section 16.3 Intentionally Deleted. 
 Section 16.4 FF&E Reserve Account. In accordance with Section 3.1, and during any period when Manager is not
reserving for FF&E pursuant to the terms of the Management Agreement, upon the request of Borrower, Lender will, within fifteen (15) Business Days (or such shorter time as may be appropriate in Lender’s reasonable discretion during
emergency situations identified to Lender by Borrower in writing) after the receipt of such request and the satisfaction of the other conditions set forth in this Section, cause disbursements to Operating Lessee from the FF&E Reserve Account to
pay or to reimburse Operating Lessee or Manager for actual costs incurred in connection with capital expenditures relating to FF&E at the Property (to the extent such expenditures are permitted hereunder), provided that (A) Lender
has 
  

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 received invoices evidencing that the costs for which such disbursements are requested are due and payable
and are in respect of capital expenditures relating to FF&E at the property, (B) Operating Lessee has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder
relate and received any Lien waivers or other releases which would customarily be obtained with respect to the work in question and (C) Lender has received an Officer’s Certificate confirming that the conditions in the foregoing
clauses (A) and (B) have been satisfied and that the copies of invoices and evidence of Lien waivers (to the extent required above) attached to such Officer’s Certificate are true, complete and correct. 
 Section 16.5 Condominium Charges Reserve Account. In accordance with the time periods set forth in Section 3.1, if
an Event of Default shall have occurred and be continuing, if required under Section 3.1, Borrower shall deposit into the Condominium Charges Reserve Account an amount equal to the amount of Condominium Charges that will be payable under
the Condominium Documents for the next calendar month after the relevant Payment Date (such amounts so deposited shall hereinafter be referred to as the “Condominium Reserve Funds”). Such deposit may be increased by Lender in
the amount Lender deems is necessary in its reasonable discretion based on any increases in the Condominium Charges. Provided no Event of Default has occurred and is continuing, Lender shall apply the Condominium Reserve Funds to payments of
Condominium Charges. In making any payment relating to Condominium Charges, Lender may do so according to any bill or statement given by the Condominium Association without inquiry into the accuracy of such bill or statement or into the validity of
any rent, additional rent or other charge thereof. If the amount of the Condominium Reserve Funds shall exceed the amounts due for Condominium Charges, Lender shall, in its sole discretion, either (a) return any excess to Borrower or
(b) credit such excess against future payments to be made to the Condominium Reserve Funds. Any Condominium Reserve Funds remaining after the Indebtedness has been paid in full shall be returned to Borrower. 
 Section 16.6 Letter of Credit Provisions. 
 16.6.1 Delivery of Letter of Credit. In lieu of maintaining on deposit all or any portion of the funds in the Low Debt Service Reserve Account with Lender pursuant to
Section 16.4, Borrower shall have the right to deliver a Letter of Credit in the amount of all or any portion of the amounts on deposit with Lender from time to time under Sections 16.4. 
 16.6.2 Reduction of Letter of Credit. In the event that Borrower elects to deliver the Letter of Credit to Lender under the terms of
Section 16.4.1, Lender agrees to permit the reduction from time to time of the outstanding amount of the Letter of Credit by (i) the amount of cash funds delivered to Lender as reserve funds by Borrower in place of such Letter of
Credit, and (ii) the amount that Borrower would otherwise be entitled to receive as a disbursement from the applicable reserve account pursuant to Section 16.4. 
 16.6.3 Security for Debt. Each Letter of Credit delivered under this Agreement shall be additional security for the payment
of the Indebtedness. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such
Letter of Credit was established or to apply each such Letter of Credit to payment of the Indebtedness in such order, proportion or priority as Lender may determine. 
  

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 16.6.4 Additional Rights of Lender. In addition to any other right Lender may
have to draw upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional rights to draw in full any Letter of Credit: (a) if Lender has received a notice from the issuing bank that the Letter
of Credit will not be renewed and a substitute Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to expire; (b) upon receipt of notice from the issuing bank
that the Letter of Credit will be terminated (except if a substitute Letter of Credit is provided); or (c) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Approved Bank (unless an alternative
Approved Bank issues an equivalent Letter of Credit within fifteen (15) days of Borrower’s receipt of notice of same). Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit
upon the happening of an event specified in (a), (b) or (c) above and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit.

  

	 	XVII.	DEFAULTS 

 Section 17.1 Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): 
 (i) if (A) the Indebtedness is not paid in full on the Maturity Date (subject to the last sentence of Section 3.1.5(b)),
(B) any Debt Service is not paid in full on the applicable Payment Date (subject to the last sentence of Section 3.1.5(b)), (C) any prepayment of principal due under this Agreement or the Note is not paid when due, (D) the
Prepayment Fee is not paid when due, (E) any deposit to the Collection Account or any of the other Collateral Accounts is not made on the required deposit date therefor; or (F) except as to any amount included in (A), (B), (C), (D), and/or
(E) of this clause (i), any other amount payable pursuant to this Agreement, the Note or any other Loan Document is not paid in full when due and payable in accordance with the provisions of the applicable Loan Document, with such failure
as described in subclauses (A), (B), (C), (D), and (E) continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower; 
 (ii) subject to Borrower’s right to contest as set forth in Section 7.3, if any of the Impositions or Other Charges are not paid prior to the imposition of any interest, penalty, charge
or expense for the non-payment thereof; 
 (iii) if the insurance policies required by Section 6.1 are not kept in
full force and effect, or if certificates of any of such insurance policies are not delivered to Lender within ten (10) Business Days following Lender’s request therefor; 
 (iv) if, except as permitted pursuant to Article VIII, (a) any Transfer of any direct or indirect legal, beneficial or
equitable interest in all or any portion of the Property, (b) any Transfer of any direct or indirect interest in Borrower or other Person restricted by the terms of Article VIII, (c) any Lien or encumbrance on all or any
portion of the Property, (d) any 
  

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 pledge, hypothecation, creation of a security interest in or other encumbrance of any direct or indirect
interests in Borrower or other Person restricted by the terms of Article VIII or (e) the filing of a declaration of condominium with respect to the Property other than as allowed hereunder; 
 (v) if (i) any representation or warranty made by Borrower in Section 4.1.23 shall have been false or misleading in any
material respect as of the date the representation or warranty was made which incorrect, false or misleading statement is not cured within thirty (30) days after receipt by Borrower of notice from Lender in writing of such breach or
(ii) if any other representation or warranty made by Borrower herein by Borrower, any Sponsor, or any Affiliate of Borrower in any other Loan Document, or in any report, certificate (including, but not limited to, any certificate by Borrower
delivered in connection with the issuance of the Non-Consolidation Opinion), financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect as of the date the
representation or warranty was made; provided, however, that if such representation or warranty which was false or misleading in any material respect is, by its nature, curable and is not reasonably likely to have a Material Adverse
Effect, and such representation or warranty was not, to the Best of Borrower’s Knowledge, false or misleading in any material respect which made, then same shall not constitute an Event of Default unless Borrower has not cured same within
five (5) Business Days after receipt by Borrower of notice from Lender in writing of such breach; 
 (vi) if Borrower or
Sponsor shall make an assignment for the benefit of creditors provided, however, if such assignment was with respect to any Sponsor such Event of Default may be cured by the delivery to Lender by any other Sponsor that is not subject
to such assignment, of an executed counterpart to the Sponsor Indemnity assuming the several liability of the Sponsor with respect to which such assignment within five (5) days after such assignment; 
 (vii) if a receiver, liquidator or trustee shall be appointed for Borrower, Operating Lessee, or Sponsor or if Borrower, Operating Lessee
or Sponsor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or
acquiesced in by, Borrower, Operating Lessee or Sponsor, or if any proceeding for the dissolution or liquidation of Borrower, Operating Lessee, or Sponsor shall be instituted; provided, however, if such appointment, adjudication,
petition or proceeding was involuntary and not consented to by Borrower, Operating Lessee, or Sponsor upon the same not being discharged, stayed or dismissed within ninety (90) days; provided, further, if such appointment,
adjudication, petition or proceeding was with respect to Sponsor such Event of Default may be cured by the delivery to Lender by Sponsor that, not subject to such appointment, adjudication, petition or proceeding, of an executed counterpart to the
Sponsor Indemnity assuming the several liability of the Sponsor with respect to which such appointment, adjudication, petition or proceeding occurred within five (5) days after such occurrence; 
 (viii) if Borrower, Operating Lessee or Sponsor, as applicable, Transfers its rights under this Agreement or any of the other Loan
Documents or any interest herein or therein in contravention of the Loan Documents; 
  

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 (ix) with respect to any term, covenant or provision set forth herein (other than the other
subsections of this Section 17.l) which specifically contains a notice requirement or grace period, if Borrower, Operating Lessee or Sponsor shall be in default under such term, covenant or condition after the giving of such notice or
the expiration of such grace period; 
 (x) if Borrower, having notified Lender of its election to extend the Maturity Date as
set forth in Section 5 of the Note, fails to deliver the Replacement Interest Rate Cap Agreement to Lender prior to the first day of the extended term of the Loan and Borrower has not prepaid the Loan pursuant to the terms of the Note
prior to such first day of the extended term; 
 (xi) if Borrower or Operating Lessee shall fail to comply with any covenants
set forth in Article V or Section XI with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower; 
 (xii) if Borrower shall fail to comply with any covenants set forth in Section 4 or Section 3(d) or
Section 8 of the Security Instrument with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower; 
 (xiii) Borrower, Operating Lessee or any Affiliate of any such Person shall fail to deposit any sums required to be deposited in the Holding Account or any Sub-Accounts thereof are not made pursuant to
the requirements herein when due; 
 (xiv) if this Agreement or any other Loan Document or any Lien granted hereunder or
thereunder, in whole or in part, shall terminate or shall cease to be effective or shall cease to be a legally valid, binding and enforceable obligation of Borrower or Sponsor, or any Lien securing the Loan shall, in whole or in part, cease to be a
perfected first priority Lien, subject to the Permitted Encumbrances (except in any of the foregoing cases in accordance with the terms hereof or under any other Loan Document or by reason of any affirmative act of Lender); 
 (xv) if the Management Agreement is terminated and an Acceptable Manager is not appointed as a replacement manager pursuant to the
provisions of Section 5.2.14 within sixty (60) days after such termination; 
 (xvi) if Borrower shall default
beyond the expiration of any applicable cure period under any existing easement, covenant or restriction which affects the Property, the default of which shall have a Material Adverse Effect; 
 (xvii) There exists any fact or circumstance that reasonably could be expected to result in the (a) imposition of a Lien or security
interest under Section 412(n) of the Code or under ERISA or (b) the complete or partial withdrawal by Borrower or any ERISA Affiliate from any “multiemployer plan” that is reasonably expected to result in any material liability
to Borrower; provided, however that the existence of such fact or circumstance under clause (xvii)(b) shall not constitute an Event of Default if such material withdrawal liability (x) in the case of a withdrawal by an ERISA
Affiliate that is reasonably expected to cause a Material Adverse Effect or any withdrawal by Borrower, is paid within thirty (30) days after the 
  

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 date incurred or is contested in accordance with Section 7.3 hereof or (y) in the case of a
withdrawal by an ERISA Affiliate that is not reasonably expected to cause a Material Adverse Effect, is paid within the period required under applicable ERISA statutes or is contested in accordance with Section 7.3 hereof; or 

(xviii) if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement or of any
Loan Document not specified in subsections (i) to (xvii) above, for thirty (30) days after notice from Lender; provided, however, that if such Default is susceptible of cure but cannot reasonably be cured within such
thirty (30) day period and provided, further, that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently proceeds to cure the same, such thirty (30) day period
shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days. 
 (b) Unless waived in writing by Lender, upon the occurrence and during the continuance of an Event of Default (other than an Event of
Default described in clauses (a)(vi), (vii) or (viii) above) Lender may, without notice or demand, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in
equity, take such action that Lender deems advisable to protect and enforce its rights against Borrower and in the Property, including, without limitation, (i) declaring immediately due and payable the entire Principal Amount together with
interest thereon and all other sums due by Borrower under the Loan Documents, (ii) collecting interest on the Principal Amount at the Default Rate whether or not Lender elects to accelerate the Note and (iii) enforcing or availing itself
of any or all rights or remedies set forth in the Loan Documents against Borrower and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in subsections
(a)(vi) or (a)(vii) above, the Indebtedness and all other obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby
expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. The foregoing provisions shall not be construed as a waiver by Lender of its right to pursue any other remedies
available to it under this Agreement, the Security Instrument or any other Loan Document. Any payment hereunder may be enforced and recovered in whole or in part at such time by one or more of the remedies provided to Lender in the Loan Documents.

 Section 17.2 Remedies. (a) Unless waived in writing by Lender, upon the occurrence and during the
continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to,
Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Indebtedness shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding
or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to the Property. Lender may, at its option, and Borrower hereby grants and assigns to Lender, from and after the occurrence and during the
continuation of an Event of Default, the right to, either by itself or by its nominee or designee, in the name of Borrower, exercise the rights, powers and 
  

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 remedies of Borrower as owner of the Unit pursuant to the Condominium Documents. Such rights and remedies
shall include, without limitation, the right to exercise all voting, consent, managerial and other rights relating to the Condominium, whether in Borrower’s name or otherwise, and the right to exercise Borrower’s rights in the Condominium,
including, without limitation, voting to elect members of the Board of Managers and voting to amend the Condominium Documents. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly,
successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by
law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) Lender shall not be subject to any one action or
election of remedies law or rule and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Property and the Security
Instrument has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Indebtedness or the Indebtedness has been paid in full. 
 (b) Upon the occurrence and during the continuance of an Event of Default, with respect to the Account Collateral, the Lender may: 
 (i) subject to the terms of the Subordination of Operating Lease and/or Manager Subordination Agreements, without notice to Borrower, except
as required by law, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Account Collateral against the Obligations, Operating Expenses and/or Capital Expenditures for the Property or any part thereof;

 (ii) in Lender’s sole discretion, at any time and from time to time, exercise any and all rights and remedies available
to it under this Agreement, and/or as a secured party under the UCC; 
 (iii) subject to the terms of the Subordination of
Operating Lease and/or Manager Subordination Agreements, demand, collect, take possession of or receipt for, settle, compromise, adjust, sue for, foreclose or realize upon the Account Collateral (or any portion thereof) as Lender may determine in
its sole discretion; and 
 (iv) take all other actions provided in, or contemplated by, this Agreement. 
 (c) With respect to Borrower, the Account Collateral, the Rate Cap Collateral and the Property, nothing contained herein or in any other
Loan Document shall be construed as requiring Lender to resort to the Property for the satisfaction of any of the Indebtedness, and Lender may seek satisfaction out of the Property or any part thereof, in its absolute discretion in respect of the
Indebtedness. In addition, Lender shall have the right from time to time to partially foreclose this Agreement and the Security Instrument in any manner and for any amounts secured by this Agreement or the Security Instrument then due and payable as
determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower defaults beyond any applicable grace period in the 
  

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 payment of one or more scheduled payments of principal or interest, Lender may foreclose this Agreement and
the Security Instrument to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may foreclose this Agreement and the Security Instrument to
recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by this Agreement or the Security Instrument as Lender may elect. Notwithstanding one or more partial foreclosures, the Property shall remain
subject to this Agreement and the Security Instrument to secure payment of sums secured by this Agreement and the Security Instrument and not previously recovered. 
 Section 17.3 Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this Agreement and the Security Instrument shall be cumulative and not exclusive of any other
right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singly, concurrently or
otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall
be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower or any Sponsor shall not be
construed to be a waiver of any subsequent Default or Event of Default by Borrower or any Sponsor or to impair any remedy, right or power consequent thereon. 
 Section 17.4 Costs of Collection. In the event that after an Event of Default: (i) the Note or any of the Loan Documents is placed in the hands of an attorney for collection or
enforcement or is collected or enforced through any legal proceeding; (ii) an attorney is retained to represent Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim
under the Note or any of the Loan Documents; or (iii) an attorney is retained to protect or enforce the lien or any of the terms of this Agreement, the Security Instrument or any of the Loan Documents; then Borrower shall pay to Lender all
reasonable attorney’s fees, costs and expenses actually incurred in connection therewith, including costs of appeal, together with interest on any judgment obtained by Lender at the Default Rate. 
 XVIII. SPECIAL PROVISIONS 
 Section 18.1 Exculpation. 
 Anything contained herein, in the
Note or in any other Loan Document to the contrary notwithstanding (except as set forth in the balance of this Section 18.1 or in the Environmental Indemnity), no recourse shall be had for the payment of the principal or interest on the
Note or for any other portion of the Indebtedness hereunder or under the other Loan Documents against (i) any Affiliate, parent company, trustee or advisor of Borrower or owner of a direct or indirect Beneficial or equitable interest in
Borrower or Sponsor, any member in Borrower, or any partner, shareholder or member therein (other than against Sponsor pursuant to the Sponsor Indemnity Agreement); (ii) any legal representative, heir, estate, successor or assign of any
thereof; (iii) any corporation (or any officer, director, employee or shareholder thereof), 
  

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 individual or entity to which any ownership interest in Borrower shall have been transferred; (iv) any
purchaser of any asset of Borrower; or (v) any other Person (except Borrower), for any deficiency or other sum owing with respect to the Note or the Indebtedness. It is understood that the Note and the Indebtedness (except as set forth in the
balance of this Section 18.1 and in the Environmental Indemnity) may not be enforced against any Person described in clauses (i) through (v) above (other than against Sponsor pursuant to the Sponsor Indemnity
Agreement as set forth in clause (i) above) and Lender agrees not to sue or bring any legal action or proceeding against any such Person in such respect. Notwithstanding the foregoing, the foregoing shall not: (a) prevent recourse
to the Borrower or the assets of Borrower, or enforcement of the Security Instrument or other instrument or document by which Borrower is bound pursuant to the Loan Documents; (b) estop Lender from instituting or prosecuting a legal action or
proceeding or otherwise making a claim against Borrower as a result of any of the following or against the Person or Persons committing any of the following: (i) fraud or intentional misrepresentation by Borrower or Operating Lessee in
connection with the Loan, (ii) the misappropriation by Borrower or Operating Lessee or any Affiliate of Borrower or Operating Lessee of any Proceeds (including, without limitation, any Rents and any security deposits), (iii) the breach of
any representation, warranty, covenant or indemnification provision in the Environmental Indemnity, (iv) any transfer in violation of Section 8 or otherwise violate the provisions of such Section 8, (v) any loss,
damage, cost or expense incurred by or on behalf of Lender by reason of all or any part of the Property, the Collection Account, the Holding Account, the Collateral Accounts or the Interest Rate Cap Agreement being encumbered by a Lien (other than
pursuant to the Loan Documents in favor of Lender) in violation of the Loan Documents, (vi) physical damage to any Property from intentional waste committed by Borrower or Operating Lessee or any Affiliate of Borrower or Operating Lessee,
(vii) any loss, damage, cost or expense incurred by or on behalf of Lender by reason of the failure of Borrower and/or Operating Lessee to comply with any of the provisions of Section XIV hereof, (viii) any and all liabilities,
obligations, losses, damages, costs and expenses (including, without limitation, reasonable attorneys’ fees, causes of action, suits, claims, demands and adjustments of any nature or description whatsoever) which may at any time be imposed
upon, incurred by or awarded against Lender, in the event (and arising out of such circumstances) that (x) Borrower should raise any defense, counterclaim and/or allegation in any foreclosure action by Lender relative to the Property, the
Collection Account, the Holding Account, the Collateral Accounts or assignment of Borrower’s rights to the Interest Rate Cap Agreement (including the right to receive any proceeds derived therefore) or any part thereof which is found by a court
to have been raised by Borrower or Operating Lessee in bad faith or to be wholly without basis in fact or law, or (y) an involuntary case is commenced against Borrower or Operating Lessee under the Bankruptcy Code with the collusion of Borrower
or Operating Lessee, Sponsor or any of their Affiliates or (z) an order for relief is entered with respect to Borrower or Operating Lessee under the Bankruptcy Code through the actions of Borrower or Operating Lessee, Sponsor or any of their
Affiliates; or (ix) attorney’s fees, costs and expenses incurred by Lender, its agent or any servicer of the Loan in connection with any successful suit by Lender to enforce the terms of the Loan Documents; or (c) estop Lender from
enforcing its rights under the indemnity agreement being executed concurrently herewith by the Sponsor in favor of the Lender, for losses caused by any of the foregoing items set forth in section (b) above. Borrower hereby agrees that
notwithstanding any provision to the contrary herein or in any other Loan Document, to the extent otherwise permitted by law, its obligations pursuant to clause (b)(ix) of this Section shall survive the full repayment of the Loan and/or the
passage of title to all or any portion of the Property to Lender. 
  

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 XIX. MISCELLANEOUS 
 Section 19.1 Survival. This Agreement and all covenants, indemnifications, agreements, representations and warranties made
herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Indebtedness is
outstanding and unpaid unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of
such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the successors and assigns of Lender. 
 Section 19.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory
to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided or as is otherwise required by law) be in the sole
discretion of Lender and shall be final and conclusive. 
 Section 19.3 Governing Law. (A) THIS AGREEMENT
WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY,
AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM
TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW. 
 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO
THIS AGREEMENT MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND EACH OF BORROWER AND LENDER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR
HEREAFTER 
  

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 HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF
BORROWER AND LENDER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 
  

	
	 CORPORATION SERVICE COMPANY
                                     80 STATE STREET

         ALBANY, NEW YORK 12207-2543

 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS
WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN
THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF
ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE
OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
 Section 19.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any
provision of this Agreement, or of the Note, or of any other Loan Document, or consent to any departure therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought and then
such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to or demand on Borrower shall entitle Borrower to any other or future notice or
demand in the same, similar or other circumstances. 
 Section 19.5 Delay Not a Waiver. Neither any failure nor
any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other
instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular,
and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of
all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
  

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 Section 19.6 Notices. All notices, consents, approvals and requests required
or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested,
(b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery or (c) telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as
shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 
  

			
	 If to Lender:
	  	Citigroup Global Markets Realty Corp.
		  	388 Greenwich Street, 11th Floor
		  	New York, New York 10013
		  	Attention: Amir Kornblum
		  	Telecopy No.: (212) 816-8307
		
	 With a copy to:
	  	Cadwalader, Wickersham & Taft LLP
		  	One World Financial Center
		  	New York, New York 10281
		  	Attention: Fredric L. Altschuler, Esq.
		  	Telecopy: (212) 504-6666
		
	 If to Borrower:
	  	Strategic Hotel Funding, L.L.C.
		  	77 West Wacker Drive
		  	Suite 4600
		  	Chicago, Illinois, 60601
		  	Attention: Chief Financial Officer and General Counsel
		  	Telefax No.: (312) 658-5799
		
	 With a copy to:
	  	Perkins Coie LLP
		  	131 South Dearborn Street, Suite 1700
		  	Chicago, IL 60603-5559
		  	Attention: Bruce A. Bonjour, Esq.
		  	Telefax No.: (312) 324-9400

 All notices, elections, requests and demands under this Agreement shall be effective and deemed
received upon the earliest of (i) the actual receipt of the same by personal delivery or otherwise, (ii) one (1) Business Day after being deposited with a nationally recognized overnight courier service as required above, or
(iii) on the day sent if sent by facsimile with confirmation on or before 5:00 p.m. New York time on any Business Day or on the next Business Day if so delivered after 5:00 p.m. New York time or on any day other than a Business Day. Rejection
or other refusal to accept or the inability to deliver because of changed address of which no notice was given as herein required shall be deemed to be receipt of the notice, election, request, or demand sent. 
  

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 Section 19.7 TRIAL BY JURY. EACH OF BORROWER, LENDER AND ALL PERSONS CLAIMING
BY, THROUGH OR UNDER IT, HEREBY EXPRESSLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT, THE SECURITY INSTRUMENT, THE NOTE OR ANY
OTHER LOAN DOCUMENT, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, THE
SECURITY INSTRUMENT, THE NOTE OR ANY OTHER LOAN DOCUMENT (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER
SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND BORROWER HEREBY AGREES AND CONSENTS THAT AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION MAY BE FILED
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT HERETO TO THE WAIVER OF ANY RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT IT HAS CONSULTED WITH LEGAL COUNSEL REGARDING THE MEANING OF THIS WAIVER AND ACKNOWLEDGES THAT THIS WAIVER IS AN
ESSENTIAL INDUCEMENT FOR THE MAKING OF THE LOAN. THIS WAIVER SHALL SURVIVE THE REPAYMENT OF THE LOAN. 
 Section 19.8
Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 Section 19.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 Section 19.10 Preferences. To the
extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other
party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full
force and effect, as if such payment or proceeds had not been received by Lender. 
 Section 19.11 Waiver of
Notice. Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by
Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Borrower hereby expressly waives 
  

 114 

 the right to receive any notice from Lender with respect to any matter for which this Agreement or the other
Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower. 
 Section 19.12
Expenses; Indemnity. (a) Except as may be otherwise expressly set forth in the Loan Documents, Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender for all
reasonable costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the
consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions requested by Lender pursuant to this Agreement); (ii) Lender’s
ongoing performance of and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (iii) the negotiation, preparation,
execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters as required herein or under the other Loan Documents;
(iv) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (v) the filing and recording fees and expenses, mortgage recording taxes, title insurance and reasonable fees and expenses of
counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Lien in favor of Lender pursuant to this Agreement and the other Loan Documents; (vi) enforcing or preserving any
rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other
security given for the Loan; (vii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to the Property or in connection with any refinancing or restructuring
of the credit arrangements provided under this Agreement in the nature of a work-out or of any insolvency or bankruptcy proceedings and (viii) procuring insurance policies pursuant to Section 6.1.11; provided, however,
that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise (A) by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender or (B) in connection with any action
taken under Article IV or a Securitization, other than the Borrower’s internal administrative costs. Any cost and expenses due and payable to Lender may be paid from any amounts in the Collection Account or the Holding Account if
same are not paid by Borrower within ten (10) Business Days after receipt of written notice from Lender. 
 (b) Subject to
the non-recourse provisions of Section 18.1, Borrower shall protect, indemnify and save harmless Lender, and all officers, directors, stockholders, members, partners, employees, agents, successors and assigns thereof (collectively, the
Indemnified Parties) from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (including all reasonable attorneys’ fees and expenses actually incurred) imposed upon or incurred by or
asserted against the Indemnified Parties or the Property or any part of its interest therein, by reason of the occurrence or existence of any of the following (to the extent Proceeds payable on account of the following shall be inadequate; it being
understood that in no event will the Indemnified Parties be required to actually pay or incur any costs or expenses as a condition to the effectiveness of the foregoing indemnity) prior to (i) the 
  

 115 

 acceptance by Lender or its designee of a deed-in-lieu of foreclosure with respect to the Property, or
(ii) an Indemnified Party or its designee taking possession or control of the Property or (iii) the foreclosure of the Security Instrument, except to the extent caused by the willful misconduct or gross negligence of the Indemnified
Parties (other than such willful misconduct or gross negligence imputed to the Indemnified Parties because of their interest in the Property): (1) ownership of Borrower’s interest in the Property, or any interest therein, or receipt of any
Rents or other sum therefrom, (2) any accident, injury to or death of any persons or loss of or damage to property occurring on or about the Property or any Appurtenances thereto, (3) any design, construction, operation, repair,
maintenance, use, non-use or condition of the Property or Appurtenances thereto, including claims or penalties arising from violation of any Legal Requirement or Insurance Requirement, as well as any claim based on any patent or latent defect,
whether or not discoverable by Lender, any claim the insurance as to which is inadequate, and any Environmental Claim, (4) any Default under this Agreement or any of the other Loan Documents or any failure on the part of Borrower to perform or
comply with any of the terms of any Lease within the applicable notice or grace periods, (5) any performance of any labor or services or the furnishing of any materials or other property in respect of the Property or any part thereof,
(6) any negligence or tortious act or omission on the part of Borrower or any of its agents, contractors, servants, employees, sublessees, licensees or invitees, (7) any contest referred to in Section 7.3 hereof, (8) any
obligation or undertaking relating to the performance or discharge of any of the terms, covenants and conditions of the landlord contained in the Leases, or (9) except as may be expressly limited herein, the presence at, in or under the
Property or the Improvements of any Hazardous Materials in violation of any Environmental Law. Any amounts the Indemnified Parties are legally entitled to receive under this Section which are not paid within fifteen (15) Business Days after
written demand therefor by the Indemnified Parties or Lender, setting forth in reasonable detail the amount of such demand and the basis therefor, shall bear interest from the date of demand at the Default Rate, and shall, together with such
interest, be part of the Indebtedness and secured by the Security Instrument. In case any action, suit or proceeding is brought against the Indemnified Parties by reason of any such occurrence, Borrower shall at Borrower’s expense resist and
defend such action, suit or proceeding or will cause the same to be resisted and defended by counsel at Borrower’s reasonable expense for the insurer of the liability or by counsel designated by Borrower (unless reasonably disapproved by Lender
promptly after Lender has been notified of such counsel); provided, however, that nothing herein shall compromise the right of Lender (or any Indemnified Party) to appoint its own counsel at Borrower’s expense for its defense with
respect to any action which in its reasonable opinion presents a conflict or potential conflict between Lender and Borrower that would make such separate representation advisable; provided, further, that if Lender shall have appointed
separate counsel pursuant to the foregoing, Borrower shall not be responsible for the expense of additional separate counsel of any Indemnified Party unless in the reasonable opinion of Lender a conflict or potential conflict exists between such
Indemnified Party and Lender. So long as Borrower is resisting and defending such action, suit or proceeding as provided above in a prudent and commercially reasonable manner, Lender and the Indemnified Parties shall not be entitled to settle such
action, suit or proceeding without Borrower’s consent which shall not be unreasonably withheld, delayed or conditioned, and claim the benefit of this Section with respect to such action, suit or proceeding and Lender agrees that it will not
settle any such action, suit or proceeding without the consent of Borrower; provided, however, that if Borrower is not diligently defending such action, suit or proceeding in a prudent and commercially reasonable 
  

 116 

 manner as provided above, and Lender has provided Borrower with thirty (30) days’ prior written
notice, or shorter period if mandated by the requirements of applicable law, and opportunity to correct such determination, Lender may settle such action, suit or proceeding and claim the benefit of this Section 19.12 with respect to
settlement of such action, suit or proceeding. Any Indemnified Party will give Borrower prompt notice after such Indemnified Party obtains actual knowledge of any potential claim by such Indemnified Party for indemnification hereunder. The
Indemnified Parties shall not settle or compromise any action, proceeding or claim as to which it is indemnified hereunder without notice to Borrower. 
 Section 19.13 Exhibits and Schedules Incorporated. The Exhibits and Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth
in the body hereof. 
 Section 19.14 Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest
in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such
documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset,
counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower. 
 Section 19.15
Liability of Assignees of Lender. No assignee of Lender shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any other Loan Document or any amendment or amendments hereto made at any
time or times, heretofore or hereafter, any different than the liability of Lender hereunder. In addition, no assignee shall have at any time or times hereafter any personal liability, directly or indirectly, under or in connection with or secured
by any agreement, lease, instrument, encumbrance, claim or right affecting or relating to the Property or to which the Property is now or hereafter subject any different than the liability of Lender hereunder. The limitation of liability provided in
this Section 19.15 is (i) in addition to, and not in limitation of, any limitation of liability applicable to the assignee provided by law or by any other contract, agreement or instrument, and (ii) shall not apply to any
assignee’s gross negligence or willful misconduct. 
 Section 19.16 No Joint Venture or Partnership; No Third Party
Beneficiaries. (a) Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture,
partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Property other than that of mortgagee, beneficiary or lender. 
 (b) This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and nothing contained in this Agreement or
the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the
obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require 
  

 117 

 satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will
refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by
Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 
 Section 19.17
Publicity. All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, or
any of its Affiliates shall be subject to the prior written approval of Lender. 
 Section 19.18 Waiver of Marshalling of
Assets. To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s shareholders and others with interests in Borrower and of the
Property, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat,
reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Indebtedness without any prior or different resort for collection or of the right of Lender to the payment of the Indebtedness out of
the net proceeds of the Property in preference to every other claimant whatsoever. 
 Section 19.19 Waiver of Counterclaim
and Other Actions. Borrower hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by Lender on this Agreement, the Note, the Security Instrument or any Loan Document, any and every right it
may have to (i) interpose any counterclaim therein (other than a counterclaim which can only be asserted in the suit, action or proceeding brought by Lender on this Agreement, the Note, the Security Instrument or any Loan Document and cannot be
maintained in a separate action) and (ii) have any such suit, action or proceeding consolidated with any other or separate suit, action or proceeding. 
 Section 19.20 Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this
Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the
principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on
any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan
Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably
waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and
other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 
  

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 Section 19.21 Prior Agreements. This Agreement and the other Loan Documents
contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, are superseded by the terms of this
Agreement and the other Loan Documents and unless specifically set forth in a writing contemporaneous herewith the terms, conditions and provisions of any and all such prior agreements do not survive execution of this Agreement. 
 Section 19.22 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an
original, but all of which shall constitute one document. 
 Section 19.23 Joint and Several Liability. If
Borrower or Sponsor consists of more than one person, the obligations and liabilities of each such person hereunder and under the other Loan Documents shall be joint and several. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 
  

 119 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	 SHC CHOPIN PLAZA, LLC, a Delaware
       limited liability company

		
	By:	 	 /s/ Ryan M. Bowie

	Name:	 	Ryan M. Bowie
	Title:	 	Assistant Treasurer

 By signing below, Operating Lessee agrees that in consideration of the substantial benefit
that it will receive from Lender making the Loan to Borrower, to comply with all of the terms, conditions, obligations and restrictions affecting Operating Lessee set forth herein: 
  

			
	OPERATING LESSEE:
	
	 DTRS InterContinental Miami, LLC, a
       Delaware limited liability company

		
	By:	 	 /s/ Ryan M. Bowie

	Name:	 	Ryan M. Bowie
	Title:	 	Assistant Treasurer

 [Lender’s signature appears on following page] 

			
	LENDER:
	
	 CITIGROUP GLOBAL MARKETS REALTY
 CORP., a New York corporation

		
	By:	 	 /s/ Amir Kornblum

	Name:	 	Amir Kornblum
	Title:	 	Authorized Signatory

 EXHIBIT A 
 TITLE INSURANCE REQUIREMENTS, ENDORSEMENTS 
 AND AFFIRMATIVE COVERAGES 
 1. General. Borrower and/or its counsel is responsible for ordering
or updating any title insurance work. Lender requires a lender’s title insurance policy insuring “Citigroup Global Markets Realty Corp., and its successors and assigns”. The approved title underwriters, type and amount of insurance
and required endorsements are described below. The list of endorsements is subject to review by Lender’s counsel, local counsel and additional specific coverages may be required after review of the related title commitment. 
 2. Title Insurer. The Title Company or Title Companies must be approved by Lender and licensed to do business in the jurisdiction in
which the Property is located.                      has been pre-approved by Lender as a Title Company. 
 3. Title Agent. Unless Lender otherwise agrees, all title work shall be ordered and coordinated, and the closing of the Loan shall be
conducted through
                                        
contact                      Tel:
                    . 
 4. Primary Title Insurance Requirements. 
 (a) Amount of Coverage: Not less than the Principal Amount of
the Loan on the Closing Date. 
 (b) Effective Date: The later of the date of recording of the Security Instrument or the
date of funding of the Loan. Borrower shall be required to provide a customary “gap” indemnity in order to enable the Title Company to provide “gap” coverage. 
 (c) Insured: “Citigroup Global Markets Realty Corp. and its successors and assigns”. 
 (d) Legal Description: Metes and bounds description to be provided which must conform to that shown on the Survey, the Security
Instrument and any other Loan Documents that require a legal description of the Property. A lot and block description shall be acceptable in place of a metes and bounds description in exceptional cases. 
 (e) Policy Form: An ALTA (or equivalent) lender’s policy of title insurance in form and substance acceptable to Lender. Without
limiting Lender’s right to require specific coverages, endorsements or other title work, the Title Policy shall (i) be in the 1970 ALTA (as amended 84) form or, if not available, ALTA 1992 form (deleting arbitration and creditor rights
exclusions) or, if not available, the form commonly used in the state where the Property is located, (ii) to the extent available, include the “extended coverage” provisions described in paragraph 5 below, (iii) include all
applicable endorsements described in paragraph 6 below, and (iv) include Schedule B exceptions in a form and to the extent acceptable to Lender’s counsel. 
  

 A-1 

 5. Extended Coverage Requirements. The Title Policy shall: 
 (a) not contain any exception for filed or unfilled mechanic, materialmen or similar liens; 
 (b) limit any general exception for real estate taxes and other charges to real estate or other similar taxes or assessments that are not
yet due and payable or delinquent and are not a current lien on the Property; 
 (c) limit any general exception for the rights
of persons in possession to the rights of specified tenants, as tenants only with no right or option to purchase, set forth on the rent roll for the Property and attached to the Title Policy; and 
 (d) not contain any general exception as to matters that an accurate Survey of the Property would disclose, but may contain specific
exceptions to matters disclosed on the Survey to be delivered on the Closing Date, subject to review by Lender’s counsel. 
 6. Required Endorsements. The following endorsements are required, to the extent available in the jurisdiction in which the Property is located: 
  

	 	•	 	 Restrictions, Encroachments, Minerals Endorsement ALTA Form 9 or equivalent. 

  

	 	•	 	 (If not available, the Title Policy must insure by way of affirmative coverage statements that there are no encroachments by any of the improvements
onto easements, rights of way or other exceptions to streets or adjacent property, or insure against loss or damage resulting therefrom.) 

  

	 	•	 	 Deletion of Creditors Rights Exclusion Endorsement. 

  

	 	•	 	 Environmental Protection Lien Endorsement. 

  

	 	•	 	 (The Title Policy may make an exception only for specific state statutes that provide for potential subsequent liens that could take priority over the
lien securing the Loan.) 

  

	 	•	 	 Direct Access to Public Road Endorsement. 

  

	 	•	 	 Usury Endorsement. 

  

	 	•	 	 Land Same As Survey/Legal Description Endorsement. 

  

	 	•	 	 Zoning Endorsement - ALTA 3.1 with coverage for number/type of parking spaces. 

 In lieu of an ALTA 3.1 zoning endorsement, Lender may accept an unambiguous, clean letter from the appropriate zoning authority which
satisfies the following: 
  

 A-2 

 Zoning District. Confirms the applicable zoning district for the Property under the
laws or ordinances of the applicable jurisdiction and that such zoning is the proper zoning for the improvements located on the Property. 
 Use Restrictions. Confirms that the current use of the Property is permitted under the zoning ordinance and that the Property is not a non-conforming use. 
 Dimensional Requirements. Confirms that the Property is in compliance with all dimensional requirements of the zoning code,
including minimum lot area, maximum building height, maximum floor area ratio and setback or buffer requirements. 
 Parking
Requirements. Confirms that the Property is in compliance with all parking and loading requirements, including the number of spaces and dimensional requirements for the parking spaces. 
 Rebuildability. If Property involves legal non-conforming use, confirms that, in the event of casualty, the Property may be rebuilt
substantially in its current form (i.e., no loss of square footage, same building footprint) upon satisfaction of stated conditions and/or limitations. 
  

	 	•	 	 Subdivision Endorsement. 

  

	 	•	 	 Doing Business Endorsement. 

  

	 	•	 	 Deletion of Arbitration Endorsement. 

  

	 	•	 	 Separate Tax Lot Endorsement. 

  

	 	•	 	 Street Address Endorsement 

  

	 	•	 	 Contiguity Endorsement. 

  

	 	•	 	 Variable Rate Endorsement. 

  

	 	•	 	 Mortgage Recording Tax Endorsement. 

  

	 	•	 	 Any of the following endorsements customary in the state in which the Property is located or as required by the nature of the transaction:

 Tie-In Endorsement for Multiple Policies 
 Mortgage Assignment Endorsement 
 First Loss / Last Dollar Endorsement 
 Non-Imputation Endorsement 
 Blanket Un-located Easements Endorsement 
 Closure Endorsement 
  

 A-3 

 EXHIBIT B 
 CITIGROUP GLOBAL MARKETS REALTY CORP. 
 SURVEY
REQUIREMENTS 
 The survey shall contain the following: 
  

	 	•	 	 The legal description of the Property; 

  

	 	•	 	 The courses and measured distances of the exterior boundary lines of the Property and the identification of owners of abutting parcels;

  

	 	•	 	 The total acreage of the Property to the nearest tenth of an acre; 

  

	 	•	 	 The location of any existing improvements, the dimensions thereof at the ground surface level and their relationship to the facing exterior property
lines, streets and set-back lines of the Property; 

  

	 	•	 	 The location, lines and widths of adjoining publicly dedicated and accepted streets showing the number and location of existing curb cuts, driveways,
and fences; 

  

	 	•	 	 The location and dimensions of encroachments, if any, upon the Property; 

  

	 	•	 	 The location of all set-back lines, restrictions of record, other restrictions established by zoning or building code ordinance, utilities, easements,
rights-of-way and other matters affecting title to the Property which are to be shown in Schedule B-2 of the Title Policy identifying each by reference to its recording data, where applicable; 

  

	 	•	 	 Evidence that adequate means of ingress and egress to and from the Property exist and that the Property does not serve any adjoining property for
ingress, egress or any other purpose; 

  

	 	•	 	 If the Property is described as being on a recorded map or plat, a legend relating the survey to such map or plat; 

  

	 	•	 	 The street address of the Property; 

  

	 	•	 	 Parking areas at the Property and, if striped, the striping and type (e.g., handicapped, motorcycle, regular, etc.) and number of parking spaces at the
Property; 

  

	 	•	 	 A statement as to whether the Property is located in a special flood or mudslide hazard area as determined by a review of a stated and identified Flood
Hazard Boundary Map published by the Federal Insurance

  

 B-1 

	 	 
Administration of the U.S. Department of Housing and Urban Development; 

  

	 	•	 	 A vicinity map showing the property in reference to nearby highways or major street intersections. 

  

	 	•	 	 The exterior dimensions of all buildings at ground level and the square footage of the exterior footprint of all buildings, or gross floor area of all
buildings, at ground level. 

  

	 	•	 	 The location of utilities serving or existing on the property as evidenced by on-site observation or as determined by records provided by client,
utility companies and other appropriate sources (with reference as to the source of information) (for example) 

  

	 	•	 	 railroad tracks and sidings; 

  

	 	•	 	 manholes, catch basins, valve vaults or other surface indications of subterranean uses; 

  

	 	•	 	 wire and cables (including their function) crossing the surveyed premises, all poles on or within ten feet of the surveyed premises, and the dimensions
of all crosswires or overhangs affecting the surveyed premises; and 

  

	 	•	 	 utility company installations on the surveyed premises. 

  

	 	•	 	 A certificate in substantially the following form: 

 The undersigned being a registered surveyor of the State of [State] hereby certifies to CITIGROUP GLOBAL MARKETS REALTY CORP., [NAME OF BORROWING ENTITY] and [INSERT NAME OF TITLE COMPANY], and each of
their respective successors and assigns, as of the date below, as follows: 
 This print of survey actually was made on the
ground on [INSERT DATE SURVEY WAS MADE] in accordance with the “Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys,” jointly established and adopted by American Land Title Association (“ALTA”) and
American Congress on Surveying & Mapping (“ACSM”) and National Society of Professional Surveyors (“NSPS”) in 1999, contains Items 1,2,3,4, 6,7(a), 7(b)(l), 8, 9, 10, 11, 13, 14 and 16 of Table A thereto,
and correctly shows: (i) a fixed and determinable position and location of the land described herein (together with the buildings and improvements thereon, the “Mortgaged Property”), including the position of the point of
beginning; (ii) the location of all buildings, structures and other improvements situated on the land; (iii) all driveways or other curb cuts along any street or alley upon which the land abuts; (iv) the location and name of all
public and private streets or alleys located thereon or adjacent thereto, all of which are public unless otherwise noted; (v) the location,

  

 B-2 

 
dimension and recording data of all easements, rights-of-way and other matters of record thereon or with respect to which the undersigned has knowledge; (vi) the location and dimension of
all unrecorded easements, paths, rights-of-way and party walls to the extent visible thereon or with respect to which the undersigned has knowledge; (vii) the location of applicable building restriction and setback lines required by local
ordinances and regulations; and (viii) the location of all encroachments or overhangs onto or from the Mortgaged Property. Except as shown on this survey, there are no visible discrepancies, conflicts, shortages in area or boundary line
conflicts. Except as shown on the survey, the Mortgaged Property does not serve any adjoining property for drainage, utilities or ingress or egress. The Mortgaged Property has access to and from a duly dedicated and accepted public roadway. This
survey reflects boundary lines of the land, which “close” by engineering calculations. All utility services to the Mortgaged Property either enter the Mortgaged Property through adjoining public streets, or this survey shows the point of
entry and location of any utilities which pass through or are located on adjoining private land to the extent visible or known to the undersigned. The Mortgaged Property does not lie within an area designated as a flood hazard area by any map or
publication of the U.S. Department of Housing and Urban Development or the Federal Emergency Management Agency. The Mortgaged Property and only the Mortgaged Property constitutes one tax lot. All zoning use and density classifications are properly
shown hereon. The undersigned has received and examined a copy of the Commitment for Title Insurance No.                     , dated
                    , issued by
                                        , with
respect to the Mortgaged Property, as well as a copy of each instrument listed therein. The location of each exception set forth in such Commitment, to the extent it can be located, has (with recording reference and reference to the exception number
of the Commitment) been shown hereon. The undersigned further certifies that this survey meets the Accuracy Standards (as adopted by ALTA, ACSM and NSPS and in effect on the date of this certification) and [SELECT ONE OF THE FOLLOWING TWO PHRASES]:

 [the Positional Uncertainties resulting from the survey measurements made on the survey do not exceed the allowable
Positional Tolerance.] 
 [the survey measurements were made in accordance with the “Minimum Angle, Distance and Closure
Requirements for Survey Measurements Which Control Land Boundaries for ALTA/ACSM Land Title Surveys.”] 
  

	
	  

	, Licensed Surveyor

  

					
	Date:	 	  
	 	
	[seal]	 		 	

  

 B-3 

 EXHIBIT C 
 SINGLE PURPOSE ENTITY PROVISIONS 
 It is a
requirement that the borrower be a bankruptcy remote, special purpose entity. A bankruptcy remote, special purpose entity is an entity which is unlikely to become insolvent as a result of its own activities and which is adequately insulated from the
consequences of any other party’s insolvency. Set forth below is language to be included in the organizational documents of corporations, limited partnerships and limited liability companies to evidence such entities’ existence as
bankruptcy remote, special purpose entities. 
  

	 	1.	CORPORATION 

 If the Single
Purpose Entity is a corporation, its certificate of incorporation will have to have the following provisions to be considered a special purpose entity: 
  

	 	A.	Purpose 

 The corporation’s purpose should be limited to owning and operating the mortgaged property (or interests in the Borrower). 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: The nature of the
business and of the purposes to be conducted and promoted by the Corporation, is to engage solely in the following activities: 
 1. To acquire that certain parcel of real property, together with all improvements located thereon, in the City of
                    , State of
                    
[                     interests in [insert Borrower or other applicable entity’s name]] (the “Property”). 
 2. To own, hold, sell, assign, transfer, operate, lease, mortgage, pledge and otherwise deal with the Property. 

3. To exercise all powers enumerated in the [General Corporation Law] of
                     necessary or convenient to the conduct, promotion or attainment of the business or purposes otherwise set forth herein.

  

	 	B.	Certain Prohibited Activities 

 The corporation shall be prohibited, except in certain circumstances, from engaging in certain activities, including various types of insolvency proceedings, dissolution, liquidation, consolidation,
merger, sale of all or substantially all of the corporation’s assets, transfer of 

  

 C-1 

 
ownership assets, incurrence of additional debt and amendment of the corporation’s articles of incorporation. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the
Corporation to the contrary, the following shall govern: The Corporation shall only incur indebtedness in an amount necessary to acquire, operate and maintain the [Property] [use other term for the real estate if necessary]. For so long as any
mortgage lien exists on the [Property] [use other term for the real estate if necessary], the Corporation shall not incur, assume, or guaranty any other indebtedness. The Corporation shall not consolidate or merge with or into any other entity or
conveyor transfer its properties and assets substantially as an entirety to any entity unless (i) the entity (if other than the Corporation) formed or surviving such consolidation or merger or that acquired by conveyance or transfer the
properties and assets of the Corporation substantially as an entirety (a) shall be organized and existing under the laws of the United States of America or any State or the District of Columbia, (b) shall include in its organizational
documents the same limitations set forth in this Article      and in Article [insert section setting forth Separateness Covenants], and (c) shall expressly assume the due and punctual performance of the Corporation’s
obligations; and (ii) immediately after giving effect to such transaction, no default or event of default under any agreement to which it is a party shall have been committed by this corporation and be continuing. For so long as a mortgage lien
exists on the [Property] [use other term for the real estate if necessary], the Corporation will not voluntarily commence a case with respect to itself, as debtor, under the Federal Bankruptcy Code or any similar federal or state statute without the
unanimous consent of the Board of Directors. For so long as a mortgage lien exists on the [Property] [use other term for the real estate if necessary], (ii) no amendment to this certificate of incorporation or to the Corporation’s By Laws
may be made without first obtaining approval of the mortgagee holding a first mortgage lien on the [Property] [use other term for the real estate if necessary] and (ii) the Corporation shall not dissolve, terminate or liquidate.”

 “The Board of Directors may not take any action requiring the unanimous affirmative vote of 100% of the
members of the Board of Directors unless all directors including the Independent Directors shall have participated in such vote.” 
  

	 	C.	Indemnification 

 Indemnification of a corporation’s directors and officers should be fully subordinated to obligations respecting the Property. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Corporation to

  

 C-2 

 
the contrary, the following shall govern: Any indemnification shall be fully subordinated to any obligations respecting the [Property] [use other term for the real estate if necessary] and shall
not constitute a claim against the Corporation in the event that cash flow is insufficient to pay such obligations.” 
  

	 	D.	Separateness Covenants 

 In order to demonstrate that it is a bankruptcy remote entity not at risk of having its assets substantively consolidated with those of another entity, the corporation must observe certain covenants designed to make evident the special
purpose entity’s separateness from its affiliates. 
 “Notwithstanding any provision hereof or of
any other document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: For so long as any mortgage lien exists on the [Property] [use other term for the real estate if necessary], in order
to preserve and ensure its separate and distinct corporate identity, in addition to the other provisions set forth in this certificate of incorporation, the Corporation shall conduct its affairs in accordance with the following provisions:

 1. It shall establish and maintain an office through which its business shall be conducted separate and
apart from those of its parent and any affiliate and shall allocate fairly and reasonably any overhead for shared office space. 
 2. It shall maintain separate corporate records and books of account from those of its parent and any affiliate. 
 3. Its Board of Directors shall hold appropriate meetings (or act by unanimous consent) to authorize all appropriate
corporate actions, and in authorizing such actions, shall observe all corporate formalities. The Board of Directors shall include at least two (2) individuals who are Independent Directors. As used herein, an “Independent
Director” shall mean an individual who shall not have been at the time of such individual’s appointment, and may not have been at any time (i) a partner, member, shareholder of, or an officer or employee of, the Corporation or any
of its respective partners, members, shareholders, subsidiaries or affiliates, (ii) a customer of, or supplier to, the Corporation or managing member of the Corporation or any of their respective partners, members, shareholders, subsidiaries or
affiliates, (iii) a person controlling any such partner, member, shareholder, supplier or customer, or (iv) a member of the immediate family of any such shareholder, officer, employee, supplier or customer of any other director of the
Corporation or of the managing member of the Corporation. As used herein, the term “control” means the possession, directly or indirectly, of the power to direct or cause the

  

 C-3 

 
direction of the management and policies of a person or entity, whether through ownership of voting securities, by contract or otherwise. 
 4. It shall not commingle assets with those of its parent and any affiliate. 
 5. It shall conduct its own business in its own name. 
 6. It shall maintain financial statements separate from its parent and any affiliate. 
 7. It shall pay any liabilities out of its own funds, including salaries of any employees, not funds of its parent or any
affiliate. 
 8. It shall maintain an arm’s length relationship with its parent and any affiliate.

 9. It shall maintain adequate capital in light of its contemplated business operations. 
 10. It shall not guarantee or become obligated for the debts of any other entity, including its parent or any affiliate or
hold out its credit as being available to satisfy the obligations of others. 
 11. It shall not acquire
obligations or securities of its partners, members or shareholders. 
 12. It shall use stationery, invoices
and checks separate from its parent and any affiliate. 
 13. It shall not pledge its assets for the benefit of
any other entity, including its parent and any affiliate or make any loans or advances to any other person. 
 14. It shall hold itself out as an entity separate from its parent and any affiliate. 
 15. It shall
correct any known misunderstanding regarding its separate identity.” 
 For purpose of this Article
    , the following terms shall have the following meanings: 
 “affiliate” means any person controlling or controlled by or under common control with the parent, including, without limitation (i) any person who has a familial relationship, by blood, marriage or otherwise with any
director, officer or employee of the Corporation, its parent, or any affiliate thereof and (ii) any person which receives compensation for

  

 C-4 

 
administrative, legal or accounting services from this corporation, its parent or any affiliate. For purposes of this definition, “control” when used with respect to any specified
person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “parent” means, with respect to a corporation, any
other corporation owning or controlling, directly or indirectly, fifty percent (50%) or more of the voting stock of the Corporation. 
 “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof),
unincorporated organization, or government or any agency or political subdivision thereof. 
  

	 	II.	LIMITED PARTNERSHIP 

 If the
Single Purpose Entity is a limited partnership, to be a special purpose entity, all of its general partners shall be special purpose entities. If such limited partnership has more than one general partner, then such limited partnership shall
continue (and not dissolve) for so long as a solvent general partner exists. Consequently, both the limited partnership’s partnership agreement and the certificate of incorporation of its general partner(s) will have to meet certain
requirements to be considered special purpose entities. Such requirements are as follows: 
  

	 	A.	Limited Partnership Agreement 

  

	 	a.	Purpose 

 The limited partnership’s purpose should be limited to owning and operating the mortgaged property. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Partnership to the contrary, the following shall govern: The nature of the
business and of the purposes to be conducted and promoted by the Partnership, is to engage solely in the following activities: 
 1. To acquire that certain parcel of real property, together with all improvements located thereon, in the City of             , State of
             [             interests in [insert Borrower or other applicable entity’s name]] (the
“Property”). 
 2. To own, hold, sell, assign, transfer, operate, lease, mortgage, pledge and
otherwise deal with the Property. 
  

 C-5 

 3. To exercise all powers enumerated in the Uniform Limited Partnership Act
of              necessary or convenient to the conduct, promotion or attainment of the business or purposes otherwise set forth herein.” 
  

	 	b.	Certain Prohibited Activities 

 The partnership shall be prohibited, except in certain circumstances, from engaging in certain activities, including various types of insolvency proceedings, dissolution, liquidation, consolidation,
merger, sale of all or substantially all of the partnership’s assets, transfer of partnership interests, incurrence of additional debt and amendment of the partnership agreement. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the
Partnership to the contrary, the following shall govern: The Partnership shall only incur indebtedness in an amount necessary to acquire, operate and maintain the [Property] [use other term for the real estate if necessary]. For so long as any
mortgage lien exists on the [Property] [use other term for the real estate if necessary], the Partnership shall not incur, assume, or guaranty any other indebtedness. The Partnership shall not consolidate or merge with or into any other entity or
conveyor transfer its properties and assets substantially as an entirety to any entity unless (i) the entity (if other than the Partnership) formed or surviving such consolidation or merger or that acquired by conveyance or transfer the
properties and assets of the Partnership substantially as an entirety (a) shall be organized and existing under the laws of the United States of America or any State or the District of Columbia, (b) shall include in its organizational
documents the same limitations set forth in this Article              and in Article [insert section setting forth Separateness Covenants], and (c) shall expressly assume the
due and punctual performance of the Partnership’s obligations; and (ii) immediately after giving effect to such transaction, no default or event of default under any agreement to which it is a party shall have been committed by this
partnership and be continuing. For so long as a mortgage lien exists on the [Property] [use other term for the real estate if necessary], the Partnership will not voluntarily commence a case with respect to itself, as debtor, under the Federal
Bankruptcy Code or any similar federal or state statute without the unanimous consent of all of the partners of the Partnership. For so long as a mortgage lien exists on the [Property] [use other term for the real estate if necessary], (i) no
amendment to this partnership agreement may be made and (ii) the partnership shall not dissolve, liquidate or terminate without first obtaining approval of the mortgagee holding a first mortgage lien on the [Property] [use other term for the
real estate if necessary] .” 
  

 C-6 

	 	c.	Indemnification 

 Indemnification of a partnership’s partners should be fully subordinated to obligations respecting the Property. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Partnership to the contrary, the following shall govern: Any indemnification
shall be fully subordinated to any obligations respecting the [Property] [use other term for the real estate if necessary] and shall not constitute a claim against the Partnership in the event that cash flow is insufficient to pay such
obligations.” 
  

	 	d.	Separateness Covenants 

 In order to demonstrate that it is a bankruptcy remote entity not at risk of having its assets substantively consolidated with those of another entity, the partnership must observe certain covenants designed to make evident the special
purpose entity’s separateness from its affiliates. 
 “Notwithstanding any provision hereof or of
any other document governing the formation, management or operation of the Partnership to the contrary, the following shall govern: For so long as any mortgage lien exists on the [Property] [use other term for the real estate if necessary], in order
to preserve and ensure its separate and distinct identity, in addition to the other provisions set forth in this partnership agreement, the Partnership shall conduct its affairs in accordance with the following provisions: 
 1. It shall establish and maintain an office through which its business shall be conducted separate and apart from that of
any of its affiliate and shall allocate fairly and reasonably any overhead for shared office space. 
 2. It
shall maintain separate partnership records and books of account from those of any affiliate. 
 3. It shall
not commingle assets with those of any affiliate. 
 4. It shall conduct its own business in its own name.

 5. It shall observe all partnership formalities. 
 6. It shall maintain financial statements separate from any affiliate. 
 7. It shall pay any liabilities out of its own funds, including salaries of any employees, not funds of any affiliate.

  

 C-7 

 8. It shall maintain an arm’s length relationship with any affiliate.

 9. It shall maintain adequate capital in light of its contemplated business operations. 
 10. It shall not guarantee or become obligated for the debts of any other entity, including any affiliate, or hold out its
credit as being available to satisfy the obligations of others. 
 11. It shall not acquire obligations or
securities of its partners, members or shareholders. 
 12. It shall use stationery, invoices and checks
separate from any affiliate. 
 13. It shall not pledge its assets for the benefit of any other entity,
including any affiliate or make any loans or advances to any other person. 
 14. It shall hold itself out as
an entity separate from any affiliate. 
 15. It shall correct any known misunderstanding regarding its
separate identity. 
 16. At all times have all of its general partners shall be special purpose corporate
entities with at least two (2) Independent Directors.” 
 For purposes of this Article
    , the following terms shall have the following meanings: 
 “affiliate” means any person controlling or controlled by or under common control with the Partnership including, without limitation (i) any person who has a familial relationship, by blood, marriage or otherwise with
any partner or employee of the Partnership, or any affiliate thereof and (ii) any person which receives compensation for administrative, legal or accounting services from this partnership, or any affiliate. For purposes of this definition,
“control” when used with respect to any specified person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Independent Director” shall mean an individual who shall not have been at the time of such individual’s appointment, and may not have been at any time (i) a partner, member, shareholder of, or an officer or
employee of, the Partnership or any of its respective partners, members,

  

 C-8 

 
shareholders, subsidiaries or affiliates, (ii) a customer of, or supplier to, the Partnership or managing member of the Partnership or any of their respective partners, members,
shareholders, subsidiaries or affiliates, (iii) a person controlling any such partner, member, shareholder, supplier or customer, or (iv) a member of the immediate family of any such shareholder, officer, employee, supplier or customer of
any other director of the Partnership or of the managing member of the Partnership. As used herein, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a person or entity, whether through ownership of voting securities, by contract or otherwise. 
 “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization, or government or
any agency or political subdivision thereof. 
  

	 	e.	Dissolution 

 The limited partnership agreement should provide that the partnership will continue (and not dissolve) so long as a solvent general partner exists. 
 “Notwithstanding any provision or of any other document governing the formation, management or operation of the
Partnership hereof to the contrary, the following shall govern: The Partnership shall not terminate solely as a consequence of the [Bankruptcy] of one or more of the general partners of the Partnership so long as there remains a solvent general
partner of the Partnership.” 
 In addition, dissolution of the partnership must not occur so long as
the partnership remains mortgagor of the mortgaged property. 
 “Notwithstanding any provision hereof
or of any other document governing the formation, management or operation of the Partnership to the contrary, the following shall govern: Subject to applicable law, dissolution of the Partnership shall not occur so long as the Partnership remains
mortgagor of the [Property] [use other term for the real estate if necessary] .” 
  

	 	B.	Corporate General Partner 

  

	 	a.	Purpose 

 The corporation’s purpose should be limited to acting as general partner of the limited partnership whose purpose, as set forth above, generally should be limited to owning and operating the mortgaged property. 
  

 C-9 

 “Notwithstanding any provision hereof or of any other document
governing the formation, management or operation of the Corporation to the contrary, the following shall govern: The nature of the business and of the purposes to be conducted and promoted by the Corporation is to engage solely in the activity of
acting as a general partner of a limited partnership (the “Partnership”) whose purpose is to acquire that certain parcel of real property, together with all improvements located thereon, in the City of
            , State of              (the “Property”) and own, hold, sell, assign, transfer,
operate, lease, mortgage, pledge and otherwise deal with the Property. The Corporation shall exercise all powers enumerated in the General Corporation Law of              necessary
or convenient to the conduct, promotion or attainment of the business or purposes otherwise set forth herein.” 
  

	 	b.	Certain Prohibited Activities 

 The corporation shall be prohibited, except in certain circumstances, from engaging in or causing the partnership to engage in certain activities, including various types of insolvency proceedings,
dissolution, liquidation, consolidation, merger, sale of all or substantially all of the corporation’s or partnership’s assets, transfer of ownership assets, transfer of partnership interests, incurrence of additional debt, amendment of
the corporation’s articles of incorporation and amendment of the partnership agreement. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: The Corporation shall only incur or cause the Partnership
to incur indebtedness in an amount necessary to acquire, operate and maintain the Property. For so long as any mortgage lien exists on the Property, the Corporation shall not and shall not cause the Partnership to incur, assume, or guaranty any
other indebtedness. For so long as the Partnership remains mortgagor of the Property, the Corporation shall not cause the Partnership to dissolve. The Corporation shall not and shall not cause the Partnership to consolidate or merge with or into any
other entity or convey or transfer its properties and assets substantially as an entirety to any entity unless (i) the entity (if other than the Corporation or Partnership) formed or surviving such consolidation or merger or that acquired by
conveyance or transfer the properties and assets of the Corporation or Partnership substantially as an entirety (a) shall be organized and existing under the laws of the United States of America or any State or the District of Columbia,
(b) shall include in its organizational documents the same limitations set forth in this Article              and in Article [insert section setting forth Separateness
Covenants], and (c) shall expressly assume the due and punctual performance of the Corporation’s obligations; and (ii) immediately after giving effect to such transaction, no default or event of default under any agreement to which it
is a party shall

  

 C-10 

 
have been committed by this corporation or the Partnership and be continuing. For so long as a mortgage lien exists on the Property, the Corporation shall not voluntarily commence a case with
respect to itself or cause the Partnership to voluntarily commence a case with respect to itself, as debtor, under the Federal Bankruptcy Code or any similar federal or state statute without the unanimous consent of the Board of Directors. For so
long as a mortgage lien exists on the Property, (i) no amendment to this certificate of incorporation or to the Corporation’s By Laws nor to the Partnership agreement of the Partnership may be made and (ii) neither the Corporation nor
the Partnership shall be dissolved, liquidated or terminated without first obtaining approval of the mortgagee holding a first mortgage lien on the Property.” 
 “The Board of Directors may not take any action requiring the unanimous affirmative vote of 100% of the members of the
Board of Directors unless all directors including the Independent Directors shall have participated in such vote.” 
  

	 	c.	Indemnification 

 Indemnification of a corporation’s directors and officers should be fully subordinated to obligations respecting the Property. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: Any indemnification
shall be fully subordinated to any obligations respecting the Partnership or the Property and shall not constitute a claim against the Corporation in the event that cash flow is insufficient to pay such obligations.” 
  

	 	d.	Separateness Covenants 

 In order to demonstrate that it is a bankruptcy remote entity not at risk of having its assets substantively consolidated with those of another entity, the Corporation must observe certain covenants designed to make evident the special
purpose entity’s separateness from its affiliates. 
 “Notwithstanding any provision hereof or of
any other document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: For so long as any mortgage lien exists on the Property, in order to preserve and ensure its separate and distinct
corporate identity, in addition to the other provisions set forth in this certificate of incorporation, the Corporation shall conduct its affairs in accordance with the following provisions: 
 1. It shall establish and maintain an office through which its business shall be conducted separate and apart from those of
its parent and

  

 C-11 

 any affiliate and shall allocate fairly and reasonably any overhead for shared office
space. 
 2. It shall maintain separate corporate records and books of account from those of its parent and any
affiliate. 
 3. Its Board of Directors shall hold appropriate meetings (or act by unanimous consent) to
authorize all appropriate corporate actions, and in authorizing such actions, shall observe all corporate formalities. The Board of Directors shall include at least two (2) individuals who are Independent Directors. As used herein, an
“Independent Director” shall mean an individual who shall not have been at the time of such individual’s appointment, and may not have been at any time (i) a partner, member, shareholder of, or an officer or employee of, the
Corporation or any of its respective partners, members, shareholders, subsidiaries or affiliates, (ii) a customer of, or supplier to, the Corporation or managing member of the Corporation or any of their respective partners, members,
shareholders, subsidiaries or affiliates, (iii) a person controlling any such partner, member, shareholder, supplier or customer, or (iv) a member of the immediate family of any such shareholder, officer, employee, supplier or customer of
any other director of the Corporation or of the managing member of the Corporation. As used herein, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a person or entity, whether through ownership of voting securities, by contract or otherwise. 
 4.
It shall not commingle assets with those of its parent and any affiliate. 
 5. It shall conduct its own
business in its own name. 
 6. It shall maintain financial statements separate from its parent and any
affiliate. 
 7. It shall pay any liabilities out of its own funds, including salaries of any employees, not
funds of its parent or any affiliate. 
 8. It shall maintain an arm’s length relationship with its parent
and any affiliate. 
 9. It shall maintain adequate capital ill light of its contemplated business operations.

 10. It shall not guarantee or, except to the extent of its liability for the debt secured by such mortgage
lien, become obligated for the debts of any other entity, including its parent or any affiliate or hold out its credit as being available to satisfy the obligations of others. 
  

 C-12 

 11. It shall not acquire obligations or securities of its partners, members
or shareholders. 
 12. It shall use stationery, invoices and checks separate from its parent and any
affiliate. 
 13. It shall not pledge its assets for the benefit of any other entity, including its parent and
any affiliate or make any loans or advances to any other person. 
 14. It shall hold itself out as an entity
separate from its parent and any affiliate. 
 15. It shall correct any known misunderstanding regarding its
separate identity.” 
 For purposes of this Article     , the following terms
shall have the following meanings: 
 “affiliate” means any person controlling or controlled
by or under common control with the parent, including, without limitation (i) any person who has a familial relationship, by blood, marriage or otherwise with any director, officer or employee of the Corporation, its parent, or any affiliate
thereof and (ii) any person which receives compensation for administrative, legal or accounting services from this corporation, its parent or any affiliate. For purposes of this definition, “control” when used with respect to any
specified person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “parent” means, with
respect to a corporation, any other corporation owning or controlling, directly or indirectly, fifty percent (50%) or more of the voting stock of the Corporation. 
 “person” means any individual, corporation, partnership, limited liability company, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof. 
  

	 	III.	LIMITED LIABILITY COMPANY 

 If
the Single Purpose Entity is a limited liability company, to be a special purpose entity, each managing member shall be a special purpose corporation. If such limited liability company has more than one managing member, then such limited liability
company shall continue (and not dissolve) for so long as a solvent managing member exists. Consequently, both the Limited Liability Company’s articles of organization and the certificate of incorporation

  

 C-13 

 
of its outside member will have to meet certain requirements to be considered special purpose entities. Such requirements are as follows: 
  

	 	A.	Articles of Organization 

  

	 	a.	Purpose 

 The limited liability company’s purpose should be limited to owning and operating the mortgaged property. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Limited Liability Company to the contrary, the following shall govern: The
nature of the business and of the purposes to be conducted and promoted by the Limited Liability Company, is to engage solely in the following activities: 
 1. To acquire that certain parcel of real property, together with all improvements located thereon, in the City of
                     State of
                    
[                     interests in [insert Borrower or other applicable entity’s name]] (the “Property”). 
 2. To own, hold, sell, assign, transfer, operate, lease, mortgage, pledge and otherwise deal with the Property. 

3. To exercise all powers enumerated in the Limited Liability Company Act of
                     necessary or convenient to the conduct, promotion or attainment of the business or purposes otherwise set forth
herein.” 
  

	 	b.	Certain Prohibited Activities 

 The limited liability company shall be prohibited, except in certain circumstances from engaging in certain activities, including various types of insolvency proceedings, dissolution, liquidation,
consolidation, merger, sale of all or substantially all of the limited liability company’s assets, transfer of limited liability company interests, incurrence of additional debt and amendment of the articles of organization. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the
Limited Liability Company to the contrary, the following shall govern: The Limited Liability Company shall only incur indebtedness in an amount necessary to acquire, operate and maintain the [Property] [use other term for the real estate if
necessary]. For so long as any mortgage lien exists on the [Property] [use other term for the real estate if necessary], the Limited Liability Company shall not incur, assume, or guaranty any other indebtedness. The Limited Liability Company shall
not consolidate or merge with or into any other entity or convey or transfer its properties and

  

 C-14 

 
assets substantially as an entirety to any entity unless (i) the entity (if other than the Limited Liability Company) formed or surviving such consolidation or merger or that acquired by
conveyance or transfer the properties and assets of the Limited Liability Company substantially as an entirety (a) shall be organized and existing under the laws of the United States of America or any State or the District of Columbia,
(b) shall include in its organizational documents the same limitations set forth in this Article      and in Article [insert section setting forth Separateness Covenants], and (c) shall expressly assume the due
and punctual performance of the Limited Liability Company’s obligations; and (ii) immediately after giving effect to such transaction, no default or event of default under any agreement to which it is a party shall have been committed by
this limited liability company and be continuing. For so long as a mortgage lien exists on the [Property] [use other term for the real estate if necessary], the Limited Liability Company will not voluntarily commence a case with respect to itself,
as debtor, under the Federal Bankruptcy Code or any similar federal or state statute without the unanimous consent of all of the members of the Limited Liability Company. For so long as a mortgage lien exists on the [Property] [use other term for
the real estate if necessary], (i) no amendment to these articles of organization may be made and (ii) the Limited Liability Company shall not be dissolved, liquidated or terminated without first obtaining approval of the mortgagee holding
a first mortgage lien on the [Property] [use other term for the real estate if necessary].” 
  

	 	c.	Indemnification 

 Indemnification of a limited liability company’s partners should be fully subordinated to obligations respecting the Property. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Limited Liability Company to the contrary, the following shall govern: Any
indemnification shall be fully subordinated to any obligations respecting the [Property] [use other term for the real estate if necessary] and shall not constitute a claim against the Limited Liability Company in the event that cash flow is
insufficient to pay such obligations.” 
  

	 	d.	Separateness Covenants 

 In order to demonstrate that it is a bankruptcy remote entity not at risk of having its assets substantively consolidated with those of another entity, the limited liability company must observe certain covenants designed to make evident
the special purpose entity’s separateness from its affiliates. 
  

 C-15 

 “Notwithstanding any provision hereof or of any other document
governing the formation, management or operation of the Limited Liability Company to the contrary, the following shall govern: For so long as any mortgage lien exists on the [Property] [use other term for the real estate if necessary], in order to
preserve and ensure its separate and distinct identity, in addition to the other provisions set forth in these articles of organization, the Limited Liability Company shall conduct its affairs in accordance with the following provisions: 

1. It shall establish and maintain an office through which its business shall be conducted separate and apart from that
of any of its affiliates and shall allocate fairly and reasonably any overhead for shared office space. 
 2.
It shall maintain separate records and books of account from those of any affiliate. 
 3. It shall not
commingle assets with those of any affiliate. 
 4. It shall conduct its own business in its own name.

 5. It shall maintain financial statements separate from any affiliate. 
 6. It shall pay any liabilities out of its own funds, including salaries of any employees, not funds of any affiliate.

 7. It shall maintain an arm’s length relationship with any affiliate. 
 8. It shall maintain adequate capital in light of its contemplated business operations. 
 9. It shall not guarantee or become obligated for the debts of any other entity, including any affiliate, or hold out its
credit as being available to satisfy the obligations of others. 
 10. It shall not acquire obligations or
securities of its partners, members or shareholders. 
 11. It shall use stationery, invoices and checks
separate from any affiliate. 
 12. It shall not pledge its assets for the benefit of any other entity,
including any affiliate or make any loans or advances to any other person. 
  

 C-16 

 13. It shall hold itself out as an entity separate from any affiliate.

 14. It shall correct any known misunderstanding regarding its separate identity. 
 15. At all times all managing members shall be a special purpose corporate member with at least two (2) Independent
Directors.” 
 For purposes of this Article     , the following terms shall
have the following meanings: 
 “affiliate” means any person controlling or controlled by or
under common control with the Limited Liability Company including, without limitation (i) any person who has a familial relationship, by blood, marriage or otherwise with any partner or employee of the Limited Liability Company, or any
affiliate thereof and (ii) any person which receives compensation for administrative, legal or accounting services from this limited liability company, or any affiliate. For purposes of this definition, “control” when used with
respect to any specified person, means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Independent Director”
shall mean an individual who shall not have been at the time of such individual’s appointment, and may not have been at any time (i) a partner, member, shareholder of, or an officer or employee of, the Limited Liability Company or any of
its respective partners, members, shareholders, subsidiaries or affiliates, (ii) a customer of, or supplier to, the Limited Liability Company or managing member of the Limited Liability Company or any of their respective partners, members,
shareholders, subsidiaries or affiliates, (iii) a person controlling any such partner, member, shareholder, supplier or customer, or (iv) a member of the immediate family of any such shareholder, officer, employee, supplier or customer of
any other director of the Limited Liability Company or of the managing member of the Limited Liability Company. As used herein, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a person or entity, whether through ownership of voting securities, by contract or otherwise. 
 “person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof),
unincorporated organization, or government or any agency or political subdivision thereof. 
  

 C-17 

	 	e.	Dissolution 

 To the extent permitted by tax law the articles of organization should provide that the vote of a majority in interest of the remaining members is sufficient to continue the life of the limited liability company. If such vote is not
obtained, for so long as a mortgage lien exists on the [Property] [use other term for the real estate if necessary] the limited liability company may not be permitted to liquidate the [Property] [use other term for the real estate if necessary]
without first obtaining approval of the mortgagee holding a first mortgage lien on the [Property] [use other term for the real estate if necessary]. Such holders may continue to exercise all of their rights under the existing security agreements or
mortgages until the debt underlying the mortgage lien has been paid in full or otherwise completely discharged.” 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Limited Liability Company to the contrary, the following shall govern: To the
extent permissible under applicable federal and state tax law, the vote of a majority in interest of the remaining members is sufficient to continue the life of the Limited Liability Company. If such vote is not obtained, for so long as a mortgage
lien exists on the [Property] [use other term for the real estate if necessary] the Limited Liability Company shall not liquidate the [Property] [use other term for the real estate if necessary] without first obtaining approval of the mortgagee
holding a first mortgage lien on the [Property] [use other term for the real estate if necessary]. Such holders may continue to exercise all of their rights under the existing security agreements or mortgages until the debt underlying the mortgage
liens has been paid in full or otherwise completely discharged. 
  

	 	f.	Voting 

 When acting on matters subject to the vote of the members, notwithstanding that the limited liability company is not then insolvent, the members and the outside member must take into account the interest of the Limited Liability
Company’s creditors, as well as those of the members. 
 “Notwithstanding any provision hereof or
of any other document governing the formation, management or operation of the Limited Liability Company to the contrary, the following shall govern: When acting on matters subject to the vote of the members, notwithstanding that the Limited
Liability Company is not then insolvent, all of the members shall take into account the interest of the Limited Liability Company’s creditors, as well as those of the members.” 
  

 C-18 

	 	B.	Outside Corporate Member 

  

	 	a.	Purpose 

 The outside corporate member’s purpose should be limited to acting as corporate member of the limited liability company whose purpose, as set forth above, generally should be limited to owning and operating the mortgaged property.

 “Notwithstanding any provision hereof or of any other document governing the formation, management
or operation of the Corporation to the contrary, the following shall govern: The nature of the business and of the purposes to be conducted and promoted by the Corporation is to engage solely in the activity of acting as the outside member of a
limited liability company (the “Limited Liability Company”) whose purpose is to acquire that certain parcel of real property, together with all improvements located thereon, in the City of
                    , State of
                     (the “Property”) and own, hold, sell, assign, transfer, operate, lease, mortgage, pledge and otherwise
deal with the Property. The Corporation shall exercise all powers enumerated in the General Corporation Law of                      necessary
or convenient to the conduct, promotion or attainment of the business or purposes otherwise set forth herein.” 
  

	 	b.	Certain Prohibited Activities 

 The corporation shall be prohibited, except in certain circumstances, from engaging in or causing the limited liability company to engage in certain activities, including various types of insolvency
proceedings, dissolution, liquidation, consolidation, merger, sale of all or substantially all of the corporation’s or the limited liability company’s assets, transfer of ownership assets, transfer of limited liability company interests,
incurrence of additional debt, amendment of the corporation’s articles of incorporation and amendment of the articles of organization. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: The Corporation shall
only incur or cause the Limited Liability Company to incur indebtedness in an amount necessary to acquire, operate and maintain the Property. For so long as any mortgage lien exists on the Property, the Corporation shall not and shall not cause the
Limited Liability Company to incur, assume, or guaranty any other indebtedness. The Corporation shall not and shall not cause the Limited Liability Company to consolidate or merge with or into any other entity or convey or transfer its properties
and assets substantially as an entirety to any entity unless (i) the entity (if other than the Corporation or Limited Liability Company) formed or surviving such consolidation or merger or that acquired by conveyance or transfer of the

  

 C-19 

 
properties and assets of the Corporation or Limited Liability Company substantially as an entirety (a) shall be organized and existing under the laws of the United States of America or any
State or the District of Columbia, (b) shall include in its organizational documents the same limitations set forth in this Article      and in Article [insert section setting forth Separateness Covenants], and
(c) shall expressly assume the due and punctual performance of the Corporation’s obligations; and (ii) immediately after giving effect to such transaction, no default or event of default under any agreement to which it is a party
shall have been committed by this corporation or the Limited Liability Company and be continuing. For so long as a mortgage lien exists on the Property, the Corporation shall not voluntarily commence a case with respect to itself or cause the
Limited Liability Company to voluntarily commence a case with respect to itself, as debtor, under the Federal Bankruptcy Code or any similar federal or state statute without the unanimous consent of the Board of Directors. For so long as a mortgage
lien exists on the Property, without first obtaining approval of the mortgagee holding a first mortgage lien on the Property (i) no material amendment to this certificate of incorporation or to the Corporation’s By Laws nor to the articles
of organization of the Limited Liability Company may be made and (ii) neither the Corporation nor the Limited Liability Company shall dissolve, liquidate or terminate without first obtaining approval of the mortgagee holding a first mortgage
lien on the Property.” 
 “The Board of Directors may not take any action requiring the unanimous
affirmative vote of 100% of the members of the Board of Directors unless all directors including the Independent Directors shall have participated in such vote.” 
  

	 	c.	Indemnification 

 Indemnification of a corporation’s directors and officers should be fully subordinated to obligations respecting the Property. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: Any indemnification
shall be fully subordinated to any obligations respecting the Limited Liability Company or the Property and shall not constitute a claim against the Corporation in the event that cash flow is insufficient to pay such obligations.” 

 

	 	d.	Separateness Covenants 

 In order to demonstrate that it is a bankruptcy remote entity not at risk of having its assets substantively consolidated with those of another 

  

 C-20 

 
entity, the corporation must observe certain covenants designed to make evident the special purpose entity’s separateness from its affiliates. 
 “Notwithstanding any provision hereof or of any other document governing the formation, management or operation of the
Corporation to the contrary, the following shall govern: For so long as any mortgage lien exists on the Property, in order to preserve and ensure its separate and distinct corporate identity, in addition to the other provisions set forth in this
certificate of incorporation, the Corporation shall conduct its affairs in accordance with the following provisions: 
 1. It shall establish and maintain an office through which its business shall be conducted separate and apart from those of its parent and any affiliate and shall allocate fairly and reasonably any overhead for shared office space.

 2. It shall maintain separate corporate records and books of account from those of its parent and any
affiliate. 
 3. Its Board of Directors shall hold appropriate meetings (or act by unanimous consent) to
authorize all appropriate corporate actions, and in authorizing such actions, shall observe all corporate formalities. The Board of Directors shall include at least two (2) individuals who are Independent Directors. As used herein, an
“Independent Director” shall mean an individual who shall not have been at the time of such individual’s appointment, and may not have been at any time (i) a partner, member, shareholder of, or an officer or employee of,
the Corporation or any of its respective partners, members, shareholders, subsidiaries or affiliates, (ii) a customer of, or supplier to, the Corporation or managing member of the Corporation or any of their respective partners, members,
shareholders, subsidiaries or affiliates, (iii) a person controlling any such partner, member, shareholder, supplier or customer, or (iv) a member of the immediate family of any such shareholder, officer, employee, supplier or customer of
any other director of the Corporation or of the managing member of the Corporation. As used herein, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a person or entity, whether through ownership of voting securities, by contract or otherwise. 
 4.
It shall not commingle assets with those of its parent and any affiliate. 
 5. It shall conduct its own
business in its own name. 
 6. It shall maintain financial statements separate from its parent and any
affiliate. 
  

 C-21 

 7. It shall pay any liabilities out of its own funds, including salaries of
any employees, not funds of its parent or any affiliate. 
 8. It shall maintain an arm’s length
relationship with its parent and any affiliate. 
 9. It shall maintain adequate capital in light of its
contemplated business operations. 
 10. It shall not guarantee or become obligated for the debts of any other
entity, including its parent or any affiliate or hold out its credit as being available to satisfy the obligations of others. 
 11. It shall not acquire obligations or securities of its partners, members or shareholders. 
 12. It shall use stationery, invoices and checks separate from its parent and any affiliate. 
 13. It shall not pledge its assets for the benefit of any other entity, including its parent and any affiliate or make any loans or advances to any other person. 
 14. It shall hold itself out as an entity separate from its parent and any affiliate. 
 15. It shall correct any known misunderstanding regarding its separate identity.” 
 For purpose of this Article     , the following terms shall have the following meanings:

 “affiliate” means any person controlling or controlled by or under common control with the
parent, including, without limitation (i) any person who has a familial relationship, by blood, marriage or otherwise with any director, officer or employee of the Corporation, its parent, or any affiliate thereof and (ii) any person which
receives compensation for administrative, legal or accounting services from this corporation, its parent or any affiliate. For purposes of this definition, “control” when used with respect to any specified person, means the power to direct
the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “parent” means, with respect to a corporation, any other corporation owning or
controlling, directly or indirectly, fifty percent (50%) or more of the voting stock of the Corporation. 
  

 C-22 

 “person” means any individual, corporation, partnership,
limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof. 
  

	 	e.	Voting 

 When voting on matters concerning the limited liability company, notwithstanding that the limited liability company is not then insolvent, the Corporation must take into account the interest of the Limited Liability Company’s
creditors, as well as those of its members. 
 “Notwithstanding any provision hereof or of any other
document governing the formation, management or operation of the Corporation to the contrary, the following shall govern: When voting on matters concerning the Limited Liability Company, notwithstanding that the Limited Liability Company is not then
insolvent, the Corporation shall take into account the interest of the Limited Liability Company’s creditors, as well as those of its members.” 
  

	 	IV.	OTHER STRUCTURES 

 The foregoing
provisions do not exhaustively contemplate all ownership structures for a mortgaged property. Situations involving ownership structures not specifically contemplated by the provisions set forth on this Exhibit C shall nevertheless require Single
Purpose Entities substantively to comply with the requirements to these provisions, modified as appropriate to accommodate the ownership structure in question. 
  

 C-23 

 EXHIBIT D 
 ENFORCEABILITY OPINION REQUIREMENTS 
 1. The
Opinion shall be delivered on the Closing Date and shall satisfy all applicable requirements of the Rating Agencies in relation thereto. 
 2. The Opinion shall be given by a professional law firm selected by Borrower and reasonably acceptable to Lender. 
 3. The Opinion shall be in form and substance acceptable to Lender and shall be given in relation to Borrower, Guarantor, Manager and any other relevant party to the Loan (each a “Loan
Party”). Depending on the nature of the transaction, the Opinion shall address the applicable law of the State of New York, the State where the Property is located and each State where any Loan Party is organized (collectively, the
“Relevant States”). To the extent that the Property is located in a jurisdiction outside of the State of New York and/or any Loan Party is organized under a jurisdiction outside the States of New York or Delaware, the appropriate
opinions below should be given by local counsel. The Opinion shall be given on the basis of an examination of an executed original of each completed Loan Document in addition to such other documents or instruments counsel deems relevant. 

4. The Opinion shall contain the following opinions: 
 Opinions with respect to the law of the State of Formation or Organization of the Loan Parties 
 (a) Each Loan Party is a [Describe Legal Form] duly organized, validly existing and in good standing under the laws of the State of [State of Organization] and is authorized to do business
and in good standing in the State of [State of Organization]. 
 (b) Each Loan Party has the requisite power to own its
properties and to carry on its business as now being conducted and to enter into the transactions covered by the Loan Documents. 
 (c) The execution and delivery by each Loan Party of each Loan Document to which it is a party has been duly authorized by all necessary partnership, company and/or corporate action, as applicable. To the extent a party thereto, the Loan
Documents have been duly executed and delivered by each Loan Party. 
 (d) The execution, delivery and performance by each Loan
Party of the Loan Documents to which it is a party does not: 
 (i) conflict with or result in a breach of any
of the terms, conditions or provisions of, or constitute a default under, the partnership agreement, partnership certificate, articles of incorporation, by-laws, trust agreement or trust certificate, as applicable, of such Loan Party; 
  

 D-1 

 (ii) contravene any law, statute or regulation of the United States of
America or the [State of Organization] or any agency or political subdivision of either thereof; 
 (iii)
violate any order, writ, injunction, or decree of which, after due inquiry, counsel has actual knowledge, issued by any court or governmental authority of the United States of America or the [State of Organization] or any agency or political
subdivision of either thereof to which such Loan Party is subject; or 
 (iv) conflict with or result in any
breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any lien other than the lien of the Loan Documents upon any of the assets or properties of
such Loan Party pursuant to the terms of any material indenture, mortgage, deed of trust, agreement, contract or instrument to which such Loan Party is a party or by which it or any of its assets or properties is bound. 
 (e) No order, consent, approval, license or authorization of, or filing, recording or registration with, any governmental or public body or
authority of the United States of America or the State of [Relevant State] or any agency or political subdivision of either thereof is required in connection with the execution and delivery of any of the Loan Documents, the validity, binding
effect or enforceability of any of the Loan Documents or the consummation of the transactions contemplated thereby. 
 (f) There
are no actions, suits or proceedings by or before any court, governmental or regulatory authority or agency of which, after due inquiry, we have actual knowledge pending or threatened against or affecting any Loan Party or Borrower’s rights
with respect to the Property wherein an adverse ruling or decision, individually or collectively with other such actions, suits or proceedings, is reasonably likely (i) to affect materially and adversely the ability of any Loan Party to
consummate the transactions contemplated by the Loan Documents or to perform its obligations under any of the Loan Documents, or (ii) to result in a challenge to the legality, validity, binding effect or enforceability of any of the Loan
Documents. 
 (g) To the extent the State of [State of Organization] UCC is applicable to the authorization of the
Financing Statement, pursuant to the provisions of the Loan Agreement and the Security Instrument, Borrower has authorized the filing of the Financing Statement for purposes of Section 9-509 of the State of [State of Organization] UCC.

 (h) To the extent the State of [State of Organization] UCC is applicable, the financing Statement includes not only
all of the types of information required by Section 9-502(a) of the State of [State of Organization] UCC but also the types of information without which the Filing Office may refuse to accept the Financing Statement pursuant to
Section 9-516 of the State of [State of Organization] UCC. 
 (i) To the extent the State of [State of
Organization] UCC is applicable, the security interest of the Secured Party will be perfected in Borrower’s rights in all UCC Collateral upon the later of the attachment of the security interest and the filing of the Financing Statement in
the Filing Office; provided, however, we express no opinion with respect to (i) money, (ii) deposit accounts, (iii) letter of credit rights, (iv) goods covered by a certificate of title statute,

  

 D-2 

 
(v) as-extracted collateral, timber to be cut, or (vi) any property subject to a statute, regulation or treaty of the United States whose requirements for a security interest’s
obtaining priority over the rights of a lien creditor with respect to the property preempt Section 9-3 10(a) of the State of [State of Organization]. “UCC Collateral” means the portion of the Property (as defined in the
Security Instrument), the Rate Cap Collateral, the Account Collateral (as defined in the Loan Agreement) and the Collateral Accounts (as defined in the Account Agreement) to the extent the UCC governs a security interest in such collateral.

 (j) You have asked whether Borrower is a “registered organization” as such term is defined in Section 9-1
02(a)(70) of the State of [State of Organization] UCC. Pursuant to Section 9-102(a)(70) of the State of [State of Organization] UCC, a “registered organization” must be (i) organized solely under the laws of a
single State (or the United States) and (ii) the State (or the United States) must maintain a public record showing the organization to have been organized. 
 Opinions with respect to New York Law 
 (a) To the extent governed
by New York law and to the extent a party thereto, the Loan Documents are the legal, valid and binding obligations of each Loan Party, enforceable against such Loan Party in accordance with their terms. 
 (b) The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party does not: 
 (i) contravene any law, statute or regulation of the United States of America or the State of New York or any agency or
political subdivision of either thereof; 
 (ii) violate any order, writ, injunction, or decree of which, after
due inquiry, counsel has actual knowledge, issued by any court or governmental authority of the United States of America or the State of New York or any agency or political subdivision of either thereof to which such Loan Party is subject; or

 (iii) conflict with or result in any breach of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of (or the obligation to create or impose) any lien other than the lien of the Loan Documents upon any of the assets or properties of such Loan Party pursuant to the terms of any material indenture,
mortgage, deed of trust, agreement, contract or instrument to which such Loan Party is a party or by which it or any of its assets or properties is bound. 
 (c) No order, consent, approval, license or authorization of, or filing, recording or registration with, any governmental or public body or authority of the United States of America or the State of New
York or any agency or political subdivision of either thereof is required in connection with the execution and delivery of any of the Loan Documents, the validity, binding effect or enforceability of any of the Loan Documents or the consummation of
the transactions contemplated thereby. 
 (d) There are no actions, suits or proceedings by or before any court, governmental or
regulatory authority or agency of which, after due inquiry, we have actual

  

 D-3 

 
knowledge pending or threatened against or affecting any Loan Party or Borrower’s rights with respect to the Property wherein an adverse ruling or decision, individually or collectively with
other such actions, suits or proceedings, is reasonably likely (i) to affect materially and adversely the ability of any Loan Party to consummate the transactions contemplated by the Loan Documents or to perform its obligations under any of the
Loan Documents, or (ii) to result in a challenge to the legality, validity, binding effect or enforceability of any of the Loan Documents. 
 (e) The payment by Borrower and receipt by Lender of all principal and interest will not violate the usury laws of the State of New York or otherwise constitute unlawful interest. 
 (f) The provisions of the Loan Agreement and the Security Instrument are effective to create, in favor of Lender to secure the obligations
purported to be secured thereby, a valid security interest in Borrower’s rights in the UCC Collateral. 
 (g) Under New
York UCC, the provisions of the Account Agreement are effective to perfect the security interest of Lender in Borrower’s rights in the Collateral Accounts (as defined in the Account Agreement). 
 Opinions with respect to the law of States in which the Property is located 
 (a) Each Loan Party is authorized to do business and in good standing in the State of [Relevant State]. 
 (b) To the extent governed by the laws of the State of [Relevant States], the Security Instrument and the Assignment of Leases are
the legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their terms. 
 (c) The
Security Instrument is in proper form so as to comply with recording requirements of the State of [Relevant State]. The Security Instrument creates in favor of Lender valid liens on the portion of the Property that are located in the State of
[Relevant States], securing payment of the Obligations (as defined in the Security Instrument), and no further action will be required for the valid creation of such liens. Upon recordation in the office of the [Recording Office] the
Security Instrument will provide constructive notice of the terms thereof and the liens created thereby to third parties acquiring interests in the portion of the Property that are located in the State of [Relevant States] subsequent to such
recordation. 
 (d) The Assignment of Leases is in proper form so as to comply with the recording requirements of the State of
[Relevant States]. At the time the Assignment of Leases is delivered to the Recording Office for recording, it will take effect as to all creditors and subsequent purchasers for a valuable consideration without notice, and it shall be
entitled to priority over any other similar instrument delivered to said Recording Office for recording after that time, in the absence of actual notice. 
 (e) Pursuant to the provisions of the Security Instrument Borrower has authorized the filing of the Fixture Financing Statement identifying the Fixture Collateral for purposes of Section 9-509 of the
[Relevant States] UCC. “Fixture Collateral” means that portion

  

 D-4 

 
of the UCC Collateral which consists of “fixtures” (as defined in Article 9 of the UCC) to the extent the UCC governs a security interest in such collateral. 
 (f) The Fixture Financing Statement includes not only all the types of information required by Section 9-502(a) and 9-502(b) of the
[Relevant States] UCC but also the types of information without which the Fixture Filing Office may refuse to accept the Fixture Financing Statement pursuant to Section 9-516 of the State of [Relevant States] UCC. 
 (g) Under the [Relevant States] UCC, the security interest of the Secured Party will be perfected in Borrower’s rights in any
Fixture Collateral located on the real property described on Schedule 1 to the Fixture Financing Statement upon the later of the attachment of the security interest and the filing of the Fixture Financing Statement in the Fixture Filing Office.

 (h) Borrower has paid all recording tax due in connection with the recording of the Security Instrument and the Assignment of
Leases. No additional deed of trust recording, intangibles tax, documentary stamp tax or similar taxes or charges, other than nominal recordation or filing fees, are required to be paid as a condition of the legality of enforceability of the
Security Instrument or the Assignment of Leases. 
 (i) The State of [Relevant States] has no law pursuant to which a
lien against any assets or properties of Borrower (whether real, personal, mixed, tangible or intangible) superior to the lien created by the Security Instrument could arise as a result of a violation of environmental laws or regulations of such
State. No environmental law or regulation of the State of [Relevant States] would require any remedial or removal action or certification of nonapplicability as a condition to the granting of the Security Instrument, the foreclosure or other
enforcement of the Loan Documents or the sale of any assets or properties of Borrower (whether real, personal, mixed, tangible or intangible) located in the State of [Relevant States]. 
 (j) No order, consent, approval, license or authorization of, or filing, recording or registration with, any governmental or public body or
authority of the United States of America or the State of [Relevant States] or any agency or political subdivision of either thereof is required in connection with the execution and delivery of any of the Loan Documents, the validity, binding
effect or enforceability of any of the Loan Documents or the consummation of the transactions contemplated thereby. 
 (k) There
are no actions, suits or proceedings by or before any court, governmental or regulatory authority or agency of which, after due inquiry, we have actual knowledge pending or threatened against or affecting any Loan Party or Borrower’s rights
with respect to the Property wherein an adverse ruling or decision, individually or collectively with other such actions, suits or proceedings, is reasonably likely (i) to affect materially and adversely the ability of any Loan Party to
consummate the transactions contemplated by the Loan Documents or to perform its obligations under any of the Loan Documents, or (ii) to result in a challenge to the legality, validity, binding effect or enforceability of any of the Loan
Documents. 
 (1) If the Obligations (as defined in the Security Instrument) were to be governed by the laws of the State of
[Relevant States], the payment by Borrower and receipt by

  

 D-5 

 
Lender of all principal and interest will not violate the usury laws of the State of [Relevant States] or otherwise constitute unlawful interest. 
 (m) A federal court sitting in the State of [Relevant States] and applying the conflict of law rules of the State of [Relevant
States], and the state courts in the State of [Relevant States], would give effect to the choice of law provisions contained in the Loan Documents. If counsel is not able to give this opinion as an unqualified opinion, an opinion that the
Loan Agreement and Note would be enforceable under the law of the State of [Relevant States] if such law were held to apply will be required. 
 (n) The operation of any term of the Loan Documents, including, without limitation, the terms regarding late charges, default interest or prepayment premiums, or the lawful exercise of any right
thereunder, shall not render the Loan Documents unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense. 
 5. The Opinion shall be addressed to Lender and its successors and assigns and shall state that it may be relied upon by (i) any assignee of Lender’s interest in the Loan, (ii) any servicer
of the Loan, (iii) any purchaser of the Loan or any portion thereof in any Securitization, (iv) any Rating Agency involved in a Securitization of the Loan, (v) the issuer of securities in a Securitization of the Loan, and
(vi) any trustee or servicer appointed in connection with a Securitization of the Loan. 
  

 D-6 

 EXHIBIT E 
 NON-CONSOLIDATION OPINION REQUIREMENTS 
 1. The
Nonconsolidation Opinion shall be delivered on the Closing Date and shall satisfy all applicable requirements of the Rating Agencies in relation thereto. 
 2. The Nonconsolidation Opinion shall be given by a professional law firm selected by Borrower and reasonably acceptable to Lender. 
 3. The Nonconsolidation Opinion shall be in form and substance acceptable to Lender and shall be given in relation to both Borrower and any
other SPE Entity relevant to the Loan. The Nonconsolidation Opinion shall identify each entity (a “Relevant Entity”) which owns more than a 49% direct or indirect interest in either Borrower and/or such SPE Entity. Depending on the
circumstances and nature of the transaction structure, a non-affiliated entity, such as a third party property manager, shall be included as a Relevant Entity if required by the Rating Agencies. 
 4. The Nonconsolidation Opinion shall state that, in the event that any Relevant Entity were to be a debtor in a case under the Bankruptcy
Code, it is counsel’s opinion that, under present reported decisional authority and statutes applicable to federal bankruptcy cases, in a properly presented and argued case, a court would not, in the proper exercise of its equitable discretion,
disregard the separate existence of Borrower or any SPE Entity so as to order substantive consolidation under the Bankruptcy Code of the assets and liabilities of such Relevant Entity with the assets and liabilities of either Borrower or any SPE
Entity and treat such assets and liabilities as though either Borrower and such Relevant Entity or any SPE Entity and such Relevant Entity were one entity. 
 5. The Nonconsolidation Opinion shall be addressed to Lender and its successors and assigns and shall state that it may be relied upon by (i) any assignee of Lender’s interest in the Loan,
(ii) any participant of Lender’s interest in the Loan, (iii) any servicer of the Loan, (iv) any purchaser of the Loan or any portion thereof in any Securitization, (v) any Rating Agency involved in a Securitization of the
Loan, (vi) the issuer of securities in a Securitization of the Loan, and (vii) any trustee or servicer appointed in connection with a Securitization of the Loan. 
 DELAWARE BANKRUPTCY OPINIONS 
 As a general rule, the following
opinions are required with respect to any single-member Delaware limited liability companies (having independent members/managers) in the organizational structure: 
 1. An opinion of Delaware counsel that federal bankruptcy court would hold that Delaware law, and not federal law, governs the determination of what persons or entities have authority to file a voluntary
bankruptcy petition on behalf of the limited liability company. 
  

 E-1 

 2. Opinions of Delaware counsel as follows: 
 a. The limited liability company agreement constitutes a legal, valid and binding agreement of its member, and is
enforceable against such member, in accordance with its terms. 
 b. In order for a voluntary bankruptcy
petition to be filed on behalf of the Company, the unanimous consent of all of the independent managers/members is required and the provision requiring such unanimous consent in the limited liability company agreement constitutes a legal, valid and
binding agreement of the member, enforceable against the member, in accordance with its terms. 
 c. The
bankruptcy or dissolution of the limited liability company’s sole member will not, by itself, cause the limited liability company to be dissolved or its affairs to be wound up. 
 d. A judgment creditor of the member may not satisfy its claims against the member by asserting a claim against the assets
of the limited liability company. 
 e. The limited liability company is a separate legal entity, and shall
continue as such until the cancellation of the limited liability company certificate. 
 Contact information for a Delaware firm
frequently retained by borrowers to obtain such opinions is set forth below: 
 RICHARDS, LAYTON & FINGER

 One Rodney Square 
 P.O. Box 551 
 Wilmington, Delaware 19899 
 Telephone: 302-658-6541 
 Facsimile: 302-658-6548 
 Fax Confirmation: 302-651-7796 
 Bernard J. Kelley 
 Telephone: 302-651-7674 
 Facsimile: 302-658-6548 
 E-mail: kelley@rlf.com 
  

 E-2 

 EXHIBIT F 
 COUNTERPARTY OPINION REQUIREMENTS 
 1. The
Counterparty Opinion shall be delivered on the Closing Date and shall satisfy all applicable requirements of the Rating Agencies in relation thereto. 
 2. The Counterparty Opinion may be given by a professional law firm selected by Counterparty and reasonably acceptable to Lender or by in-house counsel for Counterparty. 
 3. The Counterparty Opinion shall be in form and substance acceptable to Lender and shall contain the following opinions: 
 (a) Counterparty is duly organized, validly existing, and in good standing under the laws of its jurisdiction of incorporation and has the
organizational power and authority to execute and deliver, and to perform its obligations under the Interest Rate Cap Agreement and the Acknowledgment. 
 (b) The execution and delivery of the Interest Rate Cap Agreement and the Acknowledgment by Counterparty, and any other agreement which Counterparty has executed and delivered pursuant thereto, and the
performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law, regulation
or contractual restriction binding on or affecting it or its Property. 
 (c) All consents, authorizations and approvals
required for the execution and delivery by Counterparty of the Interest Rate Cap Agreement, the Acknowledgment and any other agreement which the Counterparty has executed and delivered pursuant thereto, and the performance of its obligations
thereunder have been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory body is required for such
execution, delivery or performance. 
 (d) The Interest Rate Cap Agreement, the Acknowledgment and any other agreement which
Counterparty has executed and delivered pursuant thereto, has been duly executed and delivered by Counterparty and constitutes the legal, valid and binding obligation of Counterparty, enforceable against Counterparty in accordance with its terms,
subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at
law). 
 4. If a Interest Rate Cap Guaranty is delivered in connection with the Interest Rate Cap Agreement, the Counterparty
Opinion shall contain the following additional opinions: 
 (a) Interest Rate Cap Guarantor is duly organized, validly existing,
and in good standing under the laws of its jurisdiction of incorporation and has the organizational power

  

 F-1 

 and authority to execute and deliver, and to perform its obligations under, the Interest Rate Cap Guaranty.

 (b) The execution and delivery of the Interest Rate Cap Guaranty by Interest Rate Cap Guarantor, and any other agreement
which Interest Rate Cap Guarantor has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its certificate of
incorporation or bylaws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property. 
 (c) All consents, authorizations and approvals required for the execution and delivery by Interest Rate Cap Guarantor of the Interest Rate Cap Guaranty, and any other agreement which Interest Rate Cap
Guarantor has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no
notice to or filing with any governmental authority or regulatory body is required for such execution, delivery or performance. 
 (d) The Interest Rate Cap Guaranty, and any other agreement which Interest Rate Cap Guarantor has executed and delivered pursuant thereto, has been duly executed and delivered by Interest Rate Cap Guarantor and constitutes the legal, valid
and binding obligation of Interest Rate Cap Guarantor, enforceable against Interest Rate Cap Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and
subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 5. Depending on the nature of the transaction, the Counterparty Opinion shall contain such additional opinions on such other matters relating to the Interest Rate Cap Agreement, the Interest Rate Cap
Guaranty and/or the Acknowledgment as Lender shall reasonably require, including, without limitation, the following additional opinions if the Counterparty or Interest Rate Cap Guarantor is a foreign entity: 
 (a) Jurisdiction where Counterparty and/or Interest Rate Cap Guarantor, as applicable, is located will respect and give effect to the choice
of law provisions of the Interest Rate Cap Agreement and the Acknowledgment. 
 (b) A judgment obtained in the courts of the
State of New York is enforceable in the jurisdiction where Counterparty and/or Interest Rate Cap Guarantor, as applicable, is located. 
 6. The Counterparty Opinion shall be addressed to Lender and its successors and assigns and shall state that it may be relied upon by (i) any assignee of Lender’s interest in the Loan, (ii) any participant of Lender’s
interest in the Loan, (iii) any servicer of the Loan, (iv) any purchaser of the Loan or any portion thereof in any Securitization, (v) any Rating Agency involved in a Securitization of the Loan, (vi) the issuer of securities in a
Securitization of the Loan, and (vii) any trustee or servicer appointed in connection with a Securitization of the Loan. 
  

 F-2 

 EXHIBIT G 
 FORM OF TENANT ESTOPPEL LETTER 
             , 20     
 Citigroup Global Markets Realty Corp., 
 its successors and
assigns 
 388 Greenwich Street 
 New York, New York 10013 
 Re: 
 Ladies and Gentlemen: 
 It is our understanding that you are about to make a loan to
[                    ], a
[                    ], the landlord, or successor-in-interest to the landlord under our lease, as evidenced by a loan agreement and secured
by a mortgage on the captioned premises and, as a condition precedent thereof, you have required this certification by the undersigned. 
 The undersigned, as tenant under that certain lease made with                     , as landlord,
dated                  [, which lease has been modified or amended as follows (list all modifications or amendments or, if none, so indicate)
                    ] (the “Lease”), hereby ratifies the Lease and certifies that: 
 1. the undersigned entered into occupancy of the premises described in the Lease on or about
                    ; 
 2. the lease commencement date was                     ; 
 3. the square footage of the premises described in the Lease is
                    ; 
 4. the fixed rental in the monthly amount of $             was payable from
                    ; 
 5. the percentage rental payable monthly is $            ; 
 6. there are no rent abatements or free rent periods now or in the future [other than                     ]; 
 7. the amount of the current monthly expense reimbursements due under the Lease is equal to $
            ; 
 8. the Lease is in full force and effect
and, except as indicated above, has not been assigned, modified, supplemented or amended in any way and the undersigned has no 
  

 G-1 

 
notice of any assignment, pledge or hypothecation by the landlord of the Lease or of the rentals thereunder; 
 9. a true and complete copy of the Lease (including all amendments, modifications, supplements, side letters, surrender, space reduction or rent abatement agreements applicable to such Lease) is attached
hereto as Exhibit A; 
 10. the Lease represents the entire agreement between the parties with respect to the above space in the
above-mentioned building; 
 11. the term of the Lease [, as currently extended by means of the exercise of certain options
contained therein,] expires on                     ; 
 12. all construction and other obligations of a material nature to be performed by the landlord under the Lease have been satisfied, except as follows: (if none, so indicate); 
 13. any payments by the landlord to the undersigned for tenant improvements which are required under the Lease have been made; 

14. on this date there are no existing defenses or offsets which the undersigned has against the enforcement of the Lease by the Landlord
and the undersigned has no knowledge of any event which with the giving of notice, the passage of time or both would constitute a default under said Lease; 
 15. the undersigned is not entitled to any offsets, abatements, deductions or otherwise against the rent payable under the Lease from and after the date hereof, except as follows: (if none, so indicate);

 16. no rental (including expense reimbursements), other than for the current month, has been paid in advance; 
 17. the amount of the security deposit presently held under the Lease is
$             (if none, so indicate); 
 18. the rentals
(including expense reimbursements) under the Lease have been paid through the month of                     . 
  

 G-2 

 This estoppel certificate is binding upon the undersigned and its successors and assigns and
may be relied upon by you and your successors and assigns and, if the mortgage loan becomes the subject of a securitization, may also be relied upon by the credit rating agency, if any, rating the securities collateralized by the mortgage loan as
well as any issuer of such securities, and any servicer and/or trustee acting in respect of such securitization. 
  

					
	Very truly yours,
	
	  

	[INSERT NAME OF TENANT]
		
	By:	 	  

		 	Title:	 	

  

 G-3 

 EXHIBIT A 
 LEASE 
 G-4 
  

 EXHIBIT H-1 
 BORROWER ORGANIZATIONAL STRUCTURE AT CLOSING 
 (ATTACHED HERETO) 
 H-1-1 
  

 EXHIBIT H-2 
 INTENTIONALLY DELETED 
 H-2-1 

 EXHIBIT I 
 INTEREST RATE CAP AGREEMENT REQUIREMENTS 
  

	 	•	 	 The form of cap agreement should be the 1992 ISDA Agreement (Multicurrency Cross Border or Local Currency Single Jurisdiction) subject to the 2000
Definitions. 

  

	 	•	 	 Once the cap premium is paid by Borrower, it cannot default. (Paragraph 4 of the May 1989 ISDA Addendum to Schedule to Interest Rate and Currency
Exchange Agreement or similar language must be incorporated by reference). 

  

	 	•	 	 “Cross Default” provision of Section 5(a)(vi) of the ISDA Master Agreement will not apply. Grace and cure periods in Section 5 of
the ISDA Master Agreement will either (i) not apply or (ii) if applicable, any grace or cure periods must expire in time to ensure the availability of cap payments by cap provider on a timely basis for distribution to the holders of the
rated securities. 

  

	 	•	 	 “Credit Event Upon Merger” provisions of Section 5(b)(iv) of the ISDA Master Agreement will not apply. 

  

	 	•	 	 “Automatic Early Termination” provision in Section 6(a) of the ISDA Master Agreement will not apply. 

  

	 	•	 	 Termination Events under Sections 5(b)(ii) and 5(b)(iii) of the ISDA Master Agreement either (i) will only constitute termination events
exercisable by Borrower against cap provider or (ii) if exercisable by both parties, at the time of any event triggering a termination event under Sections 5(b)(ii) and/or 5(b)(iii), cap provider must either (a) transfer the cap to a
replacement cap provider acceptable to each Rating Agency at cap provider’s sole cost and expense, or (b) continue to perform its obligations under the cap agreement including, without limitation, the obligation to unconditionally
“gross up” in the event that a withholding tax is imposed on payments being made by the cap provider. 

  

	 	•	 	 Borrower shall be precluded from payment of any out of pocket expenses required under Section 11 of the ISDA Master Agreement and incurred by cap
provider related to the enforcement and protection of cap provider’s rights under the cap agreement. 

  

	 	•	 	 Market Quotation and Second Method will be used for the purpose of computing amounts payable on early termination with a provision for loss if Market
Quotation is not available. 

  

	 	•	 	 The parties shall be deemed to have no Affiliates for purposes of the ISDA Master Agreement. 

  

	 	•	 	 “Specified Entities” will not apply for purposes of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(iv) of the ISDA Master Agreement.

  

	 	•	 	 Transaction will be governed by New York law. 

  

	 	•	 	 For the purposes of Section 6(e) of the ISDA Master Agreement, set off and counterclaim will not apply and all payments by cap provider shall be
made without set off or counterclaim. 

  

 I-1 

	 	•	 	 If this transaction will be guaranteed by a parent to provide a required rating, the guarantee must be unconditional, irrevocable, continuing and a
guarantee of payment, not collection, and otherwise satisfy Rating Agency requirements. Any act or omission of such guarantor that would constitute an event of default by the cap provider (other than a cross default) under Section 5 of the ISDA
Master Agreement will constitute an event of default under the ISDA Master Agreement. 

  

	 	•	 	 The definition of LIBOR will be USD LIBOR BBA and must match the definition of LIBOR in the loan agreement. 

  

	 	•	 	 The definition of Business Day must match the definition of Business Day in the loan agreement. LIBOR must be determined on the LIBOR Determination
Date. 

  

	 	•	 	 Payments must be made by the cap provider on or prior to the applicable Payment Date in respect of a period corresponding to the applicable Interest
Period. 

  

	 	•	 	 The Termination Date of the cap must be no earlier than the last day of the Interest Period in which the Maturity Date under the loan agreement occurs.

  

	 	•	 	 The Day Count Fraction in the cap must match that contained in the loan agreement. 

  

	 	•	 	 The Notional Amount in the cap must match the principal amount of the loan as of the date of the loan agreement. 

  

	 	•	 	 US Dollars are selected as the Termination Currency under the cap. 

  

	 	•	 	 Section 2(c)(ii) of the ISDA Master Agreement will apply to the Transaction. 

  

	 	•	 	 Cap provider and Borrower will represent that it is not a multi branch party. 

  

	 	•	 	 Cap provider will covenant that it will not petition Borrower into bankruptcy (or join in any such petition) for 365 days after all outstanding rated
securities have been paid in full. 

  

	 	•	 	 If the ISDA Master Agreement (Multicurrency Cross Border) (“Cross Border Agreement”) is utilized, additional scheduled items and provisions
to address “indemnifiable taxes” and other related issues present in cross border transactions must be incorporated: 

  

	 	•	 	 Section 2(d)(i)(4) of the Cross Border Agreement must be amended to require the cap provider to unconditionally “gross up” in the event
that a withholding tax is imposed on payments being made by the cap provider. 

  

	 	•	 	 The definition of “indemnifiable tax” must cover any and all withholding tax. 

  

	 	•	 	 Section 2(d)(i)(4) of the Cross Border Agreement will be deleted such that cap provider is not excused from having to “gross up” due to
Borrower’s breach of a tax representation or failure to notify cap provider of a breach of a tax representation and (ii) Borrower makes no tax representations in the cap agreement or schedule. 

  

	 	•	 	 Section 2(d)(ii) of the Cross Border Agreement must be amended to provide that there is no obligation by Borrower to make payments to the cap
provider for any payments made by the cap provider without deduction for taxes (for which there is no obligation to gross up). 

  

 I-2 

	 	•	 	 Section 4(e) of the Cross Border Agreement must be amended to provide that there are no payment obligations by Borrower to cap provider for any
indemnification resulting from stamp registration or other documentary tax levied by Borrower’s taxing authority on the cap provider. 

  

	 	•	 	 Cap provider and any guarantor must provide a New York opinion of counsel satisfactory to the Rating Agencies regarding the cap. If cap provider or its
guarantor is a non U.S. entity, a foreign opinion must be provided as well. The opinion(s) must include customary legal opinions including, without limitation, an opinion delivered by outside counsel opining that the cap agreement (including the
confirmation, ISDA Master Agreement, schedule and collateral assignment agreement) is legal/valid/binding and enforceable against the cap provider and any guarantor.] 

  

 I-3 

 EXHIBIT J 
 FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 
 Reference is made to that certain Loan and Security Agreement, dated as of              200     (as amended, supplemented or otherwise modified
from time to time, the Loan Agreement) between [                    ] (Borrower), and Citigroup Global Markets Realty Corp., a
New York corporation (Lender), and that certain Note, dated as of             , 200     (the Note), made by Borrower in favor of Lender.
Terms defined in the Loan Agreement and not otherwise defined herein are used herein with the same meaning. 
 The Assignor
and the Assignee referred to on Schedule 1 attached hereto agree as follows: 
 1. The Assignor hereby sells
and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, an interest in and to the Assignor’s rights and obligations under the Note and the Loan Agreement as of the date hereof equal to the percentage
interest specified on Schedule 1 attached hereto. After giving effect to such sale and assignment, the amount of the Loan and the Note owing to the Assignee will be as set forth on Schedule 1 attached hereto. 
 2. The Assignor (i) represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any adverse claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Documents
or the execution, legality, validity, enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under or in connection with the Loan Documents or any other
instrument or document furnished pursuant thereto; (iii) makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrower or the performance or observance by Borrower of any of its
obligations under any Loan Document or any other instrument or document furnished pursuant thereto; and (iv) attaches the Note or notes held by the Assignor and requests that the Lender exchange such Note or notes for a new note or notes
payable to the order of the Assignee in an amount equal to the principal amount of the Loan assumed by the Assignee pursuant hereto or new notes payable to the order of the Assignee in an amount equal to the principal amount of the Loan assumed by
the Assignee pursuant hereto and the Assignor in an amount equal to the principal amount of the Loan retained by the Assignor under the Note and the Loan Agreement, respectively, as specified on Schedule 1 attached hereto. 
 3. The Assignee (i) confirms that it has received a copy of the Note and the Loan Agreement, together with such financial statements
and other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees that it will, independently and without reliance upon Lender or the Assignor
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement or the Note; (iii) appoints and authorizes Lender to take such
action as agent on its

  

 J-1 

 
behalf and to exercise such powers and discretion under the Loan Documents as are delegated to Lender by the terms thereof, together with such powers and discretion as are reasonably incidental
thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Loan Agreement and the Note are required to be performed by it as an assignee of an interest therein. 
 4. Following the execution of this Assignment and Acceptance, it will be delivered to Lender for acceptance and recording. The effective
date for this Assignment and Acceptance (the Effective Date) shall be the date of acceptance hereof by the Lender, unless otherwise specified on Schedule 1 attached hereto. 
 5. Upon such acceptance and recording by Lender, as of the Effective Date, (i) the Assignee shall be a party to the Loan Agreement and
the Note and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of an assignee thereof, and (ii) the Assignor shall, to the extent provided in the Loan Agreement and this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Loan Agreement and the Note. 
 6. Upon such acceptance and
recording by Lender, from and after the Effective Date, Lender shall make all payments under the Loan Agreement and the Note or notes in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and
commitment fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Loan Agreement and the Note or notes for periods prior to the Effective Date directly between themselves.

 7. This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York.

 8. This Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of Schedule 1 to this Assignment and Acceptance by
telecopier shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. 
 ***

 IN WITNESS WHEREOF, the Assignor and the Assignee have caused this Assignment and Acceptance and Schedule 1 to this
Assignment and Acceptance to be executed by their officers thereunto duly authorized as of the date specified on Schedule 1. 
  

 J-2 

 Schedule I 
 As to the Loan in respect of which an interest is being assigned: 
  

				
	 Percentage interest assigned:
	  	            	% 
		  	 	 
		
	 Aggregate outstanding principal amount of the Loan assigned:
	  	$            	  
		  	 	 
		
	 Principal amount of Note payable to Assignee:
	  	$            	  
		  	 	 
		
	 Principal amount of Note payable to Assignor:
	  	$            	  
		  	 	 
		
	 Effective Date (if other than date of acceptance by Lender):
                 ,     
	  		

  

					
	[NAME OF ASSIGNOR], as Assignor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	Dated:	 	                 ,     
	
	[NAME OF ASSIGNOR], as Assignor
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	Dated:	 	                 ,     

 Accepted this      day of
            ,      
 [NAME OF LENDER] 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

  

 J-3 

 EXHIBIT K 
 FORM OF 
 SUBORDINATION, NON-DISTURBANCE
AND ATTORNMENT AGREEMENT 
 SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT 
                                        
 , 
 Tenant 
 AND 
 CITIGROUP GLOBAL MARKETS REALTY CORP., 
 Lender 
  

							
		 	 County:
	  	[                                ]	  	
		 	 Section:
	  	[                                ]	  	
		 	 Block:
	  	[                                ]	  	
		 	 Lot:
	  	[                                ]	  	
				
		 	 Premises:
	  		  	
			
		 	 Dated: as of
                    ,     
	  	

 Record and return by mail to: 
 Cadwalader, Wickersham & Taft LLP 
 One World
Financial Center 
 New York, NY 10281 
 Attention: Frederic L. Altschuler, Esq. 
 K-1 

 SUBORDINATION, 
 NON-DISTURBANCE AND ATTORNMENT AGREEMENT 
 THIS
AGREEMENT made as of this      day of             , 200    , between CITIGROUP GLOBAL MARKETS REALTY CORP., a New York
corporation, having an address at 388 Greenwich Street, New York, New York 10013 (hereinafter called “Lender”), and
                    , a
                    , having an address at
                     (hereinafter called “Tenant”). 
 W I T N E S S E T H: 
 WHEREAS, by a lease (the “Original Lease”) dated             ,200     between
                     (hereinafter called “Landlord”), as landlord, and Tenant, as tenant, as amended by lease amendment[s]
dated             , 200    , [            , 200     and
            , 200    ] (the Original Lease, as so amended, is hereinafter the “Lease”), a memorandum of which Lease was dated
                     and was recorded in
                     in Reel     , Page     , [add recording data for memoranda of
amendments, if applicable], Landlord leased to Tenant certain premises located in                      (the “Premises”) on
the property described in Schedule “A” annexed hereto and made a part hereof (the “Property”); and 
 WHEREAS, Lender is about to make a loan to Landlord, which loan shall be secured by, among other things, a mortgage or deed of trust (which mortgage or deed of trust, and all amendments, renewals, increases, modifications, replacements,
substitutions, extensions, spreaders and consolidations thereof and all re-advances thereunder and addictions thereto, is referred to as the “Security Instrument”) encumbering the Property; and 
 WHEREAS, Lender and Tenant desire to confirm their understanding and agreement with respect to the Lease and the Security Instrument.

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, Lender and Tenant hereby agree and
covenant as follows: 
 1. The Lease, and all of the terms, covenants, provisions and conditions thereof (including, without
limitation, any right of first refusal, right of first offer, option or any similar right with respect to the sale or purchase of the Property, or any portion thereof) is, shall be and shall at all times remain and continue to be subject and
subordinate in all respects to the lien, terms, covenants, provisions and conditions of the Security Instrument and to all advances and re-advances made thereunder and all sums secured thereby. This provision shall be self-operative but Tenant shall
execute and deliver any additional instruments which Lender may reasonably require to effect such subordination. 
 2. So long
as (i) Tenant is not in default (beyond any period given in the Lease to Tenant to cure such default) in the payment of rent, percentage rent or additional rent or in the performance or observance of any of the other terms, covenants,
provisions or conditions

  

 K-2 

 
of the Lease on Tenant’s part to be performed or observed, (ii) Tenant is not in default under this Agreement and (iii) the Lease is in full force and effect:
(a) Tenant’s possession of the Premises and Tenant’s rights and privileges under the Lease, or any extensions or renewals thereof which may be effected in accordance with any option therefor which is contained in the Lease, shall not
be diminished or interfered with by Lender, and Tenant’s occupancy of the Premises shall not be disturbed by Lender for any reason whatsoever during the term of the Lease or any such extensions or renewals thereof and (b) Lender will not
join Tenant as a party defendant in any action or proceeding to foreclose the Security Instrument or to enforce any rights or remedies of Lender under the Security Instrument which would cut-off, destroy, terminate or extinguish the Lease or
Tenant’s interest and estate under the Lease (except to the extent required so that Tenant’s right to receive or set-off any monies or obligations owed or to be performed by any of Lender’s predecessors-in-interest shall not be
enforceable thereafter against Lender or any of Lender’s successors-in-interest). Notwithstanding the foregoing provisions of this paragraph, if it would be procedurally disadvantageous for Lender not to name or join Tenant as a party in a
foreclosure proceeding with respect to the Security Instrument, Lender may so name or join Tenant without in any way diminishing or otherwise affecting the rights and privileges granted to, or inuring to the benefit of, Tenant under this Agreement.

 3. (A) After notice is given by Lender that the Security Instrument is in default and that the rentals under the Lease
should be paid to Lender, Tenant will attorn to Lender and pay to Lender, or pay in accordance with the directions of Lender, all rentals and other monies due and to become due to Landlord under the Lease or otherwise in respect of the Premises.
Such payments shall be made regardless of any right of set-off, counterclaim or other defense which Tenant may have against Landlord, whether as the tenant under the Lease or otherwise. 
 (B) In addition, if Lender (or its nominee or designee) shall succeed to the rights of Landlord under the Lease through possession or
foreclosure action, delivery of a deed or otherwise, or another person purchases the Property or the portion thereof containing the Premises upon or following foreclosure of the Security Instrument or in connection with any bankruptcy case commenced
by or against Landlord, then at the request of Lender (or its nominee or designee) or such purchaser (Lender, its nominees and designees, and such purchaser, and their respective successors and assigns, each being a
“Successor-Landlord”), Tenant shall attorn to and recognize Successor-Landlord as Tenant’s landlord under the Lease and shall promptly execute and deliver any instrument that Successor-Landlord may reasonably request to
evidence such attornment. Upon such attornment, the Lease shall continue in full force and effect as, or as if it were, a direct lease between Successor-Landlord and Tenant upon all terms, conditions and covenants as are set forth in the Lease. If
the Lease shall have terminated by operation of law or otherwise as a result of or in connection with a bankruptcy case commenced by or against Landlord or a foreclosure action or proceeding or delivery of a deed in lieu, upon request of
Successor-Landlord, Tenant shall promptly execute and deliver a direct lease with Successor-Landlord which direct lease shall be on substantially the same terms and conditions as the Lease (subject, however, to the provisions of clauses
(i)-(v) of this paragraph 3(B)) and shall be effective as of the day the Lease shall have terminated as aforesaid. Notwithstanding the continuation of the Lease, the attornment of Tenant thereunder or the execution of a direct lease between
Successor-Landlord and Tenant as aforesaid, Successor-Landlord shall not: 
  

 K-3 

 (i) be liable for any previous act or omission of Landlord under the Lease;

 (ii) be subject to any off-set, defense or counterclaim which shall have theretofore accrued to Tenant
against Landlord; 
 (iii) be bound by any modification of the Lease or by any previous prepayment of rent or
additional rent made more than one (1) month prior to the date same was due which Tenant might have paid to Landlord, unless such modification or prepayment shall have been expressly approved in writing by Lender; 
 (iv) be liable for any security deposited under the Lease unless such security has been physically delivered to Lender or
Successor-Landlord; and 
 (v) be liable or obligated to comply with or fulfill any of the obligations of the
Landlord under the Lease or any agreement relating thereto with respect to the construction of, or payment for, improvements on or above the Premises (or any portion thereof), leasehold improvements, tenant work letters and/or similar items.

 4. Tenant agrees that without the prior written consent of Lender, it shall not (a) amend, modify, terminate or cancel
the Lease or any extensions or renewals thereof, (b) tender a surrender of the Lease, (c) make a prepayment of any rent or additional rent more than one (1) month in advance of the due date thereof, or (d) subordinate or permit
the subordination of the Lease to any lien subordinate to the Security Instrument. Any such purported action without such consent shall be void as against the holder of the Security Instrument. 
 5. (A) Tenant shall promptly notify Lender of any default by Landlord under the Lease and of any act or omission of Landlord which
would give Tenant the right to cancel or terminate the Lease or to claim a partial or total eviction. 
 (B) In the event of a
default by Landlord under the Lease which would give Tenant the right, immediately or after the lapse of a period of time, to cancel or terminate the Lease or to claim a partial or total eviction, or in the event of any other act or omission of
Landlord which would give Tenant the right to cancel or terminate the Lease, Tenant shall not exercise such right (i) until Tenant has given written notice of such default, act or omission to Lender and (ii) unless Lender has failed,
within sixty (60) days after Lender receives such notice, to cure or remedy the default, act or omission or, if such default, act or omission shall be one which is not reasonably capable of being remedied by Lender within such sixty
(60) day period, until a reasonable period for remedying such default, act or omission shall have elapsed following the giving of such notice and following the time when Lender shall have become entitled under the Security Instrument to remedy
the same (which reasonable period shall in no event be less than the period to which Landlord would be entitled under the Lease or otherwise, after similar notice, to effect such remedy), provided that Lender shall with due diligence give Tenant
written notice of its intention to and shall commence and continue to, remedy such default, act or omission. If Lender cannot reasonably remedy a default, act or omission of Landlord until after Lender obtains possession of the Premises, Tenant may
not terminate or cancel the Lease or claim a partial or total eviction by reason of such default, act or omission

  

 K-4 

 
until the expiration of a reasonable period necessary for the remedy after Lender secures possession of the Premises. To the extent Lender incurs any expenses or other costs in curing or
remedying such default, act or omission, including, without limitation, attorneys’ fees and disbursements, Lender shall be subrogated to Tenant’s rights against Landlord. 
 (C) Notwithstanding the foregoing, Lender shall have no obligation hereunder to remedy such default, act or omission. 
 6. To the extent that the Lease shall entitle Tenant to notice of the existence of any mortgage and the identity of any mortgagee or any
ground lessor, this Agreement shall constitute such notice to Tenant with respect to the Security Instrument and Lender. 
 7.
Upon and after the occurrence of a default under the Security Instrument, which is not cured after any applicable notice and/or cure periods, Lender shall be entitled, but not obligated, to exercise the claims, rights, powers, privileges and
remedies of Landlord under the Lease and shall be further entitled to the benefits of, and to receive and enforce performance of, all of the covenants to be performed by Tenant under the Lease as though Lender were named therein as Landlord.

 8. Anything herein or in the Lease to the contrary notwithstanding, in the event that a Successor-Landlord shall acquire
title to the Property or the portion thereof containing the Premises, Successor-Landlord shall have no obligation, nor incur any liability, beyond Successor-Landlord’s then interest, if any, in the Property, and Tenant shall look exclusively to
such interest, if any, of Successor-Landlord in the Property for the payment and discharge of any obligations imposed upon Successor-Landlord hereunder or under the Lease, and Successor-Landlord is hereby released or relieved of any other liability
hereunder and under the Lease. Tenant agrees that, with respect to any money judgement which may be obtained or secured by Tenant against Successor-Landlord, Tenant shall look solely to the estate or interest owned by Successor-Landlord in the
Property, and Tenant will not collect or attempt to collect any such judgement out of any other assets of Successor-Landlord. 
 9. Notwithstanding anything to the contrary in the Lease, Tenant agrees for the benefit of Landlord and Lender that, except as permitted by, and fully in accordance with, applicable law, Tenant shall not generate, store, handle, discharge
or maintain in, on or about any portion of the Property, any asbestos, polychlorinated biphenyls, or any other hazardous or toxic materials, wastes and substances which are defined, determined or identified as such (including, but not limited to,
pesticides and petroleum products if they are defined, determined or identified as such) in any federal, state or local laws, rules or regulations (whether now existing or hereafter enacted or promulgated) or any judicial or administrative
interpretation of any thereof, including any judicial or administrative interpretation of any thereof, including any judicial or administrative orders or judgments. 
 10. If the Lease provides that Tenant is entitled to expansion space, Successor-Landlord shall have no obligation nor any liability for failure to provide such expansion space if a prior landlord
(including, without limitation, Landlord), by reason of a lease or leases entered into by such prior landlord with other tenants of the Property, has precluded the availability of such expansion space. 
  

 K-5 

 11. Except as specifically provided in this Agreement, Lender shall not, by virtue of this
Agreement, the Security Instrument or any other instrument to which Lender may be a party, be or become subject to any liability or obligation to Tenant under the Lease or otherwise. 
 12. (A) Tenant acknowledges and agrees that this Agreement satisfies and complies in all respects with the provisions of Article
     of the Lease and that this Agreement supersedes (but only to the extent inconsistent with) the provisions of such Article and any other provision of the Lease relating to the priority or subordination of the Lease and the
interests or estates created thereby to the Security Instrument. 
 (B) Tenant agrees to enter into a subordination,
non-disturbance and attornment agreement with any lender which shall succeed Lender as lender with respect to the Property, or any portion thereof, provided such agreement is substantially similar to this Agreement. Tenant does herewith irrevocably
appoint and constitute Lender as its true and lawful attorney-in-fact in its name, place and stead to execute such subordination, non-disturbance and attornment agreement, without any obligation on the part of Lender to do so. This power, being
coupled with an interest, shall be irrevocable as long as the Indebtedness secured by the Security Instrument remains unpaid. Lender agrees not to exercise its rights under the preceding two sentences if Tenant promptly enters into the
subordination, non-disturbance and attornment agreement as required pursuant to the first sentence of this subparagraph (B). 
 13. (A) Any notice required or permitted to be given by Tenant to Landlord shall be simultaneously given also to Lender, and any right to Tenant dependent upon notice shall take effect only after notice is so given. Performance by
Lender shall satisfy any conditions of the Lease requiring performance by Landlord, and Lender shall have a reasonable time to complete such performance as provided in Paragraph 5 hereof. 
 (B) All notices or other communications required or permitted to be given to Tenant or to Lender pursuant to the provisions of this
Agreement shall be in writing and shall be deemed given only if mailed by United States registered mail, postage prepaid, or if sent by nationally recognized overnight delivery service (such as Federal Express or United States Postal Service Express
Mail), addressed as follows: to Tenant, at the address first set forth above, Attention:                     ; to Lender, at the address first
set forth above, Attention:                      and General Counsel, with a copy to Cadwalader, Wickersham & Taft LLP, One World
Financial Center, New York, New York 10281, Attention: Frederic L. Altschuler, Esq.; or to such other address or number as such party may hereafter designate by notice delivered in accordance herewith. All such notices shall be deemed given three
(3) business days after delivery to the United States Post office registry clerk if given by registered mail, or on the next business day after delivery to an overnight delivery courier. 
 14. This Agreement may be modified only by an agreement in writing signed by the parties hereto, or their respective successors-in-interest.
This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and assigns. The term “Lender” shall mean the then holder of the Security Instrument. The term
“Landlord” shall mean the then holder of the landlord’s interest in the Lease. The term “person” shall mean

  

 K-6 

 
an individual, joint venture, corporation, partnership, trust, limited liability company, unincorporated association or other entity. All references herein to the Lease shall mean the Lease as
modified by this Agreement and to any amendments or modifications to the Lease which are consented to in writing by Lender. Any inconsistency between the Lease and the provisions of this Agreement shall be resolved, to the extent of such
inconsistency, in favor of this Agreement. 
 15. Tenant hereby represents to Lender as follows: 
 (a) The Lease is in full force and effect and has not been further amended. 
 (b) There has been no assignment of the Lease or subletting of any portion of the premises demised under the Lease. 
 (c) There are no oral or written agreements or understandings between Landlord and Tenant relating to the premises demised under the Lease
or the Lease transaction except as set forth in the Lease. 
 (d) The execution of the Lease was duly authorized and the Lease
is in full force and effect and to the best of Tenant’s knowledge there exists no default (beyond any applicable grace period) on the part of either Tenant or Landlord under the Lease. 
 (e) There has not been filed by or against nor to the best of the knowledge and belief of Tenant is there threatened against Tenant, any
petition under the bankruptcy laws of the United States. 
 (f) To the best of Tenant’s knowledge, there is no present
assignment, hypothecation or pledge of the Lease or rents accruing under the Lease by Landlord, other than pursuant to the Security Instrument. 
 16. Whenever, from time to time, reasonably requested by Lender (but not more than three (3) times during any calendar year), Tenant shall execute and deliver to or at the direction of Lender, and
without charge to Lender, one or more written certifications, in a form acceptable to Tenant, of all of the matters set forth in Paragraph 15 above, and any other information the Lender may reasonably require to confirm the current status of the
Lease. 
 17. BOTH TENANT AND LENDER HEREBY IRREVOCABLY WAWE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 18. This Agreement shall be governed by and construed in
accordance with the laws of the State in which the Property is located. 
  

 K-7 

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

					
	 CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[TENANT]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	AGREED AND CONSENTED TO:
	
	LANDLORD:
	
	[                                       
 ]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 K-8 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss.
	COUNTY OF NEW YORK	  	)	  	

 On the      day of
             in the year 200     before me, the undersigned, a notary public in and for said state, personally appeared
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument. 
  

					
		 		 	  

		 		 	Notary Public
			
	[Notary Seal]	 		 	My commission expires:

  

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss.
	COUNTY OF NEW YORK	  	)	  	

 On the      day of
             in the year 200     before me, the undersigned, a notary public in and for said state, personally appeared
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument. 
  

					
		 		 	  

		 		 	Notary Public
			
	[Notary Seal]	 		 	My commission expires:

  

 K-9 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss.
	COUNTY OF NEW YORK	  	)	  	

 On the      day of
             in the year 200     before me, the undersigned, a notary public in and for said state, personally appeared
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument. 
  

					
		 		 	  

		 		 	Notary Public
			
	[Notary Seal]	 		 	My commission expires:

  

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss.
	COUNTY OF NEW YORK	  	)	  	

 On the      day of
             in the year 200     before me, the undersigned, a notary public in and for said state, personally appeared
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity, and that by his/her/their signature on the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument. 
  

					
		 		 	  

		 		 	Notary Public
			
	[Notary Seal]	 		 	My commission expires:

  

 K-10 

 SCHEDULE A 
 Legal Description of Property 
 K-11 
  

 EXHIBIT L 
 INTENTIONALLY DELETED 
 L-1 

 EXHIBIT M 
 COUNTERPARTY ACKNOWLEDGMENT 
                      (Counterparty) has entered into a Confirmation and Agreement (together with the confirmation and
schedules relating thereto, collectively, the Interest Rate Cap Agreement), dated as of              200    , between the Counterparty Interest Rate
Cap transaction with                      (Borrower). Attached hereto, is a true, correct and complete copy of the Interest Rate Cap
Agreement. Counterparty acknowledges that it has been informed that Borrower, pursuant to a Loan and Security Agreement, dated
                     (the Loan Agreement) has pledged and collaterally assigned its rights under the Interest Rate Cap Agreement to
Citigroup Global Markets Realty Corp., a New York corporation (together with its successors and assigns, Lender). Counterparty hereby consents to such pledge and assignment and agrees that it will make any payments to become payable under or
pursuant to the Interest Rate Cap Agreement directly to an account at                      entitled
“                     f/b/o Citigroup Global Markets Realty Corp., as secured party, Collection Account” (Account Number
                    ), ABA #
                     or to such other account designated in writing by Lender. Counterparty further agrees that all such payments shall be
made without set-off, deduction, defense or counterclaim. Counterparty acknowledges that in the event it shall fail to make such payments directly to such account, it shall be deemed to have not made such payment pursuant to the Interest Rate Cap
Agreement. Counterparty also agrees that it will not modify, amend or terminate the Interest Rate Cap Agreement without Lender’s consent. 
  

					
	[                                       
 ]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 M-1 

 EXHIBIT N 
 INTENTIONALLY DELETED 
 N-1 

 EXHIBIT O 
 INTENTIONALLY DELETED 
 O-1 

 EXHIBIT P 
 INTENTIONALLY DELETED 
 P-1 

 EXHIBIT Q 
 INTENTIONALLY DELETED 
 Q-1 

 EXHIBIT R 
 ARTICLE 8 “OPT IN” LANGUAGE 
 Section
    . Shares and Share Certificates 
 a. Shares. A [Member’s limited liability
company interest in the Company] [Partner’s limited partnership interest in the Partnership] shall be represented by the Shares issued to such [Member by the Company] [Partner of the Partnership]. All of a [Member’s] [Partner’s]
Shares, in the aggregate, represent such [Member’s] [Partner’s] entire [Partner by the Partnership] [limited liability company interest in the Company [limited partnership interest in the Partnership]. The [Member][Partner] hereby agrees
that its interest in the [Company] [Partnership] and in its Shares shall for all purposes be personal property. A [Member] [Partner] has no interest in specific [Company] [Partnership] property. “Share” means a [limited liability
company interest][limited partnership interest] in the [Company] [Partnership] held by a [Member] [Partner]. 
 b. Share
Certificates. 
 i. Upon the issuance of Shares to any [Member] [Partner] in accordance with the provisions
of this Agreement, the [Company][Partnership] shall issue one or more Share Certificates in the name of such [Member][Partner]. Each such Share Certificate shall be denominated in terms of the number of Shares evidenced by such Share Certificate and
shall be signed by the [Member] [Partner] on behalf of the [Company] [Partnership]. “Share Certificate” means a non-negotiable certificate issued by the [Company] [Partnership] substantially in the form of Schedule hereto, which
evidences the ownership of one or more Shares. Each Share Certificate shall bear the following legend: “This certificate evidences an interest in
                                 and shall be a security interest for purposes of
Article 8 of the Uniform commercial Code of the State of Delaware and the Uniform Commercial Code of any other Jurisdiction.” This provision shall not be amended, and no such purported amendment to this provision shall be effective until all
outstanding certificates have been surrendered for cancellation. 
 ii. The [Company] [Partnership] shall issue
a new Share Certificate in place of any Share Certificate previously issued if the holder of the Shares represented by such Share Certificate, as reflected on the books and records of the [Company] [Partnership]. 
 (1) makes proof by affidavit, in form and substance satisfactory to the [Company] [Partnership], that such previously issued
Share Certificate has been lost, stolen or destroyed. 
 (2) requests the issuance of a new Share Certificate
before the [Company] [Partnership] has notice that such previously issued Share Certificate has been acquired by a purchaser for value in good faith and without notice of an adverse claim; 
  

 R-1 

 (3) if requested by the [Company] [Partnership], delivers to the
[Company][Partnership] a bond, in form and substance satisfactory to the [Company] [Partnership], with such surety or sureties as the [Company] [Partnership] may direct, to indemnify the [Company] [Partnership] against any claim that may be made on
account of the alleged loss, destruction or theft of the previously issued Share Certificate; and 
 (4)
satisfies any other reasonable requirements imposed by the [Company] [Partnership]. 
 iii. Subject to the
restrictions set forth in [describe Loan Agreement/Mezzanine Loan Agreement restrictions] upon a [Member’s] [Partner’s]’s Transfer in accordance with the provisions of this Agreement of any or all Shares represented by a Share
Certificate, the Transferee of such Shares shall deliver such Share Certificate to the [Company][Partnership] for cancellation, and the [Company] [Partnership] shall thereupon issue a new Share Certificate to such Transferee for the number of Shares
being Transferred and, if applicable, cause to be issued to such [Member][Partner] a new Share Certificate for that number of Shares that were represented by the canceled Share Certificate and that are not being Transferred.
“Transfer” means, with respect to any Shares, and when used as a verb, to sell or assign such Shares, and, when used as a noun, shall have a meaning that correlates to the foregoing. “Transferee” means an assignee
or transferee. “Transferor” means the Person making a Transfer. 
 c. Free Transferability. Except as
limited by the [describe Loan Agreement/Mezzanine Loan Agreement restrictions], to the fullest extent permitted by the Act, any [Member] [Partner] may, at any time or from time to time, without the consent of any other Person, Transfer, pledge or
encumber any or all of its Shares. Subject to the restrictions of the [describe Loan Agreement/Mezzanine Loan Agreement restrictions], the Transferee of any Shares shall be admitted to the [Company] [Partnership] as a substitute member of the
[Company] [Partnership] on the effective date of such Transfer upon (i) such Transferee’s written acceptance of the terms and provisions of this Agreement and its written assumption of the obligations hereunder of the Transferor of such
Shares, which shall be evidenced by such Transferee’s execution and delivery to the [Company] [Partnership] of an Application for Transfer of Shares on the reverse side of the Share Certificate representing the Shares being transferred, and
(ii) the recording of such Transferee’s name as a Substitute [Member] [Partner] on the books and records of the [Company] [Partnership]. Any Transfer of any Shares pursuant to this Section      shall be effective
as of the later of (i) the close of business on the day on which such Transfer occurs, or (ii) the effective date and time of such Transfer that is designated in the Application for Transfer of Shares delivered by the Transferee to the
[Company] [Partnership]. 
  

 R-2 

 SCHEDULE I 
 LITIGATION SCHEDULE 
 NONE 
 Schedule I-1 

 SCHEDULE II 
 INTENTIONALLY DELETED 
 Schedule II-1 
  

 SCHEDULE III 
 PRE-APPROVED TRANSFEREES 
 Strategic Hotel Funding,
Inc. 
 Bass PLC 
 CNL Hotels & Resorts, Inc. 
 KSL II Management Operations, LLC/KSL Recreation Corp. 
 Kohlberg Kravis Roberts & Co. 
 Hilton Hotels Corporation 
 FelCor Lodging Trust, Inc. 
 Rosewood Hotels & Resorts 
 Whitehall Street Real Estate Limited Partnership Funds 
 Host Marriott Corporation

 Hilton Group, PLC 
 Fairmont Hotels & Resorts 
 Four Seasons Hotel Inc. 
 The Blackstone Group, LP 
 Millennium and Copthorne Hotels, PLC 
 MeriStar Hotels 
 LaSalle Hotel Properties 
 Marriott International, Inc.

 Starwood Hotels and Resorts Worldwide, Inc. 
 Government of Singapore Investment Corporation 
 Maritz Wolf LLC) 
 HRH Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud) 
 Six Continents 
 Morgan Stanley Real Estate Fund (MSREF) 
 Walton Street Real Estate Fund 
 The Carlyle Group Real Estate Fund 
 Lehman Brothers Real Estate Fund 
 The Equitable Life Assurance and Annuity Association 
 Orient Express 
 Accor 
 Benchmark Hospitality) 
 NH Hotels 
 Mandarin 
 Peninsula

 Raffles 
 Shangrila 
 Hyatt 
 Strategic Hotel Capital 
 Boca Resorts 
 Vail Reports) 
 Destination Resorts 
 Westbrook Real Estate Fund 
  

 Schedule III-1 

 Lowe Hospitality 
 State of Ohio Pension Fund 
 Highland Hospitality 
 Schedule III-2 
  

 SCHEDULE IV 
 PRE-APPROVED MANAGERS 
 KSL or any Affiliate 

One & Only / Kerzner 
 Gaylord Entertainment 
 Loews Hotels 
 Hilton Hotels Corporation 
 Hilton Group, PLC 
 Fairmont Hotels & Resorts 
 Millennium and Copthorne Hotels, PLC 
 Marriott International,
Inc. 
 Four Seasons Hotels, Inc. 
 Six Continents 
 Orient Express 
 Mandarin 
 Peninsula

 Raffles 
 Shangri-La 
 Hyatt 
 Omni 
 Boca Resorts 
 Destination Resorts 
 Lowe Hospitality 
 Montage Hotels 
 Intercontinental Hotel Group 
 Schedule IV-1 
  

 SCHEDULE V 
 INTENTIONALLY DELETED 
 Schedule V-1 

 SCHEDULE VI 
 INTENTIONALLY DELETED 
 Schedule VI-1 

 SCHEDULE VII 
 INTENTIONALLY DELETED 
 Schedule VII-1Credit Agreement

 Exhibit 10.90 
 U.S. $415,000,000 
 CREDIT AGREEMENT 

dated as of March 9, 2007 
 among 
 STRATEGIC HOTEL FUNDING, L.L.C., 
 as the Borrower, 
 VARIOUS FINANCIAL INSTITUTIONS, 
 as the Lenders, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Administrative Agent 
 DEUTSCHE BANK SECURITIES INC. and 
 CITIGROUP GLOBAL MARKETS INC. 
 as Co- Lead Arrangers and Joint Book
Running Managers 
 CITIGROUP GLOBAL MARKETS INC. and  
 WACHOVIA BANK NATIONAL ASSOCIATION as Co-Syndication Agents 
 BANK OF AMERICA, N.A. and  
 JPMORGAN CHASE BANK, N.A. as
Co-Documentation Agent 
 and 
 LASALLE BANK, NATIONAL ASSOCIATION 
 As Senior
Managing Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	  	
	 Section 1.1
	  	 Defined Terms
	  	1
	 Section 1.2
	  	 Use of Defined Terms
	  	33
	 Section 1.3
	  	 Cross-References
	  	34
	 Section 1.4
	  	 Accounting and Financial Determinations
	  	34
		
	ARTICLE II REVOLVING LOAN COMMITMENT AND BORROWING PROCEDURES, NOTES	  	
			
	 Section 2.1
	  	 Commitments
	  	34
	 Section 2.2
	  	 Reduction of the Commitment Amounts
	  	36
	 Section 2.3
	  	 Borrowing Procedures
	  	36
	 Section 2.4
	  	 Continuation and Conversion Elections
	  	38
	 Section 2.5
	  	 Funding
	  	38
	 Section 2.6
	  	 Issuance Procedures
	  	38
	 Section 2.7
	  	 Loan Accounts and Revolving Notes
	  	42
	 Section 2.8
	  	 Additional Revolving Loan Commitments
	  	42
	 Section 2.9
	  	 Swingline Loan Subfacility.
	  	45
		
	ARTICLE III MATURITY DATE; REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	  	
			
	 Section 3.1
	  	 Maturity Date; Extension Option
	  	47
	 Section 3.2
	  	 Repayments and Prepayments; Application
	  	48
	 Section 3.3
	  	 Interest Provisions
	  	50
	 Section 3.4
	  	 Fees
	  	51
		
	ARTICLE IV CERTAIN LIBO RATE AND OTHER PROVISIONS	  	
			
	 Section 4.1
	  	 LIBO Rate Lending Unlawful
	  	52
	 Section 4.2
	  	 Deposits Unavailable
	  	52
	 Section 4.3
	  	 Change of Circumstances
	  	53
	 Section 4.4
	  	 Replacement of Lender
	  	53
	 Section 4.5
	  	 Funding Losses
	  	54
	 Section 4.6
	  	 Taxes
	  	55
	 Section 4.7
	  	 Change of Lending Office
	  	58
	 Section 4.8
	  	 Payments, Computations, etc.
	  	59
	 Section 4.9
	  	 Sharing of Payments
	  	59
	 Section 4.10
	  	 Setoff
	  	60

  

 i 

					
		
	ARTICLE V CONDITIONS TO EFFECTIVENESS AND TO FUTURE CREDIT EXTENSIONS	  	
			
	 Section 5.1
	  	 Conditions Precedent to Making of Loans and the Issuance of Letters of Credit
	  	60
	 Section 5.2
	  	 All Credit Extensions
	  	64
		
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	  	
			
	 Section 6.1
	  	 Organization, etc.
	  	65
	 Section 6.2
	  	 Due Authorization, Non-Contravention, etc.
	  	66
	 Section 6.3
	  	 Government Approval, Regulation, etc.
	  	66
	 Section 6.4
	  	 Validity, etc.
	  	67
	 Section 6.5
	  	 Financial Information
	  	67
	 Section 6.6
	  	 No Material Adverse Effect
	  	68
	 Section 6.7
	  	 Litigation, etc.
	  	68
	 Section 6.8
	  	 Subsidiaries
	  	68
	 Section 6.9
	  	 Ownership of Properties
	  	68
	 Section 6.10
	  	 Taxes
	  	69
	 Section 6.11
	  	 ERISA Compliance
	  	69
	 Section 6.12
	  	 Compliance with Environmental Laws
	  	70
	 Section 6.13
	  	 Regulations T, U and X
	  	70
	 Section 6.14
	  	 Accuracy of Information
	  	71
	 Section 6.15
	  	 REIT
	  	71
	 Section 6.16
	  	 No Bankruptcy Filing
	  	71
	 Section 6.17
	  	 Use of Proceeds
	  	71
	 Section 6.18
	  	 Other Debt
	  	71
	 Section 6.19
	  	 Security Interests
	  	71
	 Section 6.20
	  	 Material Agreements
	  	72
	 Section 6.21
	  	 Office of Foreign Assets Control
	  	72
	 Section 6.22
	  	 Labor Relations
	  	72
	 Section 6.23
	  	 Intellectual Property, Licenses, Franchises and Formulas
	  	72
		
	ARTICLE VII COVENANTS	  	
			
	 Section 7.1
	  	 Affirmative Covenants
	  	73
	 Section 7.2
	  	 Negative Covenants
	  	83
		
	ARTICLE VIII EVENTS OF DEFAULT	  	
			
	 Section 8.1
	  	 Listing of Events of Default
	  	90
	 Section 8.2
	  	 Action if Bankruptcy
	  	92
	 Section 8.3
	  	 Action if Other Event of Default
	  	93
	 Section 8.4
	  	 Actions in Respect of Letters of Credit
	  	93
		
	ARTICLE IX THE ADMINISTRATIVE AGENT	  	
			
	 Section 9.1
	  	 Appointment
	  	95

  

 ii 

					
	 Section 9.2
	  	 Hedging Counterparty Intercreditor Agreements
	  	96
	 Section 9.3
	  	 Nature of Duties
	  	96
	 Section 9.4
	  	 Lack of Reliance on the Administrative Agent
	  	97
	 Section 9.5
	  	 Certain Rights of the Administrative Agent
	  	97
	 Section 9.6
	  	 Reliance
	  	97
	 Section 9.7
	  	 Indemnification
	  	98
	 Section 9.8
	  	 The Administrative Agent in its Individual Capacity
	  	98
	 Section 9.9
	  	 Holders
	  	98
	 Section 9.10
	  	 Resignation by the Administrative Agent
	  	99
		
	ARTICLE X MISCELLANEOUS PROVISIONS	  	
			
	 Section 10.1
	  	 Waivers, Amendments, etc.
	  	100
	 Section 10.2
	  	 Notices
	  	101
	 Section 10.3
	  	 Payment of Costs and Expenses; Indemnification
	  	101
	 Section 10.4
	  	 Survival and Recourse Nature of Obligations
	  	103
	 Section 10.5
	  	 Headings
	  	103
	 Section 10.6
	  	 Execution in Counterparts, Effectiveness, etc.
	  	103
	 Section 10.7
	  	 Governing Law; Entire Agreement
	  	103
	 Section 10.8
	  	 Successors and Assigns
	  	104
	 Section 10.9
	  	 Sale and Transfer of Loans and Notes; Participations in Loans and Notes
	  	104
	 Section 10.10
	  	 Intentionally Omitted
	  	107
	 Section 10.11
	  	 Confidentiality
	  	107
	 Section 10.12
	  	 Tax Advice
	  	108
	 Section 10.13
	  	 Forum Selection and Consent to Jurisdiction
	  	108
	 Section 10.14
	  	 Waiver of Jury Trial
	  	109

  

 iii 

					
	 ANNEX I
	  	-	  	Lender Information
			
	 SCHEDULE I
	  	-	  	Disclosure Schedule
	 SCHEDULE II
	  	-	  	Initial Borrowing Base Properties
	 SCHEDULE III
	  	-	  	Properties
	 SCHEDULE IV
	  	-	  	Approved Managers
	 SCHEDULE V
	  	-	  	Borrowing Base Intercompany Indebtedness
	 SCHEDULE VI
	  	-	  	Certain Indebtedness
			
	 EXHIBIT A-1
	  	-	  	Form of Revolving Note
	 EXHIBIT B-1
	  	-	  	Form of Borrowing Request
	 EXHIBIT B-2
	  	-	  	Form of Issuance Request
	 EXHIBIT C
	  	-	  	Form of Continuation and Conversion Elections
	 EXHIBIT D
	  	-	  	Form of Closing Date Certificate
	 EXHIBIT E
	  	-	  	Form of Compliance Certificate
	 EXHIBIT F
	  	-	  	Form of Lender Assignment Agreement
	 EXHIBIT G-1
	  	-	  	Form of Pledge Agreement
	 EXHIBIT G-2
	  	-	  	Form of Guarantor Pledge Agreement
	 EXHIBIT G-3
	  	-	  	Form of Loan Pledge Agreement
	 EXHIBIT H-1
	  	-	  	Form of Guaranty
	 EXHIBIT H-2
	  	-	  	Subsidiary Guaranty and Joinder
	 EXHIBIT I
	  	-	  	Form of Solvency Certificate
	 EXHIBIT J
	  	-	  	Form of Additional Revolving Loan Commitment Agreement

  

 iv 

 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT, dated as of March 9, 2007, is between STRATEGIC HOTEL FUNDING, L.L.C., a Delaware limited liability company (the
“Borrower”), DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as the administrative agent (in such capacity, the “Administrative Agent”) and the various financial institutions as are or may become
parties hereto (together with DBTCA, collectively the “Lenders” and individually, a “Lender”). 
 W I T N E S S E T H : 
 WHEREAS, subject to and
upon the terms and conditions set forth herein, the Lenders are willing to make available to the Borrower the respective credit facilities provided for herein; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS AND ACCOUNTING TERMS 
 Section 1.1 Defined Terms. The following terms (whether or not underscored)
when used in this Agreement, including its preamble and recitals, shall, except where the context otherwise requires, have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof): 
 “Acceptable Appraisal” shall mean, an MAI appraisal, in compliance with the Uniform Standards of Professional Appraisal
Practice, reasonably acceptable to Administrative Agent as to form, substance, and appraisal date, prepared by a professional appraiser that is reasonably acceptable to Administrative Agent. 
 “Acquisition Cost” means, with respect to any Property, (i) the purchase price of a Property as set forth in the
applicable purchase and sale agreement or otherwise as approved by the Administrative Agent, plus or minus (ii) increases or reductions to such purchase price as provided in such purchase and sale agreement or the final closing statement.

 “Additional Loan Commitment Requirements” shall mean, with respect to any request for an Additional
Revolving Loan Commitment made pursuant to Section 2.8, the satisfaction of each of the following conditions: (i) no Default or Event of Default then exists or would result therefrom, including, without limitation, no violation of
Section 7.2.4 as a result of the increase in the size of the Facility, (ii) all representations and warranties contained herein and in the other Loan Documents shall be true and correct in all material respects with the same effect
as though such representations and warranties had been made as of such date of request, unless stated to relate to a specified date, in which case such representations and warranties shall be true and correct in all material respects as of such
specified date and (iii) the delivery by the Borrower of an officer’s certificate to the Administrative Agent certifying as to compliance with preceding clauses (i) and (ii), and containing the calculations required by preceding
clause (i) (as applicable). 

 “Additional Revolving Loan Commitment” shall mean, for each Additional
Revolving Loan Lender, any commitment by such Additional Revolving Loan Lender to make Revolving Loans pursuant to Section 2.8(b) as agreed to by such Additional Revolving Loan Lender in the respective Additional Revolving Loan
Commitment Agreement delivered pursuant to Section 2.8; it being understood, however, that on each date upon which an Additional Revolving Loan Commitment of any Additional Revolving Loan Lender becomes effective, such Additional
Revolving Loan Commitment of such Additional Revolving Loan Lender shall be added to (and thereafter become a part of) the Revolving Loan Commitment of such Additional Revolving Loan Lender for all purposes of this Agreement, as contemplated by
Section 2.8. 
 “Additional Revolving Loan Commitment Agreement” shall mean an Additional Revolving
Loan Commitment Agreement substantially in the form of Exhibit J (appropriately completed). 
 “Additional
Revolving Loan Lender” is defined in Section 2.8(b). 
 “Adjusted Net Operating Income”
shall mean Net Operating Income with respect to each Borrowing Base Property, less (a) Deemed FF&E Reserves for such Borrowing Base Property, (b) Deemed Management Fees for such Borrowing Base Property and (c) any other monetary
obligations paid during the applicable period with respect to such Borrowing Base Property, provided that no deductions will be made for Capital Expenditures other than Deemed FF&E Reserves included under clause (a) above. 
 “Administrative Agent” is defined in the preamble and includes each other Person as shall have subsequently been appointed
as the successor Administrative Agent pursuant to Section 9.10. 
 “Affiliate” of any Person means
any other Person which, directly or indirectly, controls, is controlled by or is under common control with such Person (excluding any trustee under, or any committee with responsibility for administering, any Plan). With respect to any Lender or the
Issuer, a Person shall be deemed to be “controlled by” another Person if such other Person possesses, directly or indirectly, power to vote 51% or more of the securities (on a fully diluted basis) having ordinary voting power for the
election of directors or managing general partners of such “controlled” Person. With respect to all other Persons, a Person shall be deemed to be “controlled by” another Person if such other Person possesses, directly or
indirectly, power: 
 (a) to vote 10% or more of the securities (on a fully diluted basis) having ordinary voting
power for the election of directors or managing general partners or managing members of such “controlled” Person; or 
  

 2 

 (b) to direct or cause the direction of the management and policies of such
“controlled” Person whether through ownership of voting securities, membership or partnership interests, by contract or otherwise. 
 “Agents” means the Administrative Agent, the Arrangers, the Co-Syndication Agents, the Co-Documentation Agents and the Senior Managing Agent. 
 “Agreement” means, on any date, this Amended and Restated Credit Agreement as amended, supplemented, amended and restated
or otherwise modified from time to time and in effect on such date. 
 “Aggregate Commitment” means, as of any
date, the aggregate of the then-current Commitments of all the Lenders, which is, as of the Closing Date $415,000,000, not to exceed, together with any Additional Revolving Loan Commitments, Five Hundred Million Dollars ($500,000,000). 

“Aggregate Outstanding Balance” means, on any date, the principal sum of all then outstanding Revolving Loans, Swingline
Loans and Letter of Credit Outstandings, determined as of such date. 
 “Alternate Base Rate” means, on any
date and with respect to all Base Rate Loans, a fluctuating rate of interest per annum (rounded upward, if necessary, to the next highest 1/1000 of 1%) equal to the higher of 
 (a) the Base Rate in effect on such day; and 
 (b) the Federal Funds Rate in effect on such day plus  1/2 of 1%. 
 Changes in the rate of interest on that portion of any Loans maintained as Base Rate Loans will take effect simultaneously with each change in the Alternate
Base Rate. 
 “Applicable Margin” means, with respect to each Loan, the respective percentages per annum
determined, at any time, based on the range into which Borrower’s Total Leverage Ratio then falls, in accordance with the following table, as of the last day of the most recent preceding Fiscal Quarter for which financial results have been
reported, which percentage shall change upon the date Administrative Agent has received a Compliance Certificate from Borrower with respect to such preceding Fiscal Quarter, however, if Borrower does not deliver the applicable Compliance Certificate
when due, the Applicable Margin will be determined by reference to the highest Total Leverage Ratio (greater than 60%) until such Compliance Certificate is delivered: 
  

							
	 Total Leverage Ratio
	  	Applicable Margin for LIBO
Rate Loans
(% per
annum)	 	 	Applicable Margin for Base
Rate Loans
(% per
annum)	 
	Greater than or equal to 60% but equal to less than 65%	  	1.50	% 	 	0.25	% 
	Greater than or equal to 55% but less than 60%	  	1.25	% 	 	0.00	% 
	Greater than or equal to 50% but less than 55%	  	1.00	% 	 	0.00	% 
	Less than 50%	  	0.80	% 	 	0.00	% 

  

 3 

 “Appraised Value” means the “as-is” appraised value of any
Property as shown on the most recent Acceptable Appraisal thereof. 
 “Approved Fund” means any Person (other
than a natural Person) that (a) is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business, and (b) is administered or managed by
a Lender, an Affiliate of a Lender or an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Approved Manager” means those property managers set forth on Schedule IV. 
 “Arrangers” mean Deutsche Bank Securities Inc. and Citigroup Global Markets, Inc. in their capacities as Co- Lead Arrangers and Joint Book Running Managers for the Facility. 
 “Authorized Financial Officer” means, relative to the Borrower and Guarantor, any of its chief financial officer, chief
accounting officer, treasurer, assistant treasurer, controller or other officer thereof having substantially the same authority and responsibility. 
 “Authorized Officer” means, relative to the Borrower and Guarantor, those of its officers whose signatures and incumbency shall have been certified to the Administrative Agent and the
Lenders pursuant to Section 5.1.1 and such other officers of the Borrower or Guarantor as the Borrower or Guarantor, respectively, designate in writing as such to the Administrative Agent. 
 “Available Commitment” means, as of any date, the lesser of (i) sixty percent (60%) of the aggregate Appraised
Value of all Borrowing Base Properties, less the Deemed Net Termination Value as of such date, and (ii) an amount which, if it were the Aggregate Outstanding Balance, would produce a Pro Forma Borrowing Base Coverage Ratio of 1.75:1.0.

 “Base Rate” means, at any time, the rate of interest which the Person serving as the Administrative Agent
announces from time to time as its prime lending rate. The Base Rate is a reference rate and does not necessarily represent the lowest or best rate of interest actually charged to any customer by the Administrative Agent, which may make commercial
loans or other loans at rates of interest at, above or below the Base Rate. 
  

 4 

 “Base Rate Loan” means a Loan bearing interest at a fluctuating rate
determined by reference to the Alternate Base Rate. 
 “Borrower” is defined in the preamble.

 “Borrowing” means the Loans of the same type and, in the case of LIBO Rate Loans, having the same Interest
Period, made by all Lenders required to make such Loans on the same Business Day and pursuant to the same Borrowing Request in accordance with Section 2.1; provided that Base Rate Loans incurred pursuant to Section 4.1
shall be considered part of the related Borrowing of LIBO Rate Loans. 
 “Borrowing Base Intercompany
Indebtedness” shall mean certain intercompany indebtedness relating to Borrowing Base Properties and described on Schedule V. 
 “Borrowing Base Property” means a Property that satisfies the following criteria: (i) Borrower or a wholly-owned Subsidiary of the Borrower holds good title (by fee or pursuant to a
Qualified Ground Lease) to such Property, free and clear of all Liens (except for the Liens permitted under Section 7.2.3), (ii) such Property is leased to an Operating Lessee, (iii) such Property is designated a full-service
property (in accordance with industry standard, as reasonably determined by Administrative Agent), (iv) such Property is an upscale, upper-upscale, luxury or better quality hotel, as designated by Smith Travel Research (or a similar successor
company designated by Administrative Agent), (v) such Property is operated under a nationally recognized brand by an Approved Manager (as set forth on Schedule IV), (vi) such Property is fully operating, open to the public and not
under development or redevelopment (except for routine, ordinary course renovation, maintenance and repair that does not result in the closure of more than fifteen percent (15%) of the rooms at such hotel); provided, however, that
temporary closure due to force majeure events, not to exceed five (5) Business Days, shall be permitted, (vii) such Property is not subject to or encumbered by any Indebtedness other than Permitted Borrowing Base Debt, (viii) such
Property is free of material structural defects or material environmental issues, (ix) neither such Property nor the Property Owner thereof is encumbered with Permitted Borrowing Base Debt or any other Material Agreement that by its terms
precludes the grant of the Collateral or the exercise by or on behalf of the Secured Creditors of remedies with respect to the Collateral, and (x) the Property Owner of such Property is Borrower or a Subsidiary Guarantor. 
 “Borrowing Base Property Owner” means, with respect to each Borrowing Base Property: (i) the wholly-owned Subsidiary
of Borrower that owns such Borrowing Base Property and (ii) any other wholly-owned Subsidiary of Borrower that directly or indirectly own Capital Stock in the wholly-owned Subsidiary of Borrower that owns such Borrowing Base Property.

  

 5 

 “Borrowing Request” means a Loan request and certificate duly executed by
an Authorized Officer of the Borrower, substantially in the form of Exhibit B-1 hereto, including Borrower’s certified calculation of the Aggregate Commitment and the Available Commitment after giving effect to the Loan requested
thereunder. 
 “Business Day” means 
 (a) any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required to be closed
in New York, New York; and 
 (b) relative to the making, continuing, prepaying or repaying of any LIBO Rate
Loans, any day which is a Business Day described in clause (a) above and which is also a day on which dealings in Dollars are carried on in the London interbank eurodollar market. 
 “Capital Expenditures” means, for any period, the aggregate amount of all expenditures of the Borrower, Guarantor and their
respective Subsidiaries for fixed or capital assets made during such period which, in accordance with GAAP, would be classified as capital expenditures; provided, however, that the term “Capital Expenditures” shall not
include (i) expenditures made in connection with the replacement, substitution or restoration of assets (A) to the extent financed from insurance proceeds paid on account of the loss of or damage to the assets being replaced, substituted
or restored or (B) with awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced, (ii) the purchase price of equipment that is purchased simultaneously with the trade-in of existing
equipment to the extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such equipment for the equipment being traded in at such time, and (iii) the purchase of plant, property or equipment made
within one year of the sale of any asset in replacement of such asset to the extent purchased with the proceeds of such sale and Capitalized Lease Liabilities paid in respect of such replaced asset. 
 “Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated, whether voting or non-voting) of capital of such Person, including if such Person is a partnership or a limited liability company, partnership interests (whether general or limited) or membership interests, as applicable, and
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership or limited liability company, as applicable, whether now outstanding or issued
after the Closing Date. 
 “Capitalized Lease Liabilities” means all monetary obligations of Borrower,
Guarantor or any of their respective Subsidiaries under any leasing or similar arrangement which, in accordance with GAAP, are classified as capitalized leases, and, for purposes of this Agreement and each other Loan Document, the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP, and the stated maturity thereof shall be determined in accordance with GAAP. 
  

 6 

 “Cash Equivalents” shall mean (a) securities issued or directly and
fully guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof) having maturities of not more than
one year from the date of acquisition, (b) U.S. dollar denominated time deposits, certificates of deposit, and bankers’ acceptances of (i) any Lender, or (ii) any bank whose short-term commercial paper rating from S&P is at
least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (any such bank, an “Approved Lender”), in each case with maturities of not more than one (1) year from the date of acquisition,
(c) commercial paper issued by any Lender or Approved Lender or by the parent company of any Lender or Approved Lender and commercial paper issued by, or guaranteed by, any industrial or financial company with a short-term commercial paper
rating of at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, or guaranteed by any industrial company with a long term unsecured debt rating of at least A or A2, or the equivalent of each
thereof, from S&P or Moody’s, as the case may be, and in each case maturing within one (1) year after the date of acquisition, and (d) investments in money market funds (x) substantially all the assets of which are comprised
of securities of the types described in clauses (a) through (c) above or (y) which have a AAA rating. 
 “CERCLA” has the meaning specified in the definition of “Environmental Laws.” 
 “Change of Control” shall mean the occurrence of any of the following events: (a) Guarantor shall at any time and for any reason whatsoever cease to be the sole managing member of Borrower; (b) any merger or
consolidation of the Guarantor or Borrower with or into any Person or any sale, transfer or other conveyance, whether direct or indirect, of all or substantially all of the assets of the Guarantor, on a consolidated basis, in one transaction or a
series of related transactions, if, immediately after giving effect to such transaction, any Person or group of Persons (within the meaning of Sections 13 or 14 of the Exchange Act), which was not before such transaction(s), is or becomes the
beneficial owner (within the meaning of Rule 13d-3 promulgated by the SEC under the Exchange Act) of the Capital Stock representing a majority of the total voting power of the aggregate outstanding securities of the transferee or surviving entity
normally entitled to vote in the election of directors, managers, or trustees, as applicable, of the transferee or surviving entity, (c) any Person or group of Persons (within the meaning of Sections 13 or 14 of the Exchange Act) is or becomes
the beneficial owner (within the meaning of Rule 13d-3 promulgated by the SEC under the Exchange Act) , which was not before such transaction(s), of the Capital Stock representing a majority of total voting power of the aggregate outstanding Capital
Stock of the Guarantor normally entitled to vote in the election of directors of the Guarantor, (d) during any period of twelve (12) consecutive calendar months, individuals who were directors of the Guarantor on the first day of such
period (together with any new directors whose election by the board of directors of the Guarantor or whose nomination for election by the stockholders of the Guarantor was approved by a vote of a majority of the directors then still in office who
were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any

  

 7 

 
reason to constitute a majority of the board of directors of the Guarantor, or (e) the sale or disposition, whether directly or indirectly, by the Guarantor, Borrower and/or their respective
Subsidiaries (whether pursuant to a single transaction or series of related transactions) of tangible assets representing more than 25% of the Borrower’s assets (determined as of the Closing Date). 
 “Closing Date” means the date hereof. 
 “Closing Date Certificate” means the Closing Date Certificate executed and delivered by the Borrower on the Closing Date, substantially in the form of Exhibit D hereto. 

“Code” means the Internal Revenue Code of 1986, and the regulations thereunder, in each case as amended, reformed or
otherwise modified from time to time. 
 “Collateral” means, collectively, all Pledge Agreement Collateral and
all Guarantor Pledge Agreement Collateral, as required to be granted from time to time pursuant to the terms hereof. 
 “Commitment” means, as the context may require, a Lender’s Revolving Loan Commitment or Letter of Credit Commitment, or both. 
 “Commitment Amount” means, as the context may require, the Revolving Loan Commitment Amount, or the Letter of Credit Commitment Amount, or both. 
 “Commitment Termination Event” means 
 (a) the occurrence of any Event of Default described in clauses (a) through (e) of Section 8.1.9 with
respect to the Borrower; or 
 (b) the occurrence and continuance of any other Event of Default and either

 (i) the declaration of all of the Loans to be due and payable pursuant to Section 8.3, or

 (ii) the giving of notice by the Administrative Agent, acting at the direction, or with the consent, of the
Required Lenders, to the Borrower that the Commitments have been terminated pursuant to Section 8.3. 
 “Compliance Certificate” means a certificate duly completed and executed by an Authorized Financial Officer of the Borrower, substantially in the form of Exhibit E hereto, as amended, supplemented, amended and
restated or otherwise modified from time to time, together with such changes thereto as the Administrative Agent may from time to time reasonably request for the purpose of monitoring the Borrower’s compliance with the financial covenants
contained herein, including, without limitation, with respect to the Borrowing Base Properties, Adjusted Net Operating Income, and then Available Commitment. 
  

 8 

 “Confidential Information” has the meaning set forth in
Section 10.11. 
 “Confidential Memorandum” means the February 2007 Confidential Information
Memorandum prepared by the Arrangers relating to Strategic Hotel & Resorts, Inc and the Facility. 
 “Consolidated” or “consolidated” shall mean “consolidated” in accordance with GAAP. 
 “Consolidated Debt” shall mean, at any time, the sum of (without duplication) (i) all indebtedness (including principal, interest, fees and charges) of the Consolidated Group for
borrowed money (including obligations evidenced by bonds, notes or similar instruments) and for the deferred purchase price of property or services (excluding ordinary payable and accrued expenses and deferred purchase price which is not yet a
liquidated sum), (ii) the aggregate amount of all Capitalized Lease Liabilities of the Consolidated Group, (iii) all Indebtedness of the types described in clause (i) or (ii) of this definition of Persons other than members of
the Consolidated Group secured by any Lien on any property owned by the Consolidated Group, whether or not such Indebtedness has been assumed by such Person (provided that, if the Person has not assumed or otherwise become liable in respect
of such Indebtedness, such Indebtedness shall be deemed to be the outstanding principal amount (or maximum principal amount, if larger) of such Indebtedness or, if not stated or if indeterminable, in an amount equal to the fair market value of the
property to which such Lien relates, as determined in good faith by such Person), (iv) all Contingent Obligations of the Consolidated Group, (v) all Indebtedness of the Consolidated Group of the type described in clauses (ii) and
(vii) of the definition of Indebtedness contained herein, and (vi) the Borrower’s Share of all such items described in the foregoing clauses (i) through (v) inclusive, with respect to Unconsolidated Subsidiaries;
provided that for purposes of this definition, the amount of Indebtedness in respect of Hedging Agreements included pursuant to preceding clause (v) shall be at any time the Net Termination Value of all such Hedging Agreements, all as
determined on a consolidated basis, in accordance with GAAP, and without duplication. 
 “Consolidated EBITDA”
shall mean, for any period, Consolidated Net Income for such period, adjusted by (x) adding thereto (i) to the extent actually deducted in determining said Consolidated Net Income, consolidated interest expense, minority interest and
provision for taxes for such period (excluding, however, consolidated interest expense and taxes attributable to Unconsolidated Subsidiaries of the Guarantor and any of its Subsidiaries), (ii) the amount of all amortization of intangibles and
depreciation that were deducted determining Consolidated Net Income for such period, and (iii) any non-recurring non-cash charges in such period to the extent that (A) such non-cash charges do not give rise to a liability that would be
required to be reflected on the consolidated balance sheet of the Guarantor (and so long as no cash payments or cash expenses will be associated therewith (whether in the current period or for any future period)) and (B) same were deducted in
determining Consolidated Net Income for such period, and (y)

  

 9 

 
subtracting therefrom, to the extent included in determining Consolidated Net Income for such period, the amount of non-recurring non-cash gains during such period; provided that
Consolidated EBITDA shall be determined without giving effect to any extraordinary gains or losses (including any taxes attributable to any such extraordinary gains or losses) or gains or losses (including any taxes attributable to such gains or
losses) from sales of assets other than from sales of inventory (excluding Real Property) in the ordinary course of business. 
 “Consolidated Group” shall mean, collectively, Borrower, Guarantor and their Subsidiaries, determined in accordance with GAAP. 
 “Consolidated Group Properties” shall mean those Properties owned or leased by a member of the Consolidated Group. 
 “Consolidated Net Income” shall mean, for any period, the consolidated net income (or loss) of the Consolidated Group for
such period; provided that (without duplication of exclusions) (i) the net income of any member of the Consolidated Group (to the extent otherwise included in determining Consolidated Net Income) shall be excluded to the extent that the
declaration or payment of dividends and distributions by such Person of net income is not permitted at the date of determination without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the
terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Person or its equityholders, as applicable, and (ii) except for determinations expressly required to be made
on a pro forma basis, the net income (or loss) of any member of the Consolidated Group accrued prior to the date it becomes a member of the Consolidated Group, or the date that all or substantially all of the property or assets of such Person are
acquired by a member of the Consolidated Group, shall be excluded from such determination. 
 “Consolidated Tangible Net
Worth” shall mean, at any time, the tangible net worth of the Consolidated Group determined in accordance with GAAP, calculated based on (a) the shareholder book equity of Guarantor’s common Capital Stock, plus
(b) accumulated depreciation and amortization of the Consolidated Group, plus (c) to the extent not included in clause (a), the amount properly attributable to the minority interests, if any, of Borrower in the common Capital Stock of
other Persons, in each case determined without duplication and in accordance with GAAP. 
 “Construction Cost”
shall mean, with respect to rehabilitations, renovations or construction of Properties in which work has begun but has not yet been substantially completed (substantial completion shall be deemed to mean not less than 90% completion, as such
completion shall be evidenced by a certificate of occupancy or its equivalent or, in the case of condominium conversions the sale to buyers of portions of such Property), the aggregate, good faith estimated cost of construction of such improvements
(including, where applicable, land acquisition costs). 
 “Contingent Obligation” means any agreement,
undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is

  

 10 

 
contingently liable upon (by direct or indirect agreement, contingent or otherwise, with or without recourse, to provide funds for payment to, to purchase from, to supply funds to, or otherwise
to invest in, a debtor, or otherwise to assure a creditor against loss) the Indebtedness of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of scheduled dividends or other
distributions upon the shares of any other Person. The amount of any Person’s obligation under any Contingent Obligation shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum principal
amount, if larger) of the debt, obligation or other liability guaranteed thereby or, if not stated or if indeterminable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as
determined by such Person in good faith. Notwithstanding the foregoing, the term “Contingent Obligation” shall not include (a) endorsements of instruments for deposit or collection in the ordinary course of business
(b) guarantees made by a Person of the obligations of a Subsidiary of such Person that do not constitute Indebtedness of such Subsidiary and are incurred in the ordinary course of business of such Subsidiary, (c) any portion of the
Commitment Amount which at any time is unused, and (d) any portion of an obligation which would otherwise be considered to be a Contingent Obligation if such portion is secured by cash or Cash Equivalents, but Contingent Obligations shall
include the deferred purchase price of property or services which is not yet a liquidated sum. In addition, a guaranty of completion shall not be deemed to be Contingent Obligation unless and until a claim for payment has been made thereunder, at
which time such guaranty of completion shall be deemed to be a Contingent Obligation in an amount equal to such claim. 
 “Continuation/Conversion Notice” means a notice of continuation or conversion and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit C hereto. 
 “Credit Extension” means, as the context may require, 
 (a) the making of Loan by a Lender; or 
 (b) the issuance of any Letter of Credit, or the extension of any Stated Expiry Date of any existing Letter of Credit, by the
Issuer. 
 “Credit Hedging Agreements” shall mean one or more Hedging Agreements entered into
between or among Borrower and/or Guarantor, on the one hand, and another Person (other than Borrower, Guarantor or any Subsidiary of either), to the extent such other Person is a Lender (even if such Lender subsequently ceases to be a Lender under
this Agreement for any reason) or any affiliate thereof, and their subsequent successors and assigns, on the other. 
 “DBTCA” is defined in the preamble. 
 “Deemed FF&E Reserves”
shall mean, with respect to any Property, for any period, a deemed reserve funding for FF&E equal to four percent (4%) of Gross Hotel Revenues, for such Property for such period. 
  

 11 

 “Deemed Management Fees” shall mean, with respect to any Property, for any
period, a deemed base management fee in an amount equal to the greater of the actual management fees payable in such period for such Property and three percent (3%) of Gross Hotel Revenues, for such Property for such period. 
 “Deemed Net Termination Value” shall mean the aggregate Net Termination Value of all Pari Pasu Hedging Agreements,
marked-to-market as of the date of determination, but capped at a maximum amount of Ten Million Dollars ($10,000,000). 
 “Default” means any condition, occurrence or event which, after notice or lapse of time or both, would constitute an Event of Default. 
 “Defaulting Lender” means any Lender with respect to which a Lender Default is in effect. 
 “Development Cost” means, with respect to any Development Property, the undepreciated “book value” of such Development Property. 
 “Development Property” means a Property being developed or redeveloped by the applicable Property Owner such that 50% or
more of the units at such Property are under construction, development or redevelopment and not open for business to the general public, until such time as such Property (or the relevant portion thereof) has opened to the general public for a period
of twelve calendar months. 
 “Disclosure Schedule” means the Disclosure Schedule attached hereto as
Schedule I, as it may be amended, supplemented, amended and restated or otherwise modified from time to time by the Borrower with the written consent of the Administrative Agent, provided that the consent of the Administrative Agent
shall not be required to modify the Disclosure Schedule in a manner that causes the representations and warranties set forth herein to remain true and correct as long as the state of facts reflected in the modified Disclosure Schedule would not
constitute a breach of the covenants set forth herein. 
 “Disposition” means the sale, conveyance or other
disposition of any Consolidated Group Property, material business or other material property, interests or assets by the Borrower or any Subsidiary (including Capital Stock owned by, the Borrower or such Subsidiary, and in all cases whether now
owned or hereafter acquired). 
 “Dividend” with respect to any Person shall mean that such Person has declared
or paid a dividend or distribution or returned any equity capital to its stockholders, partners, members or other holders of its Capital Stock or authorized or made any other distribution, payment or delivery of property or cash to its holders of
Capital Stock as such, or redeemed, retired, purchased, repurchased or otherwise acquired, directly or indirectly, for a consideration any shares of any class of its Capital Stock outstanding on or after the Closing Date (or any options or warrants
issued by such Person with respect to its Capital Stock), or set aside any funds for any of the foregoing purposes, or shall have permitted any of its Subsidiaries to purchase or otherwise acquire for a consideration any shares of any class of the
Capital Stock of such Person

  

 12 

 
outstanding on or after the Closing Date (or any options or warrants issued by such Person with respect to its Capital Stock). Without limiting the foregoing, “dividends” with respect
to any Person shall also include (i) all payments made (or required to be made in the applicable period) by such Person with respect to any stock appreciation rights, plans, equity incentive or achievement plans or any similar plans or setting
aside of any funds for the foregoing purposes, in each case except to the extent (x) the same are paid in common stock of the Guarantor or (y) such payments reduced Consolidated EBITDA. 
 “Dollar” and the sign “$” mean lawful money of the United States. 
 “Domestic Office” means, relative to any Lender, the office of such Lender designated as such Lender’s “Domestic
Office” below its name in Annex I hereto or as set forth in a Lender Assignment Agreement, or such other office of a Lender (or any successor or assign of a Lender) within the United States as may be designated from time to time by
notice from a Lender, as the case may be, to each other Person party hereto. 
 “Domestic Subsidiary” means a
Subsidiary formed or organized under the laws of the United States or any state thereof. 
 “Eligible Assignee”
means and includes Lender (and any Affiliate thereof), an Approved Fund, any commercial bank, any financial institution, any finance company, any fund that is regularly engaged in making, purchasing or investing in loans or any other Person that
would satisfy the requirements of an “accredited investor” (as defined in SEC Regulation D, but excluding a natural person). 
 “Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations (other than internal reports
prepared by the Borrower, Guarantor or any of their respective Subsidiaries (a) in the ordinary course of such Person’s business or (b) as required in connection with a financing transaction or an acquisition or disposition of real
estate) or proceedings relating in any way to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereafter, “Claims”), including, without limitation, (i) any and all Claims by
governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the environment. 
 “Environmental Laws” means any and all present and future laws, statutes, ordinances, rules, regulations, requirements,
restrictions, permits, orders, and determinations of any governmental authority that have the force and effect of law, pertaining to pollution (including Hazardous Materials), natural resources or the environment, whether federal, state, or local,
including environmental response laws such

  

 13 

 
as the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, and as the same may be further amended
(hereinafter collectively called “CERCLA”). 
 “Environmental Occurrence” means any occurrence
or event that would cause the representations set forth in Section 6.12 to become untrue in any material respect. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code
(and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 
 “ERISA Event” means any of the following if such event or occurrence could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (a) the failure to make a required
contribution to a Pension Plan or a Multiemployer Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as
defined in Section 4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from
a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization or insolvent; (d) the filing of a notice of intent to terminate a Pension Plan or a Multiemployer Plan, the treatment of a Plan amendment as a termination under
Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which might reasonably be expected to constitute grounds under
Section 4042 of ERISA, for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the occurrence of a reportable event described in Section 4043(c) of ERISA with
respect to any Pension Plan or Multiemployer Plan; or (g) the imposition of any liability under Title IV of ERISA other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.

 “Event of Default” is defined in Section 8.1. 
 “Excess Cash Collateral” is defined in Section 2.6.7. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Extended Maturity Date” is defined in Section 3.1(b). 
 “Extension Notice” is defined in Section 3.1(b). 
 “Extension Option” is defined in Section 3.1(b). 
  

 14 

 “Extension Term” is defined in Section 3.1(b). 
 “Facility” means the $415,000,000 revolving credit facility evidenced by this Agreement, as the same may be increased,
amended, supplemented, amended and restated or otherwise modified from time to time and in effect on such date. 
 “Federal Funds Rate” means, for any day, a fluctuating interest rate equal to 
 (a)
the rate set forth in the weekly statistical release designated as H.15(519), or any successor publication, published by the Federal Reserve Bank of New York (including any such successor, “H.15(519)”) on the preceding Business Day
opposite the caption “Federal Funds (Effective)”; or 
 (b) if such rate is not so published for any
day which is a Business Day, the average of the quotations for such day on such transactions received by the Lender from three federal funds brokers of recognized standing selected by it. 
 “Fee Letters” means those certain confidential letters, dated as of the date hereof between the Borrower, the Arrangers,
the Lenders, and the Administrative Agent. 
 “FF&E” shall mean furniture, fixtures, and equipment.

 “Fiscal Quarter” means any quarter of a Fiscal Year ending on the last day of March, June, September or
December. 
 “Fiscal Year” means any period of twelve consecutive calendar months ending on December 31;
references to a Fiscal Year with a number corresponding to any calendar year (e.g., the “2007 Fiscal Year”) refer to the Fiscal Year ending on December 31 of such calendar year. 
 “Fiscal Year End” is defined in Section 7.1.13. 
 “F.R.S. Board” means the Board of Governors of the Federal Reserve System or any successor thereto. 
 “GAAP” is defined in Section 1.4. 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central bank
(or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any corporation or other entity owned or controlled,
through stock or capital ownership or otherwise, by any of the foregoing. 
 “Gross Asset Value” shall mean,
(1) for any Borrowing Base Property, its Appraised Value and (2) for any other Property: (a) for the eighteen (18) month period commencing on the Closing Date, the Appraised Value of such Property as set forth in

  

 15 

 
the Initial Appraisals, (b) at any time after such eighteen month period for any Consolidated Group Property other than New Acquisitions and Development Properties, on a trailing twelve
month basis ending on the date of determination, an amount equal to Net Operating Income attributable to such Property for such period, less the Deemed FF&E Reserves attributable to such Property for such period, less Deemed
Management Fees attributable to such Property, divided by seven and one-half percent (7.5%) in the case of “luxury” or “upper-upscale” Properties, eight and one-half percent (8.5%) in the case of all other
full service Properties, and ten percent (10%) in the case of limited service Properties, in each case as designated by Smith Travel Research (or a similar successor company designated by Administrative Agent); as of the Closing Date the
Properties set forth on Schedule III are all either “luxury” or “upper-upscale”; (c) for each Consolidated Group Property that is a New Acquisition, an amount equal to the Acquisition Cost with respect thereto; (d) for
each Consolidated Group Property that is a Development Property, an amount equal to the Development Cost of such Property; and (e) at any time and for any Property that is not a Consolidated Group Property, an amount equal to Borrower’s
share, based on its Share of the Unconsolidated Subsidiary that is the Property Owner of such Property, of the Gross Asset Value that would have been attributable to such Property pursuant to clause (2)(a), (2)(b), (2)(c) or (2)(d) of this
definition if such Property were a Consolidated Group Property; provided, however, that (A) the Gross Asset Value for the Hyatt New Orleans Property will be deemed to be (i) an amount equal the principal amount of the Mortgage Indebtedness
encumbering such Property until such Property has re-opened to the public, (ii) for the first year after such Property has re-opened to the public, the appraised value of such Property as set forth in an Acceptable Appraisal satisfactory to the
Administrative Agent, and (iii) thereafter as calculated in accordance with clause (2)(a) or (2)(b), as applicable, above; and (B) the Gross Asset Value of any Property that is subjected to a condominium regime or similar structure
for the purpose of timeshare, condominium hotel, or fractional interest or similar development will be (i) for the portion of the Property to be retained by Borrower (or its Subsidiary) to be operated as a traditional hotel, as set forth in a
new Acceptable Appraisal satisfactory to the Administrative Agent for the first year of operation and, thereafter, pursuant to clause (b) above, and (ii) for the portion of the Property to be held for sale, the undepreciated “book
value” of such portion of the Property. 
 “Gross Hotel Revenues” shall mean, for all Properties, all
revenues and receipts of every kind derived from operating such Properties, as the case may be, and parts thereof, including, but not limited to: income (from both cash and credit transactions), before commissions and discounts for prompt or cash
payments, from rentals or sales of rooms, stores, offices, meeting space, exhibit space, or sales space of every kind (including rentals from timeshare marketing and sales desks); license, lease, and concession fees and rentals (not including gross
receipts of licensees, lessees, and concessionaires); net income from vending machines; health club membership fees; food and beverage sales; sales of merchandise (other than proceeds from the sale of FF&E no longer necessary to the operation of
such Properties); service charges, to the extent not distributed to the employees at such Properties as, or in lieu of, gratuities; interest which accrues on amounts deposited in any FF&E reserve account and proceeds, if any, from business
interruption or other loss of income insurance; provided, however, that Gross Hotel Revenues shall not include the following: gratuities to employees of such

  

 16 

 
Properties; federal, state, or municipal excise, sales, use, or similar taxes collected directly from tenants, patrons, or guests or included as part of the sales price of any goods or services;
insurance proceeds (other than proceeds from business interruption or other loss of income insurance); condemnation proceeds; or any proceeds from any sale of such Properties. 
 “Guarantor” shall mean Strategic Hotels and Resorts, Inc. 
 “Guarantor Pledge Agreement” is defined in Section 5.1.18. 
 “Guarantor Pledge Agreement Collateral” means all “Collateral” under, and as defined in, the Guarantor
Pledge Agreement. 
 “Guaranty” is defined in Section 5.1.4. 
 “Hazardous Materials” means any substance that is defined or listed as a hazardous, toxic or dangerous substance under any
present or future Environmental Law or that is otherwise regulated or prohibited or subject to investigation or remediation under any present or future Environmental Law because of its hazardous, toxic, or dangerous properties, including
(a) any substance that is a “hazardous substance” under CERCLA and (b) petroleum wastes or products. 
 “Hedging Agreements” shall mean any Interest Rate Protection Agreements and any foreign exchange contracts, currency swap agreements, commodity agreements or other similar agreements or arrangements designed to protect
against the fluctuations in currency values or instruments to hedge and protect against fluctuations in the Guarantor’s, Borrower’s and/or their Subsidiaries cash flow and earnings from changes in financial markets, including, without
limitation, any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or
bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such
transaction is governed by or subject to any master agreement, and any and all transactions of any kind, and their related confirmations and schedules, which are subject to the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement. 
 “Hedging Counterparty Intercreditor Agreement” means an intercreditor agreement entered into pursuant to Section 9.2 hereof among the Administrative Agent on behalf of the
Secured Creditors and one or more counterparties to a Hedging Agreement. 
  

 17 

 “herein,” “hereof,” “hereto,”
“hereunder” and similar terms contained in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular Section, paragraph or provision of
this Agreement or such other Loan Document. 
 “Impermissible Qualification” means, relative to the opinion or
certification of any independent public accountant as to any financial statement of the Borrower, any qualification or exception to such opinion or certification 
 (a) which questions the status of the Borrower and its Subsidiaries, taken as a whole, as a “going concern”;

 (b) which relates to the limited scope of examination of any material portion of the records of the Borrower
and its Subsidiaries relevant to such financial statement; or 
 (c) which relates to the treatment or
classification of any item in such financial statement and which, as a condition to its removal, would require an adjustment to such item the effect of which would be to cause the Borrower to be in default of any of its obligations under
Section 7.2.4. 
 “Immaterial Subsidiary” means a Domestic Subsidiary that is formed but owns no
assets and has not commenced any business or operations for so long as such Domestic Subsidiary owns no assets and has not commenced any business or operations. 
 “including” and “include” means including without limiting the generality of any description preceding such term. 
 “Indebtedness” shall mean, as to any Person, without duplication, (i) all indebtedness (including principal, interest,
fees and charges) of such Person for borrowed money or for the deferred purchase price of property or services (excluding accounts payable, current trade liabilities and accrued expenses arising in the ordinary course of business), (ii) the
maximum amount available to be drawn under all letters of credit issued for the account of such Person and all unpaid drawings in respect of such letters of credit, (iii) all Indebtedness of the types described in clause (i), (ii), (iv),
(v) or (vi) of this definition secured by any Lien on any property owned by such Person, whether or not such Indebtedness has been assumed by such Person (provided that, if the Person has not assumed or otherwise become liable in
respect of such Indebtedness, such Indebtedness shall be deemed to be the outstanding principal amount (or maximum principal amount, if larger) of such Indebtedness or, if not stated or if indeterminable, the maximum reasonably anticipated liability
in respect thereof, as determined by such Person in good faith), (iv) all obligations for the payment of money relating to a Capitalized Lease Liability, (v) all Contingent Obligations of such Person and (vi) all obligations under any
Hedging Agreement or under any similar type of agreement. 
 “Initial Appraisals” shall mean Acceptable
Appraisals delivered to the Administrative Agent with respect to each of the Properties at or prior to the Closing Date. 
  

 18 

 “Initial Borrowing Base” shall mean those Borrowing Base Properties set
forth on Schedule II. 
 “Initial Maturity Date” shall mean March 9, 2011 (i.e., the
four-year anniversary date of the Closing Date). 
 “Insurance Policies” shall mean satisfactory evidence
(including appropriate certificates or certified copies of policies) of insurance and reinsurance policies (whether individual or blanket). 
 “Interest Period” means, relative to any LIBO Rate Loan, the period beginning on (and including) the date on which such LIBO Rate Loan is made or continued as, or converted into, a LIBO
Rate Loan pursuant to Section 2.3 and shall end on (but exclude) the day which numerically corresponds to such date one, two, three or six months thereafter (or, if such month has no numerically corresponding day, on the last Business
Day of such month), as the Borrower may select in its relevant notice pursuant to Section 2.3 or 2.4; provided, however, that 
 (a) the Borrower shall not be permitted to select Interest Periods to be in effect at any one time which have expiration
dates occurring on more than five different dates; 
 (b) if such Interest Period would otherwise end on a day
which is not a Business Day, such Interest Period shall end on the next following Business Day (unless such next following Business Day is the first Business Day of a calendar month, in which case such Interest Period shall end on the Business Day
next preceding such numerically corresponding day); 
 (c) no Interest Period for any LIBO Rate Loan may end
later than the Maturity Date; and 
 (d) no Interest Period may be elected at any time when an Event of Default
is then in existence unless Lenders in their sole discretion otherwise agree. 
 “Interest Rate Protection
Agreement” shall mean any interest rate swap agreement, interest rate cap agreement, interest collar agreement, interest rate hedging agreement or other similar agreement or arrangement. 
 “Investment” means, relative to any Person, 
 (a) any loan or advance made by such Person to any other Person; 
 (b) any Contingent Obligation of such Person incurred in connection with loans or advances described in clause
(a) above; 
 (c) any ownership or similar interest held or acquired by such Person in any other Person and
any capital contribution made by such Person in any other Person; and 
  

 19 

 (d) any other acquisition by such Person of any assets or properties of
another Person outside the ordinary course of business of such first Person. 
 The amount of any Investment shall be the
original principal or capital amount thereof less all returns of principal or equity, or distributions or dividends paid, thereon and shall, if made by the transfer or exchange of property other than cash, be deemed to have been made in an original
principal or capital amount equal to the fair value of such property at the time of such Investment, as determined in good faith by the Borrower. 
 “Issuance Request” means a Letter of Credit request and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit B-2 hereto,
including Borrower’s certified calculation of the Aggregate Commitment and the Available Commitment after giving effect to the issuance of the Letter of Credit requested thereunder. 
 “Issuer” means DBTCA in its capacity as issuer of the Letters of Credit, together with each other Person as shall have
subsequently been appointed as the successor Issuer in accordance with Section 9.10. At the request of Borrower, upon providing notice to Administrative Agent, another Lender with a Revolving Loan Commitment or an Affiliate of DBTCA may,
with such other Lender’s or Affiliate’s (as applicable) consent, in its sole discretion, issue one or more Letters of Credit hereunder and shall be deemed to be the Issuer with respect to such Letter(s) of Credit. 
 “Joinder” means a Joinder duly executed by an Authorized Officer of any Subsidiary, substantially in the form of Exhibit
H-2 hereto. 
 “Joint Venture” means a partnership, limited liability company, corporation or other entity
held or owned, directly or indirectly, jointly by the Guarantor, Borrower or a Subsidiary of Borrower and one or more Persons which Persons are not Consolidated with Borrower (each, a “Joint Venture Partner”). 
 “Lender Assignment Agreement” means a lender assignment agreement substantially in the form of Exhibit F hereto.

 “Lender Default” shall mean (i) the wrongful refusal (which has not been retracted) or the failure of a
Lender to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment or to purchase participating interests under Section 2.6.1 or (ii) a Lender having notified in writing any Borrower and/or the
Administrative Agent that such Lender does not intend to comply with its obligations under Section 2.1 in circumstances where such non-compliance would constitute a breach of such Lender’s obligations under the respective Section.

 “Lenders” is defined in the preamble and, in addition, shall include any Eligible Assignee that becomes a
Lender pursuant to Section 10.9.1 and any Additional Revolving Loan Lenders. 
 “Letter of Credit”
is defined in Section 2.1.2. 
  

 20 

 “Letter of Credit Collateral” is defined in Section 8.4(b).

 “Letter of Credit Collateral Account” is defined in Section 8.4(a). 
 “Letter of Credit Commitment” means, with respect to the Issuer, the Issuer’s obligation to issue Letters of Credit
pursuant to Section 2.1.2 and, with respect to each of the other Lenders that has a Revolving Loan Commitment, the obligations of each such Lender to participate in such Letters of Credit pursuant to Section 2.6.1.

 “Letter of Credit Commitment Amount” means, on any date, a maximum amount equal to the lesser of
(i) Seventy-Five Million Dollars ($75,000,000.00), as such amount may be permanently reduced from time to time pursuant to Section 2.2, and (ii) the Revolving Loan Commitment Amount on such date. 
 “Letter of Credit Outstandings” means, on any date, an amount equal to the sum of the then aggregate amount which is
undrawn and available under all issued and outstanding Letters of Credit, plus the then aggregate amount of all unpaid and outstanding Reimbursement Obligations. 
 “LIBO Office” means, relative to any Lender, the office of such Lender designated as such Lender’s “LIBO Office” below its name in Annex I hereto or as set forth in
a Lender Assignment Agreement, or such other office of a Lender as designated from time to time by notice from such Lender to the Borrower and the Administrative Agent, whether or not outside the United States, which shall be making or maintaining
LIBO Rate Loans of such Lender hereunder. 
 “LIBO Rate” means, with respect to each day during each Interest
Period pertaining to a LIBO Rate Loan, the rate of interest per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA
LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period. 
 “LIBO Rate Loan” means a Revolving Loan bearing
interest, at all times during an Interest Period applicable to such Revolving Loan, at a fixed rate of interest determined by reference to the LIBO Rate. 
 “Lien” means any mortgage, deed of trust, pledge, security interest, hypothecation, charge, lien (statutory or other), escrow or similar encumbrance of any kind, or any other type of
similar preferential arrangement (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof). 
 “Loan Documents” means, collectively, this Agreement, the Notes (if any), the Letters of Credit, the Security Documents,
the Guaranty, the Subsidiary Guaranty, the Fee Letters, each Borrowing Request and each Issuance Request. 
  

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 “Loan Pledge Agreement” means that certain Loan Pledge Agreement dated as
of the date hereof, and as the same may be hereafter modified, supplemented or amended from time to time. 
 “Loan
Pledge Collateral” means all “Collateral” under, and as defined in, the Loan Pledge Agreement. 
 “Loans” means a Revolving Loan or a Swingline Loan of any type. 
 “Mandatory
Borrowing” is defined in Section 2.9(b). 
 “Material Adverse Effect” means a circumstance
or condition that, either individually or in the aggregate has had, or could reasonably be expected to have, a material adverse effect on (i) the business, assets, operations, properties, or financial condition of the Borrower and its
Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under this Agreement and the other Loan Documents taken as a whole, (iii) the ability of the Guarantor and the Subsidiary Guarantors, taken together
as a whole, to perform their obligations under this Agreement and the other Loan Documents taken as a whole, (iv) the legality, validity or enforceability of the Loan Documents taken as a whole, or (v) the rights and remedies of the
Administrative Agent and the Lenders under this Agreement and the other Loan Documents. 
 “Material
Agreements” shall mean any license, contract, joint venture, management, or other agreement, the loss of which could reasonably be expected to have a Material Adverse Effect. 
 “Maturity Date” shall mean the Initial Maturity Date unless the Extension Option is properly exercised pursuant to
Section 3.1, in which case “Maturity Date” shall mean the Extended Maturity Date. 
 “Mezzanine
Indebtedness” means non-recourse Indebtedness secured by direct or indirect beneficial interests in the Capital Stock of a Property Owner or Operating Lessee and customary recourse guaranties provided in connection therewith. 
 “Monthly Payment Date” means the last day of each calendar month, or, if any such day is not a Business Day, the next
succeeding Business Day. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Mortgage Indebtedness” means Property-level non-recourse Indebtedness, where the borrower under such Indebtedness is a
special purpose bankruptcy-remote entity and customary recourse guaranties provided in connection therewith. 
 “Multiemployer Plan” means a “multiemployer plan,” within the meaning of Section 4001(a)(3) of ERISA, with respect to which the Borrower or any ERISA Affiliate may have any liability. 
  

 22 

 “NAIC” means the National Association of Insurance Commissioners or any
successor thereto with similar authority. 
 “Net Asset Value” shall mean the sum of (i) the Gross Asset
Value of wholly-owned Properties less the then outstanding amount of Indebtedness with respect to such Properties and (ii) the Borrower’s Share of the amount described in clause (i) with respect to any Properties owned through Joint
Ventures. 
 “Net Operating Income” shall mean the amount obtained by subtracting Operating Expenses from
Operating Income. 
 “Net Termination Value” shall mean at any time, with respect to all Hedging Agreements for
which a Net Termination Value is being determined, the excess, if positive, of (i) the aggregate of the unrealized net loss position, if any, of the Guarantor, Borrower and/or their Subsidiaries under each such Hedging Agreement on a
marked-to-market basis determined no more than one month prior to such time less (ii) the aggregate of the unrealized net gain position, if any, of the Guarantor, Borrower and/or their Subsidiaries under each such Hedging Agreement on a
marked-to-market basis determined no more than one month prior to such time, with each marked-to market determination made pursuant to clauses (i) and (ii) above in connection with a determination of “Net Termination Value” to be
made on the same date. 
 “New Acquisitions” shall mean a Property that has been owned or leased for fewer than
twelve (12) full calendar months. 
 “Non-Defaulting Lender” means and includes each Lender other than a
“Defaulting Lender.” 
 “Non-U.S. Lender” has the meaning specified in clause (e) of
Section 4.6. 
 “Non-U.S. Participant” means a Participant that is not incorporated or organized in
or under the laws of the United States or a state thereof. 
 “Note” means a Revolving Note. 
 “Obligations” means all monetary obligations (whether absolute or contingent, matured or unmatured, direct or indirect,
choate or inchoate, sole, joint, several or joint and several, due or to become due, heretofore or hereafter contracted or acquired) of the Borrower, Guarantor and each Subsidiary Guarantor to any Lender or the Issuer or the Administrative Agent
arising under this Agreement, the Notes, the Letters of Credit and each other Loan Document. 
 “OFAC” means
the Office of Foreign Assets Control of the U.S. Department of the Treasury. 
 “Operating Expenses” shall
mean, for any specified period and any Property, without duplication, all expenses actually paid or payable by or on behalf of Property Owner during such period in connection with the ownership or operation of the

  

 23 

 
Property, including costs (including labor) of providing services including rooms, food and beverage, telecommunications, garage and parking and other operating departments, as well as real
estate and other business taxes, rental expenses, insurance premiums, utilities costs, administrative and general costs, repairs and maintenance costs, third-party franchise fees, other costs and expenses relating to the Property, legal expenses
(incurred in connection with the ordinary course operation of the Property), determined, in each case on an accrual basis, in accordance with GAAP. “Operating Expenses” shall not include (i) depreciation or amortization or other
noncash items, (ii) the principal of and interest on Indebtedness for borrowed money, (iii) income taxes or other taxes in the nature of income taxes, (iv) any expenses (including legal, accounting and other professional fees,
expenses and disbursements) incurred in connection with and allocable to the issuance of the Revolving Note, (v) distributions to the shareholders of the Property Owner or (vi) Capital Expenditures or management fees actually paid or
payable by or on behalf of Property Owner during such period. 
 “Operating Income” shall mean for any
specified period and any Property, all income received by Property Owner from any Person during such period in connection with the ownership or operation of the Property, determined on an accrual basis of accounting determined in accordance with
GAAP, including the following: 
 (i) all amounts payable to Property Owner or to the applicable manager for the
account of Property Owner by any Person as rent and/or hotel revenue; 
 (ii) all amounts payable to Property
Owner pursuant to any reciprocal easement and/or operating agreements, covenants, conditions and restrictions, condominium documents and similar agreements affecting the Property and binding upon and/or benefiting Property Owner and other third
parties, but specifically excluding any management agreement; 
 (iii) condemnation awards to the extent that
such awards are compensation for lost rent allocable to such specified period; 
 (iv) business interruption and
loss of “rental value” insurance proceeds (but allocating such proceeds to the period to which they relate); and 
 (v) all investment income with respect to any collateral accounts. 
 Notwithstanding the foregoing
clauses (i) through (v), Operating Income shall not include (A) any insurance proceeds (other than of the types described in clauses (iii) and (iv) above), (B) any proceeds resulting from the sale, exchange, transfer,
financing or refinancing of all or any part of the Property (other than of the types described in clause (i), (iii) and (v) above), (C) any repayments received from tenants of principal loaned or advanced to tenants by Property Owner,
(D) any type of income that would otherwise be considered Operating Income pursuant to the provisions above but is paid directly by any tenant to a Person other than Property Owner or its agent and (E) any fees or other amounts payable by
a tenant or another Person to Property Owner that are reimbursable to tenant or such other Person. 
  

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 “Operating Lessee” means a Taxable REIT Subsidiary that is owned, directly
or indirectly, wholly or through a Joint Venture, by the Borrower and that leases a Property. 
 “Organic
Document” means, relative to Borrower, each Subsidiary and Guarantor or Joint Venture, as applicable, its certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation or limited
liability company agreement and any certificate of designations or similar instrument relating to the rights of shareholder, including preferred shareholders, of such Person. 
 “Other Taxes” means any present or future stamp, court or documentary taxes or any other excise or property taxes, charges
or similar levies which arise from any payment made hereunder or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Loan Document. 
 “Pari-Pasu Hedging Agreement” means a Hedging Agreement (i) between a counterparty which is not a Lender or affiliate
of a Lender (each, a “Pari-Pasu Hedging Counterparty”) and Borrower (or Guarantor), (ii) that has been pledged by Borrower (or Guarantor) as additional Collateral for the Facility, and (iii) with respect to which a Hedging
Counterparty Intercreditor Agreement is in effect. 
 “Pari-Pasu Hedging Counterparty” has the meaning set
forth in the definition of “Pari-Pasu Hedging Agreement”. 
 “Participant” is defined in
Section 10.9.2. 
 “Patriot Act” has the meaning specified in Section 6.21. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any Governmental Authority succeeding to any of its principal
functions under ERISA. 
 “Pension Plan” means a pension plan (as defined in Section 3(2) of ERISA)
subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA (other than a Multiemployer Plan) with respect to which the Borrower or any ERISA Affiliate may have any liability. 
 “Percentage” means, relative to any Lender, the applicable fraction, expressed as a percentage, relating to Revolving Loans
and Letter of Credit Outstandings, the numerator of which shall be such Lender’s Commitment and the denominator of which shall be the Commitment Amount, as such percentage may be adjusted from time to time. 
 “Permitted Borrowing Base Debt” means, with respect to any Borrowing Base Property or Borrowing Base Property Owner:
(a) trade payables incurred in the ordinary course of such Borrowing Base Property Owner’s business, not secured by Liens

  

 25 

 
on the Property or the Capital Stock of a Borrowing Base Property Owner, not exceeding one percent (1%) of the Appraised Value of such Borrowing Base Property at any one time outstanding,
payable by or on behalf of the Borrowing Base Property Owner for or in respect of the operation of the Borrowing Base Property in the ordinary course of operating such Borrowing Base Property Owner’s business, provided that (but subject to the
remaining terms of this definition) each such amount shall be paid within sixty (60) days following the date on which each such amount is incurred (except in the case of a bona fide dispute being diligently contested in good faith and for which
adequate reserves have been set aside, (b) purchase money indebtedness, capital lease obligations or other indebtedness for FF&E incurred in the ordinary course of business (but, in either case, not with respect to Property acquisitions or
in any event recourse to Borrower or Guarantor) in the aggregate not exceeding three percent (3%) of the Appraised Value of such Borrowing Base Property, including, for the avoidance of doubt, the Ritz Carlton FF&E Facility, at any one time
outstanding with respect to such Borrowing Base Property, (c) the Borrowing Base Intercompany Indebtedness, (d) indebtedness under this Agreement, and (e) obligations due and payable by Borrower pursuant to a permitted Material
Agreement or any other agreement approved by Lender and not secured by Liens on such Borrowing Base Property or Borrowing Base Property Owner’s Capital Stock, each in the ordinary course of operating such Borrowing Base Property. 
 “Permitted Borrowing Base Liens” means, with respect to a Borrowing Base Property or Borrowing Base Property Owner:

 (a) Liens for taxes, assessments or governmental charges or levies on such Borrowing Base Property if the same
shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on the books of the Borrower or such
Borrowing Base Property Owner; 
 (b) Liens imposed by law, such as carriers’, warehousemen’s and
mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate
reserves shall have been set aside on the books of the Borrower or such Borrowing Base Property Owner; 
 (c)
Liens (other than any Lien imposed by ERISA) incurred or deposits made in the ordinary course of business in connection with workmen’s compensation, unemployment insurance or other forms of governmental insurance or benefits, or to secure
performance of tenders, statutory and regulatory obligations, bids, leases and contracts or other similar obligations (other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety bonds or
performance or return-of-money bonds; 
 (d) Liens securing permitted indebtedness of the type described in
clause (b) of the definition of Permitted Borrowing Base Debt so long as such Lien is only in respect of the specific property relating to such obligation; 
  

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 (e) Liens securing Borrowing Base Intercompany Indebtedness; 
 (f) Easements, rights-of-way, municipal and zoning ordinances or similar restrictions, minor defects or irregularities in
title and other similar charges or encumbrances against real property as are of a nature generally existing with respect to properties of a similar character and which do not in any material and adverse way affect the marketability of the Borrowing
Base Property or interfere with the use thereof in the business of the Borrower or its Subsidiaries; 
 (g) Liens
arising solely by virtue of any statutory or common law provision relating to banks’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution, provided that
such deposit account is not a cash collateral account; and 
 (h) Leases for space entered into in the ordinary
course of business affecting any Property (to tenants as tenants only, without purchase rights or options) 
 “Permitted
Construction Indebtedness” means Indebtedness for Construction Costs secured by, a Property and/or the Capital Stock of a Property Owner (including customary recourse guaranties provided in connection therewith), where the borrower under
such Indebtedness is a special purpose bankruptcy-remote entity, which does not provide for or require any pre-event of default cash flow sweeps or cash traps, whether resulting from low debt service coverage or otherwise, and the maximum principal
amount of which does not exceed seventy-five percent (75%) of the Construction Costs of such Property. 
 “Person” means any natural person, corporation, limited liability company, partnership, joint venture, joint stock company, firm, association, trust or unincorporated organization, government, governmental agency, court or
any other legal entity, whether acting in an individual, fiduciary or other capacity. 
 “Plan” means an
employee benefit plan (as defined in Section 3(3) of ERISA) which the Borrower sponsors or maintains or to which the Borrower makes, is making or is obligated to make contributions and includes any Pension Plan. 
 “Pledge Agreement” means that certain Pledge Agreement dated as of the date hereof, and as the same may be hereafter
modified, supplemented or amended from time to time. 
 “Pledge Agreement Collateral” means all
“Collateral” under, and as defined in, the Pledge Agreement. 
 “Pro Forma Borrowing Base Coverage
Ratio” means, as of any date of determination, the ratio of (a) Adjusted Net Operating Income allocable to the Borrowing Base Properties for the immediately preceding trailing twelve month period, adjusted on

  

 27 

 
a pro forma basis for Borrowing Base Property acquisitions and dispositions consummated during the period of determination, to (b) Pro Forma Interest Expense. 
 “Pro Forma Interest Expense “ means, as of any date of determination, the interest expense that would be payable under the
Facility for a twelve month period, assuming an interest rate equal to the sum of the LIBO Rate plus the Applicable Margin, each as of such date of determination and an outstanding principal balance equal to the Aggregate Outstanding Balance as of
such date of determination, after giving effect to the requested Borrowing/Letter of Credit. 
 “Projections”
is defined in Section 5.1.12(a). 
 “Properties” shall mean hotels and resorts owned or leased by
Guarantor, Borrower or any of its Subsidiaries or its Unconsolidated Subsidiaries. Schedule III contains a list of the Properties as of the Closing Date. 
 “Property Owner” means a Person that owns a Property. 
 “Qualified Ground Lease” means a ground lease that (x) has a remaining term of at least thirty (30) years (including, for this purpose, any renewal option exercisable at the sole option of the ground lessee with
no veto or approval rights by the ground lessor or any lender to such ground lessor) and (y) can be mortgaged without the consent of the ground lessor and (z) contains customary leasehold mortgagee protection rights (including, without
limitation, the right to receive notice of any ground lease default, the right to cure any such default and the right to a new ground lease in favor of the leasehold mortgagee or its designee in the event that the ground lease should terminate on
account of a default thereunder or for any other reason). 
 “Quarterly Payment Date” means the last day of
each March, June, September and December, or, if any such day is not a Business Day, the next succeeding Business Day. 
 “Real Estate” means all land, buildings and improvements owned or leased by the Borrower or any of its Subsidiaries, but excluding all operating fixtures and equipment, whether or not incorporated into improvements.

 “Recourse Indebtedness” means Indebtedness with respect to which the right of recovery of the obligee is not
limited to recourse against (a) collateral, if any, securing such Indebtedness or (b) if the Indebtedness is incurred by a Restricted Subsidiary that is a special/single purpose entity, recourse is limited to the special/single purpose
entities that are the obligor(s) with respect to such Indebtedness. 
 “Register” is defined in
Section 10.9.1(c). 
 “Reimbursement Obligations” is defined in Section 2.6.3.

 “REIT” shall mean a real estate investment trust under Sections 856 through 860 of the Code. 
  

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 “Replaced Lender” is defined in Section 4.4. 
 “Replacement Lender” is defined in Section 4.4. 
 “Required Lenders” means, at any time, Non-Defaulting Lenders having or holding at least fifty percent (50%) of the
sum (without duplication) of the aggregate outstanding principal amount of the Revolving Loans, the aggregate amount of the Letter of Credit Outstandings and the unfunded amount of the Revolving Loan Commitment Amount, in each case, taken as a
whole, of the Non-Defaulting Lenders, but in no event fewer than three (3) Lenders. 
 “Requirement of
Law” means, as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or of a Governmental Authority, in each case applicable to or legally binding upon the Person or any of its property or to which the Person
or any of its property is subject. 
 “Responsible Officer” means, with respect to any Person, its chief
executive officer, its president or any vice president, managing director, chief financial officer, treasurer, controller or other officer thereof having substantially the same authority and responsibility. 
 “Restricted Subsidiary” means a Domestic Subsidiary that is prohibited, whether (i) contractually by the terms of
Indebtedness encumbering the related Property, (ii) by the Organic Documents of such Subsidiary if such Subsidiary is not wholly-owned (directly or indirectly) by Borrower (unless such Subsidiary will realize benefits from this Facility as a
result of the contribution or loan by Borrower of proceeds of Loans to such Subsidiary) or (iii) by law, (to be determined, in each case, in the discretion of the Administrative Agent unless the Borrower delivers (x) a legal opinion that
such Subsidiary is so restricted and (y) an officer’s certificate to the effect that such restriction was not entered into to circumvent or otherwise avoid the requirements of Section 7.1.9), from (A) becoming a Subsidiary
Guarantor, in the case of a Subsidiary that would otherwise become a Subsidiary Guarantor, or (B) pledging its interests in the Capital Stock of another Subsidiary, in the case of a Subsidiary that is not restricted from becoming a Subsidiary
Guarantor but is restricted from pledging such interests, or (C) having its Capital Stock pledged by Borrower or another Subsidiary pursuant to the provisions hereof and of the Pledge Agreement, in the case of a Subsidiary the Capital Stock of
which would otherwise be pledged by a Subsidiary Guarantor pursuant to the Pledge Agreement. In no circumstance may a Borrowing Base Property Owner be deemed a Restricted Subsidiary. 
 “Revolving Loan Commitment” shall mean, for each Lender, the commitment by such Lender to make Revolving Loans pursuant to
Section 2.1 as set forth on Annex I attached hereto. 
 “Revolving Loan Commitment Amount” means
$415,000,000, as such amount may be (x) reduced from time to time pursuant to Section 2.2 and (y) increased from time to time pursuant to Section 2.8. 
  

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 “Revolving Loan Commitment Termination Date” means the earliest of

 (a) the Maturity Date; 
 (b) the date on which the Revolving Loan Commitment Amount is terminated in full or reduced to zero pursuant to
Section 2.2; and 
 (c) the date on which any Commitment Termination Event occurs. 
 Upon the occurrence of any event described in the preceding clause (b) or (c), the Revolving Loan Commitments shall terminate
automatically and without any further action. 
 “Revolving Loan Commitments” means, relative to any Lender,
such Lender’s obligation (if any) to make Revolving Loans pursuant to Section 2.1.1. 
 “Revolving
Loans” is defined in Section 2.1.1. 
 “Revolving Note” means a promissory note, if any,
executed by the Borrower and payable to any Lender, in the form of Exhibit A-1 hereto (as such promissory note may be amended, endorsed or otherwise modified from time to time), evidencing the aggregate Indebtedness of the Borrower to such
Lender resulting from outstanding Revolving Loans, and also means all other promissory notes accepted from time to time in substitution therefor or renewal thereof. 
 “Ritz Carlton FF&E Facility” means the Ritz Carlton FF&E facility described on Schedule VI. 
 “S&P” means Standard & Poor’s Rating Services. 
 “SEC” means the Securities and Exchange Commission. 
 “Secured Creditors” means and
includes each of the Administrative Agent, the Issuer, the Lenders, each Person (other than Borrower, Guarantor or any Subsidiary of either) party to a Credit Hedging Agreement, to the extent such party is a Lender or any affiliate thereof (even if
such Lender subsequently ceases to be a Lender under this Agreement for any reason), and their subsequent assigns. 
 “Security Documents” shall mean: (i) the Guarantor Pledge Agreement; (ii) the Pledge Agreement (including any supplements or Joinders thereto); (iii) the Loan Pledge Agreement (including any supplements or
Joinders thereto), (iv) an omnibus assignment of Material Agreements of the Borrower and Guarantor, (v) intentionally omitted; (vi) financing statements to be filed with the appropriate state and/or county offices for the perfection
of a security interest in any of the Collateral or any other collateral or security for the Obligations; (vii) all other agreements, documents, and instruments evidencing, securing, or pertaining to the Obligations or any part thereof, as shall
from time to time be executed and delivered by Borrower, Guarantor, or any other

  

 30 

 
Person in favor of any Secured Creditor; and (viii) all renewals, extensions, and restatements of, and amendments and supplements to, any of the foregoing. 
 “Share” shall mean, for any Person, such Person’s share of the assets, liabilities, revenues, income, losses, or
expenses of a Subsidiary or an Unconsolidated Subsidiary based upon such Person’s percentage ownership of such Subsidiary or Unconsolidated Subsidiary. 
 “Share Repurchase” is defined in Section 7.2.6(b). 
 “Specified Default” means any Default under Section 8.1.1 or 8.1.9. 
 “Stated Amount” of each Letter of Credit means the total amount available to be drawn under such Letter of Credit upon the issuance thereof, as such amount may be amended from time to time. 
 “Stated Expiry Date” is defined in Section 2.6. 
 “Stop Issue Notice” shall mean a notice received by Issuer from the Administrative Agent, whether on its own initiative or
at the direction of the Required Lenders, that one or more of the conditions specified in Article V are not then satisfied, or that the issuance of a Letter of Credit would violate Section 2.1.4. 
 “Subsidiary” shall mean, for any Person, any other Person in whom such first Person or a Subsidiary of such Person holds
Capital Stock and whose financial results would be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person. 
 “Subsidiary Guarantor” means each Domestic Subsidiary of Borrower that is, or becomes, party to the Subsidiary Guaranty, on
a joint and several basis. 
 “Subsidiary Guaranty” is defined in Section 5.1.4. 
 “Swingline Borrowing” means a Borrowing under Section 2.9 hereof. 
 “Swingline Commitment” has the meaning set forth in Section 2.9(a). 
 “Swingline Lender” means the Administrative Agent and any other Lender designated by the Borrower from among those Lenders
identified by the Administrative Agent as permissible Swingline Lenders. 
 “Swingline Loan” means a loan made
by the Swingline Lender pursuant to Section 2.9. 
 “Taxable REIT Subsidiary” means a Subsidiary
that has elected to be treated as a “taxable REIT subsidiary under Section 856(l)(1) of the Code. 
  

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 “Taxes” means any and all present or future taxes, levies, assessments,
imposts, duties, deductions, fees, withholdings or similar charges, and all liabilities with respect thereto, excluding, in the case of each Lender and the Administrative Agent, respectively, taxes imposed on any Lender or the Administrative Agent
as a result of a present or former connection between such Lender or the Administrative Agent and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any
such connection arising solely from such Lender or the Administrative Agent having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement). 
 “Telerate Page 3750” means the display designated as “Page 3750” on the Telerate Service (or such other page as
may replace Page 3750 on the service or such other service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British Bankers’ Association interest settlement rates for Dollar
deposits). 
 “Test Period” means, for any determination under this Agreement at any time, the four consecutive
Fiscal Quarters then last ended (in each case taken as one accounting period). 
 “Title Searches” shall mean
title commitments and/or searches from each recording district in which a Borrowing Base Property is located evidencing no Liens other than Permitted Borrowing Base Liens with respect to each Borrowing Base Property. 
 “Total Fixed Charge Coverage Ratio” means, as of the close of any Fiscal Quarter, the ratio computed for the period
consisting of such Fiscal Quarter and each of the three immediately prior Fiscal Quarters, of (a) Consolidated EBITDA for such period to (b) the sum, on a consolidated basis, of (i) Total Interest Expense for such period, plus
(ii) the scheduled principal amount of all amortization payments (but not final balloon payments at maturity) for such period on all Indebtedness of the Consolidated Group; plus (iii) distributions on preferred partnership units payable by
the Borrower for such period and distributions made by the Borrower in such period for the purpose of paying Dividends on preferred shares in Guarantor; plus (iv) an amount equal to the aggregate Deemed FF&E Reserves for the Consolidated
Group Properties for such period; plus (v) amounts paid by or on behalf of the Consolidated Group into cash reserves as required pursuant to the terms of other Indebtedness. 
 “Total Interest Expense” means the aggregate cash interest expense of the Consolidated Group for such period, as determined
in accordance with GAAP, including capitalized interest and the portion of any payments made in respect of Capitalized Lease Liabilities allocable to interest expense, but excluding (i) deferred financing costs, (ii) other non-cash
interest expense and (iii) any capitalized interest relating to construction financing for a Property to the extent an interest reserve or a loan “holdback” is maintained in respect of such capitalized interest pursuant to the terms
of such financing as reasonably approved by the Administrative Agent. 
  

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 “Total Leverage Ratio” shall mean, at any time, the ratio of:
(a) Consolidated Debt to (b) aggregate Gross Asset Value in respect of all of the Properties. 
 “Transaction” means the entering into of this Agreement and the other Loan Documents on the Closing Date and the incurrence of Loans, if any, hereunder on the Closing Date. 
 “type” means, relative to any Loan, the portion thereof, if any, being maintained as a Base Rate Loan or a LIBO Rate Loan.

 “U.C.C.” means the Uniform Commercial Code as from time to time in effect in the State of New York.

 “UCC Searches” shall mean central and local current financing statement searches from the State of Delaware
and each state in which a Property is located, and such other jurisdictions as Administrative Agent may request, covering Guarantor, Borrower, and each of its Subsidiaries, together with copies of all financing statements listed in such searches.

 “Unconsolidated Subsidiary” shall mean, for any Person, any other Person in whom such first Person holds
Capital Stock and whose financial results would not be consolidated under GAAP with the financial results of such first Person on the consolidated financial statements of such first Person. 
 “Unfunded Pension Liability” means the excess of a Plan’s benefit liabilities under Section 4001(a)(16) of ERISA
over the current value of that Plan’s assets, determined in accordance with the assumptions used for funding the Plan pursuant to Section 412 of the Code for the applicable plan year. 
 “United States” or “U.S.” means the United States of America, its fifty states and the District of
Columbia. 
 “Unsecured Indebtedness” means Recourse Indebtedness that is not secured by a Lien. 
 “U.S. Lender “ is defined in Section 4.6(d). 
 “wholly-owned” means, with respect to any direct or indirect Subsidiary, any Subsidiary all of the outstanding Capital
Stock of which is owned directly or indirectly by the Borrower. 
 Section 1.2 Use of Defined Terms. Unless otherwise
defined or the context otherwise requires, terms for which meanings are provided in this Agreement shall have such meanings when used in each other Loan Document, the Disclosure Schedule, or any Borrowing Request, Issuance Request, Closing Date
Certificate, Compliance Certificate, solvency certificate, Lender Assignment Agreement, notice or other communications delivered from time to time in connection with this Agreement or any other Loan Document. 
  

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 Section 1.3 Cross-References. Unless otherwise specified, references in this
Agreement and in each other Loan Document to any Article or Section are references to such Article or Section of this Agreement or such other Loan Document, as the case may be, and, unless otherwise specified, references in any Article, Section or
definition to any clause are references to such clause of such Article, Section or definition. 
 Section 1.4 Accounting
and Financial Determinations. Unless otherwise specified, all accounting terms used herein or in any other Loan Document or solvency certificate, shall be interpreted, all accounting determinations and computations hereunder or thereunder
(including under Section 7.2.4) shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance with, those generally accepted accounting principles (“GAAP”)
applied in the preparation of the financial statements referred to in Section 5.1.5; provided, however, that at any time the computations determining compliance with Section 7.2 utilize accounting principles
different from those utilized in the financial statements furnished to the Lenders pursuant to Section 7.1.1, such financial statements shall be accompanied by reconciliation work-sheets. Unless otherwise expressly provided, all
financial covenants and defined financial terms shall be computed on a consolidated basis for the Guarantor, Borrower and its Subsidiaries, in each case without duplication. 
 ARTICLE II 
 REVOLVING LOAN COMMITMENT AND 
 BORROWING PROCEDURES, NOTES 
 Section 2.1 Commitments. On the terms and subject to the conditions of this Agreement (including Section 2.1.3, Section 2.1.4 and Article V), the Lenders and the Issuer severally agree to make
Credit Extensions as set forth below. 
 Section 2.1.1 Revolving Loan Commitment. From time to time on any Business
Day occurring from and after the Closing Date but prior to the Revolving Loan Commitment Termination Date, each Lender severally agrees through the Administrative Agent to make loans (relative to such Lender, its “Revolving Loans”)
to the Borrower equal to such Lender’s Percentage of the aggregate amount of each Borrowing of the Revolving Loans requested by the Borrower to be made on such day, provided that the making of any such Revolving Loan shall not: (a) cause
the then-current Aggregate Outstanding Balance to exceed the then-current Aggregate Commitment; or (b) cause the then-current Aggregate Outstanding Balance to exceed the then-current Available Commitment. 
 The commitment of each such Lender described in this Section 2.1.1 (as the same may be increased pursuant to
Section 2.8) is herein referred to as its “Revolving Loan Commitment.” On the terms and subject to the conditions hereof, the Borrower may from time to time borrow, prepay and reborrow the Revolving Loans. 
  

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 Section 2.1.2 Letter of Credit Commitment. From time to time on any Business Day
occurring from and after the Closing Date but prior to the tenth (10th) Business Day prior to the Revolving Loan Commitment Termination Date, the Issuer will: 
 (a) issue one or more standby letters of credit in the form customarily used by the Issuer or in such other form as requested
by Borrower and approved by the Issuer (each, a “Letter of Credit”) for the account of the Borrower in the Stated Amount requested by the Borrower on such day; or 
 (b) extend the Stated Expiry Date of an existing standby Letter of Credit previously issued hereunder to a date not later
than the earlier of (x) the last Business Day prior to the Maturity Date and (y) one year from the date of the then current Stated Expiry Date, provided that the Issuer shall be under no obligation to issue any Letter of Credit, or
extend a Stated Expiry Date, if at the time of such issuance: 
 (i) any order, judgment or decree of any
governmental authority or arbitrator shall purport by its terms to enjoin or restrain such Issuer from issuing such Letter of Credit or any requirement of law applicable to such Issuer or any request or directive (whether or not having the force of
law) from any governmental authority with jurisdiction over such Issuer shall prohibit, or request that such Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer
with respect to such Letter of Credit any restriction or reserve or capital requirement (for which such Issuer is not otherwise compensated) not in effect on the date hereof, or any unreimbursed loss, cost or expense which was not applicable, in
effect or known to such Issuer as of the date hereof and which such Issuer reasonably and in good faith deems material to it; or 
 (ii) such Issuer shall have received a Stop Issue Notice from the Administrative Agent prior to the issuance of such Letter of Credit. 
 Each Letter of Credit shall be issued in Dollars and on a sight basis only. 
 Section 2.1.3 Lenders Not Permitted or Required to Make Loans. No Lender shall be permitted or required to make any Loan if, after giving effect thereto, the aggregate outstanding principal amount of all Revolving Loans,
Swingline Loans and all Letter of Credit Outstandings with respect to such Lender would exceed the then existing Revolving Loan Commitment of such Lender, including such Lender’s Percentage of the aggregate amount of all Letter of Credit
Outstandings and outstanding Swingline Loans. 
 Section 2.1.4 Issuer Not Permitted or Required to Issue Letters of
Credit. The Issuer shall not be permitted or required to issue any Letter of Credit if, after giving effect thereto, (i) the aggregate amount of all Letter of Credit Outstandings would exceed the Letter of Credit Commitment Amount or
(ii) the sum of the aggregate amount of all Letter of Credit Outstandings plus the aggregate principal amount of all Revolving Loans

  

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then outstanding would exceed any of (A) the Revolving Loan Commitment Amount, (B) the then-current Aggregate Commitment, or (C) the then-current Available Commitment; or if a
Lender Default known to the Issuer exists, unless the Issuer has entered into arrangements reasonably satisfactory to it and the Borrower to eliminate the Issuer’s risk with respect to the participation in Letter of Credit Outstandings by each
Defaulting Lender, including cash collateralizing such Defaulting Lender’s Percentage of Letter of Credit Outstandings in respect thereof. 
 Section 2.1.5 Swingline Lender Not Permitted or Required to Make Swingline Loans. The Swingline Lender shall not be permitted or required to make any Swingline Loan if, after giving effect
thereto, (i) the aggregate amount of all outstanding Swingline Loans would exceed the Swingline Commitment or (ii) the sum of the aggregate amount of all outstanding Swingline Loans, plus Letter of Credit Outstandings plus the aggregate
principal amount of all Revolving Loans then outstanding would exceed any of (A) the Revolving Loan Commitment Amount, (B) the then-current Aggregate Commitment, or (C) the then-current Available Commitment; or if a Lender Default
known to the Issuer exists, unless the Swingline Lender has entered into arrangements reasonably satisfactory to it and the Borrower to eliminate the Swingline Lender’s risk with respect to the participation in Swingline Loans by each
Defaulting Lender, including cash collateralizing such Defaulting Lender’s Percentage of Swingline Loans in respect thereof. 
 Section 2.2 Reduction of the Commitment Amounts. The Commitment Amounts are subject to reduction from time to time pursuant to this Section 2.2. 
 Section 2.2.1 Optional. The Borrower may, from time to time on any Business Day occurring after the Closing Date, voluntarily
reduce the amount of the Revolving Loan Commitment Amount or the Letter of Credit Commitment Amount on the Business Day so specified by the Borrower; provided, however, that (a) all such reductions shall require at least three
(3) Business Day’s prior written notice to the Administrative Agent and shall be permanent, and any partial reduction of any Commitment Amount shall be in a minimum amount of $1,000,000 and in an integral multiple of $500,000 in excess
thereof and (b) in no event shall the Borrower be permitted to cancel Commitments for which a Letter of Credit has been issued and is outstanding unless the Borrower returns (or causes to be returned) such Letter of Credit to the Issuer.

 Section 2.2.2 Mandatory. The Commitment Amount shall be reduced to zero on the Revolving Loan Commitment
Termination Date. 
 Section 2.3 Borrowing Procedures. Revolving Loans shall be made by the Lenders in accordance
with Section 2.3.1. 
 Section 2.3.1 Revolving Loans. By delivering a Borrowing Request to the
Administrative Agent on or before 1:00 p.m., New York City time, on a Business Day, the Borrower may from time to time irrevocably request, on not less than one (1) Business Day’s notice in the case of Base Rate Loans or three
(3) Business Days’ notice

  

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in the case of LIBO Rate Loans, that a Borrowing be made, in the case of LIBO Rate Loans, in a minimum amount of $3,000,000 and an integral multiple of $500,000 in excess thereof, in the case of
Base Rate Loans, in a minimum amount of $3,000,000 and in integral multiples of $500,000 in excess thereof or, in either case, in the unused amount of the Revolving Loan Commitment, and in any case in not to exceed the Available Commitment. On the
terms and subject to the conditions of this Agreement, each Borrowing shall be comprised of the Revolving Loans, and shall be made on the Business Day, specified in such Borrowing Request. On or before 12:00 noon, New York City time, on such
Business Day, each Lender shall deposit with the Administrative Agent same day funds in an amount equal to such Lender’s Percentage of the requested Borrowing. Such deposit will be made to an account which the Administrative Agent shall specify
from time to time by notice to the Lenders. To the extent funds are received from the Lenders, the Administrative Agent shall make such funds available to the Borrower by wire transfer to the accounts the Borrower shall have specified in its
Borrowing Request. Unless Administrative Agent shall have been notified by any Lender prior to the date of Borrowing that such Lender does not intend to make available to Administrative Agent its portion of the Borrowing or Borrowings to be made on
such date, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent on such date of Borrowing, and Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any
obligation to do so) make available to Borrower a corresponding amount. If such corresponding amount is not in fact made available to Administrative Agent by such Lender and Administrative Agent has made available same to Borrower, then
Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor, then Administrative Agent shall promptly
notify Borrower, and Borrower shall, within five (5) Business Days, pay such corresponding amount to Administrative Agent. Administrative Agent shall also be entitled to recover from such Lender or Borrower, as the case may be, interest on such
corresponding amount in respect of each day from the date such corresponding amount was made available by Administrative Agent to Borrower to the date such corresponding amount is recovered by Administrative Agent, at a rate per annum equal to the
then applicable rate of interest, calculated in accordance with Section 3.2, for the respective Loans. No Lender’s obligation to make any Loan shall be affected by any other Lender’s failure to make any Loan. At any time that
an Event of Default has occurred and is continuing, Borrower shall not be entitled to elect or request LIBO Rate Loans. 
 Section 2.3.2 Telephonic Notice. Without in any way limiting the obligation of Borrower to confirm in writing any telephonic notice permitted to be given hereunder, Administrative Agent may act prior to receipt of written
confirmation without liability upon the basis of such telephonic notice believed by Administrative Agent in good faith to be from an Authorized Officer of Borrower entitled to give telephonic notices under this Agreement on behalf of Borrower. In
each such case, Administrative Agent’s record of the terms of such telephonic notice shall be conclusive absent manifest error and Borrower hereby waives the right to dispute such record. 
  

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 Section 2.4 Continuation and Conversion Elections. By delivering a
Continuation/Conversion Notice to the Administrative Agent on or before 1:00 p.m., New York City time, on a Business Day, the Borrower may from time to time irrevocably elect, on not less than one (1) Business Days’ notice in the case of
any Revolving Loans that are to be continued as, or converted into Base Rate Loans, or three (3) Business Days’ notice in the case of any Revolving Loans that are to be continued as, or converted into, LIBO Rate Loans, that all, or any
portion in an aggregate minimum amount of $3,000,000 and in integral multiples of $500,000 in excess thereof, in the case of any Revolving Loans that are to be continued as, or converted into, LIBO Rate Loans, or an aggregate minimum amount of
$3,000,000 and an integral multiple of $500,000 in excess thereof, in the case of any Revolving Loans that are to be continued as, or converted into, Base Rate Loans, be, in the case of Base Rate Loans, converted into LIBO Rate Loans or continued as
Base Rate Loans, or be, in the case of LIBO Rate Loans, converted into Base Rate Loans or continued as LIBO Rate Loans (in the absence of delivery of a Continuation/Conversion Notice with respect to any LIBO Rate Loan at least three
(3) Business Days before the last day of the then current Interest Period with respect thereto, such LIBO Rate Loan shall, on such last day, automatically be continued as a LIBO Rate Loan having an Interest Period of one (1) month);
provided, however, that (x) each such conversion or continuation shall be pro rated among the applicable outstanding Revolving Loans of all Lenders, and (y) if any Event of Default is in existence at the applicable time of
any proposed continuation of, or conversion into, any LIBO Rate Loans, the Borrower may not elect to have a Revolving Loan converted into or continued as a LIBO Rate Loan and any outstanding LIBO Rate Loans shall be automatically converted on the
last day of the current Interest Period applicable thereto into Base Rate Loans. Administrative Agent shall give each Lender prompt notice of any such proposed conversion affecting any of its Loans. 
 Section 2.5 Funding. Each Lender may, if it so elects, fulfill its obligation to make, continue or convert LIBO Rate Loans hereunder
by causing one of its foreign branches or Affiliates (or an international banking facility created by such Lender) to make or maintain such LIBO Rate Loan; provided, however, that such LIBO Rate Loan shall nonetheless be deemed to have
been made and to be held by Lender, and the obligation of the Borrower to repay such LIBO Rate Loan shall nevertheless be to Lender for the account of such foreign branch, Affiliate or international banking facility; provided, further,
that in no event shall the Borrower be obligated to pay to Lender any amounts pursuant to Section 4.1, 4.2, 4.3, 4.5 or 4.6 that would not have arisen but for such Lender’s election pursuant to the first
sentence of this Section (it being acknowledged and agreed that any change in lending office or other action taken by Lender in accordance with Section 4.7 shall not be considered to be an “election” by such Lender under this
Section). 
 Section 2.6 Issuance Procedures. By delivering to the Administrative Agent and the Issuer an Issuance
Request (including by way of facsimile) on or before 11:00 a.m., New York City time, on a Business Day, the Borrower may, from time to time irrevocably request, on not less than three (3) nor more than ten (10) Business Days’ notice,
in the case of an initial issuance of a Letter of Credit for the account of the Borrower, that the Issuer issue an irrevocable Letter of Credit in such form as may be 
  

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requested by the Borrower and approved by the Issuer. Any standby Letter of Credit theretofore issued which contains an “evergreen” or similar automatic extension feature shall, unless
the Borrower shall have notified the Issuer in writing not less than thirty (30) days’ (or such shorter period as may be acceptable to the Issuer in its sole discretion or such longer period as may be required by the beneficiary of such
Letter of Credit) prior to the date that such standby Letter of Credit is scheduled to be automatically extended that the Borrower desires that such standby Letter of Credit not be so extended, be automatically extended in accordance with the terms
thereof subject to the Issuer’s right not to so extend if the conditions precedent to the issuance of such a Letter of Credit would not be satisfied. Each Letter of Credit shall by its terms be stated to expire on a date (its “Stated
Expiry Date”) no later than the earlier to occur of (i) the last Business Day prior to the Maturity Date and (ii) one (1) year from the date of its issuance. 
 Section 2.6.1 Other Lenders’ Participation. Upon the issuance of each Letter of Credit issued by the Issuer pursuant hereto, and
without further action, each Lender (other than the Issuer) shall be deemed to have irrevocably purchased, to the extent of its Percentage to make Revolving Loans, a participation interest in such Letter of Credit (including the Contingent
Obligation and any Reimbursement Obligation with respect thereto), and such Lender shall, to the extent of its Percentage, be responsible for reimbursing promptly (and in any event within one (1) Business Day) the Issuer for Reimbursement
Obligations which have not been reimbursed by the Borrower in accordance with Section 2.6.3. In addition, such Lender shall, to the extent of its Percentage to make Revolving Loans, be entitled to receive a ratable portion of the Letter
of Credit fees payable pursuant to Section 3.4.3 with respect to each Letter of Credit (other than the issuance and processing fees and other charges payable to the Issuer of such Letter of Credit pursuant to the last sentence of
Section 3.4.3) and of interest payable pursuant to Section 3.4 with respect to any Reimbursement Obligation. To the extent that any Lender has reimbursed the Issuer for a Disbursement as required by this Section, such Lender
shall be entitled to receive its ratable portion of any amounts subsequently received (from the Borrower or otherwise) in respect of such Disbursement. 
 Section 2.6.2 Disbursements. The Issuer will notify the Borrower and the Administrative Agent promptly of the presentment for payment of any Letter of Credit issued by the Issuer, together with
notice of the date (the “Disbursement Date”) such payment shall be made (each such payment, a “Disbursement”). The Administrative Agent shall apply all funds then on deposit with the Administrative Agent pursuant to
Section 3.2.1(b)(B), Section 8.2, Section 8.3 or Section 8.4 for the purpose of cash collateralizing the Letter of Credit Outstandings to reimburse the Issuer for any such Disbursement provided such
cash collateral, after giving effect to such disbursement would not otherwise be required to be re-deposited under any such Section. Subject to the terms and provisions of such Letter of Credit and this Agreement, the Issuer shall make such payment
to the beneficiary (or its designee) of such Letter of Credit. Prior to 1:00 p.m., New York City time, on the first Business Day following the Disbursement Date, the Borrower will reimburse the Administrative Agent, for the account of Issuer, for
all amounts which the Issuer has disbursed under such Letter of Credit to the extent that the amounts on deposit with the Administrative Agent are insufficient to satisfy such disbursement, together with interest thereon at a rate per annum equal to
the Alternate

  

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Base Rate then in effect for Base Rate Loans (with the Applicable Margin for Revolving Loans maintained as Base Rate Loans accruing on such amount) pursuant to Section 3.3 for the
period from the Disbursement Date through the date of such reimbursement. Notwithstanding anything contained herein to the contrary, however, unless the Borrower shall have notified the Administrative Agent and the Issuer prior to 1:00 P.M. (New
York City time) on the Business Day immediately preceding the date of such drawing that the Borrower intends to reimburse the Issuer for the amount of such drawing with funds other than the proceeds of the Loans, the Borrower shall be deemed to have
timely given a Notice of Borrowing pursuant to Section 2.3 to the Administrative Agent, requesting a Borrowing of Base Rate Loans on the date on which such drawing is honored and in an amount equal to the amount of such drawing less
amounts, if any, applied, or required to be applied, to reimburse the Issuer pursuant to the second sentence of this Section 2.6.2. Each Lender (other than the Issuer) shall, in accordance with Section 2.3.1, make available
its pro rata share of such Borrowing to the Administrative Agent, the proceeds of which shall be applied directly by the Administrative Agent to reimburse the Issuer for the amount of such draw. Without limiting in any way the foregoing and
notwithstanding anything to the contrary contained herein, the Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Lender as set forth herein upon each Disbursement of a Letter of Credit. 
 Section 2.6.3 Reimbursement Obligations. The obligation (a “Reimbursement Obligation”) of the Borrower under
Section 2.6.2 to reimburse the Issuer with respect to each Disbursement (including interest thereon), and, upon the failure of the Borrower to reimburse the Issuer, each Lender’s obligation under Section 2.6.1 to
reimburse the Issuer, shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or such Lender, as the case may be, may have or have had against the
Issuer or any such Lender, including any defense based upon the failure of any Disbursement to conform to the terms of the applicable Letter of Credit (if, in the Issuer’s good faith opinion, such Disbursement is determined to be appropriate)
or any non-application or misapplication by the beneficiary of the proceeds of such Letter of Credit; provided, however, that after paying in full its Reimbursement Obligation hereunder, nothing herein shall preclude the right of such
Lender to commence any proceeding against the Issuer for any wrongful Disbursement made by the Issuer under a Letter of Credit as a result of acts or omissions constituting gross negligence or willful misconduct (as determined by a court of
competent jurisdiction on the part of the Issuer in a final and non-appealable decision); provided, further, that, in any event, the Borrower may have a claim against the Issuer, and the Issuer may be liable to the extent (but only to
the extent) of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which were caused by the Issuer’s willful misconduct or gross negligence as determined by a court of competent jurisdiction in a final and
non-appealable decision or the Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a demand for payment strictly complying with the terms and conditions of such Letter of Credit.

 Section 2.6.4 Intentionally Omitted. 
  

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 Section 2.6.5 Nature of Reimbursement Obligations. The Borrower and, to the extent
set forth in Section 2.6.1, each Lender shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. The Issuer (except to the extent of its own gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final and non-appealable decision)) shall not be responsible for: 
 (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit or any document submitted by any party in connection with the application for and issuance of a Letter of Credit, even if it should in fact
prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; 
 (b) the form,
validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or the proceeds thereof in whole or in part, which
may prove to be invalid or ineffective for any reason; 
 (c) failure of the beneficiary to comply fully with
conditions required in order to demand payment under a Letter of Credit; 
 (d) errors, omissions, interruptions
or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise; or 
 (e)
any loss or delay in the transmission or otherwise of any document or draft required in order to make a Disbursement under a Letter of Credit. 
 None of the foregoing shall affect, impair or prevent the vesting of any of the rights or powers granted to the Issuer or any Lender hereunder. In furtherance and extension and not in limitation or derogation of any of the foregoing, any
action taken or omitted to be taken by the Issuer in good faith (and not constituting gross negligence or willful misconduct) shall be binding upon the Borrower and each Lender, and shall not put the Issuer under any resulting liability to the
Borrower or any Lender, as the case may be. 
 Section 2.6.6 Certain Notifications Regarding Letters of Credit. Promptly
after the issuance of, or any modification or amendment to, any standby Letter of Credit, the Issuer shall notify the Borrower and the Administrative Agent in writing of such issuance, modification or amendment. Promptly after receipt of such
notice, the Administrative Agent shall notify the Lenders in writing of such issuance, modification or amendment. On the first Business Day of each week, the Issuer shall furnish the Administrative Agent with a written (including via facsimile)
report of the daily aggregate outstandings of Letters of Credit issued by the Issuer for the immediately preceding week. 
 Section 2.6.7 Excess Cash Collateral. Subject to Section 8.4, unless a Default or an Event of Default has occurred and is continuing, if the amount on deposit with the Administrative Agent designated for, or intended to
be used for, the purpose of

  

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cash collateralizing the Letter of Credit Outstandings is in excess of the Letter of Credit Outstandings at such time and would not otherwise be required to be deposited under
Section 3.2.1(b)(B), Section 8.2, Section 8.3, or Section 8.4 (the amount of any such excess is referred to herein as the “Excess Cash Collateral”), the Administrative Agent shall
promptly return to the Borrower the Excess Cash Collateral. 
 Section 2.7 Loan Accounts and Revolving Notes. All Loans
under this Agreement shall be made by Lenders pro rata on the basis of their respective Revolving Loan Commitments, it being understood that no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder
or any other breach by any other Lender of this Agreement and that each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder. 

(a) The Loans made by each Lender and the Letters of Credit issued by the Issuer shall be evidenced by one or more loan
accounts or records maintained by such Lender or the Issuer, as the case may be, in the ordinary course of business. The loan accounts or records maintained by the Administrative Agent, the Issuer and each Lender shall be conclusive absent clearly
demonstrable error of the amount of the Loans made by the Lenders to, and the Letters of Credit issued by the Issuer for the account of, the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not,
however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Loans and the Reimbursement Obligations. 
 (b) Upon the request of any Lender made through the Administrative Agent, the Loans made by such Lender may be evidenced by
(and the Borrowers agree to issue) one or more Revolving Notes, instead of or in addition to loan accounts. Each such Lender is irrevocably authorized by the Borrower to endorse on the Revolving Note(s) the date, amount and maturity of each Loan
made, continued or converted by it and the amount of each payment of principal made by the Borrower with respect thereto. Each such Lender’s record shall be conclusive absent clearly demonstrable error; provided, however, that the
failure of a Lender to make, or an error in making, a notation thereon with respect to any Loan shall not limit or otherwise affect the obligations of the Borrower hereunder or under any such Revolving Note to such Lender. The reasonable costs and
expenses incurred in connection with the issuance of each Note shall be for the account of the Borrower. 
 Section 2.8
Additional Revolving Loan Commitments. 
 (a) So long as no Default or Event of Default then exists or
would result therefrom, the Borrower shall have the right after the Closing Date and on or prior to 180 days prior to the Maturity Date, and upon at least five (5) Business Days prior written notice to the Administrative Agent (which shall
promptly notify each of the Lenders), to request that one or more Lenders (and/or one or

  

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more other Persons which will become Lenders as provided below) provide Additional Revolving Loan Commitments and, subject to the applicable terms and conditions contained in this Agreement, make
Revolving Loans pursuant thereto; it being understood and agreed, however, that (i) no Lender shall be obligated to provide an Additional Revolving Loan Commitment as a result of any such request by the Borrower, (ii) until such time, if
any, as (x) such Lender has agreed in its sole discretion to provide an Additional Revolving Loan Commitment and executed and delivered to the Administrative Agent an Additional Revolving Loan Commitment Agreement in respect thereof as provided
in clause (b) of this Section 2.8 , and (y) such Additional Revolving Loan Commitment Agreement has become effective, such Lender shall not be obligated to fund any Revolving Loans in excess of its Revolving Loan Commitment as
in effect prior to giving effect to such Additional Revolving Loan Commitment provided pursuant to this Section 2.8, (iii) any Lender (or, in the circumstances contemplated by clause (vi) below, any other Person which will
qualify as an Eligible Assignee) may so provide an Additional Revolving Loan Commitment without the consent of any other Lender, (iv) each provision of Additional Revolving Loan Commitments on a given date pursuant to this
Section 2.8 shall be in a minimum aggregate amount (for all Lenders (including, in the circumstances contemplated by clause (vi) below, Eligible Assignees who will become Lenders)) of at least $5,000,000 and in integral multiples of
$1,000,000 in excess thereof, (v) the aggregate amount of all Additional Revolving Loan Commitments permitted to be provided pursuant to this Section 2.8 shall not cause the Aggregate Commitment to exceed Five Hundred Million
Dollars ($500,000,000), (vi) if after the Borrower has requested the then existing Lenders (other than Defaulting Lenders) to provide Additional Revolving Loan Commitments pursuant to this Section 2.8, the Borrower has not received
Additional Revolving Loan Commitments in an aggregate amount equal to that amount of the Additional Revolving Loan Commitments which the Borrower desires to obtain pursuant to such request (as set forth in the notice provided by the Borrower as
provided below) then the Borrower may request Additional Revolving Loan Commitments from Persons reasonably acceptable to the Administrative Agent and the Issuer which would qualify as Eligible Assignees hereunder in an aggregate amount equal to
such deficiency on terms which are no more favorable to such Eligible Assignee in any respect than the terms offered to the Lenders, provided that any such Additional Revolving Loan Commitments provided by any such Eligible Assignee which is
not already a Lender shall be in a minimum amount (for such Eligible Assignee) of at least $5,000,000. 
 (b) In
connection with the Additional Revolving Loan Commitments to be provided pursuant to this Section 2.8, (i) the Borrower, the Administrative Agent and each such Lender or other Eligible Assignee (each, an “Additional
Revolving Loan Lender”) which agrees to provide an Additional Revolving Loan Commitment shall execute and deliver to the Administrative Agent an Additional Revolving Loan Commitment Agreement substantially in the form of Exhibit J
(appropriately completed), with the effectiveness of such Additional Revolving Loan Lender’s Additional Revolving Loan Commitment to occur upon delivery of

  

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such Additional Revolving Loan Commitment Agreement to the Administrative Agent, the payment of up-front, commitment or other fees required in connection therewith (including, without limitation,
any fees owing to the Administrative Agent) and the satisfaction of the other conditions in this Section 2.8(b) to the reasonable satisfaction of the Administrative Agent, (ii) the Additional Loan Commitment Requirements and any
other conditions precedent agreed to by the Borrower that may be set forth in the respective Additional Revolving Loan Commitment Agreement shall have been satisfied, and (iii) if requested by the Administrative Agent, the Borrower shall
deliver to the Administrative Agent an opinion or opinions, in form and substance reasonably satisfactory to the Administrative Agent, from counsel to the Borrower reasonably satisfactory to the Administrative Agent and dated such date, covering
such of the matters set forth in the opinions of counsel delivered to the Administrative Agent on the Closing Date pursuant to Section 5.1.11 as may be reasonably requested by the Administrative Agent, and such other matters as the
Administrative Agent may reasonably request. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Additional Revolving Loan Commitment Agreement, and at such time (i) the Revolving Loan Commitment under,
and for all purposes of, this Agreement shall be increased by the aggregate amount of such Additional Revolving Loan Commitments, (ii) Annex I shall be deemed modified to reflect the revised Revolving Loan Commitments of the affected Lenders
and (iii) to the extent requested by any Additional Revolving Loan Lender, Revolving Notes will be issued at the Borrower’s expense, to such Additional Revolving Loan Lender, to be in conformity with the requirements of
Section 2.7 (with appropriate modification) to the extent needed to reflect the Additional Revolving Loan Commitment made by such Additional Revolving Loan Lender. 
 (c) In connection with any provision of Additional Revolving Loan Commitments pursuant to this Section 2.8, the
Lenders and the Borrower hereby agree that, notwithstanding anything to the contrary contained in this Agreement, (i) the Borrower shall, in coordination with the Administrative Agent, (x) repay outstanding Revolving Loans and incur
additional Revolving Loans or (y) take such other actions as may be reasonably required by the Administrative Agent (including by requiring new Revolving Loans to be incurred and added to then outstanding Borrowings of the respective such
Loans, even though as a result thereof such new Loans may have a shorter Interest Period than the then outstanding Borrowings of the respective such Loans), in each case to the extent necessary so that all of the Additional Revolving Loan Lenders
effectively participate in each outstanding Borrowing of Revolving Loans pro rata on the basis of their Percentages (determined after giving effect to any increase in the Revolving Loan Commitment pursuant to this
Section 2.8), (ii) the Borrower shall pay to the respective Lenders any costs of the type referred to in Section 4.5 in connection with any repayment and/or Borrowing required pursuant to preceding clause (i), and
(iii) to the extent Revolving Loans are to be so incurred or added to the then outstanding Borrowings of the respective Loans which are maintained as LIBO Rate Loans, the Lenders that have made such Loans shall be entitled to

  

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receive from the Borrower such amounts, as reasonably determined by the respective Lenders, to compensate them for funding the various Revolving Loans during an existing Interest Period (rather
than at the beginning of the respective Interest Period, based upon rates then applicable thereto). All determinations by any Lender pursuant to clauses (ii) and (iii) above shall, absent manifest error, be final and conclusive and binding
on all parties hereto. 
 Section 2.9 Swingline Loan Subfacility. 
 (a) Swingline Commitment. 
 Subject to the terms and conditions of this Section 2.9, the Swingline Lender, in its individual capacity, agrees to
make certain revolving credit loans to the Borrower (each a “Swingline Loan” and, collectively, the “Swingline Loans”) from time to time prior to the Revolving Loan Commitment Termination Date; provided, however,
that the aggregate amount of Swingline Loans outstanding at any time shall not exceed the lesser of (i) Fifty Million Dollars ($50,000,000), and (ii) the Revolving Credit Loan Commitment Amount (the “Swingline
Commitment”). Subject to the limitations set forth herein, any amounts repaid in respect of Swingline Loans may be reborrowed. 
 (b) Swingline Borrowings. 
 (i) Notice of Borrowing.
With respect to any Swingline Borrowing, the Borrower shall give the Swingline Lender and the Administrative Agent notice in writing which shall be received by the Swingline Lender and Administrative Agent not later than 12:00 noon (New York City
time) on the proposed date of such Swingline Borrowing (and confirmed by telephone by such time), specifying (A) that a Swingline Borrowing is being requested, (B) the amount of such Swingline Borrowing, (C) the proposed date of such
Swingline Borrowing, which shall be a Business Day and (D) that no Default or Event of Default has occurred and is continuing both before and after giving effect to such Swingline Borrowing. Such notice shall be irrevocable. 
 (ii) Minimum Amounts. Each Swingline Borrowing shall be in a minimum principal amount of $500,000, or an integral
multiple of $100,000 in excess thereof. 
 (iii) Repayment of Swingline Loans. Each Swingline Loan,
including all interest accrued thereon, shall be due and payable on the earliest of (A) five (5) Business Days from and including the date of the applicable Swingline Borrowing, (B) the date of the next Revolving Borrowing or
(C) the Maturity Date. If, and to the extent, any Swingline Loans shall be outstanding on the date of any Revolving Borrowing, such Swingline Loans shall first be repaid from the proceeds of such Revolving Borrowing prior to the disbursement of
the same to the Borrower. If, and to the extent, a Revolving Borrowing is not requested prior to the Maturity

  

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Date or the end of the five Business Day period after a Swingline Borrowing, or unless the Borrower shall have notified the Administrative Agent and the Swingline Lender prior to 1:00 P.M. (New
York City time) on the fourth (4th) Business Day after the Swingline Borrowing that the Borrower intends to reimburse the Swingline Bank for the amount of such Swingline Borrowing with funds other than proceeds of the Loans, the Borrower shall
be deemed to have requested a Borrowing comprised entirely of Base Rate Loans in the amount of the applicable Swingline Loan then outstanding, the proceeds of which shall be used to repay such Swingline Loan to the Swingline Lender. In addition, if
(x) the Borrower does not repay the Swingline Loan on or prior to the end of such five Business Day period, or (y) a Default or Event of Default shall have occurred during such five Business Day period, the Swingline Lender may, at any
time, in its sole discretion, by written notice to the Borrower and the Administrative Agent, demand repayment of its Swingline Loans by way of a Borrowing, in which case the Borrower shall be deemed to have requested a Borrowing comprised entirely
of Base Rate Loans in the amount of such Swingline Loans then outstanding, the proceeds of which shall be used to repay such Swingline Loans to the Swingline Lender. Any Borrowing which is deemed requested by the Borrower in accordance with this
Section 2.9(b)(iii) is hereinafter referred to as a “Mandatory Borrowing”. Each Lender hereby irrevocably agrees to make Loans promptly upon receipt of notice from the Swingline Lender of any such deemed request for a
Mandatory Borrowing in the amount and in the manner specified in the preceding sentences and on the date such notice is received by such Lender (or the next Business Day if such notice is received after 12:00 noon (New York City time))
notwithstanding (I) that the amount of the Mandatory Borrowing may not comply with the minimum amount of Borrowings otherwise required hereunder, (II) whether any conditions specified in Section 5.2 are then satisfied, (III) whether a
Default or an Event of Default then exists, (IV) failure of any such deemed request for a Borrowing to be made by the time otherwise required in Section 2.1, (V) the date of such Mandatory Borrowing (provided that such date must be a
Business Day), or (VI) any termination of the Commitments immediately prior to such Mandatory Borrowing or contemporaneously therewith; provided, however, that no Lender shall be obligated to make Committed Loans in respect of a Mandatory Borrowing
if a Default or an Event of Default then exists and the applicable Swingline Loan was made by the Swingline Lender without receipt of a written Notice of Borrowing in the form specified in subclause (i) above or after the Administrative Agent
has delivered a notice of Default or Event of Default which has not been rescinded. 
 (iv) Purchase of
Participations. In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code with respect
to the Borrower), then

  

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each Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payment received from the Borrower on or
after such date and prior to such purchase) from the Swingline Lender such participations in the outstanding Swingline Loans as shall be necessary to cause each such Lender to share in such Swingline Loans ratably based upon its Pro Rata Share
(determined before giving effect to any termination of the Commitments pursuant hereto), provided that (A) all interest payable on the Swingline Loans with respect to any participation shall be for the account of the Swingline Lender until but
excluding the day upon which the Mandatory Borrowing would otherwise have occurred, and (B) in the event of a delay between the day upon which the Mandatory Borrowing would otherwise have occurred and the time any purchase of a participation
pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Swingline Lender interest on the principal amount of such participation for each day from and including the day upon which the Mandatory Borrowing
would otherwise have occurred to but excluding the date of payment for such participation, at the rate equal to the Federal Funds Rate, for the two (2) Business Days after the date the Mandatory Borrowing would otherwise have occurred, and
thereafter at a rate equal to the Base Rate. Notwithstanding the foregoing, no Lender shall be obligated to purchase a participation in any Swingline Loan if a Default or an Event of Default then exists and such Swingline Loan was made by the
Swingline Lender without receipt of a written Notice of Borrowing in the form specified in subclause (i) above or after the Administrative Agent has delivered a notice of Default or Event of Default which has not been rescinded. 
 (c) Interest Rate. Each Swingline Loan shall bear interest on the outstanding principal amount thereof, for each day
from the date such Swingline Loan is made until the date it is repaid, at a rate per annum equal to the Federal Funds Rate plus the Applicable Margin for LIBO Rate Loans for such day. 
 ARTICLE III 
 MATURITY DATE; REPAYMENTS, PREPAYMENTS, INTEREST
AND FEES 
 Section 3.1 Maturity Date; Extension Option. 
 (a) Initial Maturity Date. The term of the Loans shall terminate and expire on the Initial Maturity Date, unless
extended by Borrower pursuant to clause (b) below. 
 (b) Extended Maturity Date. Subject to
the provisions of this Section 3.1 (b), Borrower shall have the option (the “Extension Option”), by irrevocable written

  

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notice (the “Extension Notice”) delivered to Administrative Agent no later than sixty (60) days prior to the Initial Maturity Date, to extend the Initial Maturity Date for a
period of twelve (12) months (the “Extension Term”) to the fifth (5th) anniversary of the Closing Date (the “Extended Maturity Date”). Borrower’s right to so extend the Initial Maturity Date shall be subject to the satisfaction (or waiver, in the
sole discretion of the Required Lenders) of the following conditions precedent prior to the commencement of the Extension Term: 
 (i) payment by Borrower on the Initial Maturity Date of an extension fee equal to 0.25% of the aggregate outstanding Revolving Loan Commitment Amount as of such date, together with all costs and expenses
(including reasonable attorneys’ fees and expenses) incurred by the Lenders in connection with the Extension Option; 
 (ii) no Default or Event of Default shall have occurred and be continuing on the date Borrower delivers the Extension Notice or as of the Initial Maturity Date; and 
 (iii) Borrower shall deliver (1) an Officer’s Certificate which confirms and certifies that all applicable
representations and warranties contained in the Loan Documents are true and correct in all material respects as if made on and as of the Initial Maturity Date and (2) such other acknowledgments and ratifications from the Guarantor and
Subsidiary Guarantors as the Administrative Agent may request. 
 (c) Extension Documentation. As soon as
practicable following any extension of the Maturity Date pursuant to this Section 3.1, Borrower shall, if requested by Administrative Agent, execute and deliver an amendment or restatement of the Notes and shall, if requested by
Administrative Agent, enter into such other amendments or modifications to the related Loan Documents as may be necessary or appropriate to evidence the extension of the Maturity Date as provided in this Section 3.1; provided,
however, that failure by Borrower to enter into any such amendments and/or restatements, in and of itself, shall not affect the rights or obligations of Borrower or Administrative Agent with respect to the extension of the Maturity Date. 

Section 3.2 Repayments and Prepayments; Application. 
 Section 3.2.1 Repayments and Prepayments. The Borrower shall repay in full the unpaid principal amount of all Loans on the Maturity
Date. Prior thereto, payments and prepayments of Loans shall or may be made as set forth below. 
 (a) Voluntary
Prepayments. From time to time on any Business Day, the Borrower may make a voluntary prepayment, in whole or in part, of the outstanding principal amount of any Loans, provided that 
 (A) any such prepayment of the Revolving Loans shall be made pro rata among the Revolving Loans of the same type and, if
applicable, having the same Interest Period of all Lenders that have made such Revolving Loans; 
  

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 (B) all such voluntary prepayments shall require at least one
(1) Business Days’ prior written notice to the Administrative Agent; and 
 (C) all such voluntary
partial prepayments shall be, in an aggregate minimum amount of $1,000,000 and an integral multiple of $500,000 in excess thereof (or, if less, in the remaining outstanding principal amount thereof), except in the case of Swingline Loans, which
shall be in the minimum amount of $100,000, and integral multiples of $100,000. 
 (b) Exceeding Commitment
Amounts. 
 (A) On each date when the aggregate outstanding principal amount of all Revolving Loans,
Swingline Loans and Letter of Credit Outstandings exceeds the Revolving Loan Commitment Amount (as it may, from time to time, be reduced including pursuant to Section 2.2 or increased pursuant to Section 2.8), the Borrower
shall make a mandatory prepayment of the Swingline Loans and/or Revolving Loans in an aggregate amount equal to the amount by which the Swingline Loans, Revolving Loans and Letter of Credit Outstandings exceed the then Revolving Loan Commitment
Amount. 
 (B) On each date when the aggregate amount of all Letter of Credit Outstandings exceeds the Letter of
Credit Commitment Amount (as it may be reduced from time to time, including pursuant to Section 2.2), the Borrower shall give cash collateral to the Administrative Agent, pursuant to Section 8.4 hereof, to collateralize
Letter of Credit Outstandings in an aggregate amount (taking into account any amounts then on deposit in the Letter of Credit Collateral Account) equal to such excess. 
 (c) Acceleration of Maturity. Immediately upon any acceleration of any Loans pursuant to Section 8.2 or
Section 8.3, the Borrower shall repay all the Loans. 
 Each prepayment of any Loans made pursuant to this Section shall be without
premium or penalty, except as may be required by Section 4.5. No prepayment of principal of any Revolving Loans pursuant to clause (a) or (b) of this Section shall cause a reduction in the Revolving Loan Commitment Amount.

 Section 3.2.2 Application. Each prepayment or repayment of the principal of the Revolving Loans shall be applied, to
the extent of such prepayment or

  

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repayment, as the Borrower shall direct (and in the absence of such direction, shall be applied first, to the principal amount thereof being maintained as Base Rate Loans, second to the principal
amount thereof being maintained as LIBO Rate Loans with respect to which the date of such prepayment or repayment is the last day of the Interest Period applicable thereto and third, to the principal amount thereof being maintained as LIBO Rate
Loans with the shortest Interest Periods remaining); provided, that prepayments or repayments of LIBO Rate Loans not made on the last day of the Interest Period with respect thereto, shall be prepaid or repaid subject to the provisions of
Section 4.5 (together with a payment of all accrued interest). 
 Section 3.3 Interest Provisions. Interest on the
outstanding principal amount of Loans shall accrue and be payable in accordance with this Section 3.3. 
 Section
3.3.1 Rates. Pursuant to an appropriately delivered Borrowing Request or Continuation/Conversion Notice, the Borrower may elect that Loans comprising a Borrowing accrue interest at a rate per annum: 
 (a) on that portion maintained from time to time as a Base Rate Loan, equal to the sum of the Alternate Base Rate from time
to time in effect plus the Applicable Margin; and 
 (b) on that portion maintained as a LIBO Rate Loan, during
each Interest Period applicable thereto, equal to the sum of the LIBO Rate for such Interest Period plus the Applicable Margin. 
 All LIBO Rate Loans shall bear interest from and including the first day of the applicable Interest Period to (but not including) the last day of such Interest Period at the interest rate determined as applicable to such LIBO Rate Loan. All
Base Rate Loans shall bear interest from and including the day they are made to and excluding the day they are repaid or converted into LIBO Rate Loans. 
 Section 3.3.2 Post-Maturity Rates. After the date any principal amount of any Loan or Reimbursement Obligation is due and payable (whether on the Maturity Date, upon acceleration, an Event of
Default or otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable, the Borrower shall pay, but only to the extent permitted by law, interest (after as well as before the entry of judgment thereon) on
such amounts at a rate per annum equal to (x) in the case of overdue principal and interest the rate which is 4% in excess of the rate then borne by the applicable Loans, and (y) in the case of all other overdue amounts, the rate which is
4% in excess of the rate applicable to Base Rate Loans from time to time. Anything herein to the contrary notwithstanding, the obligations of the Borrower to any Lender hereunder shall be subject to the limitation that payments of interest shall not
be required for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by such Lender would be contrary to the provisions of any law applicable to such Lender
limiting the highest rate of interest that may be lawfully contracted for, charged or received by such Lender, and in such event the Borrower shall pay such Lender interest at the highest rate permitted by applicable law. 
  

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 Section 3.3.3 Payment Dates. Interest accrued on each Loan shall be payable, without
duplication: 
 (a) on the Maturity Date; 
 (b) on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Loan on the principal
amount so paid or prepaid; 
 (c) with respect to Base Rate Loans, in arrears on each Monthly Payment Date
occurring after the Closing Date; 
 (d) with respect to LIBO Rate Loans, in arrears on the last day of each
applicable Interest Period; provided that if an Interest Period is longer than three months, then on the date which is three months after the first day of such Interest Period; 
 (e) with respect to any Base Rate Loans converted into LIBO Rate Loans on a day when interest would not otherwise have been
payable pursuant to clause (c) above, on the date of such conversion; 
 (f) with respect to
Swingline Loans, as provided in Section 2.9; and 
 (g) on that portion of any Loans which is
accelerated pursuant to Section 8.2 or Section 8.3, immediately upon such acceleration. 
 Interest accrued on Loans or
other monetary Obligations arising under this Agreement or any other Loan Document after the date such amount is due and payable (whether on the Maturity Date, upon acceleration or otherwise) shall be payable upon demand. 
 Section 3.4 Fees. The Borrower agrees to pay the fees set forth in this Section 3.3. All such fees shall be
non-refundable. 
 Section 3.4.1 Revolving Loan Unused Fee. The Borrower agrees to pay to the Administrative Agent for
the account of each Lender, for the period (including any portion thereof when any of its Commitments are suspended by reason of the Borrower’s inability to satisfy any condition of Article V) commencing on the Closing Date and continuing
through the Revolving Loan Commitment Termination Date, an unused fee at a rate per annum equal to (a) 0.20% for any Fiscal Quarters that the average daily unused Revolving Loan Commitment Amount was less than fifty percent (50%) and
(b) 0.125% for any Fiscal Quarter that the average daily unused Revolving Loan Commitment Amount was fifty percent (50%) or greater, in each case on such Lender’s Percentage of the average daily unused portion of the Revolving Loan
Commitment Amount (net of Letter of Credit Outstandings but without giving effect to Swingline Loans made during such Fiscal Quarter). All unused fees payable pursuant to this Section shall be calculated on a year comprised of 360 days and payable
by the Borrower in arrears on each

  

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Quarterly Payment Date, commencing with the first Quarterly Payment Date following the Closing Date, and on the Revolving Loan Commitment Termination Date. 
 Section 3.4.2 Fees. The Borrower agrees to pay to the Arrangers, the Administrative Agent, and the Lenders, each for its own account,
the fees in the amounts and on the dates set forth in the Fee Letters. 
 Section 3.4.3 Letter of Credit Fee. The
Borrower agrees to pay to the Administrative Agent, for the pro rata account of each Lender, a Letter of Credit fee for each Letter of Credit in an amount equal to a rate per annum equal to the then Applicable Margin for LIBO Rate Loans on the
Stated Amount of each such Letter of Credit, with such fees being payable in arrears on each Monthly Payment Date. The Borrower further agrees to pay to the Issuer, for its own account, (x) monthly in arrears payable on each Monthly Payment
Date for each Letter of Credit issued by it, a fronting fee at a rate per annum equal to 0.125% multiplied by the Stated Amount of each such Letter of Credit, and (y) from time to time promptly after demand, the normal issuance, payment,
amendment and other processing fees, and other standard administrative costs and charges of the Issuer relating to Letters of Credit as from time to time in effect. 
 Section 3.4.4 Additional Revolving Loan Commitment Fees. The Borrower shall pay to the Administrative Agent for distribution to each Additional Revolving Loan Lender such fees and other amounts, if
any, as are specified in the relevant Additional Revolving Loan Commitment Agreement, with the fees and other amounts, if any, to be payable on the effective date of the respective Additional Revolving Loan Commitment. 
 ARTICLE IV 
 CERTAIN
LIBO RATE AND OTHER PROVISIONS 
 Section 4.1 LIBO Rate Lending Unlawful. If any Lender shall reasonably determine (which
determination shall, upon notice thereof to the Borrower and the Administrative Agent, be conclusive and binding on the Borrower) that the introduction of or any change in or in the interpretation of any law makes it unlawful, or any central bank or
other Governmental Authority asserts that it is unlawful, for such Lender to make, continue or maintain any Revolving Loan as, or to convert any Revolving Loan into, a LIBO Rate Loan, the obligations of such Lender to make, continue or maintain or
to convert any Revolving Loan into, a LIBO Rate Loan shall, upon such determination, forthwith be suspended until such Lender shall notify the Administrative Agent that the circumstances causing such suspension no longer exist, and all outstanding
LIBO Rate Loans of such Lender shall automatically convert into Base Rate Loans at the end of the then current Interest Periods with respect thereto or sooner, if required by such law or assertion. Each Lender agrees to promptly give notice to the
Administrative Agent and the Borrower when the circumstances causing such suspension cease to exist. 
 Section 4.2 Deposits
Unavailable. If the Required Lenders shall have reasonably determined that (a) Dollar deposits in the relevant amount and for the relevant

  

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Interest Period are neither available to such Required Lenders in the eurodollar market nor available to them in their respective relevant markets, or (b) by reason of circumstances
affecting the eurodollar market, adequate means do not exist for ascertaining the interest rate applicable hereunder to LIBO Rate Loans, then, upon notice from the Administrative Agent to the Borrower and the Lenders, the obligations of all Lenders
under Section 2.3 and Section 2.4 to make or continue any Revolving Loans as, or to convert any Revolving Loans into, LIBO Rate Loans shall forthwith be suspended until the Administrative Agent shall notify the Borrower and
the Lenders that the circumstances causing such suspension no longer exist. Upon receipt of notice from the Administrative Agent that the Required Lenders are unable to determine the LIBO Rate, the Borrower may revoke any Borrowing Request or
Continuation/Conversion Notice then submitted by it. If the Borrower does not revoke such Borrowing Request or Conversion/Continuation Notice, the Lenders shall make, convert or continue the Revolving Loans, as proposed by the Borrower, in the
amount specified in the applicable notice submitted by the Borrower, but such Revolving Loans shall be made, converted or continued as Base Rate Loans instead of LIBO Rate Loans. The Administrative Agent agrees to give prompt notice to the Borrower
and the Lenders when it ascertains that the circumstances causing such suspension cease to exist. 
 Section 4.3 Change of
Circumstances. If, after the Closing Date, the introduction of or any change in or in the interpretation of, or any change in the application of, any law or any regulation (including Regulation D of the F.R.S. Board) or guideline issued by any
central bank or other Governmental Authority (whether or not having the force of law), or by the NAIC or any other comparable agency charged with the interpretation or administration thereof or including any reserve or special deposit requirement or
any tax (other than Taxes covered by Section 4.6 and taxes on a Lender’s overall net income) or any capital requirement, has, due to a Lender’s compliance the effect, directly or indirectly, of (i) increasing the cost to
such Lender or any corporation controlling such Lender of performing its obligations hereunder (including the making, continuing or maintaining of any Revolving Loans as or converting any Revolving Loans into, LIBO Rate Loans); (ii) reducing
any amount received or receivable by such Lender or any corporation controlling such Lender hereunder or its effective return hereunder or on its capital; or (iii) causing such Lender or any corporation controlling such Lender to make any
payment or to forego any return based on any amount received or receivable by such Lender hereunder, then upon demand of such Lender to the Borrower through the Administrative Agent, accompanied by written notice showing in reasonable detail the
basis for calculation of any such amounts, from time to time, the Borrower shall be obligated to pay such amounts and shall compensate such Lender promptly after receipt of such notice and demand for any such cost, reduction, payment or foregone
return. Any certificate of Lender in respect of the foregoing will be conclusive and binding upon the Borrower, except for clearly demonstrable error. 
 Section 4.4 Replacement of Lender. If (a) the Borrower receives notice from any Lender requesting increased costs or additional amounts under Section 4.3 or 4.6,
(b) any Lender is affected in the manner described in Section 4.1 or (c) a Lender becomes a Defaulting Lender, then in each case, the Borrower shall have the right, so long as no Event of Default shall have occurred and be
continuing and unless, in the case

  

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of clause (a) above, such Lender has removed or cured the conditions which resulted in the obligation to pay such increased costs or additional amounts or agreed to waive and otherwise
forego any right it may have to any payments provided for under Section 4.3 or 4.6 in respect of such conditions, to replace in its entirety such Lender (the “Replaced Lender”), upon prior written notice to the
Administrative Agent and such Replaced Lender, with one or more other Eligible Assignee(s) (collectively, the “Replacement Lender”) acceptable to the Administrative Agent and the Issuer (which acceptance, in each case, shall not be
unreasonably withheld); provided, however, that, at the time of any replacement pursuant to this Section 4.4, the Replaced Lender and the Replacement Lender shall enter into (each Replaced Lender hereby unconditionally
agreeing to enter into) one or more Lender Assignment Agreements (appropriately completed), pursuant to which (A) the Replacement Lender shall acquire all of the Commitments and outstanding Revolving Loans of, and participations in Letter of
Credit Outstandings of, the Replaced Lender and, in connection therewith, shall pay (x) to the Replaced Lender in respect thereof an amount equal to the sum of (1) an amount equal to the principal of, and all accrued but unpaid interest
on, all outstanding Loans of the Replaced Lender and (2) an amount equal to all accrued but theretofore unpaid fees owing to the Replaced Lender pursuant to Section 3.4 and (y) to the Issuer, an amount equal to any portion of
the Replaced Lender’s funding of an unpaid drawing under a Letter of Credit as to which the Replaced Lender is then in default; and (B) the Borrower shall pay to the Replaced Lender any other amounts payable to the Replaced Lender under
this Agreement (including amounts payable under Sections 4.3, 4.5 and 4.6 which have accrued to the date of such replacement). Upon the execution of the Lender Assignment Agreement(s), the payment to the Administrative Agent of
the processing fee referred to in clause (a) of Section 10.9.1, the payment of the amounts referred to in the preceding sentence and, if so requested by the Replacement Lender in accordance with clause (b) of
Section 10.9.1, delivery to the Replacement Lender of a Revolving Note executed by the Borrower, the Replacement Lender shall automatically become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder,
except with respect to indemnification provisions under this Agreement, which shall survive as to such Replaced Lender. It is understood and agreed that if any Replaced Lender shall fail to enter into a Lender Assignment Agreement in accordance with
the foregoing, it shall be deemed to have entered into such a Lender Assignment Agreement. 
 Section 4.5 Funding Losses.
In the event any Lender shall reasonably incur any loss or expense (including any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to make, continue or maintain any portion of
the principal amount of any Revolving Loan as, or to convert any portion of the principal amount of any Revolving Loan into, a LIBO Rate Loan) as a result of (a) any conversion or repayment or prepayment of the principal amount of any LIBO Rate
Loans on a date other than the scheduled last day of the Interest Period applicable thereto, whether pursuant to Section 3.2 or otherwise, or (b) any Revolving Loans not being made or continued as, or converted into, LIBO Rate Loans
as a result of a withdrawn or revoked Borrowing Request or Continuation/Conversion Notice or for any other reason (other than a default by such Lender or the Administrative Agent), then, upon the written notice of such Lender to the Borrower (with a
copy to the Administrative Agent), the Borrower shall, promptly after

  

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its receipt thereof and prior to the expiration of the applicable Interest Period, pay to the Administrative Agent for the account of such Lender such amounts required to compensate such Lender
for any additional losses, costs or expenses that such Lender may reasonably incur as a result of such payment, failure to convert or failure to continue, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred
by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such LIBO Rate Loan. Such written notice (which shall set forth in reasonable detail the basis for requesting such amount and include
calculations in reasonable detail in support thereof) shall, in the absence of clearly demonstrable error, be conclusive and binding on the Borrower. 
 Section 4.6 Taxes. 
 (a) Any and all payments by the
Borrower to each Lender and the Administrative Agent under this Agreement and under any other Loan Document shall be made free and clear of, and without deduction or withholding for, any Taxes and any and all interest, penalties, or similar
liabilities with respect to such Taxes. In addition, the Borrower shall pay all Other Taxes to the relevant taxing authority or other authority in accordance with applicable law. 
 (b) If the Borrower shall be required by law to deduct or withhold any Taxes or Other Taxes from or in respect of any sum
payable hereunder to any Lender or the Administrative Agent, then: 
 (i) the sum payable shall be increased as
necessary so that, after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section), such Lender or the Administrative Agent, as the case may be, receives an
amount equal to the sum it would have received had no such deductions or withholdings been made; 
 (ii) the
Borrower shall make such deductions and withholdings; and 
 (iii) the Borrower shall pay the full amount
deducted or withheld to the relevant taxing authority or other authority in accordance with applicable law and shall as promptly as possible thereafter send to the Administrative Agent for its own account or for the account of such Lender, as the
case may be, a certified copy of an original receipt (or other written evidence) showing payment thereof. 
 (c)
The Borrower agrees to indemnify and hold harmless each Lender and the Administrative Agent for the full amount of (i) Taxes and (ii) Other Taxes that are payable by such Lender or the Administrative Agent and any penalties, interest,
additions to tax, expenses or other similar liabilities arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. Payment under this indemnification shall be made within forty- five
(45) days after the date such Lender or the Administrative Agent makes written demand therefor. 
  

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 (d) Each Lender that is a U.S. Person (as such term is defined in
Section 7701(a)(30) of the Code) (a “U.S. Lender”) shall: 
 (i) deliver to the Borrower
and the Administrative Agent, prior to the first day on which the Borrower is required to make any payments hereunder to Lender, two (2) copies of United States Internal Revenue Service Form W-9 (or successor forms). Each U.S. Lender that shall
become a Participant pursuant to Section 10.9.2 or a Lender pursuant to Section 10.9.1 shall, upon the effectiveness of the related transfer, be required to provide all the forms and statements required pursuant to this
Section 4.6(d), provided that in the case of a Participant such Participant shall furnish all such required forms and statements to the Lender from which the related participation shall have been purchased; and 
 (ii) deliver to the Borrower and the Administrative Agent two (2) further copies of any such form of certification on or
before the date that any such form or certification expires or becomes obsolete and after the occurrence of any event requiring a change in the most recent form previously delivered by it to the Borrower. 
 (e) Each Lender that is not a U.S. Person (as such term is defined in Section 7701(a)(30) of the Code) (a
“Non-U.S. Lender”) shall: 
 (i) deliver to the Borrower and the Administrative Agent, prior to
the first day on which the Borrower is required to make any payments hereunder to Lender, two (2) copies of either United States Internal Revenue Service Form W-8BEN or Form W-8ECI (or successor forms) or, in the case of a Non-U.S. Lender
claiming exemption from U.S. Federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest,” a Form W-8BEN, or any subsequent versions thereof or successors thereto
(and, if such Non-U.S. Lender delivers a Form W-8BEN (with respect to the portfolio interest exemption), a certificate representing that such Non-U.S. Lender (x) is not a bank for purposes of Section 881(c) of the Code, is not
subject to regulatory or other legal requirements as a bank in any jurisdiction, and has not been treated as a bank for purposes of any tax, securities law or other filing or submission made to any Governmental Agency, any application made to a
rating agency or qualification for any exemption from tax, securities law or other legal requirements, (y) is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of the Borrower and (z) is not
a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code)), properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a reduced rate of, U.S.
Federal withholding tax on payments by the Borrower under this Agreement; 
  

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 (ii) deliver to the Borrower and the Administrative Agent two
(2) further copies of any such form of certification on or before the date that any such form or certification expires or becomes obsolete and after the occurrence of any event requiring a change in the most recent form previously delivered by
it to the Borrower; and 
 (iii) obtain such extensions of time for filing and completing such forms or
certifications as may reasonably be requested by the Borrower or the Administrative Agent; 
 unless in any such case any change in treaty, law
or regulation has occurred prior to the date on which any such delivery would otherwise be required that renders any such form inapplicable or would prevent such Lender from duly completing and delivering any such form with respect to it and such
Lender so advises the Borrower and the Administrative Agent. Each Non-U.S. Lender that shall become a Participant pursuant to Section 10.9.2 or a Lender pursuant to Section 10.9.1 shall, upon the effectiveness of the related
transfer, be required to provide all the forms and statements required pursuant to this Section 4.6(e), provided that in the case of a Participant such Participant shall furnish all such required forms and statements to the Lender
from which the related participation shall have been purchased. 
 (f) Notwithstanding anything to the contrary
herein, the Borrower shall not be required to indemnify any U.S. Lender or the Administrative Agent, or to pay any additional amounts to such U.S. Lender or the Administrative Agent pursuant to this Section 4.6 to the extent that the
obligation to pay such additional amounts would not have arisen but for a failure by such U.S. Lender to comply with the provisions of clause (d) above. 
 (g) Notwithstanding anything to the contrary herein, the Borrower shall not be required to indemnify any Non-U.S. Lender or
the Administrative Agent, or to pay any additional amounts to such Non-U.S. Lender or the Administrative Agent, in respect of U.S. Federal withholding tax pursuant to this Section 4.6 to the extent that (i) the obligation to
withhold amounts with respect to U.S. Federal withholding tax existed on the date such Non-U.S. Lender became a party to this Agreement (or, in the case of a Non-U.S. Participant, on the date such Participant became a Participant hereunder) or as of
the date such Non-U.S. Lender changes its applicable lending office; provided, however, that this clause (i) shall not apply to the extent that (x) in the case of an assignee Lender or a Participant or a change in the
Lender’s applicable lending office, the indemnity payments or additional amounts Lender (or Participant) would be entitled to receive (without regard to this clause (i)) do not exceed the indemnity payment or additional amounts that the Person
making the assignment, participation, transfer or change in lending office would have been entitled to receive in the absence of such assignment, participation, transfer or change in lending office, or (y) such

  

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assignment, participation, transfer or change in lending office had been requested by the Borrower, (ii) the obligation to pay such additional amounts would not have arisen but for a failure
by such Non-U.S. Lender or Non-U.S. Participant to comply with the provisions of clause (e) above or (iii) any of the representations or certifications made by a Non-U.S. Lender or Non-U.S. Participant pursuant to clause
(e) above are incorrect at the time a payment hereunder is made, other than by reason of any change in treaty, law or regulation having effect after the date such representations or certifications were made. 
 (h) If the Borrower determines in good faith that a reasonable basis exists for contesting any Taxes for which
indemnification has been demanded hereunder, the relevant Lender or the Administrative Agent, as applicable (to the extent such Lender or the Administrative Agent reasonably determines in good faith that it will not suffer any adverse effect as a
result thereof), shall, subject to clause (i) of the proviso in the immediately succeeding sentence, cooperate with the Borrower in challenging such Taxes at the Borrower’s expense if so requested by the Borrower in writing. If any Lender
or the Administrative Agent, as applicable, receives a refund of, or a credit relating to a Tax for which a payment has been made or borne by the Borrower pursuant to this Agreement, which refund in the good faith judgment of such Lender or the
Administrative Agent, as the case may be, is attributable to such payment, then such Lender or the Administrative Agent, as the case may be, shall reimburse the Borrower for such amount as such Lender or the Administrative Agent, as the case may be,
determines to be the proportion of the refund as will leave it, after such reimbursement, in no better or worse position than it would have been in if the payment by or borne by the Borrower had not been required; provided, however,
that (i) any Lender or the Administrative Agent may determine, in its reasonable discretion consistent with the policies of such Lender or the Administrative Agent, whether to seek a refund and (ii) any Taxes that are imposed on a Lender
or the Administrative Agent as a result of a disallowance or reduction of any refund with respect to which such Lender or the Administrative Agent has made a payment to the Borrower pursuant to this clause (h) shall be treated as a Tax
for which the Borrower is obligated to indemnify such Lender or the Administrative Agent pursuant to this Section 4.6. Neither the Lenders nor the Administrative Agent shall be obliged to disclose information regarding its tax affairs or
computations to the Borrower in connection with this clause (h) or any other provision of this Section 4.6. 
 (i) Promptly after the date of any payment by the Borrower of Taxes or Other Taxes, the Borrower shall furnish to each Lender and the Administrative Agent the original or a certified copy of a receipt
evidencing payment thereof, or other evidence of payment satisfactory to such Lender or the Administrative Agent. 
 Section 4.7
Change of Lending Office. Each Lender agrees that, as promptly as practicable after it becomes aware of the occurrence of an event or the existence of a condition that would give rise to the operation of Sections 4.1, 4.3,
4.6(a),

  

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4.6(b) or 4.6(c) with respect to such Lender, it will exercise commercially reasonable efforts to make, fund or maintain the affected Revolving Loans of such Lender through another
lending office and to take such other actions as it deems appropriate to remove or lessen the impact of such condition and if, as determined by such Lender in its discretion, the making, funding or maintaining of such affected Revolving Loans
through such other lending office or the taking of such other actions would not otherwise adversely affect such Revolving Loans or such Lender and would not, in such Lender’s discretion, be commercially unreasonable. Nothing in this
Section 4.7 shall affect or postpone any of the Obligations of the Borrower or the right of any Lender provided in Sections 4.1, 4.3, 4.6(b) or 4.6(c). 
 Section 4.8 Payments, Computations, etc. Unless otherwise expressly provided, all payments by the Borrower pursuant to this
Agreement, the Notes, each Letter of Credit or any other Loan Document shall be made by the Borrower to the Administrative Agent for the pro rata account of the Lenders entitled to receive such payment. All such payments required to be made to the
Administrative Agent shall be made, without setoff, deduction or counterclaim, not later than 1:00 p.m., New York City time, on the date due, in same day or immediately available funds, to such account as the Administrative Agent shall specify from
time to time by notice to the Borrower. Funds received after 2:00 p.m., New York City time, on such due date shall be deemed to have been received by the Administrative Agent on the next succeeding Business Day. The Administrative Agent shall
promptly remit in same day funds to each Lender its share, if any, of such payments received by the Administrative Agent for the account of such Lender. All computations of interest for LIBO Rate Loans and Base Rate Loans (calculated at the Federal
Funds Rate), and all computations of Letter of Credit fees and issuance fees pursuant to Section 3.3.3, in each case shall be made on the basis of a 360-day year and actual days elapsed, and, with respect to LIBO Rate Loans, on the
expiration of the applicable LIBO contract. Whenever any payment to be made shall otherwise be due on a day which is not a Business Day, such payment shall (except as otherwise required by clause (c) of the definition of the term
“Interest Period”) be made on the next succeeding Business Day and such extension of time shall be included in computing interest and fees, if any, in connection with such payment. 
 Section 4.9 Sharing of Payments. If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by
application of setoff or otherwise) on account of any Loan or Reimbursement Obligation (other than pursuant to the terms of Section 4.3, 4.4, 4.5 or 4.6) in excess of its pro rata share of payments then or
therewith obtained by all Lenders, such Lender shall purchase from the other Lenders such participations in Credit Extensions made by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably
with each of them; provided, however, that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and each Lender which has sold a
participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent of such recovery together with an amount equal to such selling Lender’s ratable share (according to a fraction having a
numerator of (a) the amount of such selling Lender’s required repayment to the purchasing Lender and a denominator of (b) total amount so recovered

  

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from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing
a participation from another Lender pursuant to this Section may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 4.10) with respect to such participation as fully as if such
Lender were the direct creditor of the Borrower in the amount of such participation. If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff to which this Section applies, such
Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this Section to share in the benefits of any recovery on such secured claim.

 Section 4.10 Setoff. Each Lender shall, if the Loans have been accelerated or otherwise have become due and payable or
upon the occurrence and during the continuance of any Event of Default described in Section 8.1.1 or in clauses (a) through (e) of Section 8.1.9 with respect to the Borrower or, with the consent of the
Required Lenders, upon the occurrence and during the continuance of any other Event of Default, without prior notice to the Borrower (any such notice being waived by the Borrower to the fullest extent permitted by law), have the right to appropriate
and apply to the payment of the Obligations then due or owing to it, any and all balances, credits, deposits, accounts or moneys of the Borrower then or thereafter maintained with such Lender; provided, however, that any such
appropriation and application shall be subject to the provisions of Section 4.9. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender; provided,
however, that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff under
applicable law or otherwise) which such Lender may have. 
 ARTICLE V 
 CONDITIONS TO EFFECTIVENESS AND TO FUTURE CREDIT EXTENSIONS 
 Section 5.1 Conditions Precedent to Making of Loans and the Issuance of Letters of Credit. The obligations of the Lenders to make any Loans and the obligations of the Issuer to issue any Letter of Credit shall be subject to the prior
or concurrent satisfaction or waiver of each of the conditions precedent set forth in this Section 5.1, in Section 5.2 and in Section 10.6 on or before the Closing Date. 
 Section 5.1.1 Resolutions, etc. The Administrative Agent shall have received from the Borrower, Guarantor and Subsidiary Guarantor,
as applicable, (i) good standing certificates for each such Person from the Secretary of State (or similar applicable Governmental Authority) of such Person’s state of incorporation and each state where the Borrower or such , as the case
may be, is qualified to do business as a foreign corporation as of a recent date, together with a bring-down certificate by facsimile, dated a date reasonably close to the Closing Date, (ii) a chart depicting the ownership structure for the
Borrower, Guarantor and their Subsidiaries and (iii) a certificate, dated the

  

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Closing Date and with counterparts for each Lender, duly executed and delivered by such Person’s Secretary or Assistant Secretary, as to 
 (a) resolutions of each such Person’s Board of Directors then in full force and effect authorizing, to the extent
relevant, the execution, delivery and performance of this Agreement, the Notes, each other Loan Document to be executed by such Person and the transactions contemplated hereby and thereby; 
 (b) the incumbency and signatures of those of its officers authorized to act with respect to this Agreement, the Notes and
each other Loan Document to be executed by such Person; and 
 (c) each Organic Document of such Person,

 upon which certificates the Administrative Agent and each Lender may conclusively rely until it shall have received a further certificate of
the Secretary or Assistant Secretary of any such Person canceling or amending the prior certificate of such Person. 
 Section
5.1.2 Closing Date Certificate. The Administrative Agent shall have received, with counterparts for each Lender, the Closing Date Certificate, dated the Closing Date and duly executed and delivered by an Authorized Officer of the Borrower, in
which certificate the Borrower shall agree and acknowledge that the statements made therein shall be deemed to be true and correct representations and warranties in all material respects of the Borrower made as of such date and under this Agreement,
and, at the time such certificate is delivered, such statements shall in fact be true and correct in all material respects. All documents and agreements required to be appended to the Closing Date Certificate shall be in form and substance
reasonably satisfactory to the Administrative Agent and such certificate shall specify that none of such documents or agreements have been modified except as set forth in such certificate. 
 Section 5.1.3 Pledge Agreement. The Borrower and each other pledgor under the Pledge Agreement shall have duly authorized, executed
and delivered to the Administrative Agent the Pledge Agreement substantially in the form of Exhibit G-1 hereto (as modified, supplemented or amended from time to time, the “Pledge Agreement”), and shall have delivered to the
Administrative Agent all of the certificated Pledge Agreement Collateral referred to therein (to the extent required to be pledged by the Pledge Agreement), together with duly executed and undated stock powers, or, if any Pledge Agreement Collateral
are uncertificated securities, confirmation and evidence reasonably satisfactory to the Administrative Agent that the security interest in such uncertificated securities has been transferred to and perfected by the Administrative Agent for the
benefit of the Lenders in accordance with Article 8 of the Uniform Commercial Code, as in effect in the State of New York, and all laws otherwise applicable to the perfection of the pledge of such shares; and the Administrative Agent and its
counsel shall be satisfied that: 
 (i) the Lien granted to the Administrative Agent, for the benefit of the
Secured Creditors, in the Pledge Agreement Collateral is a first priority security interest; and 
  

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 (ii) no Lien exists on any of the Pledge Agreement Collateral other than the
Lien created in favor of the Administrative Agent, for the benefit of the Secured Creditors, pursuant to the Pledge Agreement. 
 Section 5.1.4 Guaranty. The Guarantor shall have duly authorized, executed and delivered to the Administrative Agent the Guaranty in the form of Exhibit H-1 hereto (as modified, supplemented or amended from time to time, the
“Guaranty”), and the Guaranty shall be in full force and effect. Each Subsidiary Guarantor shall have duly authorized, executed and delivered to the Administrative Agent the Subsidiary Guaranty in the form of Exhibit H-2
hereto (as modified, supplemented or amended from time to time, the “Subsidiary Guaranty”), and the Subsidiary Guaranty shall be in full force and effect. 
 Section 5.1.5 Financial Information, etc. Administrative Agent shall have received evidence of pro forma financial covenant
compliance with the covenants set forth in Section 7.2.4. 
 Section 5.1.6 Loan Pledge Agreement. Each
pledgor under the Loan Pledge Agreement shall have duly authorized, executed and delivered to the Administrative Agent the Loan Pledge Agreement substantially in the form of Exhibit G-3 hereto (as modified, supplemented or amended from time
to time, the “Loan Pledge Agreement”), and shall have delivered to the Administrative Agent all of the Loan Pledge Collateral referred to therein (to the extent required to be pledged by the Loan Pledge Agreement), together with the
promissory notes pledged thereby and duly executed and undated allonges to the notes, confirmation and evidence reasonably satisfactory to the Administrative Agent that the security interest in the Loan Pledge Collateral has been transferred to and
perfected by the Administrative Agent for the benefit of the Lenders in accordance with Article 8 of the Uniform Commercial Code, as in effect in the State of New York, and all laws otherwise applicable to the perfection of the pledge of such
collateral; and the Administrative Agent and its counsel shall be satisfied that: 
 (i) the Lien granted to the
Administrative Agent, for the benefit of the Secured Creditors, in the Loan Pledge Collateral is a first priority security interest; and 
 (ii) no Lien exists on any of the Loan Pledge Collateral other than the Lien created in favor of the Administrative Agent, for the benefit of the Secured Creditors, pursuant to the Loan Pledge Agreement.

 Section 5.1.7 Intentionally Omitted. 
 Section 5.1.8 Litigation. There shall exist no pending or threatened action, suit, investigation, litigation or proceeding in any court or before any arbitrator or governmental instrumentality
which (x) purports to affect the consummation of the

  

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Transaction or the legality or validity of this Agreement or any other Loan Document or (y) could reasonably be expected to have a Material Adverse Effect. 
 Section 5.1.9 No Material Adverse Effect. On or prior to the Closing Date, in the determination of the Administrative Agent, no
Material Adverse Effect shall have occurred; and neither Administrative Agent nor the Lenders shall have become aware of any facts, conditions or other information not previously known to it which could reasonably be expected to have a Material
Adverse Effect. 
 Section 5.1.10 Approvals. All governmental and third party approvals necessary in connection with the
financing contemplated hereby and the continuing operations of the Borrower and its Subsidiaries shall have been obtained and shall be in full force and effect except as could not, either individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect, and all applicable waiting periods, if any, shall have expired without any action being taken or threatened by any competent authority which could restrain, prevent or otherwise impose materially adverse conditions on
the financing contemplated hereby. 
 Section 5.1.11 Opinions of Counsel. The Administrative Agent shall have received
opinions, each dated the Closing Date and addressed to the Administrative Agent, each Lender and the Issuer, from Perkins Coie LLP and Venables LLP, each as special counsel to the Borrower and Guarantor, in form and substance reasonably satisfactory
to the Administrative Agent. 
 Section 5.1.12 Projections; Solvency Certificate. On or prior to the Closing Date, there
shall have been delivered to the Lenders: 
 (a) projected financial and cash flow statements for the
Consolidated Group for the period from the Closing Date to and including at least December 31, 2010 (the “Projections”), which Projections shall reflect the forecasted financial condition, income and expenses and cash flows of
the Consolidated Group after giving effect to the Transaction; and 
 (b) a solvency certificate as to the
Borrower and its Subsidiaries, taken as a whole, from an Authorized Financial Officer, substantially in the form of Exhibit I hereto, addressed to the Administrative Agent and the Lenders and dated the Closing Date. 
 Section 5.1.13 Diligence. Administrative Agent shall have received the following due diligence materials for the Properties:
(i) the Initial Appraisals, (ii) summaries of Insurance Policies together with certificates evidencing coverage, (iii) UCC Searches, and (iv) Title Searches, all in form and substance acceptable to Administrative Agent.

 Section 5.1.14 Closing Fees, Expenses, etc. The Administrative Agent shall have received evidence of payment by the
Borrower of (or a draw request with respect to) all accrued and unpaid fees, costs and expenses to the extent then due and payable under this Agreement on the Closing Date, together with all reasonable legal

  

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costs and expenses of the Administrative Agent to the extent invoiced prior to or on the Closing Date, including any such fees, costs and expenses arising under or referenced in Sections 3.3 and
10.3. 
 Section 5.1.15 Intentionally Omitted. 
 Section 5.1.16 Intentionally Omitted. 
 Section 5.1.17 Execution of Agreement; Notes. 
 On or prior to the Closing
Date, there shall have been delivered to the Administrative Agent for the account of each of the Lenders (i) the appropriate Revolving Notes executed by the Borrower, in each case in the amount, maturity and as otherwise provided herein, and
(ii) duly executed copies of each Loan Document. 
 Section 5.1.18 Guarantor Pledge Agreement. 
 The Guarantor shall have duly authorized, executed and delivered to the Administrative Agent the Guarantor Pledge Agreement substantially in
the form of Exhibit G-2 hereto (as modified, supplemented or amended from time to time, the “Guarantor Pledge Agreement”), and shall have delivered to the Administrative Agent all of the certificated Guarantor Pledge Agreement
Collateral referred to therein (to the extent required to be pledged by the Guarantor Pledge Agreement), together with duly executed and undated stock powers, or, if any Guarantor Pledge Agreement Collateral are uncertificated securities,
confirmation and evidence reasonably satisfactory to the Administrative Agent that the security interest in such uncertificated securities has been transferred to and perfected by the Administrative Agent for the benefit of the Lenders in accordance
with Article 8 of the Uniform Commercial Code, as in effect in the State of New York, and all laws otherwise applicable to the perfection of the pledge of such shares; and the Administrative Agent and its counsel shall be satisfied that: 

(i) the Lien granted to the Administrative Agent, for the benefit of the Secured Creditors, in the Guarantor Pledge
Agreement Collateral is a first priority security interest; and 
 (ii) no Lien exists on any of the Guarantor
Pledge Agreement Collateral other than the Lien created in favor of the Administrative Agent, for the benefit of the Secured Creditors, pursuant to the Guarantor Pledge Agreement. 
 Section 5.2 All Credit Extensions. The obligation of each Lender and the Issuer to make any Credit Extension shall be subject to
Sections 2.1.3 and 2.1.4 and the satisfaction of each of the conditions precedent set forth in this Section 5.2. 
 Section 5.2.1 Representations and Warranties, No Default, etc. Both before and after giving effect to any Credit Extension: 
 (a) the representations and warranties set forth in Article VI and in each other Loan Document shall, in each case, be true
and correct in all material

  

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respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material
respects as of such earlier date); 
 (b) no Default or Event of Default shall have then occurred and be
continuing; 
 (c) the occurrence of such Credit Extension on such date does not violate any Requirement of Law
and is not enjoined, temporarily, preliminarily or permanently and no litigation shall be pending or threatened, which in the good faith judgment of Administrative Agent or the Required Lenders would enjoin, prohibit or restrain, or impose or result
in the imposition of any material adverse condition upon, such Credit Extension or any member of the Consolidated Group’s obligations with respect thereto; and 
 (d) Administrative Agent shall have received a Borrowing Request or an Issuance Request in the form attached as Exhibit
B-1 and Exhibit B-2. 
 Section 5.2.2 Credit Extension Request, etc. Subject to Section 2.6.2, the
Administrative Agent shall have received a Borrowing Request if Loans are being requested, or an Issuance Request if a Letter of Credit is being requested or extended. Each of the delivery of a Borrowing Request and the acceptance by the Borrower of
the proceeds of such Credit Extension shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension (both immediately before and after giving effect to such Credit Extension and the application of the
proceeds thereof) the conditions set forth in clauses (a) and (b) of Section 5.2.1 have been satisfied. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
 In order to induce the Lenders, the Issuer and the Administrative Agent to enter into this Agreement and to make Credit Extensions
hereunder, the Borrower represents and warrants unto the Administrative Agent, the Issuer and each Lender as set forth in this Article VI. 
 Section 6.1 Organization, etc. Each of Guarantor, Borrower and, in the case of each other member of the Consolidated Group except where failure could not reasonably be expected to have a Material
Adverse Effect: 
 (a) is a corporation, limited liability company, or partnership, as the case may be, validly
organized and existing and in good standing under the laws of the state or jurisdiction of its incorporation or organization; 
 (b) is duly qualified to do business and is in good standing as a foreign corporation, limited liability company or partnership, as the case may be, in each jurisdiction where the nature of its business
requires such qualification; and 
  

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 (c) has full power and authority and holds all requisite governmental
licenses, permits and other approvals to enter into and perform its Obligations under this Agreement, the Notes and each other Loan Document to which it is a party and to own and hold under lease its property and to conduct its business
substantially as currently conducted by it. 
 Section 6.2 Due Authorization, Non-Contravention, etc. The execution,
delivery and performance by the Borrower of this Agreement, the Notes and each other Loan Document executed or to be executed by it, the execution, delivery and performance by Guarantor and Subsidiary Guarantor of each Loan Document executed or to
be executed by it, the granting of the Liens contemplated by the Security Documents and the Borrower’s, and each Subsidiary Guarantor’s or Guarantor’s participation in the consummation of all aspects of the transactions contemplated
hereby, are in each case within each such Person’s corporate, limited liability company or partnership powers, as the case may be, have been duly authorized by all necessary corporate, limited liability company or partnership action, as the
case may be, and do not 
 (a) contravene any such Person’s Organic Documents; 
 (b) contravene any material contractual restriction binding on or affecting any such Person or result in any breach of any of
the terms, covenants, conditions or provisions of, or constitute a default under the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which the Borrower or any of
the Subsidiaries or Guarantor is a party or by which it or any of its property or assets is bound; 
 (c)
contravene (i) any court decree or order binding on or affecting any such Person or (ii) any law or governmental regulation binding on or affecting any such Person; or 
 (d) result in, or require the creation or imposition of, any Lien on any of such Person’s material properties (except as
permitted by this Agreement). 
 Section 6.3 Government Approval, Regulation, etc. No approval, consent, exemption,
authorization or other action by, or notice to, or filing with, any Governmental Authority or regulatory body or other Person (other than those that have been, or on the Closing Date will be, duly obtained or made and which are, or on the Closing
Date will be, in full force and effect and other than those, singly or in the aggregate, with respect to which the failure to obtain or make could not reasonably be expected to have a Material Adverse Effect) is necessary or required for the
consummation of the transactions contemplated hereby or the due execution, delivery or performance by, or to make enforceable against, the Borrower, Guarantor or Subsidiary Guarantor, the Notes or any other Loan Document to which it is a party or
the granting of the Liens contemplated by the Security Documents. Neither the Borrower nor any Subsidiary nor Guarantor is an “investment company” within the meaning of the Investment Company Act of 1940, as amended. Neither the Borrower
nor any of its Subsidiaries nor Guarantor is a “holding company,” or a “subsidiary company” of a 
  

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“holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company” within the meaning of the Public
Utility Holdings Company Act of 1935, as amended. 
 Section 6.4 Validity, etc. This Agreement constitutes, and the Notes
and each other Loan Document, executed by the Borrower will, on the due execution and delivery thereof, constitute, the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms;
and each other Loan Document executed pursuant hereto by each Subsidiary Guarantor or Guarantor will, on the due execution and delivery thereof by such Subsidiary Guarantor or Guarantor, constitute the legal, valid and binding obligation of such
Subsidiary Guarantor or Guarantor enforceable against such Subsidiary Guarantor or Guarantor in accordance with its terms (except, in any case above, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or
similar laws affecting creditors’ rights generally and by principles of equity). 
 Section 6.5 Financial
Information. 
 (a) The financial statements furnished to the Administrative Agent and the Lenders pursuant
to Section 5.1.5 have been prepared in accordance with GAAP consistently applied, except as otherwise expressly noted therein, and present fairly in all material respects the consolidated financial condition of the Persons covered
thereby as at the dates thereof and the results of their operations for the periods then ended. All balance sheets, all statements of operations, shareholders’ equity, earnings and cash flow and all other financial information of each member of
the Consolidated Group and the Unconsolidated Subsidiaries furnished pursuant to Section 7.1.1 have been and will for periods following the Closing Date be prepared in accordance with GAAP consistently applied, except as otherwise
expressly noted therein, and do or will present fairly in all material respects the consolidated financial condition of the Persons covered thereby as at the dates thereof and the results of their operations for the periods then ended. 

(b) On and as of the Closing Date, after giving effect to all Indebtedness (including the Loans) being incurred or assumed
and Liens created by the Borrower and Guarantor in connection therewith, (a) the sum of the assets, at a fair valuation, of the Guarantor and its Subsidiaries taken as a whole and the Borrower on a stand-alone basis will exceed their respective
debts; (b) Guarantor and its Subsidiaries taken as a whole and the Borrower on a stand-alone basis have not incurred and do not intend to incur, and do not believe that they will incur, debts beyond their ability to pay such debts as such debts
mature; and (c) the Guarantor and its Subsidiaries taken as a whole and the Borrower on a stand-alone basis will have sufficient capital with which to conduct their respective businesses. For purposes of this Section 6.5(b),
“debt” means any liability on a claim, and “claim” means (i) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, secured, or unsecured or (ii) right to an equitable remedy for breach of performance if such breach gives rise to

  

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a payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. 
 (c) Except as disclosed in the financial statements delivered pursuant to Section 6.5(a) or in
Item 6.5(c) of the Disclosure Schedule and the Indebtedness incurred in connection with the Commitments, there were as of the Closing Date no liabilities or obligations with respect to the Borrower or any of its Subsidiaries of any nature
whatsoever (whether absolute, accrued, contingent or otherwise and whether or not due) which, either individually or in aggregate, has had or could reasonably be expected to have a Material Adverse Effect. As of the Closing Date, Borrower does not
know of any basis for the assertion against it or any of its Subsidiaries of any liability or obligation of any nature whatsoever that is not disclosed in the financial statements delivered pursuant to Section 6.5(a) which, either
individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect. 
 (d) On and as of the Closing Date, the Projections have been prepared in good faith and are based on assumptions believed by Borrower to be reasonable and attainable under the then known facts and circumstances, and there are no statements
or conclusions in any of the Projections which are based upon or include information known to the Borrower to be misleading in any material respect or which knowingly fail to take into account material information regarding the matters reported
therein; it being understood, however, that nothing contained herein shall constitute a representation that the results forecasted in such Projections will in fact be achieved. 
 Section 6.6 No Material Adverse Effect. Since the Closing Date, there has been no change in the business, assets, operations,
properties or financial condition of the Consolidated Group that, either individually or in the aggregate, has had, or could reasonably have, a Material Adverse Effect. 
 Section 6.7 Litigation, etc. There is no pending or, to the knowledge of the Borrower, threatened litigation, action, proceeding or controversy affecting the Borrower or any of its Subsidiaries or
Guarantor, or any of their respective Properties, businesses, assets or revenues, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 6.8 Subsidiaries. The Borrower has no Subsidiaries, except (i) those Subsidiaries existing on the Closing Date which are
identified in Item 6.8 of the Disclosure Schedule or (ii) those Subsidiaries which have been identified to the Administrative Agent pursuant to Section 7.1.9 hereof. 
 Section 6.9 Ownership of Properties. The Borrower or, as applicable, each Property Owner, has good title, or leasehold interests in,
or indirect ownership of, (i) each Borrowing Base Property, except for Permitted Borrowing Base Liens and (ii) except where the failure to have such good title or leasehold interests could not, either

  

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individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all of its other Properties and assets, real and personal, tangible and intangible, of any nature
whatsoever, free and clear in each case of all Liens or claims, except for Liens permitted pursuant to Section 7.2.3. 
 Section 6.10 Taxes. The members of the Consolidated Group and all other Persons with whom the members of the Consolidated Group join in the filing of a consolidated return have filed all Federal income tax returns and other material
tax returns and reports, domestic and foreign, required by law to have been filed, and have paid all material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and
payable except those not yet delinquent or those which are being diligently contested in good faith and for which adequate reserves have been established (in the good faith judgment of the Borrower) in accordance with GAAP. The members of the
Consolidated Group and each such other Person with whom the members of the Consolidated Group join in the filing of a consolidated return have paid, or have provided adequate reserves (in the good faith judgment of the management of the Borrower) in
accordance with GAAP for the payment of all such material taxes, assessments, fees and charges relating to all prior taxable years and the current taxable year of the members of the Consolidated Group and each such other Person with whom the members
of the Consolidated Group join in the filing of a consolidated return. To the best knowledge of the Borrower, there is no proposed tax assessment against the members of the Consolidated Group or any such other Person with whom the members of the
Consolidated Group join in the filing of a consolidated return that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 6.11 ERISA Compliance. 
 (a) Each Plan is in compliance in all material respects with the terms thereof and the applicable provisions of ERISA, the Code and other federal or state law except to the extent that failure to comply
could not result, either individually or in the aggregate, in an amount of liability that could reasonably be expected to have a Material Adverse Effect. The Borrower and each ERISA Affiliate have made all required contributions to each Plan, except
to the extent that a failure to do so could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and no application for a funding waiver or an extension of any amortization period pursuant to
Section 412 of the Code or Section 302 of ERISA has been made with respect to any Plan subject to either such Section of the Code or ERISA. 
 (b) There are no pending or, to the best knowledge of Borrower, threatened claims, actions or lawsuits, or action by any
Governmental Authority, with respect to any Pension Plan which has resulted or could reasonably be expected to result in, either individually or in the aggregate, a Material Adverse Effect. 
  

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 (c) (i) No ERISA Event has occurred or is reasonably expected to occur;
(ii) no Pension Plan has any Unfunded Pension Liability in an amount which could reasonably be expected to have a Material Adverse Effect if such Pension Plan were then terminated; and (iii) neither the Borrower nor any ERISA Affiliate has
engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 6.12 Compliance with Environmental Laws. The Borrower and each of its Subsidiaries is in compliance with all applicable
Environmental Laws in respect of the conduct of its business and the ownership of its property, except such noncompliance as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Without
limiting the effect of the preceding sentence: 
 (a) neither the Borrower nor any of its Subsidiaries has
received a complaint, order, citation, notice or other written communication with respect to the existence or alleged existence of a violation of, or liability arising under, any Environmental Law, the outcome of which, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect; 
 (b) to the best of the
Borrower’s knowledge, after due inquiry, there are no environmental, health or safety conditions existing or reasonably expected to exist at any real property owned, operated, leased or used by the Borrower or any of its existing or former
Subsidiaries or any of their respective predecessors, including off-site treatment or disposal facilities used by the Borrower or its existing or former Subsidiaries for wastes treatment or disposal, which could reasonably be expected to require any
construction or other capital costs or clean-up obligations to be incurred prior to the Maturity Date in order to assure compliance with any Environmental Law, including provisions regarding clean-up, to the extent that any of such conditions,
construction or other capital costs or clean-up obligations, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; and 
 (c) neither the Borrower nor any of its Subsidiaries has treated, stored, transported or disposed of Hazardous Materials at
or from any currently or formerly owned Real Estate or facility relating to its business in a manner that, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 6.13 Regulations T, U and X. Neither the Borrower nor any of its Subsidiaries is engaged in the business of extending credit
for the purpose of purchasing or carrying margin stock, and no use of any proceeds of any Credit Extensions will violate F.R.S. Board Regulation T, U or X. Terms for which meanings are provided in F.R.S. Board Regulation T, U or X or any regulations
substituted therefor, as from time to time in effect, are used in this Section with such meanings. 
  

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 Section 6.14 Accuracy of Information. All factual information (taken as a whole)
heretofore or contemporaneously furnished by or on behalf of the Consolidated Group in writing to the Administrative Agent, the Issuer or any Lender on or before the Closing Date (including (i) the Confidential Memorandum and (ii) all
information contained in the Loan Documents) for purposes of or in connection with this Agreement or any transaction contemplated hereby is true and complete in all material respects on the date as of which such information is dated or certified and
not incomplete by omitting to state any material fact necessary to make such information (taken as a whole) not misleading at such time in light of the circumstances under which such information was provided, it being understood and agreed that for
purposes of this Section 6.14, such factual information shall not include Projections and pro forma financial information. 
 Section 6.15 REIT. Guarantor is qualified as a REIT and its proposed methods of operation will enable it to continue to be so qualified. 
 Section 6.16 No Bankruptcy Filing. None of the members of the Consolidated Group are contemplating either the filing of a petition by
it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of such entity’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against it
or against any Guarantor or Subsidiary, except for any such filing or liquidation after the date hereof which would not constitute an Event of Default hereunder and regarding which the Administrative Agent has received written notice. 
 Section 6.17 Use of Proceeds. The proceeds of all Loans shall be used by the Borrower and its Subsidiaries, subject to the other
restrictions set forth in this Agreement, for their working capital and general corporate, partnership or limited liability company purposes. Each Letter of Credit may be used in support of any purpose not prohibited by this Agreement or the other
Loan Documents. 
 Section 6.18 Other Debt. No member of the Consolidated Group is in default in the payment of any other
Indebtedness or under any agreement, mortgage, deed of trust, security agreement, or lease to which it is a party, which default could reasonably be expected to have a Material Adverse Effect. 
 Section 6.19 Security Interests. Once executed and delivered, and until terminated in accordance with the terms thereof, the Pledge
Agreement and the Guarantor Pledge Agreement create, as security for the obligations purported to be secured thereby, a valid and enforceable first priority Lien on all of the Pledge Agreement Collateral and Guarantor Pledge Agreement Collateral
subject thereto from time to time, superior to and prior to the rights of all third Persons in favor of the Administrative Agent, for the benefit of the Lenders. No filings or recordings are required in order to perfect the security interests
created under the Pledge Agreement and the Guarantor Pledge Agreement except for such filings as have been made, or provided for to the satisfaction of Administrative Agent, at the time of the execution and delivery thereof. 
  

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 Section 6.20 Material Agreements. Each management agreement and each other Material
Agreement is in full force and effect, and no terminating event, default, or failure or performance has accrued thereunder except where such terminating event, default, or failure of performance could not reasonably be expected to have a Material
Adverse Effect. The Material Agreements furnished to Administrative Agent constitute all Material Agreements of the Borrower and Guarantor as of the Closing Date. No party to any management agreement or any Material Agreement has challenged or
denied the validity or enforceability of any such agreement. The Borrower shall promptly furnish to Administrative Agent copies of all Material Agreements of the Borrower or the Guarantor entered into after the Closing Date. 
 Section 6.21 Office of Foreign Assets Control. Neither Borrower nor Guarantor shall (a) be or become subject at any time to any
law, regulation, or list of any government agency (including, without limitation, the OFAC List) that prohibits or limits any Lender from making any advance or extension of credit to Borrower or from otherwise conducting business with Borrower
and/or Guarantor, or (b) fail to provide documentary and other evidence of Borrower’s identity as may be requested by the Administrative Agent at any time to enable the Administrative Agent to verify Borrower’s identity or to comply
with any applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. § 5318 (the “Patriot Act”). In addition, Borrower hereby agrees to provide Administrative Agent
with any additional information that Administrative Agent deems reasonably necessary from time to time in order to ensure compliance with all legal requirements concerning money laundering and similar activities. 
 Section 6.22 Labor Relations. None of Guarantor, Borrower, nor any of its Subsidiaries has received written notice, or otherwise has
reason to believe that it is engaged in any unfair labor practice that could reasonably be expected to have a Material Adverse Effect. There is (i) no unfair labor practice complaint pending against Guarantor, Borrower or any of its
Subsidiaries or, to the best knowledge of Borrower, threatened against any of them, before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending
against Guarantor, Borrower or any of its Subsidiaries or, to the best knowledge of Borrower, threatened against any of them, (ii) no strike, labor dispute, slowdown or stoppage pending against Guarantor, Borrower or any of its Subsidiaries or,
to the best knowledge of Borrower, threatened against Guarantor, Borrower or any of its Subsidiaries and (iii) to the best knowledge of Borrower, no union representation question existing with respect to the employees of Guarantor, Borrower or
any of its Subsidiaries and, to the best knowledge of Borrower, no union organizing activities are taking place, except (with respect to any matter specified in clause (i), (ii) or (iii) above, either individually or in the aggregate) such
as could not reasonably be expected to have a Material Adverse Effect. 
 Section 6.23 Intellectual Property, Licenses,
Franchises and Formulas. Guarantor, Borrower and each of its Subsidiaries owns, or has the right to use, all the patents, trademarks, permits, service marks, trade names, copyrights, licenses, franchises, proprietary information (including, but
not limited to, rights in computer programs and 
  

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databases) and formulas, or other rights with respect to the foregoing, or has obtained assignments of all leases and other rights of whatever nature, necessary for the present conduct of its
business, without any known conflict with the rights of others which, or the failure to obtain which, as the case may be, could reasonably be expected to result in a Material Adverse Effect. 
 ARTICLE VII 
 COVENANTS 
 Section 7.1 Affirmative Covenants. The Borrower hereby agrees with the Administrative Agent, the Issuer and each Lender that, until
all Commitments have terminated, all Letters of Credit Commitment have terminated or expired and all Obligations have been paid and performed in full, the Borrower will perform or cause to be performed the obligations set forth in this
Section 7.1. 
 Section 7.1.1 Financial Information, Reports, Notices, etc. The Borrower will furnish, or
will cause to be furnished, to the Administrative Agent (for distribution to the Issuer and each Lender) copies of the following financial statements, reports, notices and information: 
 (a) as soon as available and in any event within 45 days after the end of each of the first three (3) Fiscal Quarters of
each Fiscal Year of the Borrower, (i) unaudited consolidated balance sheets of the Consolidated Group as of the end of such Fiscal Quarter and unaudited consolidated statements of operations and cash flow of the Consolidated Group for such
Fiscal Quarter and for the period commencing at the end of the previous Fiscal Year and ending with the end of such Fiscal Quarter, certified by an Authorized Financial Officer as fairly presenting in all material respects, in accordance with GAAP
(subject to year-end audit adjustments), the financial position and results of operations of the Consolidated Group covered thereby as of the date thereof, and (ii) management’s discussion and analysis of the important operational and
financial developments during such Fiscal Quarter; 
 (b) as soon as available and in any event within 90 days
after the end of each Fiscal Year of the Borrower, (i) a copy of the annual audited financial statements for such Fiscal Year for the Consolidated Group, including therein consolidated balance sheets of the Consolidated Group as of the end of
such Fiscal Year and consolidated statements of operations and cash flow of the Consolidated Group for such Fiscal Year, in each case as audited (without any Impermissible Qualification) by Deloitte & Touche LLP or other nationally
recognized independent public accountants and (ii) management’s discussion and analysis of the important operational and financial developments during such Fiscal Year; 
 (c) as soon as available and in any event within 60 days after the end of each of the first three Fiscal Quarters of each
Fiscal Year of the Consolidated Group and within 120 days after the end of each Fiscal Year of the Consolidated

  

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Group, a Compliance Certificate, executed and certified by an Authorized Financial Officer of the Borrower, showing (in reasonable detail, including with respect to appropriate calculations and
computations) compliance with the financial covenants set forth in Section 7.2.4 (including reconciliation to GAAP, if applicable); 
 (d) promptly after preparation, and no later than forty-five (45) days after the last day of each the first three Fiscal Quarters of each Fiscal Year of the Consolidated Group and within 90 days
after the end of each Fiscal Year of the Consolidated Group, with respect to each Property, (i) certified Property report(s) by an Authorized Officer of Borrower, setting forth in reasonable detail the date acquired, location, appraised value,
real estate taxes, insurance, gross revenues, FF&E Reserves, and EBITDA, and (ii) monthly or quarterly operating statements for each of the Properties which shall detail the revenues, expenses, Net Operating Income, average daily room rate,
occupancy levels, Capital Expenditures, and revenue per available room for each of the Properties, in each case for the period then ended and (iii) with respect to each Borrowing Base Property, the foregoing information together with
Borrower’s certification that such Property continues to satisfy all requirements for a “Borrowing Base Property” hereunder; 
 (e) promptly upon receipt, in the case of the Unconsolidated Subsidiaries, copies of such financial statements, statements of operations and cash flow, balance sheets, and similar financial information
received with respect to any Unconsolidated Subsidiary, it being acknowledged and agreed that Borrower shall exercise reasonable efforts to obtain the materials and information described in clauses (a)-(c) above with respect to each such
Unconsolidated Subsidiary as soon as reasonably practicable; 
 (f) promptly, and in any event within seven
(7) Business Days after any Responsible Officer of the Borrower obtains knowledge of the occurrence of a Default or an Event of Default, a statement of an Authorized Officer of the Borrower setting forth details of such Default or Event of
Default and the action which the Borrower has taken and proposes to take with respect thereto; 
 (g) written
notice, promptly and in any event within seven (7) Business Days after any Responsible Officer of the Borrower obtains knowledge of (x) the occurrence of any material adverse development with respect to the Borrower, Guarantor or any
Borrowing Base Property, (y) the commencement of any litigation, action, proceeding, hotel management or labor controversy which could reasonably be expected to have a material adverse effect on any Borrowing Base Property or which could
reasonably be expected to result in a Material Adverse Effect, or (z) the occurrence of any development or circumstance with respect to any litigation, action, proceeding, hotel management or labor controversy which could reasonably be expected
to have a material adverse effect on any Borrowing Base Property or which could reasonably be expected to result in a Material Adverse Effect; 
  

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 (h) (i) as soon as available (but the Borrower will use reasonable efforts
to deliver on or before December 31 of each Fiscal Year), a preliminary annual operating budget and capital expenditure schedule for each Property for the following Fiscal Year, (ii) as soon as available, and in any event on or before
March 1 of each Fiscal Year, the final annual operating budget and Capital Expenditure schedule for each Property for the such Fiscal Year, in each case satisfactory to Administrative Agent as to form, and (iii) within 45 days after
June 30 and December 31, a statement containing a listing of all Development Properties and other Properties then undergoing significant rehabilitation; 
 (i) promptly upon filing thereof, copies of any reports filed on Forms 10-K, 10-Q, and 8-K, effective registration statements
filed on Forms S-1, S-2, S-3, S-4 or S-11, and any proxy statements, as well as any substitute or similar documents to substantially the same effect as the foregoing, including, to the extent requested by the Administrative Agent, the schedules and
exhibits thereto, in such each case as filed with the SEC by the Consolidated Group (other than immaterial amendments to any such registration statement); 
 (j) promptly after transmission thereof, copies of any notices or reports that the Consolidated Group shall send to the holders of any publicly issued debt of the Consolidated Group; 
 (k) promptly after a Responsible Officer of Borrower obtains knowledge of the occurrence of any ERISA Event (but in no event
more than ten (10) days after a Responsible Officer of Borrower obtains knowledge of such ERISA Event), notice thereof together with a copy of any notice with respect to such event that is filed with a Governmental Authority and any notice
delivered by a Governmental Authority to the Consolidated Group or any ERISA Affiliate with respect to such event; 
 (l) promptly when available and in any event within sixty (60) Business Days after the last day of each Fiscal Year of the Borrower, a budget for the then current Fiscal Year of the Borrower as customarily prepared by the management of
the Borrower for its internal use, which budget shall be prepared on a Fiscal Quarter basis and shall set forth the principal assumptions on which such budget is based; 
 (m) promptly after obtaining knowledge of any one or more of the following environmental matters, unless such environmental
matters could not, either individually or when aggregated with all other such matters, be reasonably expected to affect a Borrowing Base Property or to result in a Material Adverse Effect, written notice of: 
 (i) any pending or threatened Environmental Claim against the Guarantor, Borrower or any of its Subsidiaries or any Real
Estate; 
  

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 (ii) any condition or occurrence on any Real Estate that (x) results in
noncompliance by the Consolidated Group with any applicable Environmental Law or (y) could reasonably be anticipated to form the basis of an Environmental Claim against the Borrower or any of its Subsidiaries or any Real Estate; 
 (iii) any condition or occurrence on any Real Estate that could reasonably be anticipated to cause such Real Estate to be
subject to any restrictions on the ownership, occupancy, use or transferability of such Real Estate under any Environmental Law; and 
 (iv) the taking of any removal or remedial action in response to the actual or alleged presence of any Hazardous Material on any Real Estate. 
 All such notices shall describe in reasonable detail the nature of the claim, investigation, condition, occurrence or removal
or remedial action and the Borrower’s response thereto; 
 (n) no later than the Closing Date, copies of the
pro forma consolidated financial statements of the Consolidated Group, including therein a pro forma consolidated balance sheet of the Consolidated Group and pro forma consolidated statements of operations
and cash flow of the Consolidated Group, in each case as of December 31, 2006, and certified by an Authorized Financial Officer of the Borrower, giving effect to the consummation of the transaction and reflecting the proposed capital structure
of the Borrower after giving effect to the transaction; and 
 (o) such other information respecting the
condition or operations, financial or otherwise, of the Consolidated Group as the Administrative Agent, or the required Lenders through the Administrative Agent, may from time to time reasonably request in writing. 
 Section 7.1.2 Preservation of Corporate Existence, etc. The Borrower will, and will cause Guarantor and each of their respective
Subsidiaries to: 
 (a) preserve and maintain in full force and effect its corporate, limited liability company
or partnership existence, as the case may be, under the laws of its state or jurisdiction of incorporation or organization (provided that the Borrower, Guarantor and their respective Subsidiaries may consummate any transaction permitted under
Section 7.2.7), except, in the case of any such Subsidiary, to the extent that the failure to do so, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and 
 (b) preserve and maintain in full force and effect its good standing under the laws of its state or jurisdiction of
incorporation or organization and all material governmental and other rights, privileges, qualification, permits, licenses,

  

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intellectual property and franchises necessary in the normal conduct of its business except in each case to the extent that the failure to do so, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect. 
 Section 7.1.3 Intentionally Omitted. 
 Section 7.1.4 Payment of Taxes. The Borrower will, and will cause Guarantor and each of their respective Subsidiaries to, pay and
discharge all material taxes, assessments and governmental charges or levies upon it or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto; provided, however, that neither
the Borrower, Guarantor nor any of their respective Subsidiaries shall be required hereunder to pay any such tax, assessment, charge, levy or claim that is being contested in good faith if it has maintained adequate reserves (in the good faith
judgment of the management of the Borrower, Guarantor or such Subsidiary) with respect thereto in accordance with GAAP. 
 Section 7.1.5 Compliance with Statutes, etc. The Borrower will, and will cause Guarantor and each of their respective Subsidiaries to, comply, in all material respects, with all applicable statutes, regulations, licenses and other
Requirements of Law (including Environmental Laws) having jurisdiction over it or its business, except such as may be contested in good faith or as to which a bona fide dispute may exist or except to the extent that the failure to so comply, either
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 Section 7.1.6
Insurance. The Borrower will, and will cause Guarantor and each of their respective Subsidiaries to, at all times maintain in full force and effect, with third party insurance companies which are financially sound and responsible at the time
the relevant coverage is placed or renewed, insurance with respect to its properties and business (including business interruption, terrorism insurance and wind storm insurance (but with respect to terrorism and wind storm coverage, only to the
extent commercially reasonable or as required under Mortgage Indebtedness) against such casualties and contingencies and of such types and in such amounts, and with such deductibles, retentions, self-insured amounts and reinsurance provisions, as
are customarily maintained by companies engaged in the same or similar businesses in the same general area, as well as corporate level excess liability coverage of at least $75,000,000. The Borrower will, upon request of the Administrative Agent or
any Lender, furnish to Administrative Agent information presented in reasonable detail as to the insurance maintained by the Borrower and its Subsidiaries. 
 Section 7.1.7 Appraisals. In addition to the Initial Appraisals, the Administrative Agent shall annually obtain, at Borrower’s expense, an updated or replacement Acceptable Appraisal of each
Borrowing Base Property. 
 Section 7.1.8 Further Assurances. Borrower will, and will cause Guarantor and each of their
respective Subsidiaries to: (a) promptly execute and deliver any and all other and further instruments which may be reasonably requested by

  

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Administrative Agent to cure any defect in the execution and delivery of any Loan Document or more fully describe particular aspects of any Subsidiary Guarantor’s, Guarantor’s or
Borrower’s agreements set forth in the Loan Documents; and (b) promptly execute, deliver, and file all such notices, statements, and other documents and take such other steps, including but not limited to the amendment of the Pledge
Agreement, the Guarantor Pledge Agreement and any financing statements prepared thereunder, as may be reasonably necessary or advisable, or that Administrative Agent may reasonably request, to render fully valid and enforceable under all applicable
laws, the rights, liens, and priorities of Administrative Agent, for the benefit of the Lenders, with respect to all security from time to time furnished under this Agreement or the Pledge Agreement or the Guarantor Pledge Agreement or intended to
be so furnished, in each case in such form and at such times as shall be reasonably satisfactory to Administrative Agent. 
 Section 7.1.9 Future Pledgors and Subsidiary Guarantors. Within twenty (20) days after the formation or acquisition by Borrower of any (direct or indirect) Domestic Subsidiary, except as otherwise provided in this
Section 7.1.9, the Borrower shall notify the Administrative Agent of such event and: 
 (a) if such
Person is a Borrowing Base Property Owner or owns Capital Stock in another Domestic Subsidiary that is not an Immaterial Subsidiary or a Restricted Subsidiary the Capital Stock of which is prohibited from being pledged, and such Person is not
theretofore a party to the Pledge Agreement, execute and deliver to the Administrative Agent a supplement to the Pledge Agreement for the purposes of becoming a pledgor thereunder with respect to the Capital Stock of such other Domestic Subsidiary,
as applicable; and 
 (b) the Borrower, Subsidiary Guarantor, or the Person that is required to become a pledgor
under Section 7.1.9(a) above, shall, pursuant to (and to the extent required by) the Pledge Agreement, pledge to the Administrative Agent all of the outstanding shares of Capital Stock of such Subsidiary owned directly by it, along with
undated stock powers for such certificates, executed in blank (or, if any such shares of capital stock are uncertificated, confirmation and evidence reasonably satisfactory to the Administrative Agent that the security interest in such
uncertificated securities has been transferred to and perfected by the Administrative Agent, for the benefit of the Secured Creditors, in accordance with Article 8 of the U.C.C. or any other similar law which may be applicable); and 
 (c) unless such Subsidiary is a Restricted Subsidiary that is prohibited from becoming a Subsidiary Guarantor, such
Subsidiary shall execute a Joinder to become party to the Subsidiary Guaranty, substantially in the form attached as Exhibit H hereto. 
 In addition, in the event that an existing Restricted Subsidiary ceases to qualify as a Restricted Subsidiary or an existing Immaterial Subsidiary ceases to qualify as an Immaterial Subsidiary, Borrower
shall promptly cause the provisions of this Section 7.1.9 to be complied with. Further, if a Restricted Subsidiary is restricted (as and to the extent set forth in the definition of “Restricted Subsidiary”) from complying with
a

  

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portion, but not all, of the provisions of this Section 7.1.9, Borrower shall cause such Subsidiary to comply with the portions hereof that are not so restricted. 
 Notwithstanding the foregoing, in the event that the Administrative Agent is satisfied that any Domestic Subsidiary that is (or will be) a
Property Owner, or a single purpose entity that owns the Capital Stock of a Property Owner, will incur Indebtedness such that it will become a Restricted Subsidiary, then upon the request of the Borrower, the Administrative Agent may in its
discretion waive the requirements of this Section 7.1.9 for a period of time, as established by the Administrative Agent, to enable such financing to be incurred; provided, however, that, if granted, such waiver may, at any time
prior to such Subsidiary becoming a Restricted Subsidiary, be revoked by the Administrative Agent upon no less than ten (10) Business Days notice to Borrower and provided, further that no such waiver shall be applicable to subsequent
transactions. 
 In the event that any Subsidiary Guarantor (other than a Borrowing Base Property Owner) becomes a Restricted
Subsidiary in connection with the permitted incurrence of Indebtedness, or is otherwise released with the consent of the Required Lenders, the Administrative Agent, at the request and expense of the Borrower, will promptly deliver to the Borrower or
such Subsidiary Guarantor, as applicable (without recourse and without any representation or warranty) releases thereof from the Subsidiary Guaranty and the Pledge Agreement, as applicable. 
 Section 7.1.10 Intentionally Omitted. 
 Section 7.1.11 Transactions with Affiliates. The Borrower will, and will cause Guarantor and each of their respective Subsidiaries to, conduct all transactions with any of their respective
Affiliates upon terms that are substantially as favorable to the Borrower, Guarantor or such Subsidiary as it would obtain in a comparable arm’s-length transaction with a Person not an Affiliate of the Borrower, Guarantor or such Subsidiary.
Intercompany Indebtedness shall generally be permitted provided (i) the same is subordinated to this Facility and the full repayment of the Obligations and all obligations of Guarantor and any Subsidiary Guarantor under this Facility,
(ii) the incurrence of such Indebtedness will not otherwise cause an Event of Default, (iii) intercompany loans to Subsidiaries which are not wholly-owned directly or indirectly by the Borrower or Subsidiary Guarantors are subject to
reasonable approval by Administrative Agent and (iv) such Indebtedness otherwise complies with the terms and restrictions set forth in this Agreement; and provided, further, that, in addition to the foregoing, in the case of Indebtedness
relating to a Borrowing Base Property or Borrowing Base Property Owner, (A) the holder thereof is (or becomes) a Subsidiary Guarantor and (B) such Indebtedness is pledged to the Administrative Agent as Loan Pledge Collateral pursuant to
the Loan Pledge Agreement. The Borrowing Base Intercompany Indebtedness set forth on Schedule V and the other intercompany Indebtedness existing as of the Closing Date and identified in Item 7.1.11 of the Disclosure Schedule is permitted
hereunder. 
 Section 7.1.12 Corporate Separateness. Borrower will, and will cause Guarantor and each of their respective
Subsidiaries to, take all such action as is necessary to keep the operations of Borrower and its Subsidiaries separate and apart from those of

  

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Guarantor including, without limitation, ensuring that all customary formalities regarding corporate existence, including holding regular board of directors’ meetings and maintenance of
corporate records, are followed. All financial statements of Guarantor and Borrower provided to creditors will, to the full extent permitted by GAAP, clearly evidence the corporate separateness of Borrower and its Subsidiaries from Guarantor.
Finally, no such company will take any action, or conduct its affairs in a manner which is likely to result in the corporate existence of Borrower and/or any of its Subsidiaries on the one hand, and Guarantor on the other, being ignored, or in the
assets and liabilities of Borrower or any of its Subsidiaries being substantively consolidated with those of Guarantor in a bankruptcy, reorganization, or other insolvency proceeding. 
 Section 7.1.13 End of Fiscal Year. The Borrower will, for financial reporting purposes, cause each of its Domestic
Subsidiaries’, Fiscal Years to end on December 31 of each year (the “Fiscal Year End”); provided, however, that the Borrower may, upon written notice to the Administrative Agent, change the definition of Fiscal Year
End set forth above to any other date reasonably acceptable to the Administrative Agent, in which case the Borrower and the Administrative Agent, will and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are
necessary in order to reflect such change in financial reporting. 
 Section 7.1.14 Interest Rate Protection Agreements.
At least eighty percent (80%) of the outstanding principal amount of all Indebtedness for borrowed money of the Consolidated Group shall be either (a) subject to a fixed interest rate or (b) hedged pursuant to an Interest Rate
Protection Agreement that is: (i) acceptable to the lender or lenders providing such Indebtedness, if such lenders or lenders required such Interest Rate Protection Agreement with respect to such Indebtedness, (ii) acceptable to
Moody’s Investors Service, Inc., Standard & Poor’s Rating Group, a division of McGraw Hill, Inc., a New York corporation, or Fitch Ratings, Inc., if such ratings agency required such Interest Rate Protection Agreement with respect
to rating such Indebtedness, or (iii) reasonably acceptable to Administrative Agent, in all other cases. 
 Section 7.1.15
Intentionally Omitted. 
 Section 7.1.16 Parent Guarantor. Guarantor will at all times (i) qualify and
maintain its status as a self-directed and self-administered REIT, (ii) remain a publicly traded company with common stock listed on the New York Stock Exchange or NASDAQ, (iii) conduct substantially all of its business and hold
substantially all of its assets through the Borrower and operate its business at all times so as to satisfy all requirements necessary to qualify as a real estate investment trust under Sections 856 through 860 of the Code, and (iv) maintain
adequate records so as to comply with all record-keeping requirements relating to the qualification of Guarantor as a real estate investment trust as required by the Code and applicable regulations of the Department of Treasury promulgated
thereunder and will properly prepare and timely file with the U.S. Internal Revenue Service all returns and reports required thereby. 
  

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 Section 7.1.17 Maintenance, Repairs, and Alterations. Except to the extent the
failure to do so could not reasonably be expected to materially adversely affect a Borrowing Base Property or have a Material Adverse Effect: 
 (a) Borrower will cause each of the Consolidated Group Properties to be operated, maintained, and managed in a professional manner at all times in all material respects as an upscale, upper-upscale or
luxury hotel project under the names shown on Schedule III (as supplemented from time to time to reflect changes reasonably approved by Administrative Agent) and in a manner consistent with the way it is operated, maintained, and managed as of the
date hereof with respect to any Consolidated Group Property owned or leased by Borrower on the date hereof (including all marketing, advertising, promotional, and reservation programs available as of the date hereof with respect to any such
Consolidated Group Property). Borrower will keep in effect (or cause to be kept in effect) at all times all permits, licenses, and contractual arrangements as may be necessary to meet the standard of operation described in the foregoing sentence or
as may be required by the law. Upon the request of the Administrative Agent, the Borrower will deliver to Administrative Agent true, correct, and complete copies of all permits and licenses necessary for the ownership and operation of the
Consolidated Group Properties, issued in the name of the applicable Consolidated Group Property and consistent with any legal requirements. 
 (b) Borrower will not commit or permit any waste or deterioration of or to any Consolidated Group Property. 
 (c) Borrower will act prudently and in accordance with customary industry standards in managing and operating the Consolidated Group Properties. Borrower will keep the Consolidated Group Properties and
all of its other assets which are reasonably necessary to the conduct of its business in good working order and condition, normal wear and tear excepted. 
 (d) The Borrower will, and will cause Guarantor and each of their respective Subsidiaries to pay and discharge all lawful material claims that, if unpaid, could reasonably be expected to become a material
Lien upon any properties of the Borrower, Guarantor or any of their respective Subsidiaries; provided, however, that neither the Borrower, Guarantor nor any of their respective Subsidiaries shall be required hereunder to pay any such claim that is
being contested in good faith if it has maintained adequate reserves (in the good faith judgment of the management of the Borrower, Guarantor or such Subsidiary) with respect thereto in accordance with GAAP. 
 Section 7.1.18 Access; Annual Meetings with Lenders. 
 (a) Access. The Borrower shall, at any reasonable time and from time to time upon reasonable advance notice, permit
the Administrative Agent or any of the Lenders, or any agents or representatives thereof to, under the guidance of officers of the Borrower (unless such officers are not made available for such

  

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purpose upon reasonable advance notice), (i) examine and make copies (at the expense of Borrower) of and abstracts from the records and books of account of the Consolidated Group,
(ii) visit the properties of the Consolidated Group, (iii) discuss the affairs, finances and accounts of the Consolidated Group with any of their respective officers or directors, and (iv) communicate directly with the Borrower’s
independent certified public accountants. 
 (b) Annual Meetings with Lenders. At the request of the
Administrative Agent or the Required Lenders, the Borrower shall, at least once during each Fiscal Year (other than during the Fiscal Year in effect on the Closing Date) of the Borrower, hold a meeting (at a mutually agreeable location and time)
with all of the Lenders at which meeting the financial results of the previous Fiscal Year and the financial condition of the Consolidated Group and the budgets presented for the current Fiscal Year of the Consolidated Group shall be reviewed, with
each Lender bearing its own travel, lodging, food and other costs associated with attending any such meeting. 
 Section 7.1.19
Keeping of Books. The Borrower shall keep, and shall cause Guarantor and each of their respective Subsidiaries to keep, proper books of record and account, in which proper entries shall be made of all financial transactions and the assets and
business of the Borrower, Guarantor and each respective Subsidiary. 
 Section 7.1.20 Management Letters. Promptly after
the Borrower’s receipt thereof, a copy of any “management letter” received by the Borrower, Guarantor or any of their respective Subsidiaries from its certified public accountants and management’s responses, if any, thereto shall
be delivered to Administrative Agent. 
 Section 7.1.21 Intentionally Omitted. 
 Section 7.1.22 Borrowing Base Properties. 
 (a) (i) Borrower shall own at least three (3) Borrowing Base Properties at all times, of which no fewer than two
(2) must be located in the United States of America; (ii) no Borrowing Base Property and no Capital Stock in any Borrowing Base Property Owner shall at any time be subject to or encumbered by (A) any Indebtedness other than Permitted
Borrowing Base Debt, or (B) any Lien other than a Permitted Borrowing Base Lien, (iii) no more than three (3) Properties located outside of the United State of America may qualify as Borrowing Base Properties at any time, and
(iv) no more than two (2) Borrowing Base Properties may include a condominium or timeshare component or otherwise be part of a condominium or similar development that includes a residential/hotel condominium, fractional interest or
timeshare component, in any such case unless otherwise agreed by the Required Lenders, and (v) at least three (3) Borrowing Base Properties shall at all times qualify as “luxury” or “upper-upscale” hotels, as designated
by Smith Travel Research (or a similar successor company designated by Administrative Agent). 
  

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 (b) A Property may cease to qualify as a Borrowing Base Property, but may
subsequently regain its status as a Borrowing Base Property as provided in clause (c) below. 
 (c) The
Properties approved as Borrowing Base Properties as of the Closing Date are set forth on Schedule II hereto. Borrower may propose to include additional Properties (whether New Acquisitions, former Development Properties or Properties that had
been Borrowing Base Properties but ceased to qualify as such) by sending written proposals for inclusion to the Administrative Agent together with (i) a certification by the Borrower that such Property then satisfies the criteria for a
Borrowing Base Property or, if a waiver or discretionary approval is required with respect to any element thereof, so specifying, (ii) reasonable supporting documentation with respect to each of the elements of such certification or request,
(iii) an Acceptable Appraisal of the proposed Borrowing Base Property and (iv) a Title Search with respect to such proposed Borrowing Base Property. The Administrative Agent will make such request and materials available to the Lenders and
will endeavor promptly either to (A) accept in writing the Borrower’s certification that such Property satisfies the criteria and is deemed a Borrowing Base Property (or specify the reason it is unable to so accept) or (B) solicit the
consent or waiver of the Required Lenders with respect to any matter so requested by the Borrower. 
 (d)
Borrower shall promptly after any Responsible Officer of the Borrower obtains knowledge thereof notify Administrative Agent of: (i) any material structural defects or Environmental Occurrence affecting a Borrowing Base Property or (ii) the
occurrence of any casualty event affecting a Borrowing Base Property, or (iii) any other event or occurrence which would cause a Borrowing Base Property to cease to qualify as such. In such event, the affected Borrowing Base Property will
immediately, as of the occurrence, cease to qualify as a Borrowing Base Property hereunder, except to the extent provided in the following sentence. In the event that structural defects, Environmental Occurrence or casualty result in the temporary
closure (for repair, restoration or remediation) of less than 25% of the rooms in such hotel and provided that the applicable Property Owner has given reasonable security to the Lenders to insure that such repair, restoration or remediation
will be promptly and diligently resolved in a good and workman-like manner within one hundred twenty (120) days, then such Property will not cease to qualify as a Borrowing Base Property for so long as such conditions remain satisfied and
provided that such issues are finally repaired or resolved within one hundred twenty (120) day period. 
 Section
7.2 Negative Covenants. The Borrower agrees with the Administrative Agent, the Issuer and each Lender that, until all Commitments have terminated, all Letters of Credit have terminated or expired and all Obligations have been paid and
performed in full, the Borrower will comply with the covenants set forth in this Section 7.2. 
  

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 Section 7.2.1 Changes in Business. Borrower will not, and will not permit Guarantor
or any of their respective Subsidiaries to, engage in any significant business or activities in any industries or business segments, other than the business and activities conducted by Borrower, Guarantor and their respective Subsidiaries (taken as
a whole) on the Closing Date (i.e., the acquisition, ownership and operation of hotels and interests therein), and other businesses and activities related or incidental thereto. 
 Section 7.2.2 Indebtedness. The Borrower will not, and will not permit Guarantor or any of their respective Subsidiaries to, create,
incur, assume or suffer to exist or otherwise become or be liable in respect of any Indebtedness, other than, without duplication, the following: 
 (a) Mortgage Indebtedness and Mezzanine Indebtedness, including customary recourse guaranties provided in connection therewith; 
 (b) Unsecured Indebtedness incurred in connection with Permitted Construction Indebtedness, subject to compliance with the
covenants set forth in Section 7.2.9, not to exceed $100,000,000 in aggregate principal amount at any time; 
 (c) Permitted Borrowing Base Debt; 
 (d) Indebtedness incurred by Borrower, Guarantor and their
respective Subsidiaries in respect of (i) Credit Hedging Agreements and other Hedging Agreements entered into in the ordinary course and not for speculative purposes, (ii) purchase money indebtedness, capital lease obligations or other
indebtedness for FF&E incurred in the ordinary course of business (but, in either case, not with respect to Property acquisitions or in any event recourse to Borrower or Guarantor), (iii) hotel management agreement fees and obligations
incurred in the ordinary course of business, and (iv) other trade payables, letter of credit reimbursement obligations or guaranties (excluding guarantees of indebtedness for borrowed money or letter of credit reimbursement obligations relating
to indebtedness for borrowed money) incurred in the ordinary course of business, subject to compliance with the covenants set forth in Section 7.2.4. 
 (e) All Obligations hereunder, including pursuant to the Guaranty and Subsidiary Guaranty; 
 (f) Indebtedness secured by any Liens permitted pursuant to Section 7.2.3; 
 (g) Indebtedness existing as of the Closing Date and identified in Item 7.1.11 of the Disclosure Schedule and
Indebtedness to be incurred on the Hamburg and Paris assets, substantially in accordance with the term sheets therefor attached to Schedule VI; as well as refinancings of such Hamburg and Paris Indebtedness, subject to compliance with the covenants
set forth in Section 7.2.4, so long as (i) any excess proceeds are used to pay down the Facility, (ii) there is no additional recourse to Borrower or Guarantor as a result of such

  

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refinancing and (iii) such refinancing is approved by the Administrative Agent in its reasonable discretion; and 
 (h) Unsecured Indebtedness not otherwise permitted under the foregoing clauses (a)-(g), subject to compliance with the
covenants set forth in Section 7.2.9, not to exceed $50,000,000 in aggregate principal amount at any time. 
 Section 7.2.3 Liens. The Borrower and Guarantor will not, and will not permit any of their Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its property, revenues or assets (real or personal, tangible or
intangible), whether now owned or hereafter acquired or sell any such property or assets subject to an understanding or agreement, contingent or otherwise, to repurchase or leaseback such property or assets (including sales or accounts receivable
with recourse to such Borrower, Guarantor or any of their respective Subsidiaries), or assign any right to receive income or permit the filing of any financing statement under the UCC or any other similar notice of Lien under any similar recording
or notice statute, except, with respect to Borrowing Base Properties, Permitted Borrowing Base Liens and with respect to all Properties other than Borrowing Base Properties, the following: 
 (a) Liens securing payment of the Obligations granted pursuant to any Loan Document or Liens securing Credit Hedging
Agreements; 
 (b) Liens securing Permitted Construction Indebtedness; 
 (c) Liens securing Mortgage Indebtedness or Mezzanine Indebtedness; 
 (d) Liens securing Indebtedness of the type permitted and described in clause (c) or (d) of
Section 7.2.2; 
 (e) Liens on cash or Cash Equivalents or deposit accounts holding cash or Cash
Equivalents securing Hedging Agreements or letter of credit reimbursement obligations permitted under Section 7.2.2(e) or Liens securing FF&E purchase money indebtedness or capital lease obligations permitted under
Section 7.2.2(e); 
 (f) inchoate Liens for taxes, assessments or other governmental charges or
levies not at the time delinquent or thereafter payable without penalty or to the extent payment is not required pursuant to Section 7.1.4; 
 (g) Liens of carriers, warehousemen, mechanics, materialmen and landlords and other similar Liens imposed by law incurred in the ordinary course of business, in each case so long as such Liens could not
reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect; 
 (h) Liens
(other than any Lien imposed by ERISA) incurred or deposits made in the ordinary course of business in connection with workmen’s compensation, unemployment insurance or other forms of governmental

  

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insurance or benefits, or to secure performance of tenders, statutory and regulatory obligations, bids, leases and contracts or other similar obligations (other than for borrowed money) entered
into in the ordinary course of business or to secure obligations on surety bonds or performance or return-of-money bonds; 
 (i) Liens consisting of judgment or judicial attachment liens in circumstances not constituting an Event of Default under Section 8.1.6; 
 (j) easements, rights-of-way, municipal and zoning ordinances or similar restrictions, minor defects or irregularities in
title and other similar charges or encumbrances not securing Indebtedness and not interfering in any material respect with the ordinary conduct of the business of the Borrower or its Subsidiaries; 
 (k) Leases for space entered into in the ordinary course of business affecting any Property (to tenants as tenants only,
without purchase rights or options); and 
 (l) Liens arising solely by virtue of any statutory or common law
provision relating to banks’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution, provided that such deposit account is not a cash collateral
account. 
 Section 7.2.4 Financial Covenants. The Borrower will not permit to occur any of the events set forth below.

 (a) Total Fixed Charge Coverage Ratio. The Borrower will not permit the Total Fixed Charge Coverage
Ratio, as of the end of any Fiscal Quarter to be: (i) less than 1.20:1.00 through and including the second anniversary of the Closing Date and (ii) less than 1.30:1.00 at any time after the second anniversary of the Closing Date.

 (b) Maximum Total Leverage Ratio. The Borrower will not permit the Total Leverage Ratio to be greater
than 0.65 to 1.0. 
 (c) Net Worth. The Borrower will not permit, as of any date, Consolidated Tangible
Net Worth to be less than an amount equal to $1,585,991,000 plus seventy-five percent (75%) of the proceeds to Guarantor of any new issuances of common Capital Stock. 
 (d) Construction Cost. The Borrower will not permit Construction Costs of the Consolidated Group, including, in the
case of Unconsolidated Subsidiaries, the greater of (i) Borrower’s Share of such Construction Cost and (ii) the amount (without duplication) of such Construction Cost for which the member of the Consolidated Group is liable, at any
time to exceed fifteen percent (15%) of the aggregate Gross Asset Value in respect of all of the Properties, excluding however those Construction Costs to be expended in repairing the Hyatt New

  

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Orleans Property and re-opening such Property to the general public following Hurricane Katrina. 
 (e) Minority Joint Ventures. The Borrower will not permit its Share of the aggregate Net Asset Value of Properties held in Unconsolidated Subsidiaries at any time to exceed 25% of the aggregate
Gross Asset Value in respect of all of the Properties. 
 (f) Construction Costs and Minority Joint
Ventures. The Borrower will not permit (i) the sum of the Construction Costs described in clause (g) above and the Borrower’s Share of the aggregate Net Asset Value of Properties held in Unconsolidated Subsidiaries to exceed at
any time (ii) thirty-five percent (35%) of the aggregate Gross Asset Value in respect of all of the Properties. 
 Section 7.2.5 Investments. The Borrower will not, and will not permit Guarantor or any of their respective Subsidiaries to, make, incur, assume or suffer to exist any Investment in any other Person except: 
 (a) Investments existing as of the Closing Date and identified in Item 7.2.5(a) of the Disclosure Schedule,
provided that any additional Investments made with respect thereto shall be permitted only if permitted under the other provisions of this Section 7.2.5; 
 (b) Investments in Cash Equivalents; 
 (c) without duplication, Investments to the extent permitted as Indebtedness pursuant to Section 7.2.2;

 (d) without duplication, Capital Expenditures; 
 (e) without duplication, Investments permitted by Section 7.2.6; 
 (f) acquisitions of Properties provided that the financial covenants in Section 7.2.4 are complied with;

 (g) Investments constituting (i) accounts receivable arising, (ii) trade debt granted, or
(iii) deposits made in connection with the purchase price of goods or services, in each case in the ordinary course of business; 
 (h) loans to Subsidiaries permitted pursuant to Section 7.1.11; 
 (i) loans and advances to employees of the Guarantor, the Borrower or any Subsidiary in the ordinary course of business, including in connection with a management incentive plan, not to exceed
$5,000,000.00 in the aggregate; 
 (j) Investments in the Capital Stock of any Subsidiary; and 
  

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 (k) Investments in Unconsolidated Subsidiaries unless the Borrower’s
Share of the Net Asset Value of Properties held in all Unconsolidated Subsidiaries is equal to or greater than 25% of the aggregate Gross Asset Value of all the Properties. 
 Section 7.2.6 Restricted Payments, etc. 
 (a) Borrower will not, nor will Borrower permit Guarantor or any of their respective Subsidiaries to, authorize, declare or pay any Dividends, except that: 
 (i) any Subsidiary of Borrower may authorize, declare and pay cash Dividends to Borrower or to any Subsidiary of Borrower;
and 
 (ii) Guarantor, Borrower and any of their respective Subsidiaries may authorize, declare or pay Dividends
from time to time (in addition to those permitted pursuant to the preceding clause (i)), so long as (A) no Event of Default exists at the time of the respective authorization, declaration or payment or would exist immediately after giving
effect thereto, (B) calculations are made by Borrower establishing compliance with the financial covenants contained in Section 7.2.4 for the Test Period, on a pro forma basis (giving effect to the payment of the applicable
Dividend). 
 (b) Without limitation of the foregoing, any Dividend that is a redemption, retirement, purchase or
other acquisition or similar transaction, of any class of Borrower’s or Guarantor’s outstanding Capital Stock (each, a “Share Repurchase”) shall be permitted only upon Borrower’s certification to the Administrative
Agent that the Total Leverage Ratio, on a pro forma basis after giving effect to such Share Repurchase would not be (i) during the first three years following the Closing Date, equal or exceed sixty percent (60%) and (ii) at any time
from and after the third anniversary of the Closing Date, equal or exceed fifty-five percent (55%). 
 (c) No
Dividend, including any Share Repurchase, or other payment may be paid or made under this Section 7.2.6 at any time that an Event of Default shall have occurred and be continuing or would result from any such Dividend or other payment;
provided, however, that notwithstanding the restrictions of Section 7.2.6(a) or the first part of this sentence, for so long as Guarantor qualifies, or has taken all other actions necessary to qualify, as a “real
estate investment trust” under the Code during any Fiscal Year of Guarantor, the Borrower may authorize, declare and pay quarterly cash Dividends (which may be based on estimates) to Guarantor when and to the extent necessary for Guarantor to
distribute, and Guarantor may so distribute, cash Dividends to its shareholders generally in an aggregate amount not to exceed the minimum amount necessary for Guarantor to maintain its tax status as a real estate investment trust, unless the
Borrower receives notice from the Administrative Agent of any monetary Event of Default or other material Event of Default. 
  

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 Section 7.2.7 Consolidations and Mergers; Dispositions. The Borrower will not, and
will not suffer or permit Guarantor or any of their respective Subsidiaries to, merge, consolidate, reorganize or otherwise combine or liquidate with or into, whether in one transaction or in a series of transactions to or in favor of, any Person
except for (i) transactions that occur between wholly-owned Subsidiaries, (ii) transactions where the Borrower is the surviving entity and there is no change in the type of business conducted (i.e., from that of a hotel owner and operator)
and no other Change of Control or Default results from such transaction, (iii) transactions otherwise permitted hereunder including in connection with a permitted Disposition, or (iv) transactions otherwise approved in advance by
Administrative Agent or the Required Lenders. The Borrower will not, and will not permit Guarantor and any of their respective Subsidiaries to enter into or consummate any Disposition (other than any Disposition resulting from a casualty or
condemnation, a Disposition by any Subsidiary to any wholly-owned Subsidiary of Borrower or to Borrower or otherwise approved in advance by the Required Lenders) if (A) an Event of Default then exists; or (B) the Disposition would result
in (1) proceeds of less than eighty-five percent (85%) cash or Cash Equivalents or (2) Capital Stock in a Subsidiary or Joint Venture that would otherwise not be permitted under this Agreement; or (C) the Disposition is not on a
bona fide arms-length basis; or (D) the Disposition would, on an actual or pro forma basis, cause an Event of Default or the breach of the financial covenants set forth in Section 7.2.4. 
 Section 7.2.8 Limitation on Certain Restrictions on Subsidiaries. The Borrower will not, and will not permit Guarantor or any of
their respective Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective, any encumbrance or restriction on the ability of any such Subsidiary to (x) pay Dividends or make any other
distributions on its Capital Stock or any other interest or participation in its profits owned by the Borrower, Guarantor or any of their Subsidiaries, or pay any Indebtedness owed to the Borrower, Guarantor or any of their respective Subsidiaries,
(y) make loans or advances to the Borrower, Guarantor or any of their respective Subsidiaries or (z) transfer any of its properties or assets to the Borrower, Guarantor or any of their respective Subsidiaries, except for such encumbrances
or restrictions existing under or by reason of (i) applicable law, (ii) this Agreement and the other Loan Documents, (iii) customary provisions restricting subletting or assignment of any lease governing a leasehold interest of the
Borrower, Guarantor or any of their respective Subsidiaries, (iv) customary provisions restricting assignment of any licensing agreement or other contract entered into by the Borrower, Guarantor or any of their respective Subsidiaries in the
ordinary course of business, (v) restrictions on the transfer of any assets subject to or restrictions on the making of distributions imposed in connection with a Lien permitted by Sections 7.2.3(b), (c) or (d), and
(vi) restrictions on transfer imposed on Restricted Subsidiaries or with respect to Properties owned by Restricted Subsidiaries. 
 Section 7.2.9 Covenant Restrictions. No Recourse Indebtedness of the Borrower or Guarantor shall contain any covenant or restriction which is more restrictive than any covenant or restriction contained in this Agreement or any other
Loan

  

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Documents. Without limiting the rights and remedies of the Lenders with respect to any breach of the foregoing covenant, any such more restrictive covenant or restriction shall be deemed
incorporated herein, mutatis mutandis, and applicable to the Facility. 
 Section 7.2.10 Organic Documents.
Neither the Guarantor nor the Borrower shall amend, modify or otherwise change any of the terms or provisions in any of its respective Organic Documents as in effect on the Closing Date, except amendments to effect changes that could not be
reasonably expected to have Material Adverse Effect; provided, however in no event shall the Organic Documents of Borrower be amended in any manner to reduce or otherwise diminish the management rights and powers of the managing member
without the consent of the Administrative Agent. 
 ARTICLE VIII 
 EVENTS OF DEFAULT 
 Section 8.1 Listing of Events of
Default. Each of the following events or occurrences described in this Section 8.1 shall constitute an “Event of Default.” 
 Section 8.1.1 Non-Payment of Obligations. The Borrower shall default in the payment or prepayment when due of 
 (a) any principal or interest of any Loan; or 
 (b) any fee described in Article III or of any other amount payable hereunder or under any other Loan Document and
such default shall continue unremedied for a period of five (5) Business Days. 
 Section 8.1.2 Breach of Warranty.
Any representation or warranty of the Borrower made or deemed to be made hereunder or in any other Loan Document executed by it or any other writing or certificate furnished by or on behalf of the Borrower to the Lender for the purposes of or in
connection with this Agreement or any such other Loan Document (including any certificates delivered pursuant to Article V), is or shall be incorrect, false or misleading when made or deemed to have been made in any material respect.

 Section 8.1.3 Non-Performance of Certain Covenants and Obligations. The Borrower shall (a) default in the due
performance and observance of any of its obligations under Section 7.1.1 (f), Section 7.1.2 (but only to the extent arising from the failure of Guarantor or Borrower to preserve and keep in full force and effect its
existence), Section 7.1.16, Section 7.1.22(a), or Section 7.2 hereof, or (b) default in the due performance and observance of any of its obligations under Section 7.1.1(g), (k) or (m),
Section 7.1.6, Section 7.1.14, or Section 7.1.22(c) hereof and such default shall continue unremedied for a period of ten (10) days. 
 Section 8.1.4 Non-Performance of Other Covenants and Obligations. The Borrower shall default in the due performance and observance of
any other agreement contained herein or in any other Loan Document executed by it, and such default shall continue unremedied for a period of thirty (30) days after written notice

  

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thereof shall have been given to the Borrower by the Administrative Agent or the Required Lenders; provided, however, that if such default is susceptible of cure but cannot
reasonably be cured within such 30 day period and the Borrower shall have commenced to cure such default within such 30 day period and is working in good faith to cure the same, such 30 day period shall be extended for up to an additional thirty
(30) days. 
 Section 8.1.5 Default on Other Indebtedness. A default shall occur in the payment when due (subject to
any applicable grace period), whether by acceleration or otherwise, of any Indebtedness (other than Indebtedness described in Section 8.1.1) of the Consolidated Group having a principal amount, individually or in the aggregate, in excess
of $25,000,000 (exclusive of non-recourse debt related to the Prague asset identified on Schedule V attached hereto), or a default shall occur in the performance or observance of any obligation or condition, or any other event shall occur or
condition shall exist, in either case, with respect to such Indebtedness (subject to any applicable grace period) if the effect of such default or other event or condition is to accelerate the maturity of any such Indebtedness or cause such
Indebtedness to become due and payable or to require such Indebtedness to be prepaid, redeemed, purchased or defeased, or to cause an offer to purchase or defease such Indebtedness to be required to be made, prior to its expressed maturity.

 Section 8.1.6 Judgments. Any judgment, order, decree or arbitration award for the payment of money in excess of
$5,000,000 (to the extent not fully covered by a solvent third party insurance company (less any applicable deductible) and as to which the insurer has not disputed in writing its responsibility to cover such judgment, order, decree or arbitration
award) shall be rendered against Borrower, Guarantor or any of their respective Subsidiaries and the same shall not have been satisfied or vacated or discharged or stayed or bonded pending appeal within 60 days after the entry thereof. 

Section 8.1.7 ERISA. An ERISA Event shall occur with respect to a Pension Plan or Multiemployer Plan. 
 Section 8.1.8 Change of Control. Any Change of Control shall occur. 
 Section 8.1.9 Bankruptcy, Insolvency, etc. The Borrower, Guarantor, or any of their respective Subsidiaries (except for Subsidiaries
that are not Property Owners and which own in the aggregate less than $25,000,000 of assets) shall: 
 (a) become
insolvent or generally fail to pay, or admit in writing its inability or unwillingness generally to pay, debts as they become due; 
 (b) apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for any substantial part of the property of any thereof, or make a general assignment
for the benefit of creditors; 
 (c) in the absence of such application, consent or acquiescence, permit or
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custodian for a substantial part of the property of any thereof, and such trustee, receiver, sequestrator or other custodian shall not be discharged within 60 days; 
 (d) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or
proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect thereof, and, if any such case or proceeding is not commenced by the Borrower or any such Subsidiary, such case or proceeding
shall be consented to or acquiesced in by the Borrower or any Subsidiary, as the case may be, or shall result in the entry of an order for relief or shall remain for 60 days undismissed; or 
 (e) take any corporate action authorizing, or in furtherance of, any of the foregoing. 
 Section 8.1.10 Impairment of Security, etc. The Pledge Agreement, the Guarantor Pledge Agreement or the Guaranty, in whole or in
material part, or any Lien granted under the Pledge Agreement or the Guarantor Pledge Agreement shall (except in accordance with its terms and except as a result of acts or omissions of the Administrative Agent or any Lender) terminate, cease to be
effective or cease to be the legally valid, binding and enforceable obligation of any party thereto; the Borrower, any Guarantor or any other party shall, directly or indirectly, deny or disaffirm in writing such effectiveness, validity, binding
nature or enforceability; or, except as permitted under any Loan Document, any Lien securing any Obligation shall, in whole or in part, cease to be a perfected first priority Lien. 
 Section 8.1.11 Intentionally Omitted. 
 Section 8.1.12 Intentionally Omitted. 
 Section 8.1.13 Termination of
Agreements. Any Material Agreement shall be terminated pursuant to the terms thereof and shall not be replaced with a new corresponding Material Agreement or other arrangement reasonably satisfactory to the Administrative Agent within sixty
(60) days. 
 Section 8.1.14 REIT Status. Guarantor shall for any reason, whether or not within the control of the
Borrower, cease to maintain its status as REIT. 
 Section 8.1.15 Intentionally Omitted. 
 Section 8.1.16 Illegal or Invalid. If this Agreement or any other Loan Document shall terminate or shall cease to be effective or
shall cease to be a legally valid, binding and enforceable obligation of Borrower or Guarantor. 
 Section 8.2 Action if
Bankruptcy. If any Event of Default described in clauses (a) through (e) of Section 8.1.9 shall occur with respect to the Borrower, the Commitments (if not theretofore terminated) shall automatically terminate
and the outstanding principal amount of all outstanding Loans and all other Obligations 
  

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(including Reimbursement Obligations) shall automatically be and become immediately due and payable, without notice or demand and the Borrower shall automatically and immediately be obligated to
deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings. 
 Section 8.3
Action if Other Event of Default. If any Event of Default (other than any Event of Default described in clauses (a) through (e) of Section 8.1.9 with respect to the Borrower) shall occur for any reason,
whether voluntary or involuntary, and be continuing, the Administrative Agent, upon the direction or with the consent of the Required Lenders, shall by written notice to the Borrower declare all of the outstanding principal amount of the Loans and
other Obligations (including Reimbursement Obligations) to be due and payable and/or the Revolving Loan Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of the Loans and other Obligations shall be and
become immediately due and payable, without further notice, demand or presentment, and the Commitments shall terminate and the Borrower shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an
amount equal to all Letter of Credit Outstandings. 
 Section 8.4 Actions in Respect of Letters of Credit. 
 (a) If, at any time and from time to time, any Letter of Credit shall have been issued hereunder and an Event of Default
shall have occurred and be continuing, then, upon the occurrence and during the continuation thereof, the Administrative Agent, after consultation with the Lenders, may, and upon the demand of the Required Lenders shall, whether in addition to the
taking by the Administrative Agent of any of the actions described in this Article or otherwise, make a demand upon the Borrower to, and forthwith upon such demand (but in any event within ten (10) days after such demand) the Borrower shall,
pay to the Administrative Agent, on behalf of the Lenders, in same day funds at the Administrative Agent’s office designated in such demand, for deposit in a special cash collateral account (the “Letter of Credit Collateral
Account”) to be maintained in the name of the Administrative Agent (on behalf of the Lenders) and under its sole dominion and control at such place as shall be designated by the Administrative Agent, an amount equal to the amount of the
Letter of Credit Outstandings (taking into account any amounts then on deposit in the Letter of Credit Collateral Account) under the Letters of Credit. Interest shall accrue on the Letter of Credit Collateral Account at a rate equal to the rate on
overnight funds. 
 (b) The Borrower hereby pledges, assigns and grants to the Administrative Agent, as
administrative agent for its benefit and the ratable benefit of the Lenders a lien on and a security interest in, the following collateral (the “Letter of Credit Collateral”): 
 (i) the Letter of Credit Collateral Account, all cash deposited therein and all certificates and instruments, if any, from
time to time representing or evidencing the Letter of Credit Collateral Account; 
  

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 (ii) all notes, certificates of deposit and other instruments from time to
time hereafter delivered to or otherwise possessed by the Administrative Agent for or on behalf of the Borrower in substitution for or in respect of any or all of the then existing Letter of Credit Collateral; 
 (iii) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the then existing Letter of Credit Collateral; and 
 (iv) to the extent not covered by the above clauses, all proceeds of any or all of the foregoing Letter of Credit Collateral. 
 The
lien and security interest granted hereby secures the payment of all obligations of the Borrower now or hereafter existing hereunder and under any other Loan Document. 
 (c) The Borrower hereby authorizes the Administrative Agent for the ratable benefit of the Lenders to apply, from time to
time after funds are deposited in the Letter of Credit Collateral Account, funds then held in the Letter of Credit Collateral Account to the payment of any amounts, in such order as the Administrative Agent may elect, as shall have become due and
payable by the Borrower to the Lenders in respect of the Letters of Credit. 
 (d) Neither the Borrower nor any
Person claiming or acting on behalf of or through the Borrower shall have any right to withdraw any of the funds held in the Letter of Credit Collateral Account, except as provided in Section 8.4(h) or Section 2.6.7 hereof.

 (e) The Borrower agrees that it will not (i) sell or otherwise dispose of any interest in the Letter of
Credit Collateral or (ii) create or permit to exist any lien, security interest or other charge or encumbrance upon or with respect to any of the Letter of Credit Collateral, except for the security interest created by this
Section 8.4. 
 (f) If any Event of Default shall have occurred and be continuing: 
 (i) The Administrative Agent may, in its sole discretion, without notice to the Borrower except as required by law and at any
time from time to time, charge, set off or otherwise apply all or any part of any unpaid Obligations then due and payable, in such order as the Administrative Agent shall elect against the Letter of Credit Collateral Account or any part thereof. The
rights of the Administrative Agent under this Section 8.4 are in addition to any rights and remedies which any Lender may have. 
 (ii) The Administrative Agent may also exercise, in its sole discretion, in respect of the Letter of Credit Collateral Account, in addition to the other rights and remedies provided herein or otherwise
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it, all the rights and remedies of a secured party upon default under the Uniform Commercial Code in effect in the State of New York at that time. 
 (g) The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Letter
of Credit Collateral if the Letter of Credit Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property, it being understood that, assuming such treatment, the Administrative Agent shall not
have any responsibility or liability with respect thereto. 
 (h) At such time as all Events of Default have been
cured or waived in writing, all amounts remaining in the Letter of Credit Collateral Account shall be promptly returned to the Borrower. Absent such cure or written waiver, any surplus of the funds held in the Letter of Credit Collateral Account and
remaining after payment in full of all of the Obligations (including without limitation all Letter of Credit Outstandings) hereunder and under any other Loan Document after the termination or expiration of all of the Commitments shall be paid to the
Borrower or to whomsoever may be lawfully entitled to receive such surplus. 
 ARTICLE IX 
 THE ADMINISTRATIVE AGENT 
 Section 9.1 Appointment. 
 (a) The Lenders hereby irrevocably designate and appoint DBTCA as
Administrative Agent (for purposes of this Article IX and Sections 10.3 and 10.12, the term “Administrative Agent” also shall include Deutsche Bank Securities Inc., an affiliate of DBTCA, and Citigroup Global Markets,
Inc. in their capacities as Co-Lead Arrangers and Joint Book Running Managers in connection with this Agreement and the financings contemplated hereby) to act as specified herein and in the other Loan Documents. Each Lender hereby irrevocably
authorizes, and each holder of any Note by the acceptance of such Note shall be deemed irrevocably to authorize, the Administrative Agent to take such action on its behalf under the provisions of this Agreement, the other Loan Documents and any
other instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof
and such other powers as are reasonably incidental thereto. The Administrative Agent may perform any of its respective duties hereunder or under the other Loan Documents by or through its officers, directors, agents, employees or affiliates.

 (b) Each Lender hereby irrevocably appoints the Issuer to act on behalf of such Lenders with respect to any
Letters of Credit issued by the Issuer and the documents associated therewith until such time and except for so long as the Administrative Agent may agree at the request of the Required Lenders to act for such Issuer with respect thereto;
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all of the benefits and immunities (i) provided to the Administrative Agent in this Article IX with respect to any acts taken or omissions suffered by the Issuer in connection with
Letters of Credit issued by it or proposed to be issued by it pertaining to the Letters of Credit as fully as if the term “Administrative Agent,” as used in this Article IX, included the Issuer with respect to such acts or omissions
and (ii) as additionally provided in this Agreement with respect to the Issuer. 
 Section 9.2 Hedging Counterparty
Intercreditor Agreements. At the request of Borrower, the Administrative Agent on behalf of the Lenders will enter into a Hedging Counterparty Intercreditor Agreement in order to permit the sharing of Collateral on a pari pasu basis among
the Lenders and the Pari-Pasu Hedging Counterparties, provided that such Hedging Counterparty Intercreditor Agreement: 
 (i) limits the maximum aggregate pro rata share in Collateral to which the Pari-Pasu Hedging Counterparties could be entitled to Ten Million Dollars ($10,000,000) in principal amount, including with respect to any interests, liabilities or
Net Termination Values under the Pari-Pasu Hedging Agreements, whether or not actually in excess of Ten Million Dollars ($10,000,000); 
 (ii) requires the Pari-Pasu Hedging Counterparties to in all events standstill and forebear with respect to any actions relating to the Collateral; 
 (iii) provides for reasonable acknowledgment by each Pari-Pasu Hedging Counterparty that it has no rights or obligations with
respect to the Facility or Collateral, other than the sharing arrangements expressly provided in the intercreditor agreement; 
 (iv) requires as a condition to the sharing of such Collateral that such Pari-Pasu Hedging Counterparty bear its pro rata share of all expenses incurred by the Administrative Agent and Secured Creditors
in connection with the ownership, operation, maintenance, marketing and sale of the Collateral; 
 (v) relates to
a Hedging Agreement that has been pledged by Borrower (and/or Guarantor, as applicable), pursuant to documents in form and substance reasonably acceptable to the Administrative Agent, as additional Collateral for the Facility; and 
 (vi) is otherwise on terms and conditions and in form and substance, including with respect to indemnification of the
Administrative Agent and the Lenders, reasonably acceptable to the Administrative Agent and the Required Lenders. 
 Section 9.3
Nature of Duties. The Administrative Agent shall not have any duties or responsibilities except those expressly set forth in this Agreement and in the other Loan Documents. Neither the Administrative Agent nor any of its officers, directors,
agents, employees or affiliates shall be liable to any Person for any action taken or omitted by it or them hereunder or under any other Loan Document or in connection herewith or therewith, unless caused by its or their gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final and non-appealable 
  

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decision). The duties of the Administrative Agent shall be mechanical and administrative in nature; the Administrative Agent shall not have by reason of this Agreement or any other Loan Document
a fiduciary relationship in respect of any Lender or the holder of any Note; and nothing in this Agreement or in any other Loan Document, expressed or implied, is intended to or shall be so construed as to impose upon the Administrative Agent any
obligations in respect of this Agreement or any other Loan Document except as expressly set forth herein or therein. 
 Section
9.4 Lack of Reliance on the Administrative Agent. Independently and without reliance upon the Administrative Agent, each Lender and the holder of each Note, to the extent it deems appropriate, has made and shall continue to make (i) its
own independent investigation of the financial condition and affairs of the Borrower, Guarantor and their respective Subsidiaries in connection with the making and the continuance of the Credit Extensions and the taking or not taking of any action
in connection herewith and (ii) its own appraisal of the creditworthiness of the Borrower, Guarantor and their respective Subsidiaries and, except as expressly provided in this Agreement, the Administrative Agent shall not have any duty or
responsibility, either initially or on a continuing basis, to provide any Lender or the holder of any Note with any credit or other information with respect thereto, whether coming into its possession before the making of any Credit Extension or at
any time or times thereafter. The Administrative Agent shall not be responsible to any Lender or the holder of any Note for any recitals, statements, information, representations or warranties herein, in any other Loan Document or in any document,
certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectibility, priority or sufficiency of this Agreement or any other Loan Document
or the financial condition of the Borrower, Guarantor or any of their respective Subsidiaries or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or any
other Loan Document, or the financial condition of the Borrower, Guarantor or any of their respective Subsidiaries or the existence or possible existence of any Default or Event of Default. 
 Section 9.5 Certain Rights of the Administrative Agent. If the Administrative Agent requests instructions from the Required Lenders
with respect to any act or action (including failure to act) in connection with this Agreement or any other Loan Document, the Administrative Agent shall be entitled to refrain from such act or taking such action unless and until the Administrative
Agent shall have received written instructions from the Required Lenders; and the Administrative Agent shall not incur liability to any Lender by reason of so refraining. Without limiting the foregoing, neither any Lender nor the holder of any Note
shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting hereunder or under any other Loan Document in accordance with the instructions of the Required
Lenders, or such greater number of Lenders as may be expressly required under Section 10.1. 
 Section 9.6
Reliance. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, 
  

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statement, certificate, telex, teletype or telecopier message, cablegram, radiogram, order or other document or telephone message signed, sent or made by any Person that the Administrative Agent
believed to be the proper Person, and, with respect to all legal matters pertaining to this Agreement and any other Loan Document and its duties hereunder and thereunder, upon advice of counsel selected by the Administrative Agent. 
 Section 9.7 Indemnification. To the extent the Administrative Agent (or any affiliate thereof) is not reimbursed and indemnified by
the Borrower, the Lenders will reimburse and indemnify the Administrative Agent (and any affiliate thereof) in proportion to their respective “percentage” as used in determining the Required Lenders for and against any and all liabilities,
obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by the Administrative Agent (or any affiliate thereof) in
performing its duties hereunder or under any other Loan Document or in any way relating to or arising out of this Agreement or any other Loan Document; provided that no Lender shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, claims, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s (or such affiliate’s) gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision). 
 Section 9.8 The Administrative Agent in its Individual Capacity.
With respect to its obligation to make Loans, or issue or participate in Letters of Credit, under this Agreement, the Administrative Agent shall have the rights and powers specified herein for a “Lender” and may exercise the same rights
and powers as though it were not performing the duties specified herein; and the terms “Lender,” “Required Lenders,” or any similar terms shall, unless the context clearly indicates otherwise, include the Administrative Agent in
its respective individual capacities. The Administrative Agent and its affiliates may accept deposits from, lend money to, and generally engage in any kind of banking, investment banking, trust or other business with, or provide debt financing,
equity capital or other services (including financial advisory services) to any member of the Consolidated Group or any Affiliate of any member of the Consolidated Group (or any Person engaged in a similar business with any member of the
Consolidated Group or any Affiliate thereof) as if they were not performing the duties specified herein, and may accept fees and other consideration from any member of the Consolidated Group or any Affiliate of any member of the Consolidated Group
for services in connection with this Agreement and otherwise without having to account for the same to the Lenders. 
 Section
9.9 Holders. The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes hereof unless and until a written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have
been filed with the Administrative Agent. Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding on any subsequent
holder, transferee, assignee or endorsee, as the case may be, of such Note or of any Note or Notes issued in exchange therefor. 
  

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 Section 9.10 Resignation by the Administrative Agent. 
 (a) The Administrative Agent may resign from the performance of all its respective functions and duties hereunder and/or
under the other Loan Documents at any time by giving thirty (30) days prior written notice to the Lenders and, unless an Event of Default then exists with respect to the Borrower, the Borrower. Any such resignation by the Administrative Agent
hereunder shall also constitute its resignation as the Issuer, in which case the resigning Administrative Agent (x) shall not be required to issue any further Letters of Credit and (y) shall maintain all of its rights as the Issuer with
respect to any Letters of Credit issued by it prior to the date of such resignation. Such resignation shall take effect upon the appointment of a successor Administrative Agent pursuant to clauses (b) and (c) below in this
Section 9.10 or as otherwise provided below in this Section 9.10. 
 (b) Upon any such
notice of resignation by the Administrative Agent, the Required Lenders shall appoint a successor Administrative Agent and Issuer hereunder and who shall be either an Affiliate of the Administrative Agent or a commercial bank or trust company
reasonably acceptable to the Borrower, which acceptance shall not be unreasonably withheld or delayed (provided that the Borrower’s approval or acceptance shall not be required if an Event of Default then exists). 
 (c) If a successor Administrative Agent shall not have been so appointed within such 30 day period, the Administrative Agent,
with the consent of the Borrower (which consent shall not be unreasonably withheld or delayed, provided that the Borrower’s consent shall not be required if an Event of Default then exists), shall then appoint a successor Administrative
Agent who shall serve as Administrative Agent and Issuer hereunder and until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided above. 
 (d) If no successor Administrative Agent has been appointed pursuant to clause (b) or (c) above in this
Section 9.10 by the 35th Business Day after the date such notice of resignation was given by the Administrative Agent, the Administrative Agent’s resignation shall become effective and the Required Lenders shall thereafter perform
all the duties of the Administrative Agent hereunder and/or under any other Loan Document until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided above. 
 (e) Upon a resignation of the Administrative Agent pursuant to this Section 9.10, the Administrative Agent shall
remain indemnified to the extent provided in this Agreement and the other Loan Documents and the provisions of this Article IX shall continue in effect for the benefit of the Administrative Agent for all of its actions and inactions while
serving as the Administrative Agent. 
  

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 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
 Section 10.1 Waivers, Amendments, etc.

 (a) Neither this Agreement nor any other Loan Document nor any terms hereof or thereof may be changed, waived,
discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective parties thereto and the Required Lenders, provided that no such change, waiver, discharge or termination shall, without the
consent of each Lender (other than a Defaulting Lender) with Obligations being directly affected thereby, (i) extend the final scheduled maturity of any Revolving Loan or Note or extend the Stated Expiry Date of any Letter of Credit beyond the
Maturity Date, or reduce the rate or extend the time of payment of interest (except in connection with a waiver of applicability of any post-default increase in interest rates) or fees thereon or reduce the principal amount thereof (except to the
extent repaid in cash) or extend the time for payment thereof (it being understood that any amendment or modification to the financial definitions in this Agreement shall not constitute a reduction in any rate of interest or fees for purposes of
this clause (i), so long as the primary purpose of the respective amendments or modifications to the financial definitions was not to reduce the interest or fees payable hereunder), (ii) amend, modify or waive any provision of this
Section 10.1, (iii) reduce the percentage specified in the definition of Required Lenders, (iv) consent to the assignment or transfer by Borrower of any of its rights and obligations under this Agreement, (v) release
Guarantor from the Guaranty, or (vi) release any Subsidiary Guarantor from the Subsidiary Guaranty or release all or any material portion of the Collateral, except, in each case, as provided in Section 7.1.9 or in connection with a
Disposition or refinancing that is otherwise permitted pursuant to the terms of this Agreement; provided further, that, in addition to the consent of the Required Lenders required above, no such change, waiver, discharge or termination
shall (A) increase the Revolving Loan Commitments of any Lender over the amount thereof then in effect without the consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events
of Default or of a mandatory reduction in the Revolving Loan Commitment Amount shall not constitute an increase of the Revolving Loan Commitment of any Lender, and that an increase in the available portion of any Revolving Loan Commitment of any
Lender shall not constitute an increase of the Revolving Loan Commitment of such Lender), or (B) without the consent of the Issuer, amend, modify or waive any provision of Sections 2.1.2, 2.1.4, or 2.6, or alter its rights or
obligations with respect to Letters of Credit. 
 (b) If, in connection with any proposed change, waiver,
discharge or termination to any of the provisions of this Agreement as contemplated by clauses (i) through (vi), inclusive, of the first proviso to Section 10.1(a), the consent of the Required Lenders is obtained but the consent of
one or more of such other Lenders whose consent is required is not obtained, then the Borrower shall have the right, so long as all non-consenting Lenders whose individual consent is

  

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required are treated as described below, to replace each such non-consenting Lender or Lenders with one or more Replacement Lenders pursuant to Section 4.4 so long as at the time of
such replacement, each such Replacement Lender consents to the proposed change, waiver, discharge or termination; provided further, that in any event the Borrower shall not have the right to replace a Lender solely as a result of the
exercise of such Lender’s rights (and the withholding of any required consent by such Lender) pursuant to the second proviso to Section 10.1(a). 
 (c) No failure or delay on the part of the Administrative Agent, the Issuer or any Lender in exercising any power, privilege
or right under this Agreement or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, privilege or right preclude any other or further exercise thereof or the exercise of any
other power, privilege or right. No notice to or demand on the Borrower in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by the Administrative Agent, the Issuer or any Lender under this
Agreement or any other Loan Document shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval thereafter
to be granted hereunder. The rights, powers and remedies herein or in any other Loan Document expressly provided are cumulative and not exclusive of any rights, powers or remedies which the Administrative Agent, the Issuer or any Lender would
otherwise have. 
 Section 10.2 Notices. All notices and other communications provided to any party hereto under this
Agreement or under any other Loan Document shall be in writing or by facsimile and addressed, delivered or transmitted to such party at its address or facsimile number set forth below its signature hereto, in the case of the Borrower or the
Administrative Agent, or set forth below its name in Annex I hereto or in a Lender Assignment Agreement, in the case of any Lender (including in its separate capacity as the Issuer), or at such other address or facsimile number as may be
designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if
transmitted by facsimile, shall be deemed given when the confirmation of transmission thereof is received by the transmitter. 
 Section 10.3 Payment of Costs and Expenses; Indemnification. The Borrower hereby agrees to: (i) whether or not the transactions herein contemplated are consummated, pay all reasonable out-of-pocket costs and expenses of the
Administrative Agent (including, without limitation, the reasonable fees and disbursements of Skadden, Arps, Slate, Meagher & Flom LLP and the Administrative Agent’s other counsel and consultants) in connection with the preparation,
execution and delivery of this Agreement and the other Loan Documents and the documents and instruments referred to herein and therein and any amendment, waiver or consent relating hereto or thereto, of the Administrative Agent in connection with
its syndication efforts and administrative functions with respect to this Agreement and of the Administrative Agent and, after the 
  

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occurrence of an Event of Default, each of the Lenders and the Issuer in connection with the enforcement of this Agreement and the other Loan Documents and the documents and instruments referred
to herein and therein or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or pursuant to any insolvency or bankruptcy proceedings (including, in each
case without limitation, the reasonable fees and disbursements of counsel and consultants for the Administrative Agent and, after the occurrence of an Event of Default, counsel for each of the Lenders and the Issuer); (ii) pay and hold the
Administrative Agent, each of the Lenders and the Issuer harmless from and against any and all present and future stamp, excise and other similar documentary taxes with respect to the foregoing matters and save the Administrative Agent, each of the
Lenders and the Issuer harmless from and against any and all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable to the Administrative Agent, each of the Lenders and the Issuer) to pay such
taxes; and (iii) indemnify the Administrative Agent, each Lender and the Issuer, and each of their respective officers, directors, employees, representatives, agents, affiliates, trustees and investment advisors from and hold each of them
harmless against any and all liabilities, obligations (including removal or remedial actions), losses, damages, penalties, claims, actions, judgments, suits, costs, expenses and disbursements (including reasonable attorneys’ and
consultants’ fees and disbursements) incurred by, imposed on or assessed against any of them as a result of, or arising out of, or in any way related to, or by reason of, (a) any investigation, litigation or other proceeding (whether or
not the Administrative Agent, any Lender or the Issuer is a party thereto and whether or not such investigation, litigation or other proceeding is brought by or on behalf of Borrower) related to the entering into and/or performance of this Agreement
or any other Loan Document or the use of any Letter of Credit or the proceeds of any Loans hereunder or the consummation of the Transaction or any other transactions contemplated herein or in any other Loan Document or the exercise of any of their
rights or remedies provided herein or in the other Loan Documents, or (b) the actual or alleged presence of Hazardous Materials in the air, surface water or groundwater or on the surface or subsurface of any real property at any time owned,
leased or operated by the Borrower or any of its Subsidiaries, the generation, storage, transportation, handling or disposal of Hazardous Materials by the Borrower or any of its Subsidiaries at any location, whether or not owned, leased or operated
by the Borrower or any of its Subsidiaries, the non-compliance by the Borrower or any of its Subsidiaries with any Environmental Law (including applicable permits thereunder) applicable to any real property, or any Environmental Claim asserted
against the Borrower, any of its Subsidiaries or any real property at any time owned, leased or operated by the Borrower or any of its Subsidiaries, including, in each case, without limitation, the reasonable fees and disbursements of counsel and
other consultants incurred in connection with any such investigation, litigation or other proceeding (but excluding any portion of any such losses, liabilities, claims, damages or expenses to the extent incurred by reason of the gross negligence or
willful misconduct of the Person to be indemnified (as determined by a court of competent jurisdiction in a final and non-appealable decision)). To the extent that the undertaking to indemnify, pay or hold harmless the Administrative Agent, any
Lenders or the Issuer set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, the Borrower shall make the maximum contribution to the payment and satisfaction of each of the indemnified
liabilities which is permissible under applicable law. 
  

 102 

 Section 10.4 Survival and Recourse Nature of Obligations. The obligations of the
Borrower under Sections 4.3, 4.4, 4.5, 4.6 and 10.3, and the obligations of the Lenders under Section 9.7 and Section 10.9.2, shall in each case survive any assignment from one Lender to
another (in the case of Section 10.3 or Section 10.9.2) and any termination of this Agreement, the payment in full of all the Obligations and the termination of all the Revolving Loan Commitments. In addition, all provisions
herein and in any other Loan Document (other than Section 3.3.3 hereof) relating to outstanding Letters of Credit and Excess Cash Collateral shall survive termination of this Agreement until all outstanding Letters of Credit have been
drawn in full or terminated and all Excess Cash Collateral has been returned to the Borrower if required pursuant to Section 2.6.7 or Section 8.4. The representations and warranties made by Borrower, Guarantor, and each
Subsidiary Guarantor, in this Agreement and in each other Loan Document shall survive the execution and delivery of this Agreement and each such other Loan Document. Borrower, pursuant to this Agreement, and Guarantor and each Subsidiary Guarantor,
pursuant to the Guaranty and the Subsidiary Guaranty, as applicable, agrees that they shall be personally liable (whether by suit, deficiency judgment or otherwise) and there shall be full recourse to the Borrower, Guarantor and each Subsidiary
Guarantor, for the full payment and performance of the Obligations; provided that the amount of liability of any Subsidiary Guarantor shall not exceed the fair market value of its assets less any liabilities (it being the intention of the
parties that no Subsidiary Guarantor shall become insolvent as a result of its obligations hereunder and under the other Loan Documents). It is understood and agreed that each of Borrower, Guarantor and each Subsidiary Guarantor shall remain liable
with respect to their Obligations to the extent of any deficiency between the amount of the proceeds of the Collateral pledged to Lender under the Pledge Agreement, the Guarantor Pledge Agreement and the aggregate amount of such Obligations.

 Section 10.5 Headings. The various headings of this Agreement and of each other Loan Document are inserted for
convenience only and shall not affect the meaning or interpretation of this Agreement or such other Loan Document or any provisions hereof or thereof. 
 Section 10.6 Execution in Counterparts, Effectiveness, etc. This Agreement may be executed by the parties hereto in several counterparts, each of which shall be an original and all of which shall
constitute together but one and the same agreement. This Agreement shall become effective when counterparts hereof executed on behalf of the Borrower, the Administrative Agent and each of the Lenders (or notice thereof satisfactory to the
Administrative Agent) shall have been received by the Administrative Agent and notice thereof shall have been given by the Administrative Agent to the Borrower and each Lender. 
 Section 10.7 Governing Law; Entire Agreement. THIS AGREEMENT (INCLUDING PROVISIONS WITH RESPECT TO INTEREST, LOAN CHARGES AND
COMMITMENT FEES) SHALL EACH BE DEEMED TO BE A CONTRACT 
  

 103 

 
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). This
Agreement, the Notes and the other Loan Documents constitute the entire understanding among the parties hereto with respect to the subject matter hereof and thereof and supersede any prior agreements, written or oral, with respect thereto.

 Section 10.8 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and assigns; provided, however, that: 
 (a) the
Borrower may not assign or transfer its rights or obligations hereunder or under any of the other Loan Documents without the prior written consent of the Administrative Agent and all of the Lenders; and 
 (b) the rights of sale, assignment and transfer of the Lenders are subject to Section 10.9. 
 Section 10.9 Sale and Transfer of Loans and Notes; Participations in Loans and Notes. Lender may assign, or sell participations in,
its Loans, Letter of Credit Outstandings and Commitments to one or more other Persons in accordance with this Section 10.9. 
 Section 10.9.1 Assignments. 
 (a) Upon prior notice to the
Borrower, and the Administrative Agent, any Lender may at any time assign and delegate to one or more Eligible Assignees with the consent of the Borrower, the Administrative Agent and the Issuer (which consents of the Borrower and the Issuer shall
not be required (x) if the Eligible Assignee is a Lender or an Affiliate of a Lender, or (y) in the case of the Borrower, if a Specified Default or an Event of Default exists, and each of which consents shall not be unreasonably withheld
or delayed if such consents are in fact required), all or any fraction of such Lender’s total Loans, Letter of Credit Outstandings and Commitments; provided, however, that (x) the assigning Lender must assign a pro rata
portion of each of its Revolving Loan Commitments, Revolving Loans and interest in Letter of Credit Outstandings and (y) no Lender may assign a Commitment of less than $5,000,000 or, unless such Lender has assigned the entirety of its
Commitment, retain a Commitment of less than $5,000,000. The Borrower and the Administrative Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned and delegated to an Eligible
Assignee until: 
 (i) notice of such assignment and delegation, together with (A) payment instructions,
(B) the Internal Revenue Service Forms or other statements contemplated or required to be delivered pursuant to Section 4.6, if applicable, (C) addresses and related information with respect to such Eligible Assignee, shall
have been delivered to the Borrower and the

  

 104 

 
Administrative Agent by such Lender and such Eligible Assignee and (D) the Administrative Agent has made the appropriate entries in the Register; 
 (ii) such Eligible Assignee shall have executed and delivered to the Borrower and the Administrative Agent a Lender
Assignment Agreement, accepted by the Administrative Agent; and 
 (iii) the processing fees described below
shall have been paid. 
 From and after the date that the Administrative Agent accepts such Lender Assignment Agreement, (x) the Eligible
Assignee thereunder shall be deemed automatically to have become a party hereto and to the extent that rights and obligations hereunder have been assigned and delegated to such Eligible Assignee in connection with the Lender Assignment Agreement,
shall have the rights and obligations of assignor Lender hereunder and under the other Loan Documents, and (y) the assignor Lender, to the extent that rights and obligations hereunder have been assigned and delegated by it in connection with
the Lender Assignment Agreement, shall be released from its obligations hereunder and under the other Loan Documents. Accrued interest on that part of the Loans assigned, if any, and accrued fees, shall be paid as provided in the Lender Assignment
Agreement. Accrued interest and accrued fees shall be paid at the same time or times provided in this Agreement. Unless such Eligible Assignee is an Affiliate of the assignor Lender, such assignor Lender or such Eligible Assignee must also pay a
processing fee in the amount of $3,500 to the Administrative Agent upon delivery of any Lender Assignment Agreement. Any attempted assignment and delegation not made in accordance with this Section 10.9.1 shall be null and void.

 (b) Nothing in this Agreement shall prevent or prohibit Lender from pledging its Loans and Notes hereunder to
a Federal Reserve Bank in support of borrowings made by Lender from such Federal Reserve Bank and, with prior notification to the Administrative Agent (but without the consent of the Administrative Agent or the Borrower), any Lender which is a fund
may pledge all or any portion of its Loans and Notes to its trustee or to a collateral agent providing credit or credit support to Lender in support of its obligations to such trustee, such collateral agent or a holder of such obligations, as the
case may be. No pledge pursuant to this clause (b) shall release the transferor Lender from any of its obligations hereunder. 
 (c) The Administrative Agent, on behalf of the Borrower, shall maintain at the address of the Administrative Agent specified below its signature hereto (or at such other address as may be designated by
the Administrative Agent from time to time in accordance with Section 10.2) a copy of each Lender Assignment Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the
Lenders and the Commitment of and principal amount of the Loans owing to each Lender from time to time. The entries in the Register shall be conclusive and binding, in the absence of clearly demonstrable error, and the Borrower, the Administrative
Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of a

  

 105 

 
Loan or other obligation hereunder as the owner thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any notice to the contrary. Any assignment of any Loan or
other obligation hereunder shall be effective only upon appropriate entries with respect thereto being made in the Register. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time
upon reasonable prior notice. 
 Section 10.9.2 Participations. Any Lender may at any time sell to one or more commercial
lenders, financial institutions or other Persons (each of such commercial lenders, financial institutions or other Persons being herein called a “Participant”) participating interests in any of the Loans, Letter of Credit
Outstandings, Commitments, or other interests of such Lender hereunder (including loan derivatives and similar swap arrangements based on such Lender’s interests hereunder); provided, however, that 
 (a) no participation contemplated in this Section 10.9.2 shall relieve Lender from its Commitments or its other
obligations hereunder or under any other Loan Document; 
 (b) Lender shall remain solely responsible for the
performance of its Commitments and such other obligations; 
 (c) the Borrower and the Administrative Agent shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and under each of the other Loan Documents; 
 (d) no Participant, unless such Participant is an Affiliate of Lender or is itself a Lender shall be entitled to require such
Lender to take or refrain from taking any action hereunder or under any other Loan Document, except that such Lender may agree with any Participant that such Lender will not, without such Participant’s consent, to the extent requiring the
consent of such Lender, take any action of the type described in clauses (i) through (vi) of the first proviso of Section 10.1; and 
 (e) the Borrower shall not be required to pay any amount under this Agreement that is greater than the amount which it would
have been required to pay had no participating interest been sold. 
 In the case of any such participation, the Participant shall not have any
rights under this Agreement or any of the other Loan Documents (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant relating
thereto) and all amounts payable by the Borrower hereunder shall be determined and paid as if such Lender had not sold such participation. Any Lender that sells a participating interest in any Loan, Revolving Loan Commitment or other interest to a
Participant under this Section 10.9.2, shall indemnify and hold harmless the Borrower and the Administrative Agent from and against any taxes, penalties, interest or other costs or losses (including reasonable attorneys’ fees and

  

 106 

 
expenses) incurred or payable by the Borrower or the Administrative Agent as a result of the failure of the Borrower or the Administrative Agent to comply with its obligations to deduct or
withhold any Taxes from any payments made pursuant to this Agreement to such Lender or the Administrative Agent, as the case may be, which Taxes would not have been incurred or payable if such Participant had delivered a valid Form W-9 to the
Borrower or if such Participant had been a Non-U.S. Lender that was entitled to deliver to the Borrower, the Administrative Agent or such Lender, and did in fact so deliver, a duly completed and valid Form W-8ECI or W-8BEN (with respect to a
complete exemption under an income tax treaty (or applicable successor form) entitling such Participant to receive payments under this Agreement without deduction or withholding of any United States federal taxes. 
 Section 10.10 Intentionally Omitted. 
 Section 10.11 Confidentiality. Administrative Agent, Issuer and each Lender agrees to maintain, in accordance with its customary procedures for handling confidential information, the
confidentiality of all information provided to it by or on behalf of the Borrower, the Guarantor, any Subsidiary or any Unconsolidated Subsidiary or by the Administrative Agent on the Borrower’s, the Guarantor’s or such Subsidiary’s
or Unconsolidated Subsidiary’s behalf, under this Agreement or any other Loan Document (“Confidential Information”), and neither it nor any of its Affiliates shall use any such information other than in connection with or in
enforcement of this Agreement and the other Loan Documents or in connection with other business now or hereafter existing or contemplated with the Borrower or any Subsidiary or Unconsolidated Subsidiary, except to the extent such information
(i) was or becomes generally available to the public other than as a result of disclosure by the Administrative Agent, Issuer or the Lender or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower,
provided that such source is not bound by a confidentiality agreement with the Borrower, Guarantor or any Subsidiary or Unconsolidated Subsidiary known to the Lender; provided, however, that Lender may disclose such information
(A) at the request or pursuant to any requirement of any Governmental Authority to which the Lender is subject or in connection with an examination of such Lender by any such Governmental Authority; (B) pursuant to subpoena or other court
process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Lender
or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Lender’s independent auditors and other
professional advisors who have been advised that such information is confidential pursuant to this Section 10.11; (G) to any Participant or Eligible Assignee in respect of such Lender’s rights and obligations hereunder, actual
or potential, provided that such Person shall have agreed in writing to keep such information confidential to the same extent required of the Lenders hereunder with the Borrower being a third party beneficiary of such agreement; (H) to
its Affiliates who have been advised that such information is confidential pursuant to this Section 10.11; or (I) to any direct or indirect contractual counterparty to swap agreements or such contractual counterparty’s
professional advisor, provided that such Person shall have agreed in writing to keep such 
  

 107 

 
information confidential to the same extent required of the Lenders hereunder with the Borrower being a third party beneficiary of such agreement. Unless prohibited by applicable law or court
order, each Lender and the Administrative Agent shall notify the Borrower of any request by any Governmental Authority (other than any request in connection with an examination of the financial condition of such Lender) for disclosure of
Confidential Information prior to such disclosure; provided further, that in no event shall the Administrative Agent or any Lender be obligated to return any materials furnished by the Borrower, Guarantor or any of their respective
Subsidiaries. This Section shall supersede any confidentiality letter or agreement with respect to the Borrower, the Guarantor or the Transaction entered into prior to the date hereof. 
 Section 10.12 Tax Advice. None of the Lenders nor the Administrative Agent provides accounting, tax or legal
advice. Notwithstanding anything provided herein, and any express or implied claims of exclusivity or proprietary rights, the Borrower each Lender and the Administrative Agent hereby agree and acknowledge that the Borrower each Lender and
Administrative Agent (and each of their employees, representatives or other agents) are authorized to disclose to any and all Persons, beginning immediately upon commencement of their discussions and without limitation of any kind, the tax treatment
and tax structure of the transactions contemplated by this Agreement, and all materials of any kind (including opinions or other tax analyses) that are provided by the Borrower, any Lender or the Administrative Agent to the other relating to such
tax treatment and tax structure except to the extent that such disclosure is subject to restrictions reasonably necessary to comply with securities laws. In this regard, the Borrower, each Lender and the Administrative Agent acknowledge and
agree that disclosure of the tax treatment and tax structure of the transactions contemplated by this Agreement has not been and is not limited in any way by an express or implied understanding or agreement, whether oral or written, and whether or
not such understanding or agreement is legally binding, except to the extent that such disclosure is subject to restrictions reasonably necessary to comply with securities laws. For purposes of this authorization, “tax treatment” means the
purported or claimed U.S. Federal income tax treatment of the transaction, and “tax structure” means any fact that may be relevant to understanding the purported or claimed U.S. Federal income tax treatment of the transaction. This
Section 10.12 is intended to reflect the understanding of the Borrower, any Lender or the Administrative Agent that no transaction contemplated by this Agreement has been offered under “Conditions of Confidentiality” as that
phrase is used in Treasury Regulation 9 § 1.6011-4(b)(3)(i) and 301.6111-2(c)(i), and shall be interpreted in a manner consistent therewith. Nothing herein is intended to imply that any of the Borrower, each Lender and the Administrative Agent
has made or provided to, or for the benefit of, the other any oral or written statement as to any potential tax consequences that are related to, or may result from, the transactions contemplated by this Agreement. 
 Section 10.13 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE 
  

 108 

 
AGENT, THE LENDERS, THE ISSUER OR THE BORROWER IN CONNECTION HEREWITH OR THEREWITH SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE COUNTY OF NEW
YORK OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE
ADMINISTRATIVE AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK
LOCATED IN THE COUNTY OF NEW YORK OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT
RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION, SUBJECT TO THE BORROWER’S RIGHT TO CONTEST SUCH JUDGMENT BY MOTION OR APPEAL ON ANY GROUNDS NOT EXPRESSLY WAIVED IN THIS SECTION 10.13. THE BORROWER IRREVOCABLY CONSENTS TO THE SERVICE
OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 10.2. EACH OF THE BORROWER, ADMINISTRATIVE AGENT, LENDER AND ISSUER HEREBY
EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO
JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE BORROWER HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS. 
 Section 10.14 Waiver of Jury Trial. THE ADMINISTRATIVE AGENT, THE LENDERS, THE ISSUER AND THE
BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE 
  

 109 

 
LENDERS, THE ISSUER OR THE BORROWER IN CONNECTION HEREWITH OR THEREWITH. THE BORROWER ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND
EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS, THE LENDERS, AND THE ISSUER ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER LOAN DOCUMENT. 
 *         *         * 
  

 110 

  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	 STRATEGIC HOTEL FUNDING, L.L.C.
 a Delaware limited liability company

		
	By:	 	/s/ Ryan M. Bowie
		 	Name: Ryan M. Bowie
		 	Title: Vice President and Treasurer
	
	 Address:    77 West Wacker Drive
 Suite 4600
 Chicago, Illinois 60601

	
	Telephone No.: (312) 658-5000
Telecopier No.: (312) 658-5799
ATTN: General counsel
	
	with a copy to:
	
	 Strategic Hotel Funding, L.L.C.
77 West Wacker Drive, Suite 4600
Chicago, Illinois 60601
Telephone
No.: (312) 658-5000
Telecopier No.: (312) 658-5799
 ATTN: Treasurer

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	DEUTSCHE BANK TRUST COMPANY     AMERICAS, a New York banking corporation
		
	By:	 	/s/ George R. Reynolds
		 	Name: George R. Reynolds
		 	Title: Director
		
	By:	 	/s/ Linda Wang
		 	Name: Linda Wang
		 	Title: Director
	
	 Address:    60 Wall Street
 New York, New York 10005

	
	Facsimile No.: (646) 324-7091
Telephone No.:(212) 250-3352
Attention: James Rolison
	
	With a copy to:
	
	Deutsche Bank Securities Inc.
Crescent Court
Suite 550
Dallas, Texas 75201
Facsimile No.: (214) 740-7910
Telephone No.:
(214) 740-7900
Attention: Linda Davis

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	CITICORP NORTH AMERICA, INC.
		
	By	 	/s/ Niraj Shah
	Name:	 	Niraj Shah
	Title:	 	Vice President
	
	Citicorp North America, Inc.
2 Penns Way, 1st Floor
New Castle DE 19720
Attention: Jessica Zimmers, Loan Specialist
Telephone: 302-894-6052
Facsimile:
212-994-0849
Email: Jesssica.Zimmers@citigroup.com

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Steven P. Renwick
		 	Name: Steven P. Renwick
		 	Title: Senior Vice President
	
	Address:
	
	 901 Main Street
66th Floor
Dallas, TX 75202
Attention: Stephen Remwick

  
 Facsimile: 214-209-0995
Telephone:
214-209-1867
email:Steven.p.renwick@bankofamerica.com

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/ Marc E. Costantino
		 	Name: Marc E. Costantino
		 	Title: Executive Director
	
	Address:
270 Park Avenue
New York, New York
Attention: Marc Constantino

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	LASALLE BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Kim Kalseth
		 	Name: Kim Kalseth
		 	Title: VP
	
	 Address: 135 S. LaSalle St. Ste 1211

  
 Facsimile No.: 312-904-5616
Telephone No.: 312-904-6472
Attention: Kim Kalseth

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Cynthia A. Bean
		 	Name: Cynthia A. Bean
		 	Title: Vice President
	
	 Address:    301 S. College Street
 NC 0172
 Charlotte, NC 28288-0172

	
	Facsimile No.:     (704) 383-6205
	Telephone No.:     (704) 374-6272
	Attention:              David Blackman

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	CREDIT SUISSE, Cayman Islands Branch
		
	By:	 	/s/ Brian Caldwell
		 	Name: Brian Caldwell
		 	Title: Director
		
	By:	 	/s/ Laurence Lapeyre
		 	Name: Laurence Lapeyre
		 	Title: Associate
	
	 Address:    Eleven Madison Avenue
 New York, New York 10005

	
	Facsimile No.:     (212) 325-8319
	Telephone No.:     (212) 325-2949
	Attention:              Cassandra Droogan

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	BARCLAYS CAPITAL REAL ESTATE INCORPORATED
		
	By:	 	/s/ Lori Rung
		 	Name: Lori Rung
		 	Title: Associate Director
	
	 Address:    200 Park Avenue, 5th Floor
 New York, NY

	
	Facsimile No.:     212-412-1664
	Telephone No.:     212-412-3026
	Attention:              David Proctor

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

			
	RAYMOND JAMES BANK, FSB
		
	By:	 	/s/ Thomas G Scott
		 	Name: Thomas G Scott
		 	Title: Vice President
	 Address:
  
 710 Carillon Parkway
PO Box 11628
St. Petersburg, FL 33733
Attention: Thomas Macina

  

 Signature Page to Strategic Hotel Funding, L.L.C. 
 Credit Agreement 

 ANNEX I 
 LENDER INFORMATION 
  

	1.	DEUTSCHE BANK TRUST COMPANY AMERICAS 

  

									
	Domestic Office:	 		  	LIBO Office:	  	Revolving Loan
		 		  		  	Commitment
	Address:	 		  	Address:	  	$75,000,000
	100 Plaza One, 8th Floor	 		  	100 Plaza One, 8th Floor	  	
	M/S JCY03-0899	 		  	M/S JCY03-0899	  	
	Jersey City, NJ 07311	 		  	Jersey City, NJ 07311	  	
				
	Facsimile No.      201-593-2307	 		  	Facsimile No.      201-593-2307	  	
	Telephone    201-593-2235	 		  	Telephone    201-593-2235	  	
	Attention:    Patricia Ciocco	 		  	Attention:    Patricia Ciocco	  	
	
	 2.      CITICORP NORTH AMERICA, INC.

				
	DOMESTIC LENDING OFFICE:	 		  	LIBO OFFICE:	  	Revolving Loan
		 		  		  	Commitment
	Citicorp North America, Inc.	 		  	Citicorp North America, Inc.	  	$75,000,000
	2 Penns Way, 1st Floor	 		  	2 Penns Way, 1st Floor	  	
	New Castle DE 19720	 		  	New Castle DE 19720	  	
	Attn: Jessica Zimmers, Loan Specialist	 		  	Attn: Jessica Zimmers, Loan Specialist	  	
	Telephone:    302-894-6052	 		  	Telephone:    302-894-6052	  	
	Facsimile:    212-994-0849	 		  	Facsimile:    212-994-0849	  	
	Email:Jesssica.Zimmers@citigroup.com	 		  	Email:Jesssica.Zimmers@citigroup.com	  	
	
	 3.      BANK OF AMERICA, N.A.

				
	Domestic Office:	 		  	LIBO Office:	  	Revolving Loan
		 		  		  	Commitment
	Address:	 		  	Address:	  	
	901 Main Street	 		  	901 Main Street	  	$50,000,000
	14th Floor	 		  	14th Floor	  	
	Dallas, TX 75202	 		  	Dallas, TX 75202	  	
	Attention: Ramon Presas	 		  	Attention: Ramon Presas	  	
	Facsimile:    214-209-8364	 		  	Facsimile:    214-209-8364	  	
	Telephone:    214-209-9262	 		  	Telephone:    214-209-9262	  	
	email: Ramon.presas@bankofamerica.com	 		  	email:ramon.presas@bankofamerica.com	  	

	4.	JPMORGAN CHASE BANK, N.A 

  

											
	Domestic Office:	  		  	LIBO Office:	  	 Revolving Loan
 Commitment

	Address:	  		  	Address:	  	
	200 White Clay Center Drive, Floor 03	  		  	200 White Clay Center Drive, Floor 03	  	$50,000,000
	Newark, DE 19711	  		  	Newark, DE 19711	  	
				
	Facsimile No.: 713-750-2666	  		  	Facsimile No.: 713-750-2666	  	
	Telephone No.: 713-286-3247	  		  	Telephone No.: 713-286-3247	  	
	Attention: Omar Musule	  		  	Attention: Omar Musule	  	
	email: Omar.P.Musule@chase.com	  		  	email: Omar.P.Musule@chase.com	  	
	
	 5.      LASALLE BANK NATIONAL ASSOCIATION

				
	Domestic Office:	  		  	LIBO Office:	  	 Revolving Loan
 Commitment

	Address:	  		  	Address:	  	
	135 S. LaSalle St.	  		  	135 S. LaSalle St.	  	$50,000,000
	Suite 1211	  		  	Suite 1211	  	
	Chicago, IL 60603	  		  	Chicago, IL 60603	  	
				
	Facsimile No.: (312) 904-5142	  		  	Facsimile No. : (312) 904-5142	  	
	Telephone No.: (312) 904-6472	  		  	Telephone No.: (312) 904-6472	  	
	Attention: Kim Kalseth	  		  	Attention: Kim Kalseth	  	
	
	 6.      WACHOVIA BANK, NATIONAL ASSOCIATION

				
	 Domestic Office:
	  		  	LIBO Office:	  	 Revolving Loan
 Commitment

	 Address:
	  		  	Address:	  	
	 301 S. College Street
	  		  	301 S. College Street	  	$50,000,000
	 NC 0172
	  		  	NC 0172	  	
	 Charlotte, NC 28288-0172
	  		  	Charlotte, NC 28288-0172	  	
				
	 Facsimile No.: (704) 383-6205
	  		  	Facsimile No.: (704) 383-6205	  	
	 Telephone No.: (704) 374-6272
	  		  	Telephone No.: (704) 374-6272	  	
	 Attention:         David Blackman
	  		  	Attention:         David Blackman	  	

  

 3 

	7.	CREDIT SUISSE, Cayman Islands Branch 

  

											
	Domestic Office:	  		  	LIBO Office:	  	 Revolving Loan
 Commitment

	Address:	  		  	Address:	  	
	Eleven Madison Avenue	  		  	Eleven Madison Avenue	  	$25,000,000
	New York, NY 10010	  		  	New York, NY 10010	  	
				
	Facsimile No.: (212) 325-8326	  		  	Facsimile No.: (212) 325-8326	  	
	Telephone No.: (212) 325-6911	  		  	Telephone No.: (212) 325-6911	  	
	Attention:        Andreas Rupp	  		  	Attention:        Andreas Rupp	  	
	
	 8.      BARCLAYS REAL ESTATE CAPITAL INC.

				
	Domestic Office:	  		  	LIBO Office:	  	 Revolving Loan
 Commitment

	Address:	  		  	Address:	  	
	200 Park Avenue, 5th Floor	  		  	200 Park Avenue, 5th Floor	  	$25,000,000
	New York, NY	  		  	New York, NY	  	
				
	Facsimile No.: 212-412-1664	  		  	Facsimile No.: 212-412-1664	  	
	Telephone No.: 212-412-2496	  		  	Telephone No. : 212-412-2496	  	
	Attention:        Lori Rung	  		  	Attention:        Lori Rung	  	
	
	 9.      RAYMOND JAMES BANK, FSB

				
	Domestic Office:	  		  	LIBO Office:	  	 Revolving Loan
 Commitment

	Address:	  		  	Address:	  	
	PO Box 11628	  		  	PO Box 11628	  	$15,000,000
	710 Carillon Pkwy (33716)	  		  	710 Carillon Pkwy (33716)	  	
	St. Petersburg, FL 33733	  		  	St. Petersburg, FL 33733	  	
				
	Facsimile No.: (727) 567-8830	  		  	Facsimile No.: (727) 567-8830	  	
	Telephone No.: (727) 567-4184	  		  	Telephone No.: (727) 567-4184	  	
	Attention:        Barry D. Starling	  		  	Attention:        Barry D. Starling	  	

  

 4 

 SCHEDULE I 
 DISCLOSURE SCHEDULE 
  

					
	ITEM NUMBER	 	DISCLOSURE (IF
APPLICABLE)
	Item 6.5(c)	 	The liabilities and obligations of Borrower and its Subsidiaries under or related to the following:

	 	1.	 	Hotel Lease Agreement between Deutsche Immobilien Fonds Aktiengesellschaft, as Lessor (“DIFA”) and Bohus
Verwaltung, BV, as Lessee, effective in 2004 and the related sublease with Hamburg Marriott GmbH; and
	 	2.	 	 Hotel Lease Agreement between DIFA, as Lessor, and Hotel Paris Champs
Elysees SNC, as Lessee.
  

	Item 6.8	 	1.	 	SHC DTRS, Inc.
	 	2.	 	SHC New Orleans LLC
	 	3.	 	SHC Aventine II, L.L.C.
	 	4.	 	New Aventine, L.L.C.
	 	5.	 	SHC Phoenix III, L.L.C.
	 	6.	 	SHC Lincolnshire LLC
	 	7.	 	SHCI Santa Monica Beach Hotel, L.L.C.
	 	8.	 	SHC Santa Monica Beach Hotel III, L.L.C.
	 	9.	 	New Santa Monica Beach Hotel, L.L.C.
	 	10.	 	SHC Santa Monica Land, L.L.C.
	 	11.	 	DTRS New Orleans, L.L.C.
	 	12.	 	DTRS La Jolla, L.L.C.
	 	13.	 	DTRS Phoenix, L.L.C.
	 	14.	 	DTRS Lincolnshire, L.L.C.
	 	15.	 	DTRS Santa Monica, L.L.C.
	 	16.	 	SHC Holdings L.L.C.
	 	17.	 	Punta Mita Resort S. de R.L. de C.V.
	 	18.	 	SHC Mexico Holdings, L.L.C.
	 	19.	 	Proparmex, S. de R.L. de C.V.
	 	20.	 	Inmobiliaria Nacional Mexicana, S. de R.L. de C.V.
	 	21.	 	SHC Asset Management, L.L.C.
	 	22.	 	SHC Residence Club, L.L.C.

					
	 	 	23.	 	SHC Residence Club II, L.L.C.
	 	 	24.	 	SHC Residence Club S. de R.L. de C.V.
	 	 	25.	 	SHC Europe, L.L.C.
	 	 	26.	 	SHR Prague Praha, L.L.C.
	 	 	27.	 	SHC Finance (Champs Elysees), L.L.C.
	 	 	28.	 	SHC (Champs Elysees) Sarl
	 	 	29.	 	Strategic Paris Sarl
	 	 	30.	 	SHC Champs Elysees SAS
	 	 	31.	 	Hotel Paris Champs Elysees SNC
	 	 	32.	 	Strategic Holding SNC
	 	 	33.	 	Strategic Hotel Capital France SNC
	 	 	34.	 	SHC Investments Limited
	 	 	35.	 	Strategic Hotel Capital Europe Investment Limited
	 	 	36.	 	SHC Hamburg S.a.r.l.
	 	 	37.	 	SHC Hamburg (Netherlands) B.V.
	 	 	38.	 	CIMS Limited Partnership
	 	 	39.	 	DTRS Columbus Drive, LLC
	 	 	40.	 	DTRS Half Moon Bay, LLC
	 	 	41.	 	DTRS Michigan Avenue/Chopin Plaza LP
	 	 	42.	 	DTRS Michigan Avenue/Chopin Plaza Sub, LLC
	 	 	43.	 	DTRS Michigan Avenue/Chopin Plaza, LLC
	 	 	44.	 	Helcont. spol. s.r.o.
	 	 	45.	 	Intercontinental Florida Limited Partnership
	 	 	46.	 	ITM Praha
	 	 	47.	 	Punta Mita TRS S. de R.L. de C.V.
	 	 	48.	 	SHC Aventine, LLC
	 	 	49.	 	SHC Chopin Plaza Holdings, LLC
	 	 	50.	 	SHC Chopin Plaza Mezzanine I, LLC
	 	 	51.	 	SHC Chopin Plaza Mezzanine II, LLC
	 	 	52.	 	SHC Chopin Plaza, LLC
	 	 	53.	 	SHC Columbus Drive, LLC
	 	 	54.	 	SHC Half Moon Bay Mezzanine, LLC

  

 -2- 

					
	 	 	55.	 	SHC Half Moon Bay, LLC
	 	 	56.	 	SHC Management Prague, s.r.o.
	 	 	57.	 	SHC Mexico Lender, LLC
	 	 	58.	 	SHC Michigan Avenue Holdings, LLC
	 	 	59.	 	SHC Michigan Avenue Mezzanine I, LLC
	 	 	60.	 	SHC Michigan Avenue Mezzanine II, LLC
	 	 	61.	 	SHC Michigan Avenue, LLC
	 	 	62.	 	SHC Prague (Gibraltar) Limited
	 	 	63.	 	SHR Prague Praha B.V.
	 	 	64.	 	SHC Prague Repository B.V.
	 	 	65.	 	SHC Prague TRS, a.s. (f/k/a Masala, a.s.)
	 	 	66.	 	SHC Property Acquisition, L.L.C.
	 	 	67.	 	SHC Property Prague, s.r.o.
	 	 	68.	 	Strategic Hotel Capital Prague, a.s.
	 	 	69.	 	Stredisko Praktickeho Vyucovani hotelu Inter. Continental s.r.o.
	 	 	70.	 	SHC del LP, LLC
	 	 	71.	 	SHC del GP, LLC
	 	 	72.	 	SHC del Coronado, LLC
	 	 	73.	 	DTRS North Beach del Coronado, LLC
	 	 	74.	 	SHC Washington, LLC
	 	 	75.	 	DTRS Washington, LLC
	 	 	76.	 	DTRS Columbus Drive II, LLC
	 	 	77.	 	SHC St. Francis, L.L.C.
	 	 	78.	 	SHR St. Francis, L.L.C.
	 	 	79.	 	DTRS St. Francis, L.L.C.
	 	 	80.	 	SHC Laguna, L.L.C.
	 	 	81.	 	SHC Laguna Niguel I, L.L.C.
	 	 	82.	 	DTRS Laguna, L.L.C.
	 	 	83.	 	SHR Scottsale L.L.C.
	 	 	84.	 	SHR Scottsdale Mezz X-1, L.L.C.
	 	 	85.	 	SHR Scottsdale Mezz Y-1, L.L.C.
	 	 	86.	 	SHR Scottsdale X, L.L.C.
	 	 	87.	 	SHR Scottsdale Y, L.L.C.
	 	 	88.	 	SHR Scottsdale Operating Lessee I, L.L.C.
	 	 	89.	 	SHR Scottsdale Operating Lessee II, L.L.C.
	 	 	90.	 	DTRS Scottsdale, L.L.C.
	 	 	91.	 	SHR Scottsdale Z, L.L.C.

  

 -3- 

					
	 	 	92.	 	SHR Grosvenor Square LLC
	 	 	93.	 	SHR Grosvenor Square S.a.r.l.
	 	 	94.	 	BRE/Grosvenor Sharholders S.a.r.l.
	 	 	95.	 	Lomar Holding UK Ltd
	 	 	96.	 	Grosvenor Square Hotel S.a.r.l.
	 	 	97.	 	Lomar Hotel Comopany Limited
	 	 	98.	 	Santa Barbara US LP
	 	 	99.	 	SBA Villas, LLC
	 	 	100.	 	SB Villas, S. de R.L. de C.V.
	 	 	101.	 	SHC Santa Fe, S. de R.L. de C.V.
	 	 	102.	 	SHC Solana Mexico, S. de R.L. de C.V.
	 	 	103.	 	Santa Barbara Punta Mita Desarrollos, S. de R.L. de C.V.
	 	 	104.	 	SB Hotel S. de R.L. de C.V.
	 	 	105.	 	Bohus Verwaltung BV
	 	 	106.	 	DTRS Intercontinental Chicago, LLC
	 	 	107.	 	DTRS Intercontinental Miami, LLC
	 	 	108.	 	Aventine Hotel, L.L.C.
	 	 	109.	 	Banian Finance, S.a.r.l.
	 	 	110.	 	C.T.U. Holdings, S.a.r.l.
	 	 	111.	 	DTRS Burbank, L.L.C.
	 	 	112.	 	DRS Lake Buena Vista, L.L.C.
	 	 	113.	 	DTRS Rancho Las Palmas, L.L.C.
	 	 	114.	 	DTRS Schaumberg, L.L.C.
	 	 	115.	 	GAMMA Finance S.a.r.l.
	 	 	116.	 	New Burbank, L.L.C.
	 	 	117.	 	New Rancho, L.L.C.
	 	 	118.	 	Pingleton Hodling, S.a.r.l.
	 	 	119.	 	SHC Burbank, L.L.C.
	 	 	120.	 	SHC Burbank II, L.L.C.
	 	 	121.	 	SHC Lake Buena Vista, L.L.C.
	 	 	122.	 	SHC Rancho III, L.L.C.
	 	 	123.	 	SHC Schaumberg II, L.L.C.
	 	 	124.	 	SHR New Orleans New Parcel, L.L.C.
	 	 	125.	 	SHR Retail, L.L.C.

  

 -4- 

					
	  	 	126.	 	SHR Finance, L.L.C.
	 	 	127.	 	SHR Scottsdale Mezz X-2, L.L.C.
	 	 	128.	 	SHR Scottsdale Mezz Y-2, L.L.C.
	 	 	129.	 	SHR Scottsdale Mezz Z-2, L.L.C.
	 	 	130.	 	Strategic Hotel Capital Europe Investment Limited
	Item 7.1.11	 	1.	 	$60 million loan made by Strategic Hotel Funding, L.L.C. to SHCI Santa Monica Beach Hotel, L.L.C. evidenced by a
Promissory Note, dated March 4, 1998 (balance as of December 31, 2006)
	 	 	2.	 	€9,569,829 loan from Strategic Hotel Funding, L.L.C. to SHC Champs Elysees SAS (balance as of December 31,
2006)
	 	 	3.	 	€5,536,232 loan from Strategic Hotel Funding, L.L.C. to Bohus Verwaltung BV
(balance as of December 31, 2006)
	Item 7.2.5	 	1.	 	31% interest in Resort Club Punta Mita S. de R.L. de C.V. (which is developing and selling time
shares)
	 	 	2.	 	SHC Santa Monica Land, L.L.C. owns an additional parcel of land located adjacent to the Loews Santa
Monica
	 	 	3.	 	SB Hotel S de RL de CV owns a parcel of land located adjacent to the Four Seasons Resort Punta
Mita.
	 	 	4.	 	SB Villas, S de RL de CV owns a parcel of land located adjacent to the Four Seasons Resort Punta
Mita
	 	 	5.	 	Contract to purchase a portion of a to-be-constructed high rise building in Chicago which the Borrower intends to
utilize as a hotel upon completion
	 	 	6.	 	SHR Scottsdale Z, L.L.C. owns a 10-acre parcel [adjacent to the Fairmont Scottsdale
Princess]

  

 -5- 

 SCHEDULE II 
 INITIAL BORROWING BASE PROPERTIES 
 Four Seasons Hotel, District of
Columbia, USA 
 Four Seasons Hotel, Mexico City, Mexico 
 Four Seasons Resort Punta Mita, Puerto Vallarta, Mexico 
 Marriott Lincolnshire Resort,
Lincolnshire, IL, USA 
 Ritz Carlton, Laguna Niguel, CA, USA 
  

 -6- 

 SCHEDULE III 
 PROPERTIES 
  

	1.	Hyatt Regency, New Orleans, LA 

	2.	Hyatt Regency, Phoenix, AZ 

	3.	Hyatt Regency La Jolla at Aventine, La Jolla, CA 

	4.	Loews Santa Monica Beach Hotel, Santa Monica, CA 

	5.	Marriott Lincolnshire Resort, Lincolnshire, IL 

	6.	Ritz Carlton Half Moon Bay, Half Moon Bay, CA 

	7.	InterContinental, Chicago, IL 

	8.	InterContinental, Miami, FL 

	9.	Fairmont Chicago, Chicago IL 

	10.	Four Seasons Hotel, Mexico City, Mexico 

	11.	Four Seasons Resort Punta Mita, Puerto Vallarta, Mexico 

	12.	Intercontinental, Praha, Prague Czech Republic 

	13.	Hotel Del Coronado, San Diego, CA 

	14.	The Westin St. Francis, San Francisco, CA 

	15.	Four Seasons Hotel, District of Columbia 

	16.	Ritz Carlon, Laguna Niguel, CA 

	17.	Marriott Champs Elysees Hotel, Paris, France 

	18.	Marriott Hamburg, Hamburg, Germany 

	19.	Marriott Grosvenor Square, London, England 

	20.	Fairmont Scottsdale Princess, Scottsdale, AZ 

  

 -7- 

 SCHEDULE IV 
 APPROVED MANAGERS 
 Acceptable Property Managers: 

Bass PLC 
 Fairmont Hotels 
 FelCor Hotels 
 Four Seasons Ltd. 
 Hilton Hotels Corporation 
 Hyatt Hotel Corporation

 InterContinental Hotel Group 
 KSL
Partners 
 Loews Hotel 
 Mandarin
Oriental 
 Marriott International 
 The
Peninsula Group 
 Shangri-La 
 Starwood
Hotels & Resorts 
 Windsor Hospitality 
 Acceptable Brands: 
 Crowne Plaza 
 Embassy Suites 
 Fairmont 
 Four Seasons 
 Hilton 
 Hyatt, Grand Hyatt, Hyatt Regency, Park Hyatt 
 Inter-Continental 
 KSL Resorts 
 Loews 
 Mandarin Oriental 
 Marriott, JW Marriott, Marriott
Suites 
 Peninsula 
 Raffles

 Renaissance 
 Ritz-Carlton

 Shangri-La 
 Sheraton 
 St Regis 
 Swiss Hotel 
 Westin 
 W Hotel 
  

 -8- 

 SCHEDULE V 
 BORROWING BASE INTERCOMPANY INDEBTEDNESS 
 Mexico Intercompany
Indebtedness 
 Unsecured loans in the amounts of Ps$326,000,000 and Ps$233,000,000 made by SHC Mexico Lender, LLC (the “SHC
Mexico”) to Inmobiliaria Nacional Mexicana, S. de R.L. de C.V. (“Inalmex”) and Punta Mita Resort, S. de R.L. de C.V. (“PMR” and collectively with Inalmex, the “Borrowers”), respectively, pursuant to the
Subordinated Loan Agreement dated as of November 9, 2005, between SHC Mexico and the Borrowers, and evidenced by separate Promissory Notes each dated November 9, 2005 from the respective Borrower. 
 Washington, D.C. Intercompany Indebtedness 
 Loan in the amount of $128,000 (the “D.C. Loan”) made by the Borrower to SHC Washington, L.L.C. (“SHC Washington”), pursuant to the Loan and Security Agreement dated March 1, 2006 between the Borrower and SHC
Washington, and evidenced by a Note of SHC Washington dated March 1, 2006 and a Note Supplement between the Borrower and SHC Washington dated March 1, 2006. The D.C. Loan is secured by a Deed of Trust between SHC Washington and Lawyers
Title Realty Services, Inc. for the benefit of the Borrower dated March 1, 2006 and is subject to a Subordination, Non-Disturbance and Attornment Agreement between the Borrower, SHC Washington, DTRS Washington, L.L.C. and Four Seasons Hotels
Limited dated March 1, 2006. 
  

 -9- 

 SCHEDULE VI 
 PARIS AND HAMBURG GUARANTEE ISSUANCE FACILITIES 
 AND

 LAGUNA NIGUEL FF&E LOAN 
  

	1.	Paris and Hamburg: Guarantee Issuance Facilities from a bank or similar institution involved in the making of such facilities with respect to Paris and Hamburg
to be entered into on substantially the terms set forth on the attached term sheets. 

  

	2.	Ritz Carlton FF&E Loans. The (i) $6,300,000 loan to SHC Laguna Niguel I, L.L.C. (the “Owner”) from Marriott International Corporation
(“MICC”), the proceeds of which were used to fund the costs of certain planned renovations to the property, issued in accordance with the Amendment to Amended and Restated Operating Agreement dated as of June 29, 2004, by and between
The Ritz-Carlton Hotel Company, L.L.C. (the “Amendment”) and (ii) the $2,250,000 loan to the Owner from MICC, the proceeds of which were used to fund the conversion of an existing restaurant into meetin space and the conversion of the
dining room into a three-meal restaurant, issued in accordance with the Amendment. 

  

 -10- 

 PARIS MARRIOTT, FRANCE 
 SHORT FORM TERMS FOR A €6.6 MILLION BANK GUARANTEE 
  

			
	Borrower	 	Hotel Paris Champs Elysees SNC (whose obligations are
guaranteed by Strategic Hotel Funding LLC (“the Guarantor”)).
	Term	 	Expiry 31/12/2009.
	Amount	 	€6.6 million – calls under the Bank Guarantee will reduce the face value amount.

	Guarantee Commission	 	5% p.a. payable quarterly in arrears by the Borrower.
	Arrangement Fee	 	€250,000.
	Expiry	 	The Bank Guarantee will expire at the earlier of: -
	 	 •        End of term
(31/12/2029 or later if extended):

	 	 •        Sale of the
Borrower’s leasehold interest in the Paris Marriott hotel;

	 	 •        The full face value of the Bank Guarantee having been utilised. (Any calls by DIFA would need to be funded by the Borrower/Guarantor in the first instance with utilisation of the cash
held by DIFA in the event of non-payment by the Borrower/Guarantor as a secondary remedy).

  

 -11- 

			
	Security	  	To include:-
	 	  	 •        Counter-indemnity
from the Borrower/Guarantor;

	 	  	 •        Step-in
arrangements into the lease with the long leaseholder (DIFA); and

	 	  	 •        Step-in
arrangements (via Non-Disturbance Agreement) with Marriott in respect of continued trading of the hotel

	 	  	Step-in arrangements are limited to taking business decisions not exercising control.
	Covenants	  	To include:-
	 	  	 •        Maintenance of
cash with DIFA in an initial sum of €8 million increasing by €900,000 p.a. in 2004 & 2005, €1,150,000 p.a. in 2006, 2007 & 2008 and €1,350,000 in 2009. Minimum of 50% of cash in any one year to have been deposited with
DIFA at the half year (which provides a corresponding reduction in the guarantee liability);

	 	  	 •        Information
requirements: monthly Marriott figures and quarterly, half year and annual audits (as per Deutsche Bank facility for the Guarantor);

	 	  	 •        No change in
ownership control;

	 	  	 •        No further
borrowings or granting of security (in particular over this hotel) etc;

	 	  	 •        Material Adverse
Change (to also include the Guarantor);

	 	  	 •        No
changes to the terms of the lease with the long leaseholder or operating agreements with Marriott;

	  
	 	  	 •        No
dividends/distributions whilst an event of default is outstanding;

	 	  	 •        No other
activities, other than in connection with the hotel.

	Financial Covenants	  	To include:-
	 	  	 •        Net house profit to indexed fixed rent to be minimum 1 times. In the event that this covenant is breached for a continuous 2 year period then an Event of Default will occur;

•        Corporate Covenants for the Guarantor (covenant
definitions as per Deutsche Bank facility):-

	 	  	 a)      Minimum Tangible Net Worth of
US$325m (based on book shareholder equity plus add-back of minority interests and depreciation on assets);

	 	  	 b)      Minimum Interest Cover Ratio
(consolidated EBITDA to interest) of 3 times;

	 	  	 c)      Minimum Fixed Charge Coverage
(consolidated EBITDA to fixed charges (to include cash interest expense, scheduled debt amortisation and reserve fundings required by any other debt agreements)) of 1.5 times;

	 	  	 d)      Maximum Total Leverage
(consolidated indebtedness to gross asset value - based on trailing12 month NOI adjusted for FF&E reserve and management fees divided by cap rate) of 65% in 2004 and 2005 reducing to 60% thereafter; and

	 	  	 e)      Maximum Facility Outstandings
(facility outstandings to adjusted NOI) of 2.5 times decreasing to 2.25 times on second anniversary.

	Events of Default	  	Standard and in a default to include:-
	 	  	 •        Non-receipt or
withdrawal of cash with DIFA which breaches the limits as outlined above;

	 	  	 •        Breach of
corporate covenants;

	 	  	 •        Cross default.

	 	 
	 	  	In the event of a default, the Borrower/Guarantor will be obliged to provide cash cover to DIFA directly to cover the
liability in full or refinance this Facility enabling take out of the Bank’s guarantee commitment to DIFA.
	Documentation	  	Prepared by lawyers instructed by the Bank.

  

 -12- 

 MARRIOTT HAMBURG, GERMANY 
 SHORT FORM TERMS FOR A €2 MILLION BANK GUARANTEE 
  

			
	Borrower	  	Bohus Verwaltung BV (whose obligations are guaranteed by
Strategic Hotel Funding LLC (“the Guarantor”)).
	Term	  	Expiry 31/12/2009.
	Amount	  	€2 million - calls under the Bank Guarantee will reduce the face value
amount.
	Guarantee Commission	  	5% p.a. payable quarterly in arrears by the Borrower.
	Arrangement Fee	  	€250,000.
	Expiry	  	The Bank Guarantee will expire at the earlier of:-
	 	  	 •        End of term
(13/6/2030 or later if extended);

	 	  	 •        Sale of the
Borrower’s leasehold interest in the Hamburg Marriott hotel;

	 	  	 •        The full face value of the Bank Guarantee having been utilised. (Any calls by DIFA would need to be funded by the Borrower/Guarantor in the first instance with utilisation of the cash
held by DIFA in the event of non-payment by the Borrower/Guarantor as a secondary remedy).

  

 -13- 

			
	Security	  	To include -
	 	  	 •        Counter-indemnity
from the Borrower/Guarantor;

	 	  	 •        Step-in
arrangements into the lease with the long leaseholder (DIFA); and

	 	  	 •        Step-in
arrangements (via Non-Disturbance Agreement) with Marriott in respect of continued trading of the hotel

	 	  	Step-in arrangements are limited to taking business decisions not exercising
control.
	Covenants	  	To include:-
	 	  	 •        Maintenance of
cash with DIFA in an initial sum of €3 million increasing by €300,000 p.a. in 2004 & 2005, €350,000 p.a. in 2006, 2007, 2008 & 2009. Minimum of 50% of cash in any one year to have been deposited with DIFA at the half year
(which provides a corresponding reduction in the guarantee liability);

	 	  	 •        Information
requirements: monthly Marriott figures and quarterly, half year and annual audits (as per Deutsche Bank facility for the Guarantor);

	 	  	 •        No change in
ownership or control;

	 	  	 •        No further
borrowings or granting of security (in particular over this hotel) etc;

	 	  	 •        Material Adverse
Change (to also include the Guarantor);

	 	  	 •        No changes to the
terms of the lease with the long leaseholder or operating agreements with Marriott;

	 	  	 •        No
dividends/distributions whilst an event of default is outstanding;

	 	  	 •        No other activities, other than in connection with the hotel.

	Financial Covenants	  	To include:-
	 	  	 •        Net house profit to indexed fixed rent to be minimum 1 times. In the event that this covenant is breached for a continuous 2 year period then an Event of Default will occur;

•        Corporate Covenants for the Guarantor (covenant
definitions as per Deutsche Bank facility):-

	 	  	 f)      Minimum Tangible Net Worth of
US$325m (based on book shareholder equity plus add-back of minority interests and depreciation on assets);

	 	  	 g)      Minimum Interest Cover Ratio
(consolidated EBITDA to interest) of 3 times;

	 	  	 h)      Minimum Fixed Charge Coverage
(consolidated EBITDA to fixed charges (to include cash interest expense, scheduled debt amortisation and reserve fundings required by any other debt agreements)) of 1.5 times;

	 	  	 i)       Maximum Total Leverage
(consolidated indebtedness to gross asset value - based on trailing 12 month NOI adjusted for FF&E reserve and management fees divided by cap rate) of 65% in 2004 and 2005 reducing to 60% thereafter; and

	 	  	 j)       Maximum Facility Outstandings (facility outstandings to adjusted NOI) of 2.5 times decreasing to 2.25 times on second anniversary.

	Events of Default	  	Standard and in a default to include:-
	 	  	 •        Non-receipt or
withdrawal of cash with DIFA which breaches the limits as outlined above;

	 	  	 •        Breach of
corporate covenants;

	 	  	 •        Cross default.

	 	 
	 	  	In the event of a default, the Borrower/Guarantor will be obliged to provide cash cover to
DIFA directly to cover the liability in full or refinance this Facility enabling take out of the Bank’s guarantee commitment to DIFA.
	Documentation	  	Prepared by lawyers instructed by the Bank.

  

 -14- 

 EXHIBIT A-1 
 REVOLVING NOTE 
  

			
	$            	  	                ,
            

 FOR VALUE RECEIVED, the undersigned, STRATEGIC HOTEL FUNDING, L.L.C., a Delaware
limited liability company (the “Borrower”), promises to pay to the order of                      (the
“Lender”) on the Maturity Date (as defined in the Credit Agreement referred to below) the principal sum of
                     DOLLARS ($            ) or, if less, the aggregate
unpaid principal amount of all Revolving Loans (as defined in the Credit Agreement) made by the Lender pursuant to that certain Credit Agreement, dated as of March     , 2007, among the Borrower, the various financial
institutions as are or may become parties thereto (including the Lender), and Deutsche Bank Trust Company Americas, as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein shall have the meanings provided in the Credit Agreement. 
 The Borrower also promises to pay interest on the unpaid principal amount hereof from time to time outstanding from the date hereof until maturity (whether by acceleration or otherwise) and, after
maturity, until paid at the rates per annum and on the dates specified in the Credit Agreement. 
 Payments of both principal
and interest are to be made in lawful money of the United States of America in same day or immediately available funds to the account designated by the Administrative Agent pursuant to the Credit Agreement. 
 This Note is one of the Revolving Notes referred to in, and evidences Indebtedness incurred under, the Credit Agreement, to which reference
is made for a description of the security for this Note and for a statement of the terms and conditions on which the Borrower is permitted and required to make prepayments and repayments of principal of the Indebtedness evidenced by this Note and on
which such Indebtedness may be declared to be immediately due and payable. 
 All parties hereto, whether as makers, endorsers,
or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. 

 THIS NOTE HAS BEEN DELIVERED IN NEW YORK, NEW YORK AND SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. 
  

			
	 STRATEGIC HOTEL FUNDING, L.L.C.,
 a Delaware limited liability company

		
	By:	 	  

		 	Name:
		 	Title:

 REVOLVING LOANS AND PRINCIPAL PAYMENTS 
  

																			
	 Date
  
	  	  
 Amount of Revolving
 Loan Made
  
	  	 Interest Period
 (If Applicable)
	  	  
 Amount of
 Principal
 Repaid
  
	  	  
 Unpaid Principal
 Balance
  
	  	Total	  	 Notation
 Made By

	  	  
 Base
 Rate
  
	  	  
 LIBO
 Rate
  
	  	  	  
 Base
 Rate
  
	  	  
 LIBO
 Rate
  
	  	  
 Base
 Rate
  
	  	  
 LIBO
 Rate
  
	  	  
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 

 EXHIBIT B-1 
 BORROWING REQUEST 
 Deutsche Bank Trust Company Americas,

 acting as Administrative Agent 
 for
the Lenders referred to below 
 90 Hudson Street 
 5th Floor

 Jersey City, New Jersey 07302 
 Attention:        Geraldine Harper 
 STRATEGIC HOTEL FUNDING, L.L.C.

 Ladies and Gentlemen: 
 This Borrowing Request is delivered to you pursuant to Section 2.3 of the Credit Agreement, dated as of March 9, 2007, among STRATEGIC HOTEL FUNDING, L.L.C., a Delaware limited liability
company (the “Borrower”), the various financial institutions as are or may become parties thereto, and Deutsche Bank Trust Company Americas, as Administrative Agent (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”). Unless otherwise defined herein, capitalized terms used in this Borrowing Request shall have the meanings set forth in the Credit Agreement. 
 The Borrower hereby requests that a Revolving Loan be made in the aggregate principal amount of
$             on                 , 200     as a [LIBO Rate Loan
having an Interest Period of      months] [Base Rate Loan]. 
 The Borrower hereby acknowledges that,
pursuant to Section 5.2.2 of the Credit Agreement, each of the delivery of this Borrowing Request and the acceptance by the Borrower of the proceeds of the Loans requested hereby constitute a representation and warranty by the Borrower
that, on the date of such Loans, and before and after giving effect thereto and to the application of the proceeds therefrom, the conditions set forth in clauses (a) and (b) of Section 5.2.1 of the Credit Agreement have been
satisfied. 
 The Borrower hereby certifies that (a) attached hereto as Exhibit A is a true, correct and complete
copy of the calculation of the Aggregate Commitment and the Available Commitment and (b) each Borrowing Base Property included in such calculations continues to satisfy all of the criteria and requirements for a Borrowing Base Property under
the Credit Agreement. 
 The Borrower agrees that if prior to the time of the Borrowing requested hereby any matter certified to
herein by it will not be true and correct at such time as if then made, it will immediately so notify the Administrative Agent. Except to the extent, if any, that prior to the time of the Borrowing requested hereby the Administrative Agent shall
receive written notice to the contrary from the Borrower, each matter certified to herein shall be deemed once again to he certified as true and correct at the date of such Borrowing as if then made. 

 Please wire transfer the proceeds of the Borrowing to the accounts of the following persons
at the financial institutions indicated respectively: 
  

															
	 Amount to be
 Transferred
	 	 	  	Person to be Paid	  	 	  	 Name, Address, etc.
 of Transferrer Lender

	 	  	Name	  	 	  	Account No.	  	 	  
							
	$                    	 		  	  
	  		  	  
	  		  	  

							
		 		  		  		  		  		  	  

		 		  		  		  		  		  	Attention:	  	  

							
	$                    	 		  	  
	  		  	  
	  		  	  

							
		 		  		  		  		  		  	  

		 		  		  		  		  		  	Attention:	  	  

					
	Balance of such proceeds	 		  	[Borrower]	  		  	  

							
		 		  		  		  		  		  	  

		 		  		  		  		  		  	Attention:	  	  

 The Borrower has caused this Borrowing Request to be executed and delivered, and the
certification and warranties contained herein to be made, by its duly Authorized Officer this      day of                 ,
200    . 
  

			
	 STRATEGIC HOTEL FUNDING, L.L.C.,
 a Delaware limited liability company

		
	By	 	  

		 	Name: Ryan M. Bowie
		 	Title: Vice President and Treasurer

 EXHIBIT A 
 Calculations 

 EXHIBIT B-2 
 ISSUANCE REQUEST 
 Deutsche Bank Trust Company Americas,

             acting as Administrative Agent 
             for the Lenders referred to below 
 60 Wall Street 
 New York, New York 10005-M5 NYC
60-3812 
  

			
	Attention:	  	Global Loan Operations
		  	Standby Letter of Credit Unit

 STRATEGIC HOTEL FUNDING, L.L.C. 
 Ladies and Gentlemen: 
 This
Issuance Request is delivered to you pursuant to Section 2.6 of the Credit Agreement, dated as of March     , 2007, among STRATEGIC HOTEL FUNDING, L.L.C, a Delaware limited liability company (the
“Borrower”), the various financial institutions as are or may become parties thereto, and Deutsche Bank Trust Company Americas, as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”). Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Credit Agreement. 
 The Borrower hereby requests that on                 
    , 200     (the “Date of Issuance”) the Lender issue a standby Letter of Credit on
                    , 200     in the initial Stated Amount of
$             with a Stated Expiry Date (as defined therein) of [                
    , 200    ] [extend the Stated Expiry Date (as defined under Irrevocable Standby Letter of Credit No.     , issued on
                     , 200    , in the initial Stated Amount of
$            ) to a revised Stated Expiry Date (as define therein) of                 
    , 200    ]. 
 The beneficiary of the requested
Letter of Credit will be**
                            , and such Letter of Credit will be in support of***
                            . 
 The Borrower hereby acknowledges that, pursuant to Section 5.2.2 of the Credit Agreement, each of the
delivery of this Issuance Request and the**** [issuance]
[extension] of the Letter of Credit requested hereby constitutes a representation and warranty by the Borrower that, on such date of [issuance] [extension], the conditions set forth in clauses (a) and (b) of Section 5.2.1 of
the Credit Agreement have been satisfied. 
  
  

	**	 Insert name and address of beneficiary. 

  

	***	Insert description of supported Indebtedness or other obligations and name of agreement to which it relates. 

  

	****	Complete as appropriate. 

 The Borrower hereby certifies that (a) attached hereto as Exhibit A is a true,
correct and complete copy of the calculation of the Aggregate Commitment and the Available Commitment and (b) each Borrowing Base Property included in such calculations continues to satisfy all of the criteria and requirements for a Borrowing
Base Property under the Credit Agreement. 
 The Borrower agrees that if, prior to the time of the [issuance] [extension] of the
Letter of Credit requested hereby, any matter certified to herein by it will not be true and correct at such time as if then made, it will immediately so notify the Administrative Agent. Except to the extent, if any, that prior to the time of the
issuance or extension requested hereby the Administrative Agent and the Issuer shall receive written notice to the contrary from the Borrower, each matter certified to herein shall be deemed to be certified at the date of such issuance or extension.

 [Signature on following page] 

 EXHIBIT B-2 
 IN WITNESS WHEREOF, the Borrower has caused this request to be executed and delivered by its duly Authorized Officer this
     day of                 , 200    . 
  

			
	 STRATEGIC HOTEL FUNDING, L.L.C.,
 a Delaware limited liability company

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 
 Calculations 

 EXHIBIT C 
 CONTINUATION/CONVERSION NOTICE 
 Deutsche Bank Trust Company
Americas, 
     acting as Administrative Agent 
     for the Lenders referred to below 
 90 Hudson Street  
 5th
 Floor 
 Jersey City, New Jersey 07302 
 Attention:        Geraldine Harper 
 STRATEGIC HOTEL FUNDING, L.L.C. 
 Ladies and Gentlemen: 
 This Continuation/Conversion Notice is delivered to you pursuant to Section 2.4 of the Credit Agreement, dated as of March
    , 2007, among STRATEGIC HOTEL FUNDING, L.L.C, a Delaware limited liability company (the “Borrower”), the various financial institutions as are or may become parties thereto, and Deutsche Bank Trust
Company Americas, as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Unless otherwise defined herein or the context otherwise requires, terms used herein have the
meanings provided in the Credit Agreement. 
 The Borrower hereby requests that on
                     , 200    , 
 (1) $             of the presently outstanding principal amount of the
Revolving Loans originally made on                      ,         , 
 (2) and being presently maintained as *[Base Rate Loans] [LIBO Rate Loans], 
 (3) be [converted into] [continued as], 
 (4) **[LIBO Rate Loans having an Interest Period of
     months] [Base Rate Loans]. 
  
  

	*	 Select appropriate interest rate option. 

  

	**	 Insert appropriate interest rate option. 

 The Borrower hereby: 
 (a) certifies and warrants that no Event of Default has occurred and is continuing; and 
 (b) agrees that if prior to the time of such continuation or conversion any matter certified to herein by it will not be true
and correct at such time as if then made, it will immediately so notify the Administrative Agent. 
 Except to the extent, if any, that prior to
the time of the continuation or conversion requested hereby the Administrative Agent shall receive written notice to the contrary from the Borrower, each matter certified to herein shall be deemed to be certified at the date of such continuation or
conversion as if then made. 
 The Borrower has caused this Continuation/Conversion Notice to be executed and delivered, and the
certification and warranties contained herein to be made, by its Authorized Officer this      day of                 ,
200    . 
  

			
	STRATEGIC HOTEL FUNDING, L.L.C.,
	a Delaware limited liability company
		
	By	 	  

		 	Name:
		 	Title:

  

 2 

 EXHIBIT D 
 CLOSING DATE CERTIFICATE 
 STRATEGIC HOTEL
FUNDING, L.L.C. 
 This certificate is delivered pursuant to Section 5.1.2 of the Credit Agreement, dated as
of March 9, 2007, among STRATEGIC HOTEL FUNDING, L.L.C., a Delaware limited liability company (the “Borrower”), the various financial institutions as are or may become parties thereto and Deutsche Bank Trust Company Americas,
as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein shall have the
meanings provided in the Credit Agreement. 
 The undersigned hereby certifies, represents and warrants that, as of the Closing
Date: 
  

	1.	Warranties, No Default, etc. Both immediately before and immediately after giving effect to the Closing Date and any Credit Extension to be made on such date:

  

	 	(a)	the statements made in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects; and

  

	 	(b)	no Default has occurred and is continuing. 

  

	2.	Financial Information, etc. A true and complete copy of each of the items described in Section 5.1.5 of the Credit Agreement is attached hereto as
Annex I Financial Information, etc. 

  

	3.	No Material Adverse Effect. No Material Adverse Effect has occurred prior to the date hereof. 

  

	4.	Material Agreements. A true and complete copy of each Material Agreement of the Borrower and Guarantor is attached hereto as Annex II.

  

	5.	Borrowing Base Properties. Each of the Initial Borrowing Base Properties satisfy the criteria and requirements to qualify as a “Borrowing Base
Property” under the Credit Agreement. 

  

	6.	Approvals, Diligence. A true and complete copy of each of the items described in Section 5.1.13 of the Credit Agreement have been delivered to the
Administrative Agent and Borrower has obtained all necessary approvals described in Section 5.1.10 of the Credit Agreement. 

 IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed and
delivered, and the certification, representations and warranties contained herein to be made, by its duly Authorized Officer this      day of March, 2007. 
  

			
	 STRATEGIC HOTEL FUNDING, L.L.C.,
 a Delaware limited liability company

		
	By:	 	  

		 	Name: Ryan M. Bowie
		 	Title: Vice President and Treasurer

  

 -2- 

 ANNEX I 
 FINANCIAL INFORMATION 

 ANNEX II 
 MATERIAL AGREEMENTS 
  

 4 

 EXHIBIT E 
 [See attached] 

  
 STRATEGIC HOTEL FUNDING, LLC 
 $415,000,000 Revolver Financial Covenant Calculations 
  
  

															
	 Section 7.2.4 (a) - FIXED CHARGE
COVERAGE RATIO (Minimum 1.20x, steps up to 1.30x on second anniversary)
  
	   
 

	 	 	 Tested at the end of each Fiscal Quarter
	 	1Q 2006	  	 	2Q 2006	  	 	3Q 2006	  	 	4Q 2006	  
	 					 
	 	 	 Consolidated Net Income
	 			 			 			 		 
	 	 	 Net Income of the Consolidated Group
	 	(1,423	) 	 	11,708	  	 	91,427	  	 	(6,126	) 
	 	 	 Add: preferred dividends
	 	3,706	  	 	5,914	  	 	7,461	  	 	7,462	  
	 	 	 Add: minority interests
	 	313	  	 	884	  	 	96	  	 	9	  
	 	 	 Consolidated Net Income
	 	2,596	  	 	18,506	  	 	98,984	  	 	1,345	  
	 					 
	 	 	 Consolidated EBITDA
	 			 			 			 		 
	 	 	 Consolidated Net Income
	 	2,596	  	 	18,506	  	 	98,984	  	 	1,345	  
	 	 	 Add: consolidated interest expense
	 	7,850	  	 	7,926	  	 	16,453	  	 	20,800	  
	 	 	 Add: consolidated provisions for taxes
	 	(2,236	) 	 	1,407	  	 	(395	) 	 	563	  
	 	 	 Add: amortization of intangibles
	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 	 	 Add: depreciation
	 	14,513	  	 	15,487	  	 	21,892	  	 	25,778	  
	 	 	 Add: non-recurring non-cash charge, if
	 			 			 			 		 
	 	 	 such charge is not reflected on the balance sheet; and
	 			 			 			 		 
	 	 	 such charge will not require a present or future payment
	 			 			 			 		 
	 	 	 Less: non-recurring non-cash gains, if included in Consolidated Net Income
	 	—  	  	 	—  	  	 	—  	  	 		 
	 	 	 Excludes: Equity in Earnings from - Prague JV - unconsolidated subsidiary
	 	136	  	 	(316	) 	 	(42	) 	 	—  	  
	 	 	 Excludes: Equity in Earnings from - Hotel Del Coronado - unconsolidated subsidiary
	 	1,442	  	 	(5	) 	 	(918	) 	 	1,258	  
	 	 	 Excludes: Equity in Earnings from - FSPMRC - unconsolidated subsidiary
	 			 	(352	) 	 	(241	) 	 	62	  
	 	 	 Excludes: extraordinary gains or losses, and taxes associated
	 	10,384	  	 	425	  	 	1,562	  	 	3,072	  
	 	 	 Excludes: gains or losses from sales of assets
	 	(43	) 	 	17	  	 	(89,300	) 	 	—  	  
	 	 	 Less: EBITDA attributable to New Orleans
	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 	 	 Consolidated EBITDA
	 	34,642	  	 	43,095	  	 	47,995	  	 	52,878	  
	 					 
	 	 	 Total Interest Expense (Consolidated Group)
	 			 			 			 		 
	 	 	 Interest Expense
	 	7,850	  	 	7,926	  	 	16,453	  	 	20,800	  
	 	 	 Less: Deferred Financing Fees
	 	(408	) 	 	(412	) 	 	(530	) 	 	(604	) 
	 	 	 Capitalized Interest
	 	1,676	  	 	1,810	  	 	2,171	  	 	2,600	  
	 	 	 Capitalized Lease Liabilities
	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 	 	 Less Interest Expense Attributable to New Orleans
	 	(1,268	) 	 	(1,277	) 	 	(1,281	) 	 	(1,277	) 
	 	 	 Total Interest Expense
	 	7,850	  	 	8,047	  	 	16,813	  	 	21,519	  
	 					 
	 	 	 Scheduled Principal Amounts of Amortization of Indebtedness
	 			 			 			 		 
	 	 	 Fixed Rate Debt
	 	752	  	 	732	  	 	711	  	 	720	  
	 	 	 Floating Rate Debt
	 			 			 			 		 
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 Scheduled Principal Amounts of Amortization of Indebtedness
	 	752	  	 	732	  	 	711	  	 	720	  
	 					 
	 	 	 Gross Hotel Revenue (Consolidated Group)
	 			 			 			 		 
	 	 	 All revenues and receipt of every kind including but not limited to:
	 			 			 			 		 
	 	 	 income, before commissions/discounts for prompt payment, from rentals and sales of space
	 			 			 			 		 
	 	 	 license lease and concession fees of rentals
	 			 			 			 		 
	 	 	 net income from vending machines, health club membership fees
	 			 			 			 		 
	 	 	 food & beverage sales
	 			 			 			 		 
	 	 	 sales of merchandise (other than used FF&E)
	 			 			 			 		 
	 	 	 service charges but not gratuities
	 			 			 			 		 
	 	 	 interest which accrues on FF&E reserve accounts
	 			 			 			 		 
	 	 	 but shall not include:
	 			 			 			 		 
	 	 	 gratuities to employees
	 			 			 			 		 
	 	 	 federal, state, municipal sales, use and excise taxes
	 			 			 			 		 
	 	 	 insurance proceeds (other than BI)
	 			 			 			 		 
	 	 	 condemnation proceeds
	 			 			 			 		 
	 	 	 proceeds from sales of properties
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 Gross Hotel Revenues
	 	137,221	  	 	165,303	  	 	201,414	  	 	237,999	  
	 					 
	 	 	 Total Fixed Charge
	 			 			 			 		 
	 	 	 Total Interest Expense
	 	7,850	  	 	8,047	  	 	16,813	  	 	21,519	  
	 	 	 Add: Scheduled Principal Amounts of Amortization of Indebtedness
	 	752	  	 	732	  	 	711	  	 	720	  
	 	 	 Add: Distributions on Preferred Partnership Units
	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 	 	 Add: Dividends on Preferred Shares
	 	3,706	  	 	5,914	  	 	7,461	  	 	7,462	  
	 	 	 Add: Deemed FF&E Reserves (4% of Gross Hotel Revenue)
	 	5,489	  	 	6,612	  	 	8,057	  	 	9,520	  
	 	 	 Add: Any amounts paid into cash reserves as required by other indebtedness
	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 	 	 Add: New Orleans Interest
	 	1,268	  	 	1,277	  	 	1,281	  	 	1,277	  
	 	 	 Total Fixed Charges
	 	19,065	  	 	22,583	  	 	34,322	  	 	40,498	  
	 					 
	 	 	 a) Consolidated EBITDA, Trailing 12 Months
	 	119,266	  	 	127,784	  	 	151,502	  	 	178,610	  
	 					 
	 	 	 b) Total Fixed Charges, Trailing 12 Months
	 	72,110	  	 	76,583	  	 	93,077	  	 	116,468	  
	 					 
	 	 	 Ratio of a) to b)
	 	1.65	  	 	1.67	  	 	1.63	  	 	1.53	  
	 					 
	 	 	 Minimum
	 	1.20	x 	 	1.20	x 	 	1.20	x 	 	1.20	x 
	 					 
	 	 	 	 	Pass	  	 	Pass	  	 	Pass	  	 	Pass	  

  
 STRATEGIC HOTEL FUNDING, LLC 
 $415,000,000 Revolver Financial Covenant Calculations 
  
  

												
	 Section 7.2.4 (b) - MAXIMUM TOTAL
LEVERAGE RATIO (Maximum 65%)
  
	   
 

	 	 		 	1Q 2006	 	2Q 2006	 	3Q 2006	 	4Q 2006	  
	 	 	 Consolidated Debt
	 		 		 		 		 
	 	 	 (i) all indebtedness (principal, interest, fees and charges) for borrowed money* and for the deferred purchase price of property
	 		 		 		 	1,557,865	  
	 	 	 (ii) the aggregate amount of capitalized lease liabilities
	 		 		 		 		 
	 	 	 (iii) all indebtedness of the type described in clauses (i) and (ii) of Persons other than members of the Consolidated Group which is
secured by a Lien on any property owned by the Consolidated Group
	 		 		 		 		 
	 	 	 (iv) all Contingent Obligations
	 		 		 		 		 
	 	 	 (v) all Indebtedness described in clauses (ii) and (vii) of the definition of Indebtedness:
	 		 		 		 		 
	 	 	 (ii) - letters of credit drawn under the revolver
	 		 		 		 		 
	 	 	 (vii) - hedging agreements = Net Termination Value
	 		 		 		 		 
	 	 	 (vi) Borrowers Share of all above clause (i) to (v) for Unconsolidated Affiliates
	 	 	 	 	 	 	 	288,289	  
	 	 	 Consolidated Debt
	 		 		 		 	1,857,373	  
	 					 
	 	 	 Gross Asset Value
	 		 		 		 		 
	 					 
	 	 	 Consolidated Group Properties
	 		 		 		 		 
	 					 
	 	 	 Borrowing Base (Appraised Values)
	 		 		 		 	Appraised Value	  
	 	 	 Four Seasons Hotel Mexico D.F.
	 		 		 		 	72,000	  
	 	 	 Four Seasons Resort - Punta Mita
	 		 		 		 	303,000	  
	 	 	 Four Seasons Washington, D.C.
	 		 		 		 	175,500	  
	 	 	 Ritz-Carlton Laguna Niguel
	 		 		 		 	334,000	  
	 	 	 Marriott Lincolnshire Resort
	 	 	 	 	 	 	 	40,400	  
	 	 	 Total Borrowing Base
	 		 		 		 	924,900	  
	 					 
	 	 	 Hyatt Regency LaJolla
	 		 		 		 	160,000	  
	 	 	 Hyatt Regency New Orleans*
	 		 		 		 	92,000	  
	 	 	 Hyatt Regency Phoenix
	 		 		 		 	125,000	  
	 	 	 Loews Santa Monica
	 		 		 		 	221,900	  
	 	 	 Ritz-Carlton Half Moon Bay
	 		 		 		 	167,800	  
	 	 	 InterContinental Chicago*
	 		 		 		 	293,600	  
	 	 	 InterContinental Miami*
	 		 		 		 	166,900	  
	 	 	 Fairmont Chicago
	 		 		 		 	226,300	  
	 	 	 Westin St. Francis
	 		 		 		 	446,300	  
	 	 	 Fairmont Scottsdale Princess
	 		 		 		 	345,300	  
	 	 	 InterContinental Prague
	 		 		 		 	216,454	  
	 	 	 Marriott Grosvenor Square
	 	 	 	 	 	 	 	200,808	  
	 	 	 Non Borrowing Base Consolidated Group Properties
	 		 		 		 	2,662,362	  
	 					 
	 	 	 Unconsolidated Subsidiary
	 		 		 		 		 
	 	 	 Hotel del Coronado*
	 	 	 	 	 	 	 	382,500	  
	 	 	 Unconsolidated Subsidiary
	 		 		 		 	382,500	  
	 					 
	 	 	 Acquisition Properties
	 		 		 		 		 
	 	 	 Development Properties
	 		 		 		 	51,900	  
	 					 
	 	 	 Gross Asset Value
	 		 		 		 	4,021,662	  
	 					 
	 	 	 a) Consolidated Debt
	 		 		 		 	1,857,373	  
	 					 
	 	 	 b) Gross Asset Value (Appraised Value used until September 30th, 2008)
	 		 		 		 	4,021,662	  
	 					 
	 	 	 Ratio of a) to b)
	 		 		 		 	46.2	% 
	 					 
	 	 	 Maximum
	 		 		 		 	65.0	% 
	 					 
	 	 	 	 	 	 	 	 	 	 	Pass	  

  
 STRATEGIC HOTEL FUNDING, LLC 
 $415,000,000 Revolver Financial Covenant Calculations 
  
  

												
	 Section 7.2.4 (c) - NET WORTH
(MINIMUM: $946,831 plus 75% of the proceeds of new stock issuances)
  
	   
 

	 	 		 	1Q 2006	 	2Q 2006	 	3Q 2006	 	4Q 2006	  
	 	 	 Consolidated Tangible Net Worth
	 		 		 		 		 
	 	 	 tangible net worth of Consolidated Group in accordance with GAAP based on:
	 		 		 		 		 
	 	 	 shareholder book equity of Guarantor’s common Capital Stock
	 		 		 		 	970,022	  
	 	 	 add: Minority Interest in the common Capital Stock of Borrower
	 		 		 		 	23,428	  
	 	 	 add: accumulated depreciation and amortization
	 	 	 	 	 	 	 	268,991	  
	 	 	 Consolidated Tangible Net Worth
	 		 		 		 	1,262,441	  
	 					 
	 	 	 a) Consolidated Tangible Net Worth
	 		 		 		 	1,262,441	  
	 					 
	 	 	 Minimum (75% of Closing Date Consolidated Tangible Net Worth)
	 		 		 		 	946,831	  
	 					 
	 	 	 	 	 	 	 	 	 	 	Pass	  
	 	 	 	 	 	 	 	 	 	 	 	 
	 Section 7.2.4 (d) -
CONSTRUCTION COSTS (Maximum Construction Costs 15% of Gross Asset Value)
  
	   
 

	 	 		 	1Q 2006	 	2Q 2006	 	3Q 2006	 	4Q 2006	  
	 					 
	 	 	 a) Construction Costs
	 		 		 		 	111,517	  
	 					 
	 	 	 b) Gross Asset Value
	 		 		 		 	4,021,662	  
	 					 
	 	 	 Ratio of a) to b)
	 		 		 		 	2.77	% 
	 					 
	 	 	 Maximum
	 		 		 		 	15.00	% 
	 					 
	 	 	 	 	 	 	 	 	 	 	Pass	  
	 	 
	 Section 7.2.4 (e) - Minority
Joint Ventures (Maximum 25% of Gross Asset Value in the form of Minority Joint Ventures)
  
	   
 

	 	 		 	1Q 2006	 	2Q 2006	 	3Q 2006	 	4Q 2006	  
	 					 
	 	 	 Net Asset Value - Unconsolidated Subsidiaries
	 		 		 		 		 
	 	 	 Gross Asset Value - Unconsolidated Subsidiaries
	 		 		 		 	382,500	  
	 	 	 Less: Debt allocated to Unconsolidate Subsidiaries
	 	 	 	 	 	 	 	(288,289	) 
	 	 	 Net Asset Value - Unconsolidated Subsidiaries
	 		 		 		 	94,211	  
	 					 
	 	 	 a) Net Asset Value - Unconsolidated Subsidiaries
	 		 		 		 	94,211	  
	 					 
	 	 	 b) Gross Asset Value
	 		 		 		 	4,021,662	  
	 					 
	 	 	 Ratio of a) to b)
	 		 		 		 	2.3	% 
	 					 
	 	 	 Maximum
	 		 		 		 	25.0	% 
	 					 
	 	 	 	 	 	 	 	 	 	 	Pass	  
	 	 	 	 	 	 	 	 	 	 	 	 
	 Section 7.2.4 (f) -
Construction Costs and Joint Ventures (Maximum 35% of Gross Asset Value)
  
	   
 

	 	 		 	1Q 2006	 	2Q 2006	 	3Q 2006	 	4Q 2006	  
	 					 
	 	 	 Construction Costs and Joint Ventures
	 		 		 		 		 
	 	 	 Construction Costs
	 		 		 		 	111,517	  
	 	 	 Net Asset Value - Unconsolidated Subsidiaries
	 	 	 	 	 	 	 	94,211	  
	 	 	 Construction Costs and Joint Ventures
	 		 		 		 	205,728	  
	 					 
	 	 	 b) Construction Costs and Joint Ventures
	 		 		 		 	205,728	  
	 					 
	 	 	 b) Gross Asset Value
	 		 		 		 	4,021,662	  
	 					 
	 	 	 Ratio of a) to b)
	 		 		 		 	5.1	% 
	 					 
	 	 	 Maximum
	 		 		 		 	35.0	% 
	 					 
	 	 	 	 	 	 	 	 	 	 	Pass	  

  
 STRATEGIC HOTEL FUNDING, LLC 
 $415,000,000 Revolver Financial Covenant Calculations 
  
  

															
	 Borrowing Base
Coverage
  
	   
 

	 	 	1Q 2006	  	 	2Q 2006	  	 	3Q 2006	  	 	4Q 2006	  
	(a) Adjusted Net Operating Income (Borrowing Base)	 			 			 			 		 
	 	 	 Pro Forma Operating Income (Borrowing Base)
	 			 			 			 		 
	 	 	 all income received by the property determined on an accrual basis and according to GAAP including:
	 			 			 			 		 
	 	 	 (i) rent or hotel revenue
	 			 			 			 		 
	 	 	 (ii) all amounts payable under REA’s, operating agreements, covenants, conditions and restrictions, and condo agreements
	 			 			 			 		 
	 	 	 (iii) condemnation awards
	 			 			 			 		 
	 	 	 (iv) business interruption and loss of rental value proceeds
	 			 			 			 		 
	 	 	 (v) all investment income with respect to any collateral accounts (reserves, restricted cash, rent deposits, etc.)
	 			 			 			 		 
	 	 	 but shall not include:
	 			 			 			 		 
	 	 	 but shall not include:
	 			 			 			 		 
	 	 	 (a) insurance proceeds other than those described above
	 			 			 			 		 
	 	 	 (b) proceeds from the sale, financing, refinancing, transfer, exchange of any part of the property (condo units, time shares, out-parcel,
etc.)
	 			 			 			 		 
	 	 	 (c) repayments received from tenants of principal loaned or advanced to tenants
	 			 			 			 		 
	 	 	 (d) any income which is Operating Income but is paid directly by a tenant to another Person
	 			 			 			 		 
	 	 	 (e) any fees payable by a tenant that are reimbursable to tenant.
	 			 			 			 		 
	 	 	 Four Seasons Hotel Mexico D.F.
	 	6,069	  	 	5,736	  	 	4,077	  	 	7,357	  
	 	 	 Four Seasons Resort - Punta Mita
	 	14,050	  	 	11,602	  	 	8,156	  	 	12,621	  
	 	 	 Four Seasons Washington, D.C.
	 	10,366	  	 	14,415	  	 	10,393	  	 	13,785	  
	 	 	 Ritz-Carlton Laguna Niguel
	 	16,428	  	 	19,241	  	 	23,283	  	 	17,936	  
	 	 	 Marriott Lincolnshire Resort
	 	7,969	  	 	9,366	  	 	10,161	  	 	12,642	  
	 	 	 Pro Forma Operating Income (Borrowing Base)
	 	54,881	  	 	60,360	  	 	56,071	  	 	64,341	  
	 					 
	 	 	 Pro Forma Operating Expenses (Borrowing Base)
	 			 			 			 		 
	 	 	 all expenses actually paid or payable in connection with ownership or operation of the property determined on an accrual basis and according to
GAAP including:
	 			 			 			 		 
	 	 	 Costs (including labor) for providing service for rooms, food & beverage, telecom, garage, parking, other departments,
real estate and business taxes, insurance, utilities, rental expenses administrative and general costs, repairs and maintenance, third-party franchise fees and legal expenses incurred in connection with the operation of the property rental expenses
for leaseholds (Paris & Hamburg)
	 			 			 			 		 
	 	 	 but shall not include:
	 			 			 			 		 
	 	 	 (i) depreciation, amortization and other non-cash items
	 			 			 			 		 
	 	 	 (ii) principal and interest on borrowed money
	 			 			 			 		 
	 	 	 (iii) income taxes or other taxes in the nature of income taxes
	 			 			 			 		 
	 	 	 (iv) expenses incurred in connection with the Revolver
	 			 			 			 		 
	 	 	 (v) distributions to shareholders
	 			 			 			 		 
	 	 	 (vi) capital expenditures (FF&E Reserve) or management fees
	 			 			 			 		 
	 	 	 Other
	 			 			 			 		 
	 					 
	 	 	 Four Seasons Hotel Mexico D.F.
	 	4,360	  	 	4,083	  	 	3,648	  	 	4,927	  
	 	 	 Four Seasons Resort - Punta Mita
	 	7,178	  	 	6,267	  	 	6,192	  	 	8,066	  
	 	 	 Four Seasons Washington, D.C.
	 	9,164	  	 	9,997	  	 	9,158	  	 	10,482	  
	 	 	 Ritz-Carlton Laguna Niguel
	 	12,549	  	 	13,169	  	 	14,697	  	 	13,978	  
	 	 	 Marriott Lincolnshire Resort
	 	7,013	  	 	7,541	  	 	7,802	  	 	10,193	  
	 	 	 Pro Forma Operating Expenses (Borrowing Base)
	 	40,263	  	 	41,056	  	 	41,497	  	 	47,645	  
	 					 
	 	 	 Pro Forma Net Operating Income (Borrowing Base)
	 			 			 			 		 
	 	 	 Four Seasons Hotel Mexico D.F.
	 	1,709	  	 	1,653	  	 	429	  	 	2,430	  
	 	 	 Four Seasons Resort - Punta Mita
	 	6,872	  	 	5,335	  	 	1,964	  	 	4,555	  
	 	 	 Four Seasons Washington, D.C.
	 	1,202	  	 	4,419	  	 	1,235	  	 	3,303	  
	 	 	 Ritz-Carlton Laguna Niguel
	 	3,879	  	 	6,072	  	 	8,587	  	 	3,958	  
	 	 	 Marriott Lincolnshire Resort
	 	956	  	 	1,825	  	 	2,359	  	 	2,449	  
	 	 	 Pro Forma Net Operating Income (Borrowing Base)
	 	14,618	  	 	19,304	  	 	14,574	  	 	16,696	  
	 					 
	 	 	 Adjusted Net Operating Income
	 			 			 			 		 
	 	 	 Net Operating Income (Borrowing Base)
	 	14,618	  	 	19,304	  	 	14,574	  	 	16,696	  
	 	 	 Less: Deemed FF&E Reserves for Consolidated Group (4% of Gross Hotel Revenues)
	 	(2,195	) 	 	(2,414	) 	 	(2,243	) 	 	(2,574	) 
	 	 	 Less: Deemed Management Fees for Consolidated Group (Greater of Actual or 3% of Gross
	 	(1,646	) 	 	(1,811	) 	 	(1,682	) 	 	(1,930	) 
	 	 	 Less: any other monetary obligations paid during the period with respect to the
properties
	 	—  	  	 	—  	  	 	—  	  	 	—  	  
	 	 	 Adjusted Net Operating Income
	 	10,776	  	 	15,078	  	 	10,649	  	 	12,192	  
	 					 
	 	 	 TTM Pro Forma Adjusted Net Operating Income (Borrowing Base)
	 			 			 			 	48,695	  
	 
	 (b) Pro Forma Interest Expense
	   

	 	 	 Pro Forma Aggregate Outstanding Balance
	 			 			 			 	206,000	  
	 	 	 LIBOR Rate
	 			 			 			 	5.32	% 
	 	 	 Applicable Margin
	 	 	 	 	 	 	 	 	 	 	0.80	% 
	 	 	 Pro Forma Interest Expense
	 			 			 			 	12,607	  
	 					 
	 	 	 a) TTM Pro Forma Adjusted Net Operating Income (Borrowing Base)
	 			 			 			 	48,695	  
	 					 
	 	 	 b) Pro Forma Interest Expense
	 			 			 			 	12,607	  
	 					 
	 	 	 Ratio of a) to b)
	 			 			 			 	3.86	x 
	 					 
	 	 	 Minimum
	 			 			 			 	1.75	x 
	 					 
	 	 	 Maximum Availability
	 	 	 	 	 	 	 	 	 	 	454,672	  

  
 STRATEGIC HOTEL FUNDING, LLC 
 $415,000,000 Revolver Financial Covenant Calculations 
  
  

												
	 Appraised Values (Borrowing
Base)
  
	   
 

	 	 	1Q 2006	 	2Q 2006	 	3Q 2006	 	4Q 2006	  
	 					 
	 	 	 Borrowing Base (Appraised Values)
	 		 		 		 	Appraised Value	  
	 	 	 Four Seasons Hotel Mexico D.F.
	 		 		 		 	72,000	  
	 	 	 Four Seasons Resort - Punta Mita
	 		 		 		 	303,000	  
	 	 	 Four Seasons Washington, D.C.
	 		 		 		 	175,500	  
	 	 	 Ritz-Carlton Laguna Niguel
	 		 		 		 	334,000	  
	 	 	 Marriott Lincolnshire Resort
	 	 	 	 	 	 	 	40,400	  
	 	 	 Total Borrowing Base
	 		 		 		 	924,900	  
	 					 
	 	 	 Maximum
	 		 		 		 	60.00	% 
	 					 
	 	 	 Maximum Availability
	 	 	 	 	 	 	 	554,940	  

 EXHIBIT F 
 LENDER ASSIGNMENT AGREEMENT1 
 This Lender Assignment Agreement (this “Assignment”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and [the]
[each] Assignee identified in item [2] [3] below ([the] [each an] “Assignee”). [It is understood and agreed that the rights and obligations of such Assignee hereunder are several and not joint]. Capitalized terms used herein but not
defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by [the] [each] Assignee. The Standard Terms and Conditions set forth in Annex 1 hereto (the “Standard Terms and Conditions”) are hereby agreed to and incorporated herein by reference and made a part of this Assignment
as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to [the]
[each] Assignee, and [the] [each] Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below, the interest in and to all of the Assignor’s rights and obligations under the Credit Agreement and any other documents or instruments delivered pursuant thereto that represents the amount and
percentage interest identified below of all of the Assignor’s outstanding rights and obligations under its Revolving Loan Commitment (including with respect to any outstanding Revolving Loans and Letters of Credit) (the “Assigned
Interest”). [Such] [Each] sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment, without representation or warranty by the Assignor. 
  

			
	1.         Assignor:	 	______________________
		
	[2.        Assignee:	 	                                       
     ]2
		
	[2.][3.] Credit Agreement:	 	Credit Agreement, dated as of March 9, 2007, among Strategic Hotel Funding, L.L.C., the various financial institutions as are or may become parties thereto, and Deutsche Bank Trust
Company Americas, as Administrative Agent (such Credit Agreement, as in effect on the date of this Assignment, being herein called the “Credit Agreement”)

  
  

	1	 This form of Lender Assignment Agreement should be used by Lenders for an assignment to a single Assignee or to funds managed by the same or related
investment managers. 

  

	2	 Item 2 should list the Assignee if the Form is used for a single Assignee. In the case of an assignment to funds managed by the same or related
investment managers, the Assignees should be listed in the table under bracketed item 3. 

 [3.        Assigned Interest:3 
  

													
	  	  	 Aggregate Amount of all
 Revolving Loan
 Commitments (or, if
 terminated, aggregate
 outstanding principal amount
 of Revolving Loans for all
 Lenders and total Letter of
 Credit Outstandings)
  
	  	  	  	 Amount of Revolving
 Loan Commitment (or, if
 terminated, aggregate
 outstanding principal
 amount of Revolving
 Loans and Percentage of
 Letter of Credit
 Outstandings) Assigned
  
	  	  	  	  
 Percentage of Assigned
 Revolving Loan
 Commitment (or, if
 terminated, aggregate
 outstanding principal
 amount of Revolving
 Loans and Percentage of
 Letter of Credit
 Outstandings)4
  
	 	  
	 [Name of
Assignee]
	  	$              
	  	 	  	$              
	  	 	  	            %  
	 	 
	 [Name of
Assignee]
	  	$              
	  	 	  	$              
	  	 	  	            %]  
	 	 

  
  

	3	 Insert this chart if this Form is being used for assignment to funds managed by the same or related investment managers. 

 

	4	 Set forth, to at least 9 decimals, as a percentage of the Revolving Loan Commitments (or Revolving Loans, as the case may be) of all Lenders
thereunder. 

  

 -2- 

 [4.        Assigned Interest:5 
  

													
	  	 	 Aggregate Amount of
 all Revolving Loan
 Commitments (or, if
 terminated, aggregate
 outstanding principal
 amount of Revolving
 Loans for all Lenders
 and total Letter of
 Credit Outstandings)
  
	 	  	 	 Amount of Revolving
 Loan Commitment
 (or,
if terminated,
 aggregate outstanding
 principal amount of
 Revolving Loans and
 Percentage of Letter
 of Credit
 Outstandings)
 Assigned
  
	 	  	 	  
 Percentage of
 Assigned Revolving
 Loan Commitment
(or, if terminated,
 aggregate
 outstanding
 principal amount of
 Revolving Loans
 and Percentage of
 Letter of Credit
 Outstandings)6
  
	 	  
	 			 	 		 
	 	 	$            	 	 	 	$            	 	 	 	            %]	 	 

  

									
	Effective Date:	 	                    ,
        , 200    .
			
	Payment Instructions:	 	  
	 	
		 	  
	 	
		 	  
	 	
		 	Attention:	 	  
	 	
		 	Reference:	 	  
	 	
			
		 	Address for Notices:	 	
		 	  
	 	
		 	  
	 	
		 	  
	 	
		 	Relationship Contact:	 	  
	 	

  
  

	5	 Insert this chart if this Form is being used by a Lender for an assignment to a single Assignee. 

  

	6	 Set forth, to at least 9 decimals, as a percentage of the Revolving Loan Commitments (or Revolving Loans, as the case may be) of all Lenders
thereunder. 

  

 -3- 

 The terms set forth in this Assignment are hereby agreed to: 
  

									
	 ASSIGNOR
 [NAME OF
ASSIGNOR]
	 		 	 ASSIGNEE7 
 [NAME OF
ASSIGNEE]

					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
				
	[Consented to and]8 Accepted:	 		 		 	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 		 		 	
		 	as Administrative Agent	 		 		 	
					
	By:	 	  
	 		 		 	
		 	Name:	 		 		 	
		 	Title:	 		 		 	
					
	By:	 	  
	 		 		 	
		 	Name:	 		 		 	
		 	Title:	 		 		 	
				
	[Consented to:	 		 		 	
	STRATEGIC HOTEL FUNDING, L.L.C.	 		 		 	
					
	By:	 	  
	 		 		 	
		 	Name:	 		 		 	
		 	Title:]9	 		 		 	

  
  

	7	 Add additional signature blocks, as needed, if this Form is being used by funds managed by the same or related investment managers.

  

	8	 Insert only if assignment is being made to an Eligible Assignee that is not an existing Lender, an Affiliate of an existing Lender or an Approved Fund.

  

	9	 Insert only if assignment is being made to an Eligible Assignee that is not an existing Lender, an Affiliate of an existing Lender or an Approved Fund
and so long as no Specified Default or Event of Default exists. 

  

 -4- 

 ANNEX 1 
 TO 
 EXHIBIT F 
 STRATEGIC HOTEL FUNDING, L.L.C. 
 CREDIT AGREEMENT 

STANDARD TERMS AND CONDITIONS 
 FOR 
 LENDER ASSIGNMENT AGREEMENT 
 1. Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement, any other Loan Document or any other instrument or document delivered pursuant thereto, other than this Assignment, or any collateral thereunder, (iii) the financial condition of the Borrower or any of its Subsidiaries or Affiliates
or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower or any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Documents.

 1.2 Assignee. [The] [Each] Assignee (a) represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under
the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received
a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.1.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest on the basis of which it has made such analysis and decision and (v) attached to this Assignment is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by [the] [each] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of
the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

 2. Payment. From and after the Effective Date, the Administrative Agent shall make
all payment in respect to the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to [the] [each] Assignee for amounts which
have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment by telecopy shall be effective as delivery of a manually executed counterpart of the Assignment. THIS ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
(INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 * * * * 
  

 -2- 

 EXHIBIT G-1 
 PLEDGE AGREEMENT 
 among 
 STRATEGIC HOTEL FUNDING, L.L.C. 
 and 
 CERTAIN SUBSIDIARIES OF STRATEGIC HOTEL FUNDING, L.L.C. 
 collectively, as PLEDGOR 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as PLEDGEE 
 Dated as of March 9, 2007 
  
  
  

 PLEDGE AGREEMENT 
 PLEDGE AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”), dated as of March 9,
2007, among each of the undersigned pledgors (each, a “Pledgor” and, together with any other entity that becomes a pledgor hereunder pursuant to Section 30 hereof, the “Pledgors”) and Deutsche Bank Trust
Company Americas, as administrative agent (together with any successor administrative agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below). Except as otherwise defined herein, all capitalized terms used
herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
 W I
T N E S S E T H : 
 WHEREAS, STRATEGIC HOTEL FUNDING, L.L.C. (the
“Borrower”), the lenders from time to time party thereto (the “Lenders”), and the Pledgee, as administrative agent (together with any successor administrative agent, the “Administrative Agent”),
have entered into a Credit Agreement, dated as of March 9, 2007 (as amended, modified or supplemented from time to time, the “Credit Agreement”), providing for the making of Loans to and the issuance of, and participation in,
Letters of Credit for the account of the Borrower, all as contemplated therein (the Pledgee, the Issuer, the Lenders and each Person (other than Borrower, Guarantor or any Subsidiary of either) party to a Credit Hedging Agreement or a Pari-Pasu
Hedging Agreement, to the extent such party is a Lender or any affiliate thereof, and their subsequent successors and assigns, are herein called the “Secured Creditors”); 
 WHEREAS, pursuant to the Subsidiary Guaranty, certain Pledgors (other than the Borrower) have jointly and severally guaranteed the payment
and performance when due of all Guaranteed Obligations as described (and defined) therein; 
 WHEREAS, it is a condition
precedent to the making of Loans to, and the issuance of Letters of Credit for the account of, the Borrower under the Credit Agreement that each Pledgor shall have executed and delivered to the Pledgee this Agreement; and 
 WHEREAS, each Pledgor will obtain direct and indirect material benefits from the incurrence of Loans by the Borrower and the issuance of
Letters of Credit for the account of the Borrower under the Credit Agreement, the entering into of Credit Hedging Agreements by the Secured Creditors and the entering into of Pari-Pasu Hedging Agreements by the Lenders and the Pari-Pasu Hedging
Counterparties and, accordingly, desires to enter into this Agreement in order to satisfy the conditions described in the preceding recital and to induce the Lenders to make Loans to the Borrower and issue, and/or participate in, Letters of Credit
for the account of the Borrower and/or enter into Credit Hedging Agreements and/or enter into Pari-Pasu Hedging Agreements; 
  

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 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each
Pledgor, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee
for the benefit of the Secured Creditors as follows: 
 1. SECURITY FOR OBLIGATIONS. This Agreement is made by each Pledgor for
the benefit of the Secured Creditors to secure: 
 (i) the full and prompt payment when due (whether at the
stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest, reimbursement obligations (both actual and contingent) under Letters of Credit, Credit
Hedging Agreements, Pari-Pasu Hedging Agreements, fees, costs, and indemnities (including in each case, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy,
insolvency, reorganization or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) of such Pledgor to the Secured Creditors,
whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Loan Documents to which such Pledgor is a party (including, in the case of each Pledgor that is party to the Subsidiary
Guaranty, all Guaranteed Obligations (as defined in the Subsidiary Guaranty)) and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Loan Documents
(all such obligations, liabilities and indebtedness under this clause (i) being herein collectively called the “Credit Document Obligations”); 
 (ii) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its
security interest in the Collateral; 
 (iii) in the event of any proceeding for the collection or enforcement of
any indebtedness, obligations or liabilities of such Pledgor referred to in clause (i) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or
otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs; and 
 (iv) all amounts paid by any Secured Creditor as to which such Secured Creditor has the right to reimbursement under
Section 11 of this Agreement; 
 all such obligations, liabilities, sums and expenses set forth in clauses (i) through
(iv) of this Section 1 being herein collectively called the “Obligations,” it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types described above, whether
outstanding on the date of this Agreement or extended from time to time after the date of this Agreement. 
 2. DEFINITIONS.

 (a) Reference to singular terms shall include the plural and vice versa. 
  

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 (b) The following capitalized terms used herein shall have the definitions specified below:

 “Administrative Agent” shall have the meaning set forth in the recitals hereto. 
 “Adverse Claim” shall have the meaning given such term in Section 8-102(a)(1) of the UCC. 
 “Agreement” shall have the meaning set forth in the first paragraph hereof. 
 “Borrower” shall have the meaning set forth in the recitals hereto. 
 “Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC. 
 “Class” shall have the meaning set forth in Section 22 hereof. 
 “Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC. 
 “Collateral” shall have the meaning set forth in Section 3.1 hereof. 
 “Corporation” shall mean any corporation that is a Subsidiary of a Pledgor listed on Annex C attached hereto.

 “Corporate Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed
(including, without limitation, all capital and interest in other Corporations), at any time owned by any Corporation. 
 “Corporate Stock” shall mean all of the shares at any time owned by Pledgor of the Corporations. 
 “Credit Agreement” shall have the meaning set forth in the recitals hereto. 
 “Credit
Document Obligations” shall have the meaning set forth in Section 1(i) hereof. 
 “Credit Hedging
Agreements” shall have the meaning set forth in the Credit Agreement. 
 “Equity Interest” of any
Subsidiary of a Pledgor shall mean any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interest in (however designated) equity of such Subsidiary, including, without limitation, any common
stock, preferred stock, any limited or general partnership interest and any limited liability company membership interest. 
 “Event of Default” shall mean any Event of Default (or equivalent term) under, and as defined in, the Credit Agreement and shall in any event include, without limitation, any payment default on any of the Obligations after
the expiration of any applicable grace period. 
  

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 “Indemnitees” shall have the meaning set forth in Section 11
hereof. 
 “Lenders” shall have the meaning set forth in the recitals hereto. 
 “Limited Liability Company” shall mean any limited liability company that is a Subsidiary of a Pledgor listed on Annex
B attached hereto. 
 “Limited Liability Company Assets” shall mean all assets, whether tangible or
intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at any time owned by any Limited Liability Company. 
 “Limited Liability Company Interests” shall mean the entire limited liability company membership interest at any time owned
by any Pledgor in the Limited Liability Companies. 
 “Limited Partnership” shall mean any limited partnership
that is a subsidiary of a Pledgor listed on Annex B attached hereto. 
 “Limited Partnership Interests” shall
mean the entire limited partnership membership interest at any time owned by a Pledgor in the Limited Partnerships. 
 “Loan Documents” shall have the meaning set forth in the Credit Agreement. 
 “Location” of any Pledgor shall mean such Pledgor’s “location” as determined pursuant to Section 9-307 of the UCC. 
 “Obligations” shall have the meaning set forth in Section 1 hereof. 
 “Organizational Documents” means all documents, instruments and other papers constituting the entire organizational documents of any Corporation or Limited Liability Company and any and
all amendments thereto, including without limitation, certificates of formation, operating agreements, certificates of incorporation and bylaws. 
 “Pari-Pasu Hedging Agreements” shall have the meaning set forth in the Credit Agreement. 
 “Person” means any individual, partnership, joint venture, firm, corporation, association, limited liability company, trust or other enterprise or any government or political subdivision
or any agency, department or instrumentality thereof. 
 “Pledgee” shall have the meaning set forth in the
first paragraph hereof. 
 “Pledgor” shall have the meaning set forth in the first paragraph hereof.

 “Primary Obligations” shall have the meaning set forth in Section 9(b) hereof. 
 “Pro Rata Share” shall have the meaning set forth in Section 9(b) hereof. 
  

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 “Proceeds” shall have the meaning given such term in
Section 9-102(a)(64) of the UCC and, in any event, shall also include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgee or any Pledgor from time to time with respect
to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to any Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of
the Collateral by any governmental authority (or any Person acting under color of governmental authority) and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 
 “Registered Organization” shall mean a “registered organization” as such term is defined in Section 9-102
(a) (70) of the UCC. 
 “Required Lenders” shall have the meaning set forth in the Credit Agreement.

 “Secondary Obligations” shall have the meaning set forth in Section 9(b) hereof. 
 “Secured Creditors” shall have the meaning set forth in the recitals hereto. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, as in effect from time to time. 
 “Securities Intermediary” shall have the meaning given such term in Section 8-102(14) of the UCC. 
 “Security Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 
 “Subsidiary” shall have the meaning given such term in the Credit Agreement. 
 “Subsidiary Guaranty” shall have the meaning given such term in the Credit Agreement. 
 “Termination Date” shall have the meaning set forth in Section 20 hereof. 
 “Transmitting Utility” shall mean a “transmitting utility” as such term is defined in Section 9-102(a)(80)
of the UCC. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to
time; provided that all references herein to specific sections or subsections of the UCC are references to such sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the date
hereof. 
 “Uncertificated Security” shall have the meaning given such term in Section 8-102(a)(18) of the
UCC. 
 “Voting Rights” shall have the meaning set forth in Section 5 hereof. 
  

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 3. PLEDGE OF SECURITIES, ETC. 
 3.1 Pledge. To secure the Obligations now or hereafter owed or to be performed by such Pledgor, each Pledgor does hereby grant,
pledge and assign to the Pledgee for the benefit of the Secured Creditors, and does hereby create a continuing security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the
following, whether now existing or hereafter from time to time acquired (collectively, but subject to the terms of the proviso to this Section 3.1, the “Collateral”): 
 (a) all Limited Liability Company Interests owned by such Pledgor from time to time and all of its right, title and interest in each Limited
Liability Company to which each such interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited
Liability Company Interests and applicable law: 
 (A) all the capital thereof and its interest in all profits,
losses, Limited Liability Company Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; 
 (B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under
any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating agreement, or at law or
otherwise in respect of such Limited Liability Company Interests; 
 (D) all present and future claims, if any,
of such Pledgor against any such Limited Liability Company for monies loaned or advanced, for services rendered or otherwise; 
 (E) all of such Pledgor’s rights under any limited liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of
such Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on
behalf of and in the name of any of such Pledgor in respect of such Limited Liability Company Interests and any such limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or
option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce
or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and 
  

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 (F) all other property hereafter delivered in substitution for or in
addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all thereof; 
 (b) all Corporate Stock owned by such Pledgor from
time to time, all options and warrants owned by such Pledgor from time to time to purchase such Corporate Stock, and all of its right, title and interest in each Corporation to which each such shares relates, whether now existing or hereafter
acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Corporate Stock and applicable law: 
 (A) all the capital thereof and its interest in all profits, losses, Corporate Assets and other distributions to which such
Pledgor shall at any time be entitled in respect of such Corporate Stock; 
 (B) all other payments due or to
become due to such Pledgor in respect of Corporate Stock, whether under the bylaws, any Organizational Document or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under
the bylaws, any Organizational Document, or at law or otherwise in respect of such Corporate Stock; 
 (D) all
present and future claims, if any, of such Pledgor against any such Corporation for monies loaned or advanced, for services rendered or otherwise; 
 (E) all of such Pledgor’s rights under the bylaws, any Organizational Document or at law or otherwise to exercise and enforce every right, power, remedy, authority, option and privilege of such
Pledgor relating to such Corporate Stock, including any power to terminate, cancel or modify the bylaws, any Organizational Document or any other Organizational Document, to execute any instruments and to take any and all other action on behalf of
and in the name of any of such Pledgor in respect of such Corporate Stock and any such Corporation, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice,
consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Corporation Asset, to enforce or execute any checks, or other instruments or orders,
to file any claims and to take any action in connection with any of the foregoing; and 
 (F) all other property
hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; 
  

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 (c) all Security Entitlements owned by such Pledgor from time to time in any and all of the
foregoing; and 
 (d) all Proceeds of any and all of the foregoing. 
 3.2 Procedures. (a) To the extent that any Pledgor at any time or from time to time owns, acquires or obtains any right, title
or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by the respective Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, the respective Pledgor
shall (to the extent provided below) take the following actions as set forth below (as promptly as practicable and, in any event, within ten (10) days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured
Creditors: 
 (i) with respect to a Certificated Security (other than a Certificated Security credited on the
books of a Clearing Corporation or Securities Intermediary), the respective Pledgor shall deliver such Certificated Security to the Pledgee, indorsed to the Pledgee or indorsed in blank; 
 (ii) with respect to an Uncertificated Security (other than an Uncertificated Security credited on the books of a Clearing
Corporation or Securities Intermediary), the respective Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute and deliver to the Pledgee, an agreement for the benefit of the Pledgee and the other Secured Creditors
substantially in the form of Annex D hereto (appropriately completed to the reasonable satisfaction of the Pledgee and with such modifications, if any, as shall be reasonably satisfactory to the Pledgee) pursuant to which such issuer agrees
to comply with any and all instructions originated by the Pledgee without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security originated by any other Person other than a court of
competent jurisdiction; 
 (iii) with respect to a Certificated Security, Uncertificated Security, Corporate
Stock or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), the respective Pledgor shall
promptly notify the Pledgee thereof and shall promptly take all actions required (x) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (y) to perfect the security interest of the Pledgee under
applicable law (including, in any event, under Sections 9-314(a) and (c), 9-106 and 8-106(d) of the UCC). The Pledgor further agrees to take such actions as the Pledgee deems reasonably necessary or desirable to effect the foregoing; 
 (iv) with respect to Corporate Stock or a Limited Liability Company Interest (other than Corporate Stock or a Limited
Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (x) if such Corporate Stock

  

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or Limited Liability Company Interest is represented by a certificate and is a “security” for purposes of Section 8-102(a)(15) of the UCC, the procedure set forth in
Section 3.2(a)(i) hereof, and (y) if such Corporate Stock or Limited Liability Company Interest is not represented by a certificate or is not a “security” for purposes of the UCC, the procedure set forth in
Section 3.2(a)(ii) hereof; and 
 (v) with respect to cash proceeds from any of the Collateral
described in Section 3.1 hereof which are required to be paid over to (or may be received by) the Pledgee or any of the other Secured Creditors pursuant to the terms of this Agreement, (i) establishment by the Pledgee of a cash
account in the name of such Pledgor over which the Pledgee shall have “exclusive and absolute control” and dominion (and no withdrawals or transfers may be made therefrom by any Person except with the prior written consent of the Pledgee)
and (ii) deposit of such cash in such cash account. 
 (b) In addition to the actions required to be taken pursuant to
Section 3.2(a) hereof, each Pledgor shall take the following additional actions with respect to the Collateral: 
 (i) with respect to all Collateral of such Pledgor whereby or with respect to which the Pledgee may (and in accordance with the terms hereof is entitled to) obtain “control” thereof within the
meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), the respective Pledgor shall take all
actions as may be reasonably requested from time to time by the Pledgee so that “control” of such Collateral is obtained and at all times held by the Pledgee; and 
 (ii) each Pledgor shall from time to time cause appropriate financing statements (on Form UCC-1 or other appropriate form)
under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory to the Pledgee), to be filed in the relevant filing offices so that at
all times the Pledgee has a security interest in all Collateral which also may be perfected by the filing of such financing statements under the laws of the relevant States, including, without limitation, Section 9-312(a) of the UCC.

 3.3 Subsequently Acquired Collateral. (a) If any Pledgor shall acquire (by purchase, stock dividend or similar
distribution or otherwise) any additional Collateral at any time or from time to time after the date hereof, such Collateral shall automatically (and without any further action being required to be taken) be subject to the pledge and security
interests created pursuant to Section 3.1 hereof and, furthermore, the respective Pledgor will promptly thereafter take (or cause to be taken) all action with respect to such Collateral in accordance with the procedures set forth in
Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee (in the case of any such additional Collateral consisting of additional Equity Interests) (i) a certificate executed by an authorized officer of such Pledgor
describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and (ii) such supplements to Annexes A through D hereto as are reasonably
necessary to cause such annexes to be complete and accurate at such time. 
  

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 (b) In addition, if any Pledgor shall acquire (by purchase, stock dividend or similar
distribution or otherwise) any Capital Stock of any Subsidiary whose Capital Stock is required to be pledged to Pledgee pursuant to Section 7.1.9(b) of the Credit Agreement, at any time or from time to time after the date hereof, such
Capital Stock shall automatically (and without any further action being required to be taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, the respective Pledgor will promptly
thereafter take (or cause to be taken) all action with respect to such Capital Stock in accordance with the procedures set forth in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee (i) a certificate executed
by an authorized officer of such Pledgor describing such Capital Stock and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and (ii) such supplements to Annexes A
through D hereto as are reasonably necessary to cause such annexes to be complete and accurate at such time. 
 3.4
Transfer Taxes. Each pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of such Collateral. 
 3.5 Certain Representations and Warranties Regarding the Collateral. Each Pledgor represents and warrants that on the date hereof:
(i) the exact legal name of such Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor, such Pledgor’s Location, the organizational
identification number (if any) of such Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto; (ii) the Limited Liability Company Interests held by such Pledgor consist of the number and type of
interests of the Limited Liability Companies described in Annex B hereto; (iii) each such Limited Liability Company Interest constitutes that percentage of the issued and outstanding Equity Interest of the issuing Limited Liability
Company as set forth in Annex B hereto; (iv) the Corporate Stock (and any warrants or options to purchase Corporate Stock) held by such Pledgor consists of the number and type of shares of the stock (or warrants or options to purchase
any stock) of the Corporation described in Annex C hereto; (v) such Corporate Stock constitutes that percentage of the issued and outstanding Equity Interest of the issuing the Corporation as set forth in Annex C hereto;
(vi) the Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annexes B and C hereto; and (vii) on the date hereof, such
Pledgor owns no other stock, Corporate Stock or Limited Liability Company Interests that would otherwise constitute Collateral or a Pledge of such Collateral is contractually prohibited by existing Mortgage Indebtedness. 
 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. If and to the extent necessary to enable the Pledgee to perfect its security interest in
any of the Collateral or to exercise any of its remedies hereunder, the Pledgee shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral, which may be held (in the discretion of the
Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee. 
  

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 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Unless and until there shall have occurred and
be continuing an Event of Default, each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to and attaching to any and all of the Collateral owned by it, and to give consents, waivers or ratifications in
respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would violate in any material respect, result in a breach of any covenant
contained in, or be inconsistent with any of the terms of any Loan Document, or which could reasonably be expected to have a Material Adverse Effect (collectively, the “Voting Rights”). All such rights of each Pledgor to vote and to
give consents, waivers and ratifications shall cease in case an Event of Default has occurred, and is continuing and the Pledgee shall have given notice to the relevant Pledgor of its intent to exercise rights pursuant to Section 7
hereof (although no such notice shall be required if an Event of Default described in any of clauses (a) through (e) of Section 8.1.9 of the Credit Agreement shall have occurred and be continuing) and
Section 7 hereof shall become applicable. 
 6. DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until there shall have
occurred and be continuing an Event of Default and the Pledgee shall have given notice to the relevant Pledgor of its intent to exercise rights pursuant to Section 7 hereof (although no such notice shall be required if an Event of
Default described in any of clauses (a) through (e) of Section 8.1.9 of the Credit Agreement shall have occurred and be continuing), all cash dividends, cash distributions, cash Proceeds and other cash amounts
payable in respect of the Collateral shall be paid to the respective Pledgor free of liens and security interests created hereby and by the other Loan Documents. The Pledgee shall be entitled to receive directly, and to retain as part of the
Collateral: 
 (i) all other or additional stock, certificates, limited liability company interests, partnership
interests, instruments or other securities or property (including, but not limited to, cash dividends other than as set forth above) paid or distributed by way of dividend or otherwise in respect of the Collateral; 
 (ii) all other or additional stock, certificates, limited liability company interests, partnership interests, instruments or
other securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so long as no Event of Default then exists)) paid or distributed in respect of the Collateral by way of stock-split,
spin-off, split-up, reclassification, combination of shares or similar rearrangement; and 
 (iii) all other or
additional stock, certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so long
as no Event of Default then exists)) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other organization. 
 All dividends, distributions or other payments which are received by any Pledgor contrary to the provisions of this Section 6 and
Section 7 hereof shall be received in trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same form as so received (with
any necessary endorsement). 
  

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 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. If there shall have occurred and be continuing
an Event of Default and the Pledgee shall have given notice to the relevant Pledgor of its intent to exercise rights pursuant to this Section 7 (although no such notice shall be required if an Event of Default described in any of
clauses (a) through (e) of Section 8.1.9 of the Credit Agreement shall have occurred and be continuing), then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and
remedies (whether vested in it by this Agreement, any other Loan Document or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a
secured party under the UCC as in effect in any relevant jurisdiction and also shall be entitled, without limitation, to exercise the following rights, which each Pledgor hereby agrees to be commercially reasonable: 
 (i) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the
respective Pledgor; 
 (ii) to transfer all or any part of the Collateral into the Pledgee’s name or the
name of its nominee or nominees; 
 (iii) to vote all or any part of the Collateral (whether or not transferred
into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and
appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); 
 (iv) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or,
notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise (all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any
assumption of credit risk, and for such price or prices and on such terms as the Pledgee in its absolute discretion may determine, provided that at least ten (10) days’ written notice of the time and place of any such sale shall be
given to the respective Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby waives and releases to the fullest extent permitted
by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations or otherwise. At any such sale, unless
prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured Creditor
shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and 
  

 12 

 (v) to set-off any and all Collateral against any and all Obligations, and
to withdraw any and all cash or other Collateral from any and all accounts referred to Section 3.2(a)(v) hereof and to apply such cash and other Collateral to the payment of any and all Obligations. 
 8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy of the Pledgee provided for in this Agreement or in any other Loan
Document, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee or any other
Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or any other Loan Document or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later
exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Secured Creditor to exercise any such right, power or remedy shall operate as a
waiver thereof. No notice to or demand on any Pledgor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or any other Secured Creditor to
any other or further action in any circumstances without notice or demand. The Secured Creditors agree that this Agreement may be enforced only by the action of the Pledgee, acting upon the instructions of the Required Lender and that no other
Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Pledgee for
the benefit of the Secured Creditors upon the terms of this Agreement. 
 9. APPLICATION OF PROCEEDS. (a) All moneys
collected by the Pledgee upon any sale or other disposition of the Collateral, together with all other moneys received by the Pledgee hereunder, shall be applied as follows: 
 (i) first, to the payment of all amounts owing the Pledgee of the type described in clauses (i), (ii), (iii) and
(iv) of the definition of “Obligations” contained in Section 1 hereof; 
 (ii)
second, to the extent proceeds remain after the application pursuant to preceding clause (i), an amount equal to the outstanding Primary Obligations shall be paid to the Secured Creditors as provided in Section 9(e) hereof, with
each Secured Creditor receiving an amount equal to its outstanding Primary Obligations or, if the proceeds are insufficient to pay in full all such Primary Obligations, its Pro Rata Share of such amount remaining to be distributed; 
 (iii) third, to the extent proceeds remain after the application pursuant to preceding clauses (i) and (ii), an
amount equal to the outstanding Secondary Obligations shall be paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Secondary Obligations or, if the
proceeds are insufficient to pay in full all such Secondary Obligations, its Pro Rata Share of such amount remaining to be distributed; and 
  

 13 

 (iv) fourth, to the extent proceeds remain after the application
pursuant to preceding clauses (i) through (iii), inclusive, and following the termination of this Agreement pursuant to Section 20(a) hereof, to the relevant Pledgor or to whomever may be lawfully entitled to receive such surplus.

 (b) For purposes of this Agreement, (x) “Pro Rata Share” shall mean, when calculating a Secured
Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary Obligations or Secondary Obligations, as the
case may be, and the denominator of which is the then outstanding amount of all Primary Obligations or Secondary Obligations, as the case may be, (y) “Primary Obligations” shall mean all principal of, premium, if any, and
interest on, all Loans, all Disbursements, all contingent reimbursement obligations equal to the Stated Amount of all outstanding Letters of Credit and all fees payable under the Credit Agreement, and (z) “Secondary
Obligations” shall mean all Obligations other than Primary Obligations. 
 (c) When payments to Secured Creditors are
based upon their respective Pro Rata Shares, the amounts received by such Secured Creditors hereunder shall be applied (for purposes of making determinations under this Section 9 only) (i) first, to their Primary Obligations and
(ii) second, to their Secondary Obligations. If any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor, such excess amount shall instead be distributed in respect of
the unpaid Primary Obligations or Secondary Obligations, as the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or Secondary Obligations, as the case may be, have not been paid in full to receive an
amount equal to such excess amount multiplied by a fraction the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of such Secured Creditor entitled to distribution and the denominator of which is the
unpaid Primary Obligations or Secondary Obligations, as the case may be, of all Secured Creditors entitled to such distribution. 
 (d) Each of the Secured Creditors, by their acceptance of the benefits hereof and of the other Loan Documents, agrees and acknowledges that if the Secured Creditors are to receive a distribution on account of undrawn amounts with respect to
Letters of Credit issued under the Credit Agreement (which shall only occur after all outstanding Loans under the Credit Agreement and Disbursements have been paid in full), such amounts shall be paid to the Administrative Agent under the Credit
Agreement and held by it, for the equal and ratable benefit of the Secured Creditors, as cash security for the repayment of Obligations owing to the Secured Creditors as such. If any amounts are held as cash security pursuant to the immediately
preceding sentence, then upon the termination of all outstanding Letters of Credit under the Credit Agreement, and after the application of all such cash security to the repayment of all Obligations owing to the Secured Creditors after giving effect
to the termination of all such Letters of Credit, if there remains any excess cash, such excess cash shall be distributed by the Pledgee in accordance with Section 9(a) hereof. 
 (e) All payments required to be made hereunder shall be made to the Administrative Agent for the account of the Secured Creditors.

  

 14 

 (f) This Agreement is made with full recourse to each Pledgor and pursuant to and upon all
the warranties, representations, covenants and agreements on the part of such Pledgor contained herein, in the Loan Documents and otherwise in writing in connection herewith or therewith. It is understood and agreed that each Pledgor shall remain
liable with respect to its Obligations to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations. 
 10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue of the power of sale herein
granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof. 
 11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify and hold harmless the Pledgee and each other Secured Creditor
(in their capacity as such) and their respective successors, assigns, employees, advisors, agents and affiliates (individually an “Indemnitee,” and collectively, the “Indemnitees”) from and against any and all
claims, demands, losses, judgments and liabilities (including liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs and expenses, including reasonable attorneys’ fees, in
each case arising out of or resulting from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder (but excluding any claims, demands, losses, judgments and liabilities or expenses to the extent incurred by
reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable decision)). In no event shall the Pledgee be liable, in the absence of gross negligence or willful
misconduct on its part (as determined by a court of competent jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies actually received by it in accordance with
the terms hereof. If and to the extent that the obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such
obligations which is permissible under applicable law. The indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the
Credit Agreement, the termination of all Letters of Credit, and the payment of all other Obligations and notwithstanding the discharge thereof. 
 12. PLEDGEE NOT A OFFICER, LIMITED LIABILITY COMPANY OR MEMBER. (a) Nothing herein shall be construed to make the Pledgee or any other Secured Creditor liable as a member of any Limited Liability
Company or as an officer of any Corporation and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise shall have any of the duties, obligations or liabilities of a member of any Limited Liability Company or as
an officer of any Corporation. The parties hereto expressly agree that, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor, any Pledgor and/or any other Person. 

 

 15 

 (b) The Pledgee shall have only those powers set forth herein and the Secured Creditors
shall assume none of the duties, obligations or liabilities of a member of any Limited Liability Company or as an officer of any Corporation or any Pledgor. 
 (c) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any Pledgor as a result of the pledge hereby effected. 
 (d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created, shall not at any time
or in any event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur
any expenses or perform or discharge any obligation, duty or liability under the Collateral. 
 13. FURTHER ASSURANCES;
POWER-OF-ATTORNEY. (a) Each Pledgor authorizes the Pledgee to cause to be filed, at such Pledgor’s own expense, UCC financing statements, continuation statements or amendments thereto and other documents, in form reasonably acceptable to
the Pledgee, in such offices as the Pledgee may deem reasonably necessary and wherever required by law in order to perfect and preserve the Pledgee’s security interest in the Collateral, and agrees to do such further acts and things and to
execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem necessary to carry into effect the purposes of this Agreement or to further assure and confirm unto
the Pledgee its rights, powers and remedies hereunder. 
 (b) Each Pledgor hereby appoints the Pledgee such Pledgor’s
attorney-in-fact with full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, to act from time to time solely after the occurrence and during the continuance of an Event of Default and upon notice to the
relevant Pledgor (although no such notice shall be required if an Event of Default described in any of clauses (a) through (e) of Section 8.1.9 of the Credit Agreement shall have occurred and be
continuing), in the Pledgee’s reasonable discretion, to take any action and to execute any instrument which the Pledgee may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is
coupled with an interest. 
 14. THE PLEDGEE. The Pledgee will hold in accordance with this Agreement all items of the
Collateral at any time received under this Agreement. It is expressly understood and agreed by each Secured Creditor that by accepting the benefits of this Agreement, each such Secured Creditor acknowledges and agrees that the obligations of the
Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Article IX of the Credit Agreement. The
Pledgee shall act hereunder on the terms and conditions set forth herein and in Article IX of the Credit Agreement. 
  

 16 

 15. TRANSFER BY THE PLEDGORS. No Pledgor will sell or otherwise dispose of, grant any option
with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein except as permitted by the respective Loan Documents. 
 16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents, warrants and covenants that on the date hereof with respect to such Pledgor’s respective portion of
the Collateral that it is pledging herewith: 
 (i) it is the legal, beneficial and record owner of, and has
good and marketable title to, all of its Collateral and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no
pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement); 
 (ii) it has full power, authority and legal right to pledge all the Collateral pledged by it pursuant to this Agreement;

 (iii) all of the Collateral has been duly and validly issued and acquired, is fully paid and non-assessable
and is subject to no options to purchase or similar rights; 
 (iv) the Certificated Securities have been
“certificated” and are “securities” within the meaning of Article 8 of the UCC; 
 (v) the
pledge and collateral assignment and possession by the Pledgee of the Collateral consisting of Certificated Securities pursuant to this Agreement creates a valid and perfected first priority security interest in such Certificated Securities, and the
proceeds thereof, subject to no prior Lien or encumbrance or to any agreement purporting to grant to any third party a Lien or encumbrance on the property or assets of such Pledgor which would include the Securities and the Pledgee is entitled to
all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and 
 (vi) “control” (as defined in Section 8-106 of the UCC) has been obtained by the Pledgee over all Collateral
with respect to which such “control” may, as of the date hereof, be obtained pursuant to Section 8-106 of the UCC. 
 (b) Each Pledgor covenants and agrees that it will use its best efforts to defend the Pledgee’s right, title and security interest in and to the Collateral and the proceeds thereof against the claims and demands of all Persons
whomsoever; and each Pledgor covenants and agrees that it will have like title to and right to pledge any other property at any time hereafter pledged to the Pledgee as Collateral hereunder and will likewise use its best efforts to defend the right
thereto and security interest therein of the Pledgee and the other Secured Creditors. 
 Each Pledgor covenants and agrees that
it shall promptly deliver to the Pledgee any note or other document or instrument entered into after the date hereof which evidences, constitutes, guarantees or secures any of the distributions or any right to receive a distribution, which notes or
other documents and instruments shall be accompanied by such endorsements or assignments as the Pledgee may require to transfer title to the Pledgee. 
  

 17 

 17. CHANGES TO LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION
AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. No Pledgor shall change its legal name, its type of organization, its status as a Registered Organization (in the
case of a Registered Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization or, its Location, or its organizational identification number (if any),
except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Loan Documents and so long as same do not involve (x) a Registered Organization ceasing to constitute same or (y) any
Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof) if (i) it shall have given
to the Pledgee not less than fifteen (15) days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made in accordance with this sentence), and
(ii) in connection with such respective change or changes, it shall have taken all action reasonably requested by the Pledgee to maintain the security interests of the Pledgee in the Collateral intended to be granted hereby at all times fully
perfected and in full force and effect. In addition, to the extent that any Pledgor does not have an organizational identification number on the date hereof and later obtains one, such Pledgor shall promptly thereafter notify the Pledgee of such
organizational identification number and shall take all actions reasonably satisfactory to the Pledgee to the extent necessary to maintain the security interest of the Pledgee in the Collateral intended to be granted hereby fully perfected and in
full force and effect. 
 18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. The obligations of each Pledgor under this Agreement
shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by any circumstance or occurrence whatsoever, including, without
limitation: (i) any renewal, extension, amendment or modification of or addition or supplement to or deletion from any Loan Document or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof;
(ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument including, without limitation, this Agreement; (iii) any furnishing of any additional security to the
Pledgee or its assignee or any acceptance thereof or any security by the Pledgee or its assignee; (iv) any limitation on any party’s liability or obligations under any such instrument or agreement or any invalidity or unenforceability, in
whole or in part, of any such instrument or agreement or any term thereof; or (v) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any Pledgor or any Subsidiary
of any Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge of any of the foregoing. 
 19. PRIVATE SALES. If at any time when the Pledgee shall determine to exercise its right to sell all or any part of the Collateral pursuant
to Section 7 hereof, and the

  

 18 

 
Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, as then in effect, the Pledgee may, in its sole and absolute
discretion, sell such Collateral, as the case may be, or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that such sale may legally be effected without such
registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of
registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will
represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event of any such sale, the Pledgee shall incur no responsibility
or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion, in good faith deems reasonable under the circumstances, notwithstanding the possibility that a substantially higher price
might be realized if the sale were deferred until after registration as aforesaid. 
 20. TERMINATION; RELEASE. (a) After
the Termination Date, this Agreement and the security interest created hereby shall automatically terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall survive any such
termination), and the Pledgee, at the request and expense of such Pledgor, will execute and deliver to any Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer
and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any monies at the time held
by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of an Uncertificated Security, Corporate Stock or a Limited Liability Company Interest (other than an Uncertificated Security, Corporate Stock or
Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to
Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to Section 3.2(a)(iv)(2). As used in this Agreement, “Termination Date” shall mean the date upon which all Commitments
under the Credit Agreement have been terminated, no Note under the Credit Agreement is outstanding and all Loans thereunder have been repaid in full in accordance with the terms thereof, all Letters of Credit issued under the Credit Agreement have
been terminated, and all other Obligations then due and payable have been paid in full in cash in accordance with the terms thereof. In the event that any Subsidiary Guarantor is released from its Obligations hereunder pursuant to
Section 7.1.9 of the Credit Agreement, the Pledgee, at the request and expense of such Subsidiary Guarantor, shall execute and deliver an instrument acknowledging such Subsidiary Guarantor’s release from this Agreement. 

(b) In the event that any part of the Collateral is sold or otherwise disposed of in connection with a sale or other disposition
permitted by the Loan Documents (other than a sale or other disposition to any Pledgor or any Subsidiary thereof) or is otherwise released with the consent of the Required Lenders and the proceeds of such other sale or disposition or from such
release are applied in accordance with the provisions of the Loan Documents to the extent

  

 19 

 
required to be so applied, the Pledgee, at the request and expense of the respective Pledgor, will duly assign, transfer and deliver to such Pledgor (without recourse and without any
representation or warranty) such of the Collateral (and releases therefore) as is then being (or has been) so sold or released and has not theretofore been released pursuant to this Agreement. 
 (c) At any time that a Pledgor desires that the Pledgee assign, transfer and deliver Collateral (and releases therefore) as provided in
Section 20(a) or (b) hereof, such Pledgor shall deliver to the Pledgee a certificate signed by an authorized officer of such Pledgor stating that the release of the respective Collateral is permitted pursuant to such
Section 20(a) or (b). 
 (d) The Pledgee shall have no liability whatsoever to any other Secured Creditor as
the result of any release of Collateral by it in accordance with this Section 20. 
 21. NOTICES, ETC. All notices
and communications hereunder shall be in writing and sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or
sent by overnight courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee or
any Pledgor shall not be effective until received by the Pledgee or such Pledgor, as the case may be. All such notices and other communications shall be in writing and addressed as follows: 
  

	 	(a)	if to any Pledgor, at: 

 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: General Counsel 
 with copies to: 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: Treasurer 
 and 
 Perkins Coie LLP 
 Suite 1700 
 131 South Dearborn Avenue 
 Chicago, Illinois 60603 
  

 20 

 Telephone No.: (312) 324-8650 
 Telecopier No.: (312) 324-9650 
 Attn: Bruce A. Bonjour 
  

	 	(b)	if to the Pledgee, at: 

 60
Wall Street 
 New York, New York 10005 
 Attn: James Rolison 
 Telephone No.: (212) 250-3352 
 Telecopier No.: (646) 324-7091 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, New York 10036 
 Attn: Harvey R. Uris 
 Telephone No.: (212) 735-2212 
 Telecopier No.: (917) 777-2212 
  

	 	(c)	if to any Secured Creditor, at such address as such Secured Creditor shall have specified in the Credit Agreement; 

 or at such other address or addressed to such other individual as shall have been furnished in writing by any Person described above to the party required
to give notice hereunder. 
 22. WAIVER; AMENDMENT. Except as provided in Sections 20 and 30 hereof, none of the
terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Pledgor directly affected thereby (it being understood that the addition or release of any Pledgor
hereunder shall not constitute a change, waiver, discharge or termination affecting any Pledgor other than the Pledgor so added or released) and the Pledgee (with the written consent of the Required Lenders). 
 23. MISCELLANEOUS. This Agreement shall and shall be binding upon the parties hereto and their respective successors and assigns and shall
inure to the benefit of and be enforceable by each of the parties hereto and their respective successors and assigns, provided that no Pledgor may assign any of its rights or obligations except in accordance with the terms of the other Loan
Documents. 
 24. HEADINGS DESCRIPTIVE. The headings of the several Sections of this Agreement are inserted for convenience only
and shall not in any way affect the meaning or construction of any provision of this Agreement. 
  

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 25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY
BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PLEDGOR HEREBY
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL
JURISDICTION OVER SUCH PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER
SUCH PLEDGOR. EACH PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH
PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER
IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION. 
 (b) EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID
ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c) EACH OF THE
PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

  

 22 

 26. PLEDGOR’S DUTIES. It is expressly agreed, anything herein contained to the contrary
notwithstanding, that each Pledgor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the issuer of Collateral and the Pledgee shall not have any obligations or liabilities, except as
expressly set forth herein, with respect to the Collateral or the issuer of Collateral by reason of or arising out of this Agreement, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any
Pledgor under or with respect to any Collateral. 
 27. COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by
all the parties hereto shall be lodged with each Pledgor and the Pledgee. 
 28. SEVERABILITY. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 29. RECOURSE. This Agreement is made with full recourse to each Pledgor and pursuant to and upon all the representations, warranties, covenants and agreements on the part of such Pledgor contained herein and in the other Loan Documents and
otherwise in writing in connection herewith or therewith. 
 30. ADDITIONAL PLEDGORS. It is understood and agreed that any
Subsidiary of the Borrower that is required to execute a counterpart of this Agreement after the date hereof pursuant to the Credit Agreement shall become a Pledgor hereunder by (x) executing a counterpart hereof and delivering the same to the
Pledgee, (y) delivering supplements to Annexes A through D hereto as are necessary to cause such annexes to be complete and accurate with respect to such additional Pledgor on such date and (z) taking all actions as specified
in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in each case with all documents required above to be delivered to the Pledgee and with all documents and actions required above to be taken
to the reasonable satisfaction of the Pledgee. 
 31. LIMITED OBLIGATIONS. It is the desire and intent of each Pledgor and the
Secured Creditors that this Agreement shall be enforced against each Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. 
 32. RELEASE OF PLEDGORS. If at any time (i) all of the Equity Interests of any Pledgor are sold (to a Person other than the Borrower or
a Subsidiary) in a transaction permitted pursuant to the Loan Documents or (ii) the pledge of all such Equity Interests becomes prohibited, contractually or by law, as a result of a financing transaction permitted pursuant to the Loan
Documents, then, in any such case, such Pledgor shall be released as a Pledgor pursuant to this Agreement without any further action hereunder (it being understood that the sale of all of the Equity Interests (and all Collateral owned by such
Pledgor shall be released from any liens on

  

 23 

 
the security interest granted hereunder) in any Person that owns, directly or indirectly, all of the Equity Interests in any Pledgor shall be deemed to be a sale of all of the Equity Interests in
such Pledgor for purposes of this Section 32), and the Pledgee is authorized and directed to execute and deliver such instruments of release as are reasonably satisfactory to it. If at any time all of the Collateral of any Pledgor is
sold (in a manner permitted under the Loan Documents), such Pledgor will be released from any liens on the security interest granted hereunder. At any time that the Borrower desires that a Pledgor be released from this Agreement as provided in this
Section 32, the Borrower shall deliver to the Pledgee a certificate signed by an officer of the Borrower stating that the release of such Pledgor is permitted pursuant to the terms of the Credit Agreement and this Section 32
and including reasonable supporting documentation with respect thereto. If requested by Pledgee (although the Pledgee shall have no obligation to make any such request), the Borrower shall furnish legal opinions (from counsel acceptable to the
Pledgee) to the effect set forth in the immediately preceding sentence. The Pledgee shall have no liability whatsoever to any other Secured Creditor as a result of the release of any Pledgor by it in accordance with, or which it believes to be in
accordance with, this Section 32. 
 * * * * 
  

 24 

 IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed
by their duly elected officers duly authorized as of the date first above written. 
  

							
	PLEDGOR:
	
	STRATEGIC HOTEL FUNDING, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer
	
	SHC DTRS, INC., a Delaware corporation
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer
	
	SHC EUROPE, L.L.C., a Delaware limited liability company
		
	By:	 	STRATEGIC HOTEL FUNDING, L.L.C., its sole Member
			
		 	By:	 	  

		 		 	Name:	 	Ryan M. Bowie
		 		 	Title:	 	Vice President and Treasurer
	
	SHC AVENTINE II, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

					
	SHC ST. FRANCIS, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer
	
	SHC LAGUNA, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

					
	SHC HALF MOON BAY MEZZANINE, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

 Accepted and Agreed to: 
  

					
	PLEDGEE:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 ANNEX A 
 to 
 PLEDGE AGREEMENT 
 SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION 
 (AND WHETHER A
REGISTERED ORGANIZATION AND/OR 
 A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION,  
 LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS 
  

											
	 Exact Legal
 Name of Each 
 Pledgor
	  	 Registered
 Organization?

 (Yes/No)
	  	Jurisdiction of
Organization	  	Pledgor’s Location
(for purposes of NY
UCC §9-307)	  	 Pledgor’s
 Organization

 Identification
 Number (or if it has
 none, so indicate)
	  	 Transmitting
 Utility?
 (Yes/No)

						
	Strategic Hotel Funding, L.L.C.	  	Yes	  	Delaware	  	Delaware	  	2828390	  	No
	SHC DTRS, Inc.	  	Yes	  	Delaware	  	Delaware	  	3813595	  	No
	SHC Aventine II, L.L.C.	  	Yes	  	Delaware	  	Delaware	  	3366487	  	No
	SHC Europe, L.L.C.	  	Yes	  	Delaware	  	Delaware	  	3111564	  	No
	SHC Half Moon	  	Yes	  	Delaware	  	Delaware	  	3831674	  	No
	Bay Mezzanine LLC	  		  		  		  		  	

											
	 Exact Legal
 Name of Each 
 Pledgor
	  	 Registered
 Organization?

 (Yes/No)
	  	Jurisdiction of
Organization	  	Pledgor’s Location
(for purposes of NY
UCC §9-307)	  	 Pledgor’s
 Organization

 Identification
 Number (or if it has
 none, so indicate)
	  	 Transmitting
 Utility?
 (Yes/No)

						
	SHC St. Francis, L.L.C.	  	Yes	  	Delaware	  	Delaware	  	4133716	  	No
	SHC Laguna, L.L.C.	  	Yes	  	Delaware	  	Delaware	  	4142968	  	No
	SHC Mexico Lender, LLC	  	Yes	  	Delaware	  	Delaware	  	4054875	  	No

 ANNEX B 
 to 
 PLEDGE AGREEMENT 
 SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS 
  

	1.	PLEDGOR 

  

									
	 Name of
 Issuing
 Entity
  
	 	 Type
of
 Interest
  
	 	 Certificate No.
  
	 	 Percentage
 Owned
  
	 	 Sub-clause of
 Section
 3.2(a)(i)
 of Pledge
 Agreement
  

	  
 1.      Strategic Hotel Funding, L.L.C.
  

	 	 		 	 
	SHC New Orleans LLC	 	Membership	 	2	 	100%	 	Yes
	SHC Aventine II, L.L.C.	 	Membership	 	2	 	100%	 	Yes
	SHC Phoenix III, L.L.C.	 	Membership	 	2	 	100%	 	Yes
	SHC Lincolnshire LLC	 	Membership	 	2	 	100%	 	Yes
	SHC Holdings L.L.C.	 	Membership	 	N/A	 	100%	 	No
	SHC Mexico Holdings, L.L.C.	 	Membership	 	N/A	 	100%	 	No
	SHC Asset Management, L.L.C.	 	Membership	 	N/A	 	100%	 	No
	SHC Residence Club, L.L.C.	 	Membership	 	N/A	 	100%	 	No
	SHC Residence Club II, L.L.C.	 	Membership	 	N/A	 	100%	 	No
	SHC Europe, L.L.C.	 	Membership	 	N/A	 	100%	 	No

									
	 Name of
 Issuing
 Entity
  
	 	 Type
of
 Interest
  
	 	 Certificate No.
  
	 	 Percentage
 Owned
  
	 	 Sub-clause of
 Section
 3.2(a)(i)
 of Pledge
 Agreement
  

	 	 		 	 
	SHC Finance (Champs Elysees), L.L.C.	 	Membership	 	N/A	 	100%	 	No
	SHC Half Moon Bay Mezzanine LLC	 	Membership	 	1	 	100%	 	Yes
	SHC Columbus Drive, LLC	 	Membership	 	1	 	100%	 	Yes
	SHC Mexico Lender, LLC	 	Membership	 	1	 	100%	 	Yes
	SHC Washington, L.L.C.	 	Membership	 	1	 	99.99%	 	Yes
	SHC St. Francis, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	SHC Laguna, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	SHR Scottsdale, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	  
 2.      SHC DTRS, Inc.
  

	DTRS New Orleans, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	DTRS La Jolla, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	DTRS Phoenix, L.L.C.	 	Membership	 	1	 	100%	 	Yes

									
	 Name of
 Issuing
 Entity
  
	 	 Type
of
 Interest
  
	 	 Certificate
No.
  
	 	 Percentage
 Owned
  
	 	 Sub-clause of
 Section
 3.2(a)(i)
 of Pledge
 Agreement
  

	 	 	 	 	 
	DTRS Lincolnshire, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	DTRS Santa Monica, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	DTRS Half Moon Bay, LLC	 	Membership	 	1	 	100%	 	Yes
	DTRS Columbus Drive, LLC	 	Membership	 	1	 	100%	 	Yes
	SHC Washington, L.L.C.	 	Membership	 	2	 	.01	 	Yes
	DTRS Washington, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	DTRS St. Francis, LLC	 	Membership	 	1	 	100%	 	Yes
	DTRS Laguna, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	  
 3.      SHC Aventine II, L.L.C.
  

	New Aventine, L.L.C.	 	Membership	 	1	 	100%	 	Yes

									
	 Name of
 Issuing
 Entity
  
	 	 Type
of
 Interest
  
	 	 Certificate
No.
  
	 	 Percentage
 Owned
  
	 	 Sub-clause of
 Section
 3.2(a)(i)
 of Pledge
 Agreement
  

	 
	 4.      SHC Europe, L.L.C.
  

	SHR Prague Praha, LLC	 	Membership	 	N/A	 	100%	 	No
	  
 5.      SHC Half Moon Bay Mezzanine LLC
  

	SHC Half Moon Bay, LLC	 	Membership	 	1	 	100%	 	Yes
	  
 6.      SHC St. Francis, L.L.C.
  

	SHR St. Francis, L.L.C.	 	Membership	 	1	 	100%	 	Yes
	 
	 7.      SHC Laguna, L.L.C.
  

	SHC Laguna Niguel I LLC	 	Membership	 	2	 	100%	 	Yes

 ANNEX C 
 to 
 PLEDGE AGREEMENT 
 S SCHEDULE OF CORPORATE STOCK 
  

	1.	PLEDGOR 

  

											
	 Name of
 Issuing
 Entity
  
	 	 Type
of
 Interest
  
	 	 Number
 of
 Shares
  
	 	 Certificate
No.
  
	 	 Percentage
 Owned
  
	 	 Sub-clause of
 Section
 3.2(a)(i)
 of Pledge
 Agreement
  

	  
 1.      Strategic Hotel Funding, L.L.C.
  

	SHC DTRS, Inc.	 	Stock	 	100	 	1	 	100%	 	Yes

 ANNEX D 
 to 
 PLEDGE AGREEMENT 
 Form of Agreement Regarding Uncertificated Securities, Limited Liability 
 Company Interests and Corporate Stock 
 AGREEMENT (as amended, modified or
supplemented from time to time, this “Agreement”), dated as of                     , among the undersigned pledgor (the
“Pledgor”), Deutsche Bank Trust Company Americas, as lender (the “Pledgee”), and                 
                    , as the issuer of the [Uncertificated Securities] [Limited Liability Company Interests] [Corporate Stock] (defined below)
(the “Issuer”). 
 W I T N E S S E T H:

 WHEREAS, the Pledgor, certain of its affiliates and the Pledgee have entered into a Pledge Agreement, dated as of
March     , 2007 (as amended, modified or supplemented from time to time, the “Pledge Agreement”), under which, among other things, in order to secure the payment of the Obligations (as defined
in the Pledge Agreement), the Pledgor will pledge to the Pledgee, and grant a security interest in favor of the Pledgee in, all of the right, title and interest of the Pledgor in and to any and [all “uncertificated securities” (as defined
in Section 8-102(a)(18) of the Uniform Commercial Code, as adopted in the State of New York) (“Uncertificated Securities”)] [Corporate Stock (as defined in the Pledge Agreement)] [Limited Liability Company Interests (as defined
in the Pledge Agreement)] issued from time to time by the Issuer, whether now existing or hereafter from time to time acquired by the Pledgor (with all of such [Uncertificated Securities] [Corporate Stock] [Limited Liability Company Interests] being
herein collectively called the “Issuer Pledged Interests”); and 
 WHEREAS, the Pledgor desires the Issuer to
enter into this Agreement in order to protect the security interest of the Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the Pledgee control of the Issuer Pledged Interests and to provide for the rights of the
parties under this Agreement; 
 NOW THEREFORE, in consideration of the premises and the mutual promises and agreements
contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and all instructions and orders originated by the Pledgee (and its successors and
assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the registered owner (including the Pledgor), and, after receiving a notice from the Pledgee stating that an “Event of Default” has occurred and
is continuing (i) not to comply with any instructions or orders regarding any or all of the Issuer Pledged Interests originated by any person or entity other than the Pledgee (and its successors and assigns) or a court of competent jurisdiction
and (ii) the Issuer will send any and all redemptions, distributions, interest or other payments in respect of the Issuer Pledged Interests from the Issuer for the account of the Pledgor only by wire transfers to such account as may be directed
by Pledgee. 

 ANNEX D 
 Page 2 
  

 2. The Issuer hereby certifies that (i) no notice of any security interest, lien or
other encumbrance or claim affecting the Issuer Pledged Interests (other than the security interest of the Pledgee) has been received by it, and (ii) the security interest of the Pledgee in the Issuer Pledged Interests has been registered in
the books and records of the Issuer. 
 3. The Issuer hereby represents and warrants that (i) the pledge by the Pledgor of,
and the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee does not violate the charter, by-laws, partnership agreement, membership agreement or any other agreement governing the Issuer or the Issuer
Pledged Interests, and (ii) the Issuer Pledged Interests are fully paid and nonassessable. 
 4. All notices, statements of
accounts, reports, prospectuses, financial statements and other communications to be sent to the Pledgor by the Issuer in respect of the Issuer will also be sent to the Pledgee at the following address: 
 60 Wall Street 
 New York, New York 10005 
 Attention: James Rolison 
 Telephone No.: (212) 250-3352 
 Telecopier No.: (646) 324-7091 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attention: Harvey R. Uris 
 Telephone No.: (212) 735-2212 
 Telecopier No.: (917) 777-2212 
 5. Except as expressly provided otherwise in Sections 4 above, all notices shall be sent or delivered by mail, telegraph, telex, telecopy,
cable or overnight courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by overnight courier, be effective when deposited in the mails, delivered to the telegraph company,
cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee, the Pledgor or the Issuer shall not be effective until received by the Pledgee, the Pledgor or the Issuer,
as the case may be. All notices and other communications shall be in writing and addressed as follows: 
  

	(a)	if to the Pledgor, at: 

 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 

 ANNEX D 
 Page 3 
  

 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: General Counsel 
 with copies to: 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: Treasurer 
 and 
 Perkins Coie LLP 
 Suite 1700 
 131 South Dearborn Avenue 
 Chicago, Illinois 60603 
 Telephone No.: (312) 324-8650 
 Telecopier No.: (312) 324-9650 
 Attn: Bruce A. Bonjour 
  

	(b)	if to the Pledgee, at: 

 60
Wall Street 
 New York, New York 10005 
 Attention: James Rolison 
 Telephone No.: (212) 250-3352 
 Telecopier No.: (646) 324-7091 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, New York 10036 
 Attention: Harvey R. Uris 
 Telephone No.: (212) 735-2212 
 Telecopier No.: (917) 777-2212 
  

	(c)	if to the Issuer, at: 

 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 

 ANNEX D 
 Page 4 
  

 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: General Counsel 
 with copies to: 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: Treasurer 
 and 
 Perkins
Coie LLP 
 Suite 1700 
 131 South Dearborn Avenue 
 Chicago, Illinois 60603 
 Telephone No.: (312) 324-8650 
 Telecopier No.: (312) 324-9650 
 Attn: Bruce A. Bonjour 
 or at such other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. As used in
this Section 6, “Business Day” means any day other than a Saturday, Sunday, or other day in which banks in New York are authorized to remain closed. 
 6. This Agreement shall be binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the benefit of and be enforceable by the Pledgee and its successors and assigns. This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such
provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on all parties hereto. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in the manner
whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor. 
 7. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard to its principles of conflict of laws. 

 ANNEX D 
 Page 5 
  

 IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused this Agreement
to be executed by their duly elected officers duly authorized as of the date first above written. 
  

			
	[                                       
                     ],
		 	as Pledgor
		
	By	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
		 	as Pledgee
		
	By	 	  

		 	Name:
		 	Title:
	
	[                                       
                     ],
		 	as Issuer
		
	By	 	  

		 	Name:
		 	Title:

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
			
	1.	 	SECURITY FOR OBLIGATIONS	  	2
			
	2.	 	DEFINITIONS	  	2
			
	3.	 	PLEDGE OF SECURITIES, ETC.	  	6
		
	 3.1      Pledge
	  	6
	 3.2      Procedures
	  	8
	 3.3      Subsequently Acquired Collateral
	  	9
	 3.4      Transfer Taxes
	  	10
	 3.5      Certain Representations and Warranties Regarding the
Collateral
	  	10
			
	4.	 	APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.	  	10
			
	5.	 	VOTING, ETC., WHILE NO EVENT OF DEFAULT	  	11
			
	6.	 	DIVIDENDS AND OTHER DISTRIBUTIONS	  	11
			
	7.	 	REMEDIES IN CASE OF AN EVENT OF DEFAULT	  	12
			
	8.	 	REMEDIES, CUMULATIVE, ETC.	  	13
			
	9.	 	APPLICATION OF PROCEEDS	  	13
			
	10.	 	PURCHASERS OF COLLATERAL	  	15
			
	11.	 	INDEMNITY	  	15
			
	12.	 	PLEDGEE NOT A OFFICER, LIMITED LIABILITY COMPANY OR MEMBER	  	15
			
	13.	 	FURTHER ASSURANCES; POWER-OF-ATTORNEY	  	16
			
	14.	 	THE PLEDGEE	  	16
			
	15.	 	TRANSFER BY THE PLEDGORS	  	17
			
	16.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS	  	17
			
	17.	 	CHANGES TO LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL
IDENTIFICATION NUMBERS; CHANGES THERETO; ETC.	  	18
			
	18.	 	PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC.	  	18
			
	19.	 	PRIVATE SALES	  	18
			
	20.	 	TERMINATION; RELEASE	  	19
			
	21.	 	NOTICES, ETC.	  	20
			
	22.	 	WAIVER; AMENDMENT	  	21

  

 i 

					
			
	23.	 	MISCELLANEOUS	  	21
			
	24.	 	HEADINGS DESCRIPTIVE	  	21
			
	25.	 	GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL	  	22
			
	26.	 	PLEDGOR’S DUTIES	  	23
			
	27.	 	COUNTERPARTS	  	23
			
	28.	 	SEVERABILITY	  	23
			
	29.	 	RECOURSE	  	23
			
	30.	 	ADDITIONAL PLEDGORS	  	23
			
	31.	 	LIMITED OBLIGATIONS	  	23
			
	32.	 	RELEASE OF PLEDGORS	  	23

  

					
	ANNEX A	 	-	    	SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION, JURISDICTION OF ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS
	ANNEX B	 	-	    	SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS
	ANNEX C	 	-	    	SCHEDULE OF CORPORATE STOCK
	ANNEX D	 	-	    	FORM OF AGREEMENT REGARDING UNCERTIFICATED SECURITIES, LIMITED LIABILITY COMPANY INTERESTS AND CORPORATE STOCK

  

 ii 

 EXHIBIT G-2 
 PLEDGE AGREEMENT 
 among 
 STRATEGIC HOTELS & RESORTS, INC., 
 as PLEDGOR 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as PLEDGEE 

Dated as of March 9, 2007 
  
  
  

 PLEDGE AGREEMENT 
 PLEDGE AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”), dated as of March 9,
2007, among the undersigned pledgor (“Pledgor” and, together with any other entity that becomes a pledgor hereunder pursuant to Section 30 hereof, the “Pledgors”) and Deutsche Bank Trust Company
Americas, as administrative agent (together with any successor administrative agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below). Except as otherwise defined herein, all capitalized terms used herein
and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
 W I T
N E S S E T H: 
 WHEREAS, STRATEGIC HOTEL FUNDING, L.L.C. (the
“Borrower”), the lenders from time to time party thereto (the “Lenders”), and the Pledgee, as administrative agent (together with any successor administrative agent, the “Administrative Agent”),
have entered into a Credit Agreement, dated as of March 9, 2007 (as amended, modified or supplemented from time to time, the “Credit Agreement”), providing for the making of Loans to and the issuance of, and participation in,
Letters of Credit for the account of the Borrower, all as contemplated therein (the Pledgee, the Issuer, the Lenders and each Person (other than Borrower, Guarantor or any Subsidiary of either) party to a Credit Hedging Agreement or a Pari-Pasu
Hedging Agreement, to the extent such party is a Lender or any affiliate thereof, and their subsequent successors and assigns, are herein called the “Secured Creditors”); 
 WHEREAS, pursuant to the Guaranty, the Pledgor has guaranteed the payment and performance when due of all Guaranteed Obligations as
described (and defined) therein; 
 WHEREAS, it is a condition precedent to the making of Loans to, and the issuance of Letters
of Credit for the account of, the Borrower under the Credit Agreement that the Pledgor shall have executed and delivered to the Pledgee this Agreement; and 
 WHEREAS, the Pledgor will obtain direct and indirect material benefits from the incurrence of Loans by the Borrower and the issuance of Letters of Credit for the account of the Borrower under the Credit
Agreement, the entering into of Credit Hedging Agreements by the Secured Creditors and the entering into of Pari-Pasu Hedging Agreements by the Lenders and the Pari-Pasu Hedging Counterparties and, accordingly, desires to enter into this Agreement
in order to satisfy the conditions described in the preceding recital and to induce the Lenders to make Loans to the Borrower, to issue, and/or participate in, Letters of Credit for the account of the Borrower, and to enter into Credit Hedging
Agreements and/or enter into Pari-Pasu Hedging Agreements; 
  

 1 

 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to the
Pledgor, the receipt and sufficiency of which are hereby acknowledged, the Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee for
the benefit of the Secured Creditors as follows: 
 1. SECURITY FOR OBLIGATIONS. This Agreement is made by the Pledgor for the
benefit of the Secured Creditors to secure: 
 (i) the full and prompt payment when due (whether at the stated
maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest, reimbursement obligations (both actual and contingent) under Letters of Credit, Credit Hedging
Agreements, Pari-Pasu Hedging Agreements, fees, costs, and indemnities (including in each case, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) of such Pledgor to the Secured Creditors, whether now
existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Loan Documents to which such Pledgor is a party (including, in the case of each Pledgor that is party to the Subsidiary Guaranty, all
Guaranteed Obligations (as defined in the Guaranty)) and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Loan Documents; 
 (ii) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its
security interest in the Collateral; 
 (iii) in the event of any proceeding for the collection or enforcement of
any indebtedness, obligations or liabilities of the Borrower and the Pledgor referred to in clause (i) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or
lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs; and 
 (iv) all amounts paid by any Secured Creditor as to which such Secured Creditor has the right to reimbursement under
Section 11 of this Agreement; 
 all such obligations, liabilities, sums and expenses set forth in clauses (i) through
(iv) of this Section 1 being herein collectively called the “Obligations,” it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types described above, whether
outstanding on the date of this Agreement or extended from time to time after the date of this Agreement. 
 2. DEFINITIONS.

 (a) Reference to singular terms shall include the plural and vice versa. 
 (b) The following capitalized terms used herein shall have the definitions specified below: 
 “Administrative Agent” shall have the meaning set forth in the recitals hereto. 
  

 2 

 “Adverse Claim” shall have the meaning given such term in
Section 8-102(a)(1) of the UCC. 
 “Agreement” shall have the meaning set forth in the first paragraph
hereof. 
 “Borrower” shall have the meaning set forth in the recitals hereto. 
 “Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC. 
 “Class” shall have the meaning set forth in Section 22 hereof. 
 “Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC. 
 “Collateral” shall have the meaning set forth in Section 3.1 hereof. 
 “Credit Agreement” shall have the meaning set forth in the recitals hereto. 
 “Credit Hedging Agreement” shall have the meaning given such term in the Credit Agreement. 
 “Equity Interest” of the Limited Liability Company shall mean any and all interests, rights to purchase, options,
participations or other equivalents of or interest in (however designated) equity of such Limited Liability Company, including, without limitation, any limited liability company membership interest. 
 “Event of Default” shall mean any Event of Default (or equivalent term) under, and as defined in, the Credit Agreement and
shall in any event include, without limitation, any payment default on any of the Obligations after the expiration of any applicable grace period. 
 “Guaranteed Obligations” shall have the meaning given such term in the Guaranty. 
 “Guaranty” shall have the meaning given such term in the Credit Agreement. 
 “Indemnitees” shall have the meaning set forth in Section 11 hereof. 
 “Lenders” shall have the meaning set forth in the recitals hereto. 
 “Limited Liability Company” shall mean Strategic Hotel Funding, L.L.C. 
 “Limited Liability
Company Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at any time
owned by the Limited Liability Company. 
 “Limited Liability Company Interests” shall mean the entire limited
liability company membership interest at any time owned by the Pledgor in the Limited Liability Company listed on Annex B attached hereto. 
  

 3 

 “Loan Documents” shall have the meaning set forth in the Credit Agreement.

 “Location” of Pledgor shall mean the Pledgor’s “location” as determined pursuant to
Section 9-307 of the UCC. 
 “Obligations” shall have the meaning set forth in Section 1
hereof. 
 “Organizational Documents” means all documents, instruments and other papers constituting the entire
organizational documents of the Limited Liability Company and any and all amendments thereto, including without limitation, certificates of formation and operating agreements. 
 “Pari-Pasu Hedging Agreements” shall have the meaning set forth in the Credit Agreement. 
 “Person” means any individual, partnership, joint venture, firm, corporation, association, limited liability company, trust
or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Pledgee” shall have the meaning set forth in the first paragraph hereof. 
 “Pledgor” shall have the meaning set forth in the first paragraph hereof. 
 “Primary
Obligations” shall have the meaning set forth in Section 9(b) hereof. 
 “Pro Rata Share”
shall have the meaning set forth in Section 9(b) hereof. 
 “Proceeds” shall have the meaning given
such term in Section 9-102(a)(64) of the UCC and, in any event, shall also include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgee or the Pledgor from time to time
with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to the Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or
any part of the Collateral by any governmental authority (or any Person acting under color of governmental authority) and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral.

 “Registered Organization” shall mean a “registered organization” as such term is defined in
Section 9-102(a)(70) of the UCC. 
 “Required Lenders” shall have the meaning set forth in the Credit
Agreement. 
 “Secondary Obligations” shall have the meaning set forth in Section 9(b) hereof.

 “Secured Creditors” shall have the meaning set forth in the recitals hereto. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, as in effect from time to time. 
  

 4 

 “Securities Intermediary” shall have the meaning given such term in
Section 8-102(14) of the UCC. 
 “Security Entitlement” shall have the meaning given such term in
Section 8-102(a)(17) of the UCC. 
 “Subsidiary” shall have the meaning given such term in the Credit
Agreement. 
 “Termination Date” shall have the meaning set forth in Section 20 hereof. 

“Transmitting Utility” shall mean a “transmitting utility” as such term is defined in
Section 9-102(a)(80) of the UCC. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the State
of New York from time to time; provided that all references herein to specific sections or subsections of the UCC are references to such sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of
New York on the date hereof. 
 “Uncertificated Security” shall have the meaning given such term in
Section 8-102(a)(18) of the UCC. 
 “Voting Rights” shall have the meaning set forth in
Section 5 hereof. 
 3. PLEDGE OF SECURITIES, ETC. 
 3.1 Pledge. To secure the Obligations now or hereafter owed or to be performed by the Pledgor, the Pledgor does hereby grant, pledge
and assign to the Pledgee for the benefit of the Secured Creditors, and does hereby create a continuing security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the
following, whether now existing or hereafter from time to time acquired (collectively, but subject to the terms of the proviso to this Section 3.1, the “Collateral”): 
 (a) the Limited Liability Company Interests owned by the Pledgor from time to time and all of its right, title and interest in the Limited
Liability Company, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability Company Interests and
applicable law: 
 (A) all the capital thereof and its interest in all profits, losses, Limited Liability Company
Assets and other distributions to which the Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; 
 (B) all other payments due or to become due to the Pledgor in respect of Limited Liability Company Interests, whether under the limited liability company agreement or otherwise, whether as contractual
obligations, damages, insurance proceeds or otherwise; 
  

 5 

 (C) all of its claims, rights, powers, privileges, authority, options,
security interests, liens and remedies, if any, under the limited liability company agreement or operating agreement, or at law or otherwise in respect of the Limited Liability Company Interests; 
 (D) all present and future claims, if any, of the Pledgor against any the Limited Liability Company for monies loaned or
advanced, for services rendered or otherwise; 
 (E) all of the Pledgor’s rights under the limited liability
company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of the Pledgor relating to the Limited Liability Company Interests, including any power to terminate, cancel or
modify the limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of any of the Pledgor in respect of the Limited Liability Company Interests and any
such limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and
authority to demand, receive, enforce, collect or receipt for any of the foregoing or for the Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection
with any of the foregoing; and 
 (F) all other property hereafter delivered in substitution for or in addition
to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all thereof; 
 (b) all Security Entitlements owned by the Pledgor from time
to time in any and all of the foregoing; and 
 (c) all Proceeds of any and all of the foregoing. 
 3.2 Procedures. (a) To the extent that the Pledgor at any time or from time to time owns, acquires or obtains any right, title
or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by the Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, the Pledgor shall (to the extent
provided below) take the following actions as set forth below (as promptly as practicable and, in any event, within ten (10) days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured Creditors: 
 (i) with respect to a Certificated Security (other than a Certificated Security credited on the books of a Clearing
Corporation or Securities Intermediary), the Pledgor shall deliver such Certificated Security to the Pledgee, indorsed to the Pledgee or indorsed in blank; 
  

 6 

 (ii) with respect to an Uncertificated Security (other than an
Uncertificated Security credited on the books of a Clearing Corporation or Securities Intermediary), the Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute and deliver to the Pledgee, an agreement for the
benefit of the Pledgee and the other Secured Creditors substantially in the form of Annex C hereto (appropriately completed to the reasonable satisfaction of the Pledgee and with such modifications, if any, as shall be reasonably satisfactory
to the Pledgee) pursuant to which such issuer agrees to comply with any and all instructions originated by the Pledgee without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security
originated by any other Person other than a court of competent jurisdiction; 
 (iii) with respect to a
Certificated Security, Uncertificated Security or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust
Company), the Pledgor shall promptly notify the Pledgee thereof and shall promptly take all actions required (x) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (y) to perfect the security
interest of the Pledgee under applicable law (including, in any event, under Sections 9-314(a) and (c), 9-106 and 8-106(d) of the UCC). The Pledgor further agrees to take such actions as the Pledgee deems reasonably necessary or desirable to effect
the foregoing; 
 (iv) with respect to the Limited Liability Company Interest (other than a Limited Liability
Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (x) if the Limited Liability Company Interest is represented by a certificate and is a “security” for purposes of Section 8-102(a)(15)
of the UCC, the procedure set forth in Section 3.2(a)(i) hereof, and (y) if the Limited Liability Company Interest is not represented by a certificate or is not a “security” for purposes of the UCC, the procedure set forth
in Section 3.2(a)(ii) hereof; and 
 (v) with respect to cash proceeds from any of the Collateral
described in Section 3.1 hereof which are required to be paid over to (or may be received by) the Pledgee or any of the other Secured Creditors pursuant to the terms of this Agreement, (i) establishment by the Pledgee of a cash
account in the name of the Pledgor over which the Pledgee shall have “exclusive and absolute control” and dominion (and no withdrawals or transfers may be made therefrom by any Person except with the prior written consent of the Pledgee)
and (ii) deposit of such cash in such cash account. 
 (b) In addition to the actions required to be taken pursuant to
Section 3.2(a) hereof, the Pledgor shall take the following additional actions with respect to the Collateral: 
 (i) with respect to all Collateral of the Pledgor whereby or with respect to which the Pledgee may (and in accordance with the terms hereof is entitled to) obtain “control” thereof within the
meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), the Pledgor shall take all actions as
may be reasonably requested from time to time by the Pledgee so that “control” of such Collateral is obtained and at all times held by the Pledgee; and 
  

 7 

 (ii) the Pledgor shall from time to time cause appropriate financing
statements (on Form UCC-1 or other appropriate form) under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory to the Pledgee), to
be filed in the relevant filing offices so that at all times the Pledgee has a security interest in all Collateral which also may be perfected by the filing of such financing statements under the laws of the relevant States, including, without
limitation, Section 9-312(a) of the UCC. 
 3.3 Subsequently Acquired Collateral. (a) If the Pledgor shall
acquire (by purchase, stock dividend or similar distribution or otherwise) any additional Collateral at any time or from time to time after the date hereof, such Collateral shall automatically (and without any further action being required to be
taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, the Pledgor will promptly thereafter take (or cause to be taken) all action with respect to such Collateral in accordance
with the procedures set forth in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee (in the case of any such additional Collateral consisting of additional Equity Interests) (i) a certificate executed by an
authorized officer of the Pledgor describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and (ii) such supplements to Annexes A through
C hereto as are reasonably necessary to cause such annexes to be complete and accurate at such time. 
 (b) In addition,
if any Pledgor shall acquire (by purchase, stock dividend or similar distribution or otherwise) any Capital Stock of any Subsidiary whose Capital Stock is required to be pledged to Pledgee pursuant to Section 7.1.9(b) of the Credit
Agreement, at any time or from time to time after the date hereof, such Capital Stock shall automatically (and without any further action being required to be taken) be subject to the pledge and security interests created pursuant to
Section 3.1 hereof and, furthermore, the respective Pledgor will promptly thereafter take (or cause to be taken) all action with respect to such Capital Stock in accordance with the procedures set forth in Section 3.2 hereof,
and will promptly thereafter deliver to the Pledgee (i) a certificate executed by an authorized officer of such Pledgor describing such Capital Stock and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of
the Secured Creditors) hereunder and (ii) such supplements to Annexes A through C hereto as are reasonably necessary to cause such annexes to be complete and accurate at such time. 
 3.4 Transfer Taxes. Each pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by
any transfer tax stamps required in connection with the pledge of such Collateral. 
 3.5 Certain Representations and
Warranties Regarding the Collateral. The Pledgor represents and warrants that on the date hereof: (i) the exact legal name of the Pledgor, the type of organization of the Pledgor, whether or not the Pledgor is a Registered Organization, the
jurisdiction of organization of the Pledgor, the Pledgor’s Location, the organizational identification number (if any) of the Pledgor, and whether or not the Pledgor is a Transmitting Utility, is listed on Annex A hereto; (ii) the
Limited Liability Company Interests held by the Pledgor consist of the number and type of interests of the Limited Liability Companies described in Annex B hereto; (iii) each such Limited Liability Company Interest constitutes that
percentage

  

 8 

 
of the issued and outstanding Equity Interest of the issuing Limited Liability Company as set forth in Annex B hereto; (iv) the Pledgor has complied with the respective procedure set
forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annex B hereto; and (v) on the date hereof, the Pledgor owns no other stock, or Limited Liability Company Interests that would otherwise
constitute Collateral. 
 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. If and to the extent necessary to enable the Pledgee
to perfect its security interest in any of the Collateral or to exercise any of its remedies hereunder, the Pledgee shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral, which may
be held (in the discretion of the Pledgee) in the name of the Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee. 
 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Unless and until there shall have occurred and be continuing an Event of Default, the Pledgor
shall be entitled to exercise any and all voting and other consensual rights pertaining to and attaching to any and all of the Collateral owned by it, and to give consents, waivers or ratifications in respect thereof; provided that, in each
case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would violate in any material respect, result in a breach of any covenant contained in, or be inconsistent with any of the
terms of any Loan Document, or which could reasonably be expected to have a Material Adverse Effect (collectively, the “Voting Rights”). All such rights of the Pledgor to vote and to give consents, waivers and ratifications shall
cease in case an Event of Default has occurred, and is continuing and the Pledgee shall have given notice to the Pledgor of its intent to exercise rights pursuant to Section 7 hereof (although no such notice shall be required if an Event
of Default described in any of clauses (a) through (e) of Section 8.1.9 of the Credit Agreement shall have occurred and be continuing) and Section 7 hereof shall become applicable. 
 6. DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until there shall have occurred and be continuing an Event of Default and the Pledgee shall
have given notice to the Pledgor of its intent to exercise rights pursuant to Section 7 hereof (although no such notice shall be required if an Event of Default described in any of clauses (a) through (e) of
Section 8.1.9 of the Credit Agreement shall have occurred and be continuing), all cash dividends, cash distributions, cash Proceeds and other cash amounts payable in respect of the Collateral shall be paid to the Pledgor free of liens
and security interests created hereby and by the other Loan Documents. The Pledgee shall be entitled to receive directly, and to retain as part of the Collateral: 
 (i) all other or additional stock, certificates, limited liability company interests, partnership interests, instruments or
other securities or property (including, but not limited to, cash dividends other than as set forth above) paid or distributed by way of dividend or otherwise in respect of the Collateral; 
 (ii) all other or additional stock, certificates, limited liability company interests, partnership interests, instruments or
other securities or property (including, but not limited to, cash (although such cash may be paid directly to the Pledgor so long as no

  

 9 

 
Event of Default then exists)) paid or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and

 (iii) all other or additional stock, certificates, limited liability company interests, partnership interests,
instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the Pledgor so long as no Event of Default then exists)) which may be paid in respect of the Collateral by reason of any
consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization. 
 All dividends, distributions or other payments which are received by the Pledgor contrary to the provisions of this Section 6 and Section 7 hereof shall be received in trust for the benefit of the Pledgee, shall be
segregated from other property or funds of the Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same form as so received (with any necessary endorsement). 
 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. If there shall have occurred and be continuing an Event of Default and the Pledgee shall have
given notice to the Pledgor of its intent to exercise rights pursuant to this Section 7 (although no such notice shall be required if an Event of Default described in any of clauses (a) through (e) of
Section 8.1.9 of the Credit Agreement shall have occurred and be continuing), then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, any
other Loan Document or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC as in effect in any relevant
jurisdiction and also shall be entitled, without limitation, to exercise the following rights, which the Pledgor hereby agrees to be commercially reasonable: 
 (i) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the
Pledgor; 
 (ii) to transfer all or any part of the Collateral into the Pledgee’s name or the name of its
nominee or nominees; 
 (iii) to vote all or any part of the Collateral (whether or not transferred into the name
of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (the Pledgor hereby irrevocably constituting and appointing the Pledgee
the proxy and attorney-in-fact of the Pledgor, with full power of substitution to do so); 
 (iv) at any time and
from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or, notice of intention to sell or
of the time or place of sale or adjournment thereof or to redeem or otherwise (all of which are hereby waived by the Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for
such price or

  

 10 

 
prices and on such terms as the Pledgee in its absolute discretion may determine, provided that at least 10 days’ written notice of the time and place of any such sale shall be given
to the Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. The Pledgor hereby waives and releases to the fullest extent permitted by law any right
or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations or otherwise. At any such sale, unless prohibited by
applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured Creditor shall be liable
for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and 
 (v) to set-off any and all Collateral against any and all Obligations, and to withdraw any and all cash or other Collateral
from any and all accounts referred to Section 3.2(a)(v) hereof and to apply such cash and other Collateral to the payment of any and all Obligations. 
 8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy of the Pledgee provided for in this Agreement or in any other Loan Document, or now or hereafter existing at law or in equity or by
statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee or any other Secured Creditor of any one or more of the rights, powers or
remedies provided for in this Agreement or any other Loan Document or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any other Secured Creditor of all
such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Secured Creditor to exercise any such right, power or remedy shall operate as a waiver thereof. No notice to or demand on the Pledgor in any case
shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or any other Secured Creditor to any other or further action in any circumstances without notice
or demand. The Secured Creditors agree that this Agreement may be enforced only by the action of the Pledgee, acting upon the instructions of the Required Lender, and that no other Secured Creditor shall have any right individually to seek to
enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this
Agreement. 
 9. APPLICATION OF PROCEEDS. (a) All moneys collected by the Pledgee upon any sale or other disposition of the
Collateral, together with all other moneys received by the Pledgee hereunder, shall be applied as follows: 
 (i)
first, to the payment of all amounts owing the Pledgee of the type described in clauses (i), (ii) (iii) and (iv) of the definition of “Obligations” contained in Section 1 hereof; 
  

 11 

 (ii) second, to the extent proceeds remain after the application
pursuant to preceding clause (i), an amount equal to the outstanding Primary Obligations shall be paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding
Primary Obligations or, if the proceeds are insufficient to pay in full all such Primary Obligations, its Pro Rata Share of such amount remaining to be distributed; 
 (iii) third, to the extent proceeds remain after the application pursuant to preceding clauses (i) and (ii), an
amount equal to the outstanding Secondary Obligations shall be paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Secondary Obligations or, if the
proceeds are insufficient to pay in full all such Secondary Obligations, its Pro Rata Share of such amount remaining to be distributed; and 
 (iv) fourth, to the extent proceeds remain after the application pursuant to preceding clauses (i) through (iii), inclusive, and following the termination of this Agreement pursuant to
Section 20(a) hereof, to the Pledgor or to whomever may be lawfully entitled to receive such surplus. 
 (b) For
purposes of this Agreement, (x) “Pro Rata Share” shall mean, when calculating a Secured Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which
is the then unpaid amount of such Secured Creditor’s Primary Obligations or Secondary Obligations, as the case may be, and the denominator of which is the then outstanding amount of all Primary Obligations or Secondary Obligations, as the case
may be, (y) “Primary Obligations” shall mean all principal of, premium, if any, and interest on, all Loans, all Disbursements, all contingent reimbursement obligations equal to the Stated Amount of all outstanding Letters of
Credit and all fees payable under the Credit Agreement, and (z) “Secondary Obligations” shall mean all Obligations other than Primary Obligations. 
 (c) When payments to Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such Secured Creditors hereunder shall be applied (for purposes of making determinations
under this Section 9 only) (i) first, to their Primary Obligations and (ii) second, to their Secondary Obligations. If any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to
such Secured Creditor, such excess amount shall instead be distributed in respect of the unpaid Primary Obligations or Secondary Obligations, as the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or
Secondary Obligations, as the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of
such Secured Creditor entitled to distribution and the denominator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of all Secured Creditors entitled to such distribution. 
 (d) Each of the Secured Creditors, by their acceptance of the benefits hereof and of the other Loan Documents, agrees and acknowledges that
if the Secured Creditors are to receive a distribution on account of undrawn amounts with respect to Letters of Credit issued

  

 12 

 
under the Credit Agreement (which shall only occur after all outstanding Loans under the Credit Agreement and Disbursements have been paid in full), such amounts shall be paid to the
Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of the Secured Creditors, as cash security for the repayment of Obligations owing to the Secured Creditors as such. If any amounts are held as cash
security pursuant to the immediately preceding sentence, then upon the termination of all outstanding Letters of Credit under the Credit Agreement, and after the application of all such cash security to the repayment of all Obligations owing to the
Secured Creditors after giving effect to the termination of all such Letters of Credit, if there remains any excess cash, such excess cash shall be distributed by the Pledgee in accordance with Section 9(a) hereof. 
 (e) All payments required to be made hereunder shall be made to the Administrative Agent for the account of the Secured Creditors.

 (f) This Agreement is made with full recourse to the Pledgor and pursuant to and upon all the warranties, representations,
covenants and agreements on the part of the Pledgor contained herein, in the Loan Documents and otherwise in writing in connection herewith or therewith. It is understood and agreed that the Pledgor shall remain liable with respect to its
Obligations to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations. 
 10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of
the Pledgee or the officer making such sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money
paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof. 
 11.
INDEMNITY. The Pledgor agrees (i) to indemnify and hold harmless the Pledgee and each other Secured Creditor (in their capacity as such) and their respective successors, assigns, employees, advisors, agents and affiliates (individually an
“Indemnitee,” and collectively, the “Indemnitees”) from and against any and all claims, demands, losses, judgments and liabilities (including liabilities for penalties) of whatsoever kind or nature, and (ii) to
reimburse each Indemnitee for all reasonable costs and expenses, including reasonable attorneys’ fees, in each case arising out of or resulting from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder
(but excluding any claims, demands, losses, judgments and liabilities or expenses to the extent incurred by reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and
non-appealable decision)). In no event shall the Pledgee be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent jurisdiction in a final and non-appealable decision), for any matter or
thing in connection with this Agreement other than to account for monies actually received by it in accordance with the terms hereof. If and to the extent that the obligations of the Pledgor under this Section 11 are unenforceable for
any reason, the Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The indemnity obligations of the Pledgor contained in this Section 11
shall continue in full force and

  

 13 

 
effect notwithstanding the full payment of all the Notes issued under the Credit Agreement, the termination of all Letters of Credit, and the payment of all other Obligations and notwithstanding
the discharge thereof. 
 12. PLEDGEE NOT A OFFICER, LIMITED LIABILITY COMPANY OR MEMBER. (a) Nothing herein shall be
construed to make the Pledgee or any other Secured Creditor liable as a member of the Limited Liability Company and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise shall have any of the duties, obligations
or liabilities of a member of the Limited Liability Company. The parties hereto expressly agree that, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor, the Pledgor and/or
any other Person. 
 (b) The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none
of the duties, obligations or liabilities of a member of the Limited Liability Company or the Pledgor. 
 (c) The Pledgee and
the other Secured Creditors shall not be obligated to perform or discharge any obligation of the Pledgor as a result of the pledge hereby effected. 
 (d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any event obligate the Pledgee or any other Secured
Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation, duty
or liability under the Collateral. 
 13. FURTHER ASSURANCES; POWER-OF-ATTORNEY. (a) The Pledgor authorizes the Pledgee to
cause to be filed, at the Pledgor’s own expense, UCC financing statements, continuation statements or amendments thereto and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee may deem reasonably
necessary and wherever required by law in order to perfect and preserve the Pledgee’s security interest in the Collateral, and agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances,
assignments, agreements and instruments as the Pledgee may reasonably require or deem necessary to carry into effect the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder.

 (b) The Pledgor hereby appoints the Pledgee as its attorney-in-fact with full authority in the place and stead of the Pledgor
and in the name of the Pledgor or otherwise, to act from time to time solely after the occurrence and during the continuance of an Event of Default and upon notice to the Pledgor (although no such notice shall be required if an Event of Default
described in any of clauses (a) through (e) of Section 8.1.9 of the Credit Agreement shall have occurred and be continuing), in the Pledgee’s reasonable discretion, to take any action and to execute
any instrument which the Pledgee may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is coupled with an interest. 
  

 14 

 14. THE PLEDGEE. The Pledgee will hold in accordance with this Agreement all items of the
Collateral at any time received under this Agreement. It is expressly understood and agreed by each Secured Creditor that by accepting the benefits of this Agreement, each such Secured Creditor acknowledges and agrees that the obligations of the
Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Article IX of the Credit Agreement. The
Pledgee shall act hereunder on the terms and conditions set forth herein and in Article IX of the Credit Agreement. 
 15. TRANSFER BY THE PLEDGORS. The Pledgor will not sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein except as permitted by the respective
Loan Documents. 
 16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) The Pledgor represents, warrants and
covenants that on the date hereof with respect to such Pledgor’s respective portion of the Collateral that it is pledging herewith: 
 (i) it is the legal, beneficial and record owner of, and has good and marketable title to, all of its Collateral and that it has sufficient interest in all of its Collateral in which a security interest
is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and
security interests created by this Agreement); 
 (ii) it has full power, authority and legal right to pledge all
the Collateral pledged by it pursuant to this Agreement; 
 (iii) all of the Collateral has been duly and validly
issued and acquired, is fully paid and non-assessable and is subject to no options to purchase or similar rights; 
 (iv) the Certificated Securities have been “certificated” and are “securities” within the meaning of Article 8 of the UCC; 
 (v) the pledge and collateral assignment and possession by the Pledgee of the Collateral consisting of Certificated Securities pursuant to this Agreement creates a valid and perfected first priority
security interest in such Certificated Securities, and the proceeds thereof, subject to no prior Lien or encumbrance or to any agreement purporting to grant to any third party a Lien or encumbrance on the property or assets of the Pledgor which
would include the Securities and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and

 (vi) “control” (as defined in Section 8-106 of the UCC) has been obtained by the Pledgee over
all Collateral with respect to which such “control” may, as of the date hereof, be obtained pursuant to Section 8-106 of the UCC. 
 (b) The Pledgor covenants and agrees that it will use its best efforts to defend the Pledgee’s right, title and security interest in and to the Collateral and the proceeds thereof

  

 15 

 
against the claims and demands of all Persons whomsoever; and the Pledgor covenants and agrees that it will have like title to and right to pledge any other property at any time hereafter pledged
to the Pledgee as Collateral hereunder and will likewise use its best efforts to defend the right thereto and security interest therein of the Pledgee and the other Secured Creditors. 
 (c) The Pledgor covenants and agrees that it shall promptly deliver to the Pledgee any note or other document or instrument entered into
after the date hereof which evidences, constitutes, guarantees or secures any of the distributions or any right to receive a distribution, which notes or other documents and instruments shall be accompanied by such endorsements or assignments as the
Pledgee may require to transfer title to the Pledgee. 
 17. CHANGES TO LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A
REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The Pledgor shall not change its legal name, its type of organization, its status as a
Registered Organization (in the case of a Registered Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization or, its Location, or its organizational
identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Loan Documents and so long as same do not involve (x) a Registered Organization ceasing to
constitute same or (y) the Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof)
if (i) it shall have given to the Pledgee not less than fifteen (15) days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made in accordance
with this sentence), and (ii) in connection with such respective change or changes, it shall have taken all action reasonably requested by the Pledgee to maintain the security interests of the Pledgee in the Collateral intended to be granted
hereby at all times fully perfected and in full force and effect. In addition, to the extent that the Pledgor does not have an organizational identification number on the date hereof and later obtains one, the Pledgor shall promptly thereafter
notify the Pledgee of such organizational identification number and shall take all actions reasonably satisfactory to the Pledgee to the extent necessary to maintain the security interest of the Pledgee in the Collateral intended to be granted
hereby fully perfected and in full force and effect. 
 18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. The obligations of the
Pledgor under this Agreement shall be absolute and unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by any circumstance or occurrence
whatsoever, including, without limitation: (i) any renewal, extension, amendment or modification of or addition or supplement to or deletion from any Loan Document or any other instrument or agreement referred to therein, or any assignment or
transfer of any thereof; (ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument including, without limitation, this Agreement; (iii) any furnishing of any
additional security to the Pledgee or its assignee or any acceptance thereof or any security by the Pledgee or its assignee; (iv) any limitation on any party’s liability or obligations under any such instrument or agreement or any
invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any

  

 16 

 
term thereof; or (v) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to the Pledgor or any Subsidiary of the
Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not the Pledgor shall have notice or knowledge of any of the foregoing. 
 19. PRIVATE SALES. (a) If at any time when the Pledgee shall determine to exercise its right to sell all or any part of the Collateral
pursuant to Section 7 hereof, and the Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act, as then in effect, the Pledgee may, in its sole and absolute
discretion, sell such Collateral, as the case may be, or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that such sale may legally be effected without such
registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of
registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will
represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event of any such sale, the Pledgee shall incur no responsibility
or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion, in good faith deems reasonable under the circumstances, notwithstanding the possibility that a substantially higher price
might be realized if the sale were deferred until after registration as aforesaid. 
 20. TERMINATION; RELEASE. (a) After
the Termination Date, this Agreement and the security interest created hereby shall automatically terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall survive any such
termination), and the Pledgee, at the request and expense of the Pledgor, will execute and deliver to the Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and
deliver to the Pledgor (without recourse and without any representation or warranty) such of the Collateral as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any monies at the time held by
the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of an Uncertificated Security or a Limited Liability Company Interest (other than an Uncertificated Security or Limited Liability Company Interest credited
on the books of a Clearing Corporation or Securities Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective
partnership or limited liability company pursuant to Section 3.2(a)(iv)(2). As used in this Agreement, “Termination Date” shall mean the date upon which all Commitments under the Credit Agreement have been terminated, no
Note under the Credit Agreement is outstanding and all Loans thereunder have been repaid in full in accordance with the terms thereof, all Letters of Credit issued under the Credit Agreement have been terminated, and all other Obligations then due
and payable have been paid in full in cash in accordance with the terms thereof. 
  

 17 

 (b) In the event that any part of the Collateral is sold or otherwise disposed of in
connection with a sale or other disposition permitted by the Loan Documents (other than a sale or other disposition to the Pledgor or any Subsidiary thereof) or is otherwise released with the consent of the Required Lenders and the proceeds of such
other sale or disposition or from such release are applied in accordance with the provisions of the Loan Documents to the extent required to be so applied, the Pledgee, at the request and expense of the Pledgor, will duly assign, transfer and
deliver to the Pledgor (without recourse and without any representation or warranty) such of the Collateral (and releases therefore) as is then being (or has been) so sold or released and has not theretofore been released pursuant to this Agreement.

 (c) At any time that the Pledgor desires that the Pledgee assign, transfer and deliver Collateral (and releases therefore) as
provided in Section 20(a) or (b) hereof, the Pledgor shall deliver to the Pledgee a certificate signed by an authorized officer of the Pledgor stating that the release of the respective Collateral is permitted pursuant to
such Section 20(a) or (b). 
 (d) The Pledgee shall have no liability whatsoever to any other Secured
Creditor as the result of any release of Collateral by it in accordance with this Section 20. 
 21. NOTICES, ETC.
All notices and communications hereunder shall be in writing and sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied,
or cabled or sent by overnight courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to
the Pledgee or the Pledgor shall not be effective until received by the Pledgee or the Pledgor, as the case may be. All such notices and other communications shall be in writing and addressed as follows: 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: General Counsel 
 with a copy to: 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: Treasurer 
 and 
 Perkins Coie LLP 
 Suite 1700 
  

 18 

 131 South Dearborn Avenue 
 Chicago, Illinois 60603 
 Telephone No.: (312) 324-8650 
 Telecopier No.: (312) 324-9650 
 Attn: Bruce A. Bonjour 
  

	 	(a)	if to the Pledgee, at: 

 60
Wall Street 
 New York, New York 10005 
 Attention: James Rolison 
 Telephone No.: (212) 250-3352 
 Telecopier No.: (646) 324-7091 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, New York 10036 
 Attention: Harvey R. Uris 
 Telephone No.: (212) 735-2212 
 Telecopier No.: (917) 777-2212 
 (b) if to any Secured Creditor, at such address
as such Secured Creditor shall have specified in the Credit Agreement; 
 or at such other address or addressed to such other individual as
shall have been furnished in writing by any Person described above to the party required to give notice hereunder. 
 22.
WAIVER; AMENDMENT. Except as provided in Sections 20 and 30 hereof, none of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by the Pledgor
directly affected thereby (it being understood that the addition or release of the Pledgor hereunder shall not constitute a change, waiver, discharge or termination affecting the Pledgor other than the Pledgor so added or released) and the Pledgee
(with the written consent of the Required Lenders). 
 23. MISCELLANEOUS. This Agreement shall and shall be binding upon the
parties hereto and their respective successors and assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and their respective successors and assigns, provided that no Pledgor may assign any of its rights
or obligations except in accordance with the terms of the other Loan Documents. 
 24. HEADINGS DESCRIPTIVE. The headings of the
several Sections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 
  

 19 

 25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY
BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE PLEDGOR HEREBY
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. THE PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL
JURISDICTION OVER THE PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER
THE PLEDGOR. THE PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE
PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. THE PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER
IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE PLEDGOR IN ANY OTHER JURISDICTION. 
 (b) THE PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID
ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c) EACH OF THE
PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

  

 20 

 26. PLEDGOR’S DUTIES. It is expressly agreed, anything herein contained to the contrary
notwithstanding, that the Pledgor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the issuer of Collateral and the Pledgee shall not have any obligations or liabilities, except as
expressly set forth herein, with respect to the Collateral or the issuer of Collateral by reason of or arising out of this Agreement, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of the
Pledgor under or with respect to any Collateral. 
 27. COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by
all the parties hereto shall be lodged with the Pledgor and the Pledgee. 
 28. SEVERABILITY. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 29. RECOURSE. This Agreement is made with full recourse to the Pledgor and pursuant to and upon all the representations, warranties, covenants and agreements on the part of the Pledgor contained herein and in the other Loan Documents and
otherwise in writing in connection herewith or therewith. 
 30. LIMITED OBLIGATIONS. It is the desire and intent of the Pledgor
and the Secured Creditors that this Agreement shall be enforced against the Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. 
 * * * * 
  

 21 

 IN WITNESS WHEREOF, the Pledgor and the Pledgee have caused this Agreement to be executed by
their duly elected officers duly authorized as of the date first above written. 
  

					
	 PLEDGOR:

	
	 STRATEGIC HOTELS & RESORTS, INC., a
 Maryland corporation

		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

					
	 Accepted and Agreed to:

	
	 PLEDGEE:

	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 ANNEX A 
 to 
 PLEDGE AGREEMENT 
 SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION 
 (AND WHETHER A
REGISTERED ORGANIZATION AND/OR 
 A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION, 
 LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS 
  

											
	 Exact Legal
 Name of
Each
 Pledgor
	 	 Registered
 Organization?
 (Yes/No)
	 	 Jurisdiction of
 Organization
	 	 Pledgor’s Location
 (for purposes of NY
 UCC §9-307)
	 	 Pledgor’s
 Organization
 Identification
 Number (or if it has
 none, so indicate)
	 	 Transmitting
 Utility?
 (Yes/No)

						
	Strategic Hotels & Resorts. Inc.	 	Yes	 	Maryland	 	Maryland	 	D07766413	 	No

 ANNEX C 
 to 
 PLEDGE AGREEMENT 
 SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS 
  

											
	 Date Acquired
	 	 Name of Issuing
 Entity
	 	 Type of Interest
	 	 Certificate No.
	 	 Number of
Units
	 	 Sub-clause of
Section 3.2(a)(i)
of
Pledge
Agreement

						
	 June 29, 2004
	 	Strategic Hotel Funding, L.L.C.	 	Membership	 	4	 	26,456,474	 	Yes
	 June 9, 2004
	 	Strategic Hotel Funding, L.L.C.	 	Membership	 	11	 	2,640,000	 	Yes
	 September 29, 2004
	 	Strategic Hotel Funding, L.L.C.	 	Membership	 	347	 	1,141,667	 	Yes
	Authorized March 2005; Issued January 2006	 	Strategic Hotel Funding, L.L.C.	 	 8.50% Series A Cumulative
 Redeemable Preferred Units
	 	N/A	 	4,600,000	 	No
	Authorized January 2006; Issued February 2006	 	Strategic Hotel Funding, L.L.C.	 	 8.25% Series B Cumulative
 Redeemable Preferred Units
	 	N/A	 	4,600,000	 	No
	 February 20, 2006
	 	Strategic Hotel Funding, L.L.C.	 	Membership	 	620	 	28,897,082	 	Yes

											
	 Authorized May 17, 2006
	 	Strategic Hotel Funding, L.L.C.	 	8.25% Series C Cumulative Redeemable Preferred Units Membership	 	N/A	 	5,750,000	  	No
	 Authorized 2006-2007
	 	Strategic Hotel Funding, L.L.C.	 	Membership	 	N/A	 	16,446,683	  	No

 ANNEX C 
 to 
 PLEDGE AGREEMENT 
 Form of Agreement Regarding Limited Liability 
 Company Interests 
 AGREEMENT (as amended, modified or supplemented from time to time, this
“Agreement”), dated as of                     , among the undersigned pledgor (the “Pledgor”), Deutsche Bank
Trust Company Americas, as lender (the “Pledgee”), and Strategic Hotel Funding, L.L.C., as the issuer of the [Limited Liability Company Interests] (defined below) (the “Issuer”). 
 W I T N E S S E T H : 
 WHEREAS, the Pledgor, certain of its affiliates and the Pledgee have entered into a Pledge Agreement, dated as of March 9, 2007 (as
amended, modified or supplemented from time to time, the “Pledge Agreement”), under which, among other things, in order to secure the payment of the Obligations (as defined in the Pledge Agreement), the Pledgor will pledge to the
Pledgee, and grant a security interest in favor of the Pledgee in, all of the right, title and interest of the Pledgor in and to any and all “uncertificated securities” (as defined in Section 8-102(a)(l8) of the Uniform Commercial
Code, as adopted in the State of New York) (“Uncertificated Securities”) Limited Liability Company Interests (as defined in the Pledge Agreement) issued from time to time by the Issuer, whether now existing or hereafter from time to
time acquired by the Pledgor (with all of such Limited Liability Company Interests being herein collectively called the “Issuer Pledged Interests”); and 
 WHEREAS, the Pledgor desires the Issuer to enter into this Agreement in order to protect the security interest of the Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the
Pledgee control of the Issuer Pledged Interests and to provide for the rights of the parties under this Agreement; 
 NOW
THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and all
instructions and orders originated by the Pledgee (and its successors and assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the registered owner (including the Pledgor), and, after receiving a notice from
the Pledgee stating that an “Event of Default” has occurred and is continuing (i) not to comply with any instructions or orders regarding any or all of the Issuer Pledged Interests originated by any person or entity other than the
Pledgee (and its successors and assigns) or a court of competent jurisdiction and (ii) the Issuer will send any and all redemptions, distributions, interest or other payments in respect of the Issuer Pledged Interests from the Issuer for the
account of the Pledgor only by wire transfers to such account as may be directed by Pledgee. 
 2. The Issuer hereby certifies
that (i) no notice of any security interest, lien or other encumbrance or claim affecting the Issuer Pledged Interests (other than the security interest of the Pledgee) has been received by it, and (ii) the security interest of the Pledgee
in the Issuer Pledged Interests has been registered in the books and records of the Issuer. 

 3. The Issuer hereby represents and warrants that (i) the pledge by the Pledgor of, and
the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee does not violate the charter, by-laws, partnership agreement, membership agreement or any other agreement governing the Issuer or the Issuer Pledged
Interests, and (ii) the Issuer Pledged Interests are fully paid and nonassessable. 
 4. All notices, statements of
accounts, reports, prospectuses, financial statements and other communications to be sent to the Pledgor by the Issuer in respect of the Issuer will also be sent to the Pledgee at the following address: 
 60 Wall Street 
 New York, New York 10005 
 Attention: James Rolison 
 Telephone No.: (212) 250-3352 
 Telecopier No.: (646) 324-7091 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attention: Harvey R. Uris 
 Telephone No.: (212) 735-2212 
 Telecopier No.: (917) 777-2212 
 5. Except as expressly provided otherwise in Sections 4 above, all notices shall be sent or delivered by mail, telegraph, telex, telecopy,
cable or overnight courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by overnight courier, be effective when deposited in the mails, delivered to the telegraph company,
cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee, the Pledgor or the Issuer shall not be effective until received by the Pledgee, the Pledgor or the Issuer,
as the case may be. All notices and other communications shall be in writing and addressed as follows: 
  

	(a)	if to the Pledgor, at: 

 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: General Counsel 

 with a copy to: 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: Treasurer 
 and 
 Perkins Coie
LLP 
 Suite 1700 
 131 South Dearborn Avenue 
 Chicago, Illinois 60603 
 Telephone No.: (312) 324-8650 
 Telecopier No.: (312) 324-9650 
 Attn: Bruce A. Bonjour 
  

	(b)	if to the Pledgee, at: 

 60 Wall
Street 
 New York, New York 10005 
 Attention: James Rolison 
 Telephone No.: (212) 250-3352 
 Telecopier No.: (646) 324-7091 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 
 New York, New York 10036 
 Attention: Harvey R. Uris 
 Telephone No.: (212) 735-2212 
 Telecopier No.: (917) 777-2212 
  

	(c)	if to the Issuer, at: 

 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: General Counsel 

 with a copy to: 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Telephone No.: (312) 658-5000 
 Telecopier No.: (312) 658-5799 
 Attn: Treasurer 
 and 
 Perkins Coie
LLP 
 Suite 1700 
 131 South Dearborn Avenue 
 Chicago, Illinois 60603 
 Telephone No.: (312) 324-8650 
 Telecopier No.: (312) 324-9650 
 Attn: Bruce A. Bonjour 
 or at such other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. As used in
this Section 6, “Business Day” means any day other than a Saturday, Sunday, or other day in which banks in New York are authorized to remain closed. 
 6. This Agreement shall be binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the benefit of and be enforceable by the Pledgee and its successors and assigns. This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such
provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on all parties hereto. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in the manner
whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor. 
 7. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard to its principles of conflict of laws. 

 IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused this Agreement to be
executed by their duly elected officers duly authorized as of the date first above written. 
  

			
	STRATEGIC HOTELS & RESORTS, INC., as Pledgor
		
	By	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Pledgee
		
	By	 	  

		 	Name:
		 	Title:
	
	 STRATEGIC HOTEL FUNDING, L.L.C.,
 as Issuer

		
	By	 	  

		 	Name:
		 	Title:

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
			
	1.	 	SECURITY FOR OBLIGATIONS	  	2
			
	2.	 	DEFINITIONS	  	2
			
	3.	 	PLEDGE OF SECURITIES, ETC.	  	6
				
		 	3.1	 	Pledge	  	6
		 	3.2	 	Procedures	  	8
		 	3.3	 	Subsequently Acquired Collateral	  	9
		 	3.4	 	Transfer Taxes	  	10
		 	3.5	 	Certain Representations and Warranties Regarding the Collateral	  	10
			
	4.	 	APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.	  	10
			
	5.	 	VOTING, ETC., WHILE NO EVENT OF DEFAULT	  	11
			
	6.	 	DIVIDENDS AND OTHER DISTRIBUTIONS	  	11
			
	7.	 	REMEDIES IN CASE OF AN EVENT OF DEFAULT	  	12
			
	8.	 	REMEDIES, CUMULATIVE, ETC.	  	13
			
	9.	 	APPLICATION OF PROCEEDS	  	13
			
	10.	 	PURCHASERS OF COLLATERAL	  	15
			
	11.	 	INDEMNITY	  	15
			
	12.	 	PLEDGEE NOT A OFFICER, LIMITED LIABILITY COMPANY OR MEMBER	  	15
			
	13.	 	FURTHER ASSURANCES; POWER-OF-ATTORNEY	  	16
			
	14.	 	THE PLEDGEE	  	16
			
	15.	 	TRANSFER BY THE PLEDGORS	  	17
			
	16.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS	  	17
			
	17.	 	CHANGES TO LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION;
ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC.	  	18
			
	18.	 	PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC.	  	18
			
	19.	 	PRIVATE SALES	  	18
			
	20.	 	TERMINATION; RELEASE	  	19
			
	21.	 	NOTICES, ETC.	  	20
			
	22.	 	WAIVER; AMENDMENT	  	21
			
	23.	 	MISCELLANEOUS	  	21

  

 i 

							
			
	24.	 	HEADINGS DESCRIPTIVE	  	21
			
	25.	 	GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL	  	22
			
	26.	 	PLEDGOR’S DUTIES	  	23
			
	27.	 	COUNTERPARTS	  	23
			
	28.	 	SEVERABILITY	  	23
			
	29.	 	RECOURSE	  	23
			
	30.	 	LIMITED OBLIGATIONS	  	23

  

					
	ANNEX A	  	-	  	SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION, JURISDICTION OF ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS
	ANNEX B	  	-	  	SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS
	ANNEX C	  	-	  	FORM OF AGREEMENT REGARDING UNCERTIFICATED SECURITIES, LIMITED LIABILITY COMPANY INTERESTS AND CORPORATE STOCK

  

 ii 

 EXHIBIT G-3 
 PLEDGE AND SECURITY AGREEMENT 
 PLEDGE AND SECURITY
AGREEMENT, dated as of March 9, 2007 (this “Pledge Agreement”), by [                    ], a Delaware limited liability
company (“Loan Pledgor”), in favor of DEUTSCHE BANK TRUST COMPANY AMERICAS (together with its successors and/or assigns, “Lender”) 
 W I T N E S S E T H 
 WHEREAS, Loan Pledgor, together with certain of its
affiliates, have entered into a Credit Agreement, dated as of March 9, 2007 (the “Loan Agreement”) providing for loan in the amount of $415,000,000; and 
 WHEREAS, Loan Pledgor is the owner and holder of that certain first mortgage loan (the “Pledged Loan”) in the aggregate
principal amount of [$                    ], made pursuant to that certain
[                    ] (the “Loan Agreement”), among Loan Pledgor, as lender, and
[                    ] (“Borrower”), as borrower and evidenced by a
[$                    ] Promissory Note, dated as of
[                    ], from Borrower to Loan Pledgor (the “Pledged Note”), a true, correct and complete copy of which is
attached hereto on Exhibit B. 
 WHEREAS, pursuant to the terms of the Loan Agreement, Loan Pledgor is required to
deliver this Pledge and Security Agreement. 
 NOW, THEREFORE, in order to induce the Lender to make the Loan and for and in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Loan Pledgor hereby agrees as follows: 
 1. Definitions. All capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto in the Loan
Agreement. 
 2. Pledge of Collateral. 
 (a) As collateral security for the full and punctual payment of the Obligations (as such term is defined in the Loan Agreement), and to secure the faithful performance of each and every covenant, term,
condition and agreement of the Loan Pledgor herein and in the other Loan Documents, the Loan Pledgor hereby mortgages, grants and pledges a continuing first priority lien on and security interest in, and, as a part of such grant and pledge, hereby
collaterally transfers and assigns to Lender, all of Loan Pledgor’s right, title and interest in and to the following (collectively, the “Collateral”): 
 (i) the Pledged Note, including without limitation, payments (whether, principal, premium, penalties, interest, contingent interest,
additional interest, or 
  

 1 

 PLEDGE AND SECURITY AGREEMENT 
 PLEDGE AND SECURITY AGREEMENT, dated as of March 9, 2007 (this “Pledge Agreement”), by
[                    ], a Delaware limited liability company (“Loan Pledgor”), in favor of DEUTSCHE BANK TRUST COMPANY
AMERICAS (together with its successors and/or assigns, “Lender”) 
 W I T N E S S E T H 
 WHEREAS, Loan Pledgor, together with certain of its affiliates, have entered into a Credit Agreement, dated as of March 9, 2007 (the
“Loan Agreement”) providing for loan in the amount of $415,000,000; and 
 WHEREAS, Loan Pledgor is the owner
and holder of that certain first mortgage loan (the “Pledged Loan”) in the aggregate principal amount of
[$                    ], made pursuant to that certain
[                    ] (the “Loan Agreement”), among Loan Pledgor, as lender, and
[                    ] (“Borrower”), as borrower and evidenced by a
[$                    ] Promissory Note, dated as of
[                    ], from Borrower to Loan Pledgor (the “Pledged Note”), a true, correct and complete copy of which is
attached hereto on Exhibit B. 
 WHEREAS, pursuant to the terms of the Loan Agreement, Loan Pledgor is required to
deliver this Pledge and Security Agreement. 
 NOW, THEREFORE, in order to induce the Lender to make the Loan and for and in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Loan Pledgor hereby agrees as follows: 
 1. Definitions. All capitalized terms used herein and not otherwise defined shall have the meanings assigned thereto in the Loan
Agreement. 
 2. Pledge of Collateral. 
 (a) As collateral security for the full and punctual payment of the Obligations (as such term is defined in the Loan Agreement), and to secure the faithful performance of each and every covenant, term,
condition and agreement of the Loan Pledgor herein and in the other Loan Documents, the Loan Pledgor hereby mortgages, grants and pledges a continuing first priority lien on and security interest in, and, as a part of such grant and pledge, hereby
collaterally transfers and assigns to Lender, all of Loan Pledgor’s right, title and interest in and to the following (collectively, the “Collateral”): 
 (i) the Pledged Note, including without limitation, payments (whether, principal, premium, penalties, interest, contingent interest,
additional interest, or otherwise) and distributions to which the Loan Pledgor shall at any time be entitled in respect of the Pledged Note;

  

 1 

 (ii) all of the Loan Pledgor’s claims, rights, powers, privileges, authority, options,
security interest, liens and remedies under or arising out or in respect of the Pledged Note; 
 (iii) the rights to exercise
and enforce every right, power, remedy, authority, option and privilege of Loan Pledgor relating to the Pledged Note to execute any instruments and to take any and all other action on behalf of and in the name of Loan Pledgor in respect of the
Pledged Note, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to
demand, receive, enforce, collect or receipt for any of the foregoing or for any property related to the Pledged Note, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any
of the foregoing; 
 (iv) to the extent not otherwise included, all proceeds (as defined under the UCC) of any or all of the
foregoing. 
 (b) In order to confirm and perfect such collateral assignment and security interest, and as a condition to the
Lender making the Loan, Loan Pledgor has delivered to Lender on behalf of the Lender the following: 
 (i) true and complete
originals of the executed Pledged Note, duly endorsed by allonge by an authorized representative of Loan Pledgor, in the form attached hereto as Exhibit A; 
 (ii) any and all UCC Financing Statements as may be required in order to perfect the security interest created by this Pledge Agreement; 
 (iii) a signed notice requiring that all payments (whether principal, premium, penalties, interest, contingent interest, additional
interest, damages or otherwise and including all insurance and/or condemnation proceeds) made pursuant to the Pledged Note be made payable directly to Lender (or such Person as Lender on behalf of the Lender shall designate) and to be sent directly
to Lender promptly after Loan Pledgor receive notice of an Event of Default under the Loan Agreement; 
 3. Obligations
Secured. This Pledge Agreement is made and delivered as continuing security for the Obligations (as defined in the Loan Agreement). 
 4. Representations, Warranties and Covenants of Loan Pledgor. Loan Pledgor represents and warrants that it is the sole legal, beneficial and equitable owner of, and has good and marketable title
to, the Collateral free and clear of all liens, charges and encumbrances thereon whatsoever. Loan Pledgor covenants that it will warrant and defend title to the Collateral and the lien thereon assigned to Lender by this Pledge Agreement against all
claims of all Persons claiming by, through or under Loan Pledgor and will maintain and preserve such lien. 
  

 2 

 5. Remedies. 
 (a) If an Event of Default shall occur and be continuing, Lender may, for its own account: enforce all the rights of the holder of the
Collateral, give consent or approval to any matters provided for in the Collateral, take or omit to take any action, institute or withdraw any action or proceeding and otherwise deal with the Collateral as if it were the beneficial owner of the
Collateral, and Lender is hereby appointed Loan Pledgor’s attorney-in-fact for such purposes. The power and authority hereby given are declared by Loan Pledgor to constitute a power coupled with an interest. 
 (b) If an Event of Default shall occur and be continuing, Lender may, without obligation to resort to other security, have the right at any
time (but upon at least 10 days prior written notice to Loan Pledgor, which the parties agree shall constitute commercially reasonable advance notice of scheduling a UCC foreclosure sale with respect to the Collateral) and from time to time to sell,
assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein in such order or priority as Lender shall determine at any public or private sale, at any exchange, broker’s board or any of
Lender’s offices or elsewhere, without demand of performance, advertisement of notice of intention to sell, or any other notice (all of which are hereby expressly waived by Loan Pledgor), except notice of the time or place of sale or
adjournment thereof or such other notice as may be required by applicable law and cannot be waived in any fashion, for cash, or credit or for other property, for immediate or future delivery, without any assumption of credit risk, and, provided that
same is not in violation of applicable law, for such price or prices and on such terms as Lender may determine. To the extent permitted by law, Loan Pledgor hereby waives and releases any right or equity of redemption with respect to the Collateral
whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security at the time held by Lender, and any right of valuation or appraisement. At any sale hereunder, unless prohibited by application of
law, Lender may bid for and purchase all or any part of the Collateral so sold free from any right or equity of redemption, and may apply to the purchase price any amounts owing in respect of any Obligations. Any sale of the Collateral or any part
thereof or any interest therein pursuant hereto shall forever be a perpetual bar against Loan Pledgor with respect thereto. No purchaser at any such sale shall be obligated to see to the proper application by Lender of the proceeds of any such sale.
Subject to all of the foregoing provisions of this Section 5(b), Loan Pledgor shall have the right to repurchase from a purchaser under this Section 5 all or any part of the Collateral. It is expressly acknowledged and agreed
that Lender may exercise its rights with respect to less than all of the Collateral, leaving unexercised its rights with respect to the remainder of the Collateral and with the understanding that any such partial exercise shall in no way restrict or
jeopardize Lender’s right to exercise its rights with respect to all or any portion of the Collateral at a later time or times. 
 (c) If an Event of Default shall occur and be continuing, Lender shall have the right, without notice to Loan Pledgor, to collect all sums and payments of whatsoever nature payable or paid under the Collateral (including without limitation,
principal, interest, escrows, proceeds of any fire, casualty or title insurance policy or awards made in any condemnation or eminent domain proceeding). 
  

 3 

 (d) If an Event of Default shall occur and be continuing, upon Lender’s written demand,
Loan Pledgor (i) will do any and all acts and things which may be necessary or advisable in Lender’s reasonable opinion to enable Lender to consummate any proposed sale or other disposition of any of the Collateral pursuant to this Pledge
Agreement; and (ii) will reimburse Lender for all costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements) of enforcing the remedies provided in this Section 5. 
 (e) If, after an Event of Default has occurred, Lender shall elect to exercise its right to sell all or any of the Collateral pursuant to
this Section 7, Loan Pledgor agrees that Loan Pledgor will, at its own expense, execute and deliver, and cause the members of Loan Pledgor to execute and deliver, all such instruments and documents and do or cause to be done all such
other acts and things as may be reasonably necessary, or in the reasonable opinion of Lender advisable, to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law. 
 (f) Lender may exercise all of the rights and remedies of a secured party under the Uniform Commercial Code. 
 6. Loan Pledger’s Release and Indemnity of Lender. 
 (a) Under no circumstances shall Lender be deemed to assume any responsibility for or obligation or duty with respect to any part or all of the Collateral of any nature or kind or any matter or proceeding
arising out of or related thereto, but the same shall be at Loan Pledgor’s sole risk at all times. Lender shall not be required to take any action of any kind to collect, preserve or protect its or Loan Pledgor’s rights in the Collateral,
or against any other party to the Pledged Loan Documents. Loan Pledgor hereby releases Lender from any claims, causes of action and demands at any time arising out of or with respect to any action taken by Lender in connection with the exercise of
any rights or remedies under this Pledge Agreement, the Assignments or the other Loan Documents, the use of the Collateral or any actions taken or omitted to be taken by Lender with respect thereto 
 (b) Loan Pledgor shall protect, indemnify, save, defend, and hold harmless Lender, including its directors, officers, Lenders, and legal
representatives (collectively, the “Indemnified Parties”) from and against any and all liability, loss, damage, demands, assessments, actions, causes of action, costs or expenses whatsoever (including, without limitation, reasonable
attorneys’ fees and disbursements) and any and all claims, suits and judgments which any Indemnified Party may suffer, whether arising before or after Lender’s foreclosure of the Collateral by any party as a result of any actions taken by
Loan Pledgor in connection with the enforcement of any remedy or remedies available to Loan Pledgor under the Pledged Loan Documents (collectively, “Claims”), except to the extent such Claims arising from Lender’s gross
negligence, fraud, bad faith or willful misconduct. Promptly after Lender receives notice of the commencement of any claim in respect of which indemnification is sought hereunder, Lender shall promptly notify Loan Pledgor in writing thereof. If any
such action or

  

 4 

 
other proceeding shall be brought against Lender, upon written notice (given reasonably promptly following Lender’s notice to Loan Pledgor of such action or proceeding), Loan Pledgor shall
be entitled to assume the defense thereof, at Loan Pledgor’s expense, with counsel reasonably acceptable to Lender; provided, however, that Lender may, at its own expense, retain separate counsel to participate in such defense, but such
participation shall not be deemed to give Lender a right to control such defense, which right Loan Pledgor expressly retains. Notwithstanding the foregoing, Lender shall have the right to employ separate counsel at Loan Pledgor’s expense and to
control its own defense of such action or proceeding if, in the reasonable opinion of legal counsel, a conflict or potential conflict exists between Lender and Loan Pledgor that would make such separate representation advisable; provided, however,
in no event shall Loan Pledgor be required to pay fees and expenses under this indemnity that are not reasonable or that are for more than one separate firm of attorneys for Lender in any jurisdiction in any one legal action. Notwithstanding
anything to the contrary provided in this Pledge Agreement or in any other Loan Document, the indemnification provided in this Section 6 shall be independent of, and shall survive, the repayment and discharge of the Loan, the release of
the lien created under this Pledge Agreement, and/or the conveyance of title to the Collateral to Lender or any purchaser or designee in connection with a foreclosure of the Collateral, conveyance thereof in lieu of foreclosure or otherwise.

 7. Termination. Upon the payment in full to Lender of all amounts due under the Loan Agreement, except as otherwise
provided herein, this Pledge Agreement shall terminate, and such of the Collateral (including, without limitation, the Pledged Note) as have not theretofore been sold or otherwise applied pursuant to the terms of this Pledge Agreement shall be duly
assigned, transferred and delivered to Loan Pledgor or as Loan Pledgor may direct in writing at the expense of Loan Pledgor and such delivery shall be without representation or warranty by Lender and wholly without recourse to Lender, and Lender
shall promptly execute, upon termination of this Pledge Agreement, an instrument so evidencing such termination. 
 8.
Further Assurances. Loan Pledgor agrees that at any time and from time to time, at the sole cost and expense of Loan Pledgor, Loan Pledgor will promptly execute and deliver all further instruments, notices and documents, and take all further
action that may be reasonably necessary, or that Lender may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable Lender to exercise and enforce the rights and remedies
hereunder with respect to the Collateral. 
 9. Notices. All notices hereunder shall be given in the manner and to the
addresses set forth in the Loan Agreement. 
 10. General. This Pledge Agreement shall bind and inure to the benefit of
the respective successors and permitted assigns of the parties hereto. All covenants of Loan Pledgor contained herein are for the benefit of Lender and its successors and assigns, which shall include any subsequent holder of the Note. Lender shall
have the right to transfer its rights in and to the Collateral to any other Person that acquires an interest in all or any portion of the Loan. This Pledge Agreement and the rights of the parties hereto and of any subsequent holder hereof may not be
changed orally, but only by an instrument in writing signed by the party against whom enforcement of such change, modification or discharge is sought. 
  

 5 

 11. Severability. If any word, phrase, sentence, paragraph, provision or section of
this Pledge Agreement shall be held, declared, pronounced or rendered invalid, void, unenforceable or inoperative for any reason by any court of competent jurisdiction, Governmental Authority, statute, or otherwise, such holding, declaration,
pronouncement or rendering shall not adversely affect any other word, phrase, sentence, paragraph, provision or section of this Pledge Agreement, which shall otherwise remain in full force and effect and be enforced in accordance with its terms.

 12. Continuing Interest. This Pledge Agreement shall constitute and create a continuing pledge and security interest
notwithstanding any settlement of account or other matters or things whatsoever and, in particular, but without limitation, shall not be considered satisfied by any intermediate partial payment or satisfaction of less than all of the Obligations and
shall (i) remain in full force and effect until payment in full of the Obligations, (ii) be binding upon Loan Pledgor, its successors and assigns, (iii) inure to the benefit of Lender and its successors, transferees and assigns, and
(iv) shall continue in full force and effect until such time as pursuant to Section 7 hereof this Pledge Agreement terminates. Without limiting the generality of the foregoing clause (iii), Lender may assign or otherwise transfer
its rights in and to the Note to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lender on behalf of such Lender herein and otherwise. 
 13. Counterparts. This Pledge Agreement may be executed in any number of counterparts, each of which for all purposes shall be deemed
to be an original. 
 14. Waiver of Jury Trial. BY ITS SIGNATURE BELOW WRITTEN, EACH OF THE UNDERSIGNED HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PLEDGE AGREEMENT, THE PROMISSORY NOTE HEREIN DESCRIBED OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 15. GOVERNING LAW. THIS PLEDGE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WITHOUT REGARD TO CHOICE OF LAW RULES. EQUITY PLEDGOR AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS PLEDGE AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF
THE BOROUGH OF MANHATTAN (IN THE CITY, COUNTY AND STATE OF NEW YORK) OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON EQUITY PLEDGOR IN THE
MANNER AND AT THE ADDRESS SPECIFIED FOR NOTICES IN THE LOAN AGREEMENT. EQUITY PLEDGOR HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT
COURT. 
  

 6 

 WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be executed and
delivered on the day and year first above written. 
  

			
	LOAN PLEDGOR:
	
	 SHC MEXICO LENDER, LLC
 a Delaware limited liability company

		
	By:	 	  

		 	Name: Ryan M. Bowie
		 	Title: Vice President and Treasurer

  

 7 

			
	PLEDGEE:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 8 

 EXHIBIT A 
 ALLONGE 
 As to the attached Promissory Note, dated as of
                    , made, executed and delivered by
                    , a
                    , to
                    , a
                     (as the same may have been and may hereafter be amended, modified, restated and consolidated), and currently being held
by                     , a
                     (“Assignor”), as successor lender, in the original principal amount of
$                    . 
 WITHOUT RECOURSE, REPRESENTATION OR WARRANTY (except as set forth in that certain Pledge and Security Agreement dated as of the date hereof, by and between Assignor and Deutsche Bank Trust Company Americas) pay to the order of DEUTSCHE BANK
TRUST COMPANY AMERICAS, a New York banking association. 
  

			
	 STRATEGIC MEXICO LENDER, LLC
 a Delaware limited liability company

		
	By:	 	  

		 	Name:
		 	Title:

 Dated as of this      day 
 of                     ,
200    . 
  

 9 

 EXHIBIT B 
 PLEDGED NOTE 
  

 10 

 EXHIBIT H-1 
 GUARANTY 
 THIS GUARANTY, dated as of
March 9, 2007 (as amended, modified, or supplemented from time to time, this “Guaranty”), is made by the undersigned (“Guarantor”) to and for the benefit of the “Credit Parties” (as defined
herein). Except as otherwise defined herein, terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
 W I T N E S S E T H: 
 WHEREAS, Strategic Hotel Funding, L.L.C. (“Borrower”), the lenders from time to time party thereto (“Lenders”), Deutsche Bank Trust Company Americas, as administrative
agent (“Administrative Agent”, and together with the Issuer, the Lenders and each Person (other than Borrower, Guarantor or any Subsidiary of either) party to a Credit Hedging Agreement or a Pari-Pasu Hedging Agreement, to the
extent such party is a Lender or any affiliate thereof (even if such Lender subsequently ceases to be a Lender under the Credit Agreement for any reason), and their subsequent successors and assigns, the “Credit Parties”) have
entered into a Credit Agreement, dated as of March 9, 2007 (as amended, modified, or supplemented from time to time, the “Credit Agreement”); 
 WHEREAS, Guarantor is the owner of a direct or indirect beneficial interest in the Borrower, will obtain material direct and indirect benefits from the extensions of credit to Borrower under the Credit
Agreement and the entering into of Credit Hedging Agreements by Credit Parties and Pari-Pasu Hedging Agreements by the Lenders and the Pari-Pasu Hedging Counterparties; 
 WHEREAS, in order to induce the Lenders to enter into the Credit Agreement and to extend credit thereunder, and as a condition thereto, to induce the Lenders or any of their respective Affiliates to enter
into Credit Hedging Agreements and Pari Pasu Hedging Agreements, and in recognition of the direct and indirect benefits to be received by Guarantor from the proceeds of the Loans, the issuance of the Letters of Credit and the entering into of Credit
Hedging Agreements and Pari-Pasu Hedging Agreements, Guarantor desires to execute this Guaranty; 

 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to Guarantor,
the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby makes the following representations and warranties to the Credit Parties and hereby covenants and agrees with each Credit Party as follows: 
 1. Guarantor hereby absolutely irrevocably and unconditionally guarantees: 
 (a) to the Credit Parties the full, prompt and unconditional payment when due (whether at the stated maturity, by
acceleration or otherwise) of (i) the principal of and interest on the Revolving Notes issued to, the Loans made to, any Additional Revolving Loan Commitments made to, and the issuance of Letters of Credit for the account of, Borrower under the
Credit Agreement, (ii) all other obligations (including obligations which, but for any automatic stay under Section 362(a) of Title 11 of the United States Code, entitled “Bankruptcy”, as amended from time to time and any
successor statute or statutes (the “Bankruptcy Code”), would become due) and liabilities owing by Borrower to the Credit Parties under the Credit Agreement and the Loan Documents referred to therein (including, without limitation,
indemnities, fees, and interest thereon) now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement or any other Loan Document, and the due performance and compliance with the terms of the Loan Documents,
(iii) all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities of Borrower and Guarantor, whether now in existence or hereunder arising, owing
under any Credit Hedging Agreement entered into by Borrower or Guarantor with any Lender or any affiliate thereof (even if such Lender subsequently ceases to be a Lender under the Credit Agreement for any reason) so long as such Lender or affiliate
participates in such Credit Hedging Agreement, and their subsequent assigns, if any, and the due performance and compliance with all terms, conditions and agreements contained therein and (iv) all obligations (including obligations which, but
for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities of Borrower, whether now in existence or hereunder arising, owing under any Pari-Pasu Hedging Agreement entered into by Borrower or
Strategic Hotels & Resorts, Inc. with any Counterparty or any affiliate thereof so long as such Counterparty or affiliate participates in such Pari-Pasu Hedging Agreement, and their subsequent assigns, if any, and the due performance and
compliance with all terms, conditions and agreements contained therein (all such principal, interest, liabilities, and obligations, the “Guaranteed Obligations”). 
 This Guaranty shall constitute a guaranty of payment, and not of collection and upon any failure of Borrower to pay the Guaranteed Obligations, the Credit Parties may, at their option, proceed directly
and at once, without notice, against Guarantor to collect and recover the full amount of the liability to pay the Guaranteed Obligations hereunder or any portion thereof, without proceeding against Borrower or any other Person, or foreclosing upon,
selling, or otherwise disposing of or collecting or applying against any of the collateral for the Loans. 
 2. Additionally, Guarantor,
absolutely, unconditionally and irrevocably, guarantees the payment of any and all Guaranteed Obligations whether or not due or payable by Borrower upon the occurrence in respect of Borrower of any of the events specified in
Section 8.1.9 of the Credit Agreement, and absolutely, unconditionally and irrevocably promises to pay such Guaranteed Obligations to the Credit Parties, on demand, in lawful money of the United States. 
  

 2 

 3. The liability of Guarantor hereunder is exclusive and independent of any security for or other guaranty
of the indebtedness of Borrower whether executed by the Guarantor, any other guarantor, Borrower, or by any other party, and the liability of Guarantor hereunder shall not be affected or impaired by (a) any direction as to application of
payment by Borrower or by any other party, (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the indebtedness of Borrower, (c) any payment on or in reduction of any such
other guaranty or undertaking, (d) any dissolution, termination, or increase, decrease, or change in personnel by Borrower, or (e) any payment made to any Credit Party on the indebtedness which any Credit Party repays to Borrower pursuant
to court order in any bankruptcy, reorganization, arrangement, moratorium, or other debtor relief proceeding, and Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 

4. The obligations of Guarantor hereunder are independent of the obligations of any other guarantor or Borrower, and a separate action or actions may be
brought and prosecuted against Guarantor whether or not action is brought against any other guarantor or Borrower and whether or not any other guarantor of Borrower or Borrower be joined in any such action or actions. 
 5. Guarantor hereby waives notice of acceptance of this Guaranty and notice of any liability to which it may apply, and waives notices of the existence,
creation, or incurring of additional Indebtedness, promptness, diligence, presentment, demand for performance, notice of non-performance, demand of payment, notice of intention to accelerate, notice of acceleration, protest, notice of dishonor or
nonpayment of any such liabilities, suit or taking of other action by Administrative Agent or any other Credit Party against, and any other notice to, any party liable thereon (including Guarantor or any other guarantor of Borrower). 
 6. Any Credit Party may at any time and from time to time without the consent of, or notice to, Guarantor, without incurring responsibility to the
Guarantor, without impairing or releasing the obligations of the Guarantor hereunder, upon or without any terms or conditions and in whole or in part: 
 (1) change the manner, place, or terms of payment of, and/or change or extend the time of payment of, renew, or alter, any of the Guaranteed Obligations, any security therefor, or any liability incurred
directly or indirectly in respect thereof, and the guaranty herein made shall apply to the Guaranteed Obligations as so changed, extended, renewed, or altered; 
 (2) sell, exchange, release, surrender, realize upon, or otherwise deal with in any manner and in any order any property by
whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset there
against; 
  

 3 

 (3) exercise or refrain from exercising any rights against Borrower, any
other guarantor, or others or otherwise act or refrain from acting; 
 (4) settle or compromise any of the
Guaranteed Obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any
liability (whether due or not) of Borrower to creditors of such Borrower (other than the Credit Parties); 
 (5)
apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of Borrower to the Credit Parties regardless of what liabilities of such Borrower remain unpaid; 
 (6) consent to or waive any breach of, or any act, omission or default under, any of the Loan Documents or any of the
instruments or agreements referred to therein, or otherwise amend, modify, or supplement any of the Loan Documents or any of such other instruments or agreements; and/or 
 (7) act or fail to act in any manner referred to in this Guaranty which may deprive the Guarantor of its right to subrogation
against Borrower to recover full indemnity for any payments made pursuant to this Guaranty. 
 7. No invalidity, irregularity, or
unenforceability of all or any part of the Guaranteed Obligations or of any security therefor shall affect, impair, or be a defense to this Guaranty, and this Guaranty shall be primary, absolute, and unconditional notwithstanding the occurrence of
any event or the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except payment in full of the Guaranteed Obligations. 
 8. This Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. No failure or delay
on the part of any Credit Party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power, or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which any Credit Party would otherwise have. No notice to or demand on
Guarantor in any case shall entitle Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the rights of any Credit Party to any other or further action in any circumstances without notice or
demand. It is not necessary for any Credit Party to inquire into the capacity or powers of Borrower or any of its Subsidiaries or the officers, directors, partners, or agents acting or purporting to act on its behalf, and any indebtedness made or
created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 
  

 4 

 9. Any Indebtedness of Borrower to Guarantor now or hereafter existing, including, without limitation, any
rights to subrogation which Guarantor may have as a result of any payment by Guarantor under this Guaranty, together with any interest thereon, shall be, and such Indebtedness is, hereby deferred, postponed and subordinated to the prior payment in
full of the Guaranteed Obligations. Until payment in full of the Guaranteed Obligations, including interest accruing on the Revolving Notes after the commencement of a proceeding by or against Borrower under the Bankruptcy Code which interest the
parties agree shall remain a claim that is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code generally, Guarantor agrees not to accept any payment or satisfaction
of any kind of Indebtedness of Borrower to Guarantor and hereby assigns such Indebtedness to the Administrative Agent, including the right to file proof of claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code,
including the right to vote on any plan of reorganization. 
 10. Guarantor: 
 (a) hereby waives any right (except as shall be required by applicable statute and cannot be waived) to require the Credit Parties to:
(i) proceed against Borrower, any other guarantor of Borrower, or any other party; (ii) proceed against or exhaust any security held from Borrower, any other guarantor of Borrower, or any other party; or (iii) pursue any other remedy
in the Credit Parties’ power whatsoever. Guarantor waives any defense based on or arising out of any defense of Borrower, any other guarantor of Borrower, or any other party other than payment in full of the Guaranteed Obligations, including,
without limitation, any defense based on or arising out of the disability of Borrower, any other guarantor of Borrower, or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation
from any cause of the liability of Borrower other than payment in full of the Guaranteed Obligations of Borrower. The Credit Parties may, at their election, foreclose on any security held by the Administrative Agent or the other Credit Parties by
one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Credit Parties may have against
Borrower or any other party, or any security, without affecting or impairing in any way the liability of Guarantor hereunder except to the extent the Guaranteed Obligations have been paid in full. Guarantor waives any defense arising out of any such
election by the Administrative Agent and/or any other Credit Parties, even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the Guarantor against Borrower, any other
guarantor of Borrower, or any other party or any security. 
 (b) assumes all responsibility for being and keeping itself
informed of Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope, and extent of the risks which Guarantor assumes and incurs hereunder,
and agrees that the Credit Parties shall have no duty to advise Guarantor of information known to them regarding such circumstances or risks. 
  

 5 

 11. If and to the extent that Guarantor makes any payment to any Credit Party or to any other Person
pursuant to or in respect of this Guaranty, then any claim which Guarantor may have against Borrower by reason thereof shall be subject and subordinate to the prior payment in full of the Guaranteed Obligations to each Credit Party. Prior to the
transfer by Guarantor of any note or negotiable instrument evidencing any Indebtedness of Borrower to Guarantor, Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. 
 12. Guarantor covenants and agrees that on and after the date hereof and until the Commitments under the Credit Agreement have been terminated and all
Guaranteed Obligations have been paid in full, Guarantor shall take, or will refrain from taking, as the case may be, all actions that are necessary to be taken or not taken so that no Event of Default is caused by the actions of Guarantor or any of
its Subsidiaries. 
 13. Guarantor hereby agrees to pay, to the extent not paid by Borrower pursuant to Section 10.3 of the Credit
Agreement, all out-of-pocket costs and expenses (including, without limitation, the reasonable fees and disbursements of counsel) of each Credit Party in connection with the enforcement of this Guaranty or the collection of the Guaranteed
Obligations and in connection with any amendment, waiver, or consent relating to this Guaranty. 
 14. This Guaranty shall be binding upon
Guarantor and its successors and assigns and shall inure to the benefit of the Credit Parties and their successors and assigns to the extent permitted under the Credit Agreement. 
 15. Neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated except with the written consent of the Required Lenders (or to the extent required by
Section 10.1 of the Credit Agreement, each Lender, as the case may be) and Guarantor affected thereby (it being understood that the addition or release of Guarantor hereunder shall not constitute a change, waiver, discharge or
termination affecting any Guarantor other than the Guarantor so added or released). 
 16. Guarantor acknowledges that an executed (or
conformed) copy of each of the Loan Documents has been made available to its principal executive officers and such officers are familiar with the contents thereof. 
 17. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default, each
Credit Party is hereby authorized, at any time or from time to time, without notice to Guarantor or to any other Person, any such notice being expressly waived, to set off and to appropriate and apply any and all deposits (general or special) and
any other indebtedness at any time held or owing by such Credit Party to or for the credit or the account of Guarantor, against and on account of the obligations and liabilities of Guarantor to such Credit Party under this Guaranty, irrespective of
whether or not such Credit Party shall have made any demand hereunder; provided that said obligations, liabilities, deposits, or claims, or any of them, shall be

  

 6 

 
then due and owing. Each Credit Party agrees to promptly notify Guarantor after any such set off and application, provided that the failure to give such notice shall not affect the
validity of such set off and application. 
 18. All notices, requests, demands, or other communications provided for hereunder made in writing
(including communications by facsimile transmission) shall be deemed to have been duly given or made when delivered to the Person to which such notice, request, demand, or other communication is required or permitted to be given or made under this
Guaranty, addressed to such party (i) in the case of any Credit Party, as provided in the Credit Agreement and (ii) in the case of Guarantor, at its address set forth in Schedule I to this Guaranty. 
 19. Guarantor hereby agrees that if at any time all or any part of any payment at any time received by a Credit Party from the Borrower under any of the
Revolving Notes or other Loan Documents or from Guarantor under or with respect to this Guaranty is or must be rescinded or returned by such Credit Party for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or
reorganization of the Borrower or Guarantor), then Guarantor’s obligations hereunder shall, to the extent of the payment rescinded or returned, be deemed to have continued in existence notwithstanding such previous receipt by such Credit Party,
and Guarantor’s obligations hereunder shall continue to be effective or reinstated, as the case may be, as to such payment, as though such previous payment to the Credit Party had never been made. In addition, if any court of competent
jurisdiction determines that the incurrence by Guarantor of its obligations under this Guaranty or the payment by Guarantor of its obligations hereunder is or would be voidable as a fraudulent transfer or conveyance under Section 548 of the
Bankruptcy Code, any analogous state law, or any other law relating to debtor protection or creditors’ rights, the obligation of Guarantor hereunder shall automatically be reduced to the maximum amount (if any) of the obligation that Guarantor
could incur or pay without such incurrence or payment being subject to avoidance as a fraudulent transfer or conveyance. 
 20. (a) GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. GUARANTOR AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY
FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON GUARANTOR IN THE MANNER AND AT THE ADDRESS SPECIFIED FOR NOTICES IN THIS AGREEMENT. GUARANTOR
HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT. 
 (b) JURY TRIAL WAIVER. GUARANTOR AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER IT, HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION

  

 7 

 
BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR
ACTIONS OF EACH GUARANTOR IN CONNECTION HEREWITH OR THEREWITH. GUARANTOR AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER IT, ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF
EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS, THE LENDERS, AND THE ISSUER ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER LOAN DOCUMENT. 
 (c) MARSHALING. GUARANTOR WAIVES ANY RIGHT OR CLAIM OF RIGHT TO CAUSE A MARSHALING OF BORROWER’S ASSETS OR TO CAUSE ANY CREDIT PARTY TO
PROCEED AGAINST ANY OF THE SECURITY FOR THE LOAN BEFORE PROCEEDING UNDER THIS AGREEMENT AGAINST BORROWER OR TO PROCEED AGAINST GUARANTOR IN ANY PARTICULAR ORDER. GUARANTOR AGREES THAT ANY PAYMENTS REQUIRED TO BE MADE HEREUNDER SHALL BECOME DUE AND
PAYABLE TEN (10) DAYS AFTER DEMAND. GUARANTOR EXPRESSLY WAIVES AND RELINQUISHES ALL RIGHTS AND REMEDIES (INCLUDING ANY RIGHTS OF SUBROGATION) ACCORDED BY APPLICABLE LAW TO GUARANTOR. 
 21. The Credit Parties agree that this Guaranty may be enforced only by the action of Administrative Agent acting upon the instructions of the Required
Lenders and until the Credit Agreement is terminated, no other Credit Party shall have any right individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by
Administrative Agent for the benefit of the Credit Parties upon the terms of this Guaranty. 
 22. This Guaranty may be executed in any number
of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 23. THIS GUARANTY AND THE OTHER WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 24.
Except with respect to Section 19 hereof, upon repayment in full of the Guaranteed Obligations, this Guaranty shall automatically terminate and cease to be of any further force or effect. 
 [Remainder of page intentionally left blank. Signature pages follow.] 
  

 8 

 IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed and delivered as of
the date first above written. 
  

					
	 STRATEGIC HOTELS & RESORTS, INC., a
 Maryland corporation

		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

  

 9 

					
	Accepted and Agreed to:
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Administrative Agent for the Lenders

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 10 

 SCHEDULE I 
 NOTICE 
 c/o Strategic Hotels & Resorts, Inc.

 77 West Wacker Drive, Suite 4600 
 Chicago Illinois 60601 
 Attention: Treasurer and 
 General Counsel 

 EXHIBIT H-2 
 SUBSIDIARY GUARANTY 
 THIS SUBSIDIARY GUARANTY,
dated as of March 9, 2007 (as amended, modified, or supplemented from time to time, this “Guaranty”), is made by each of the undersigned (each, a “Guarantor” and together with any other entity that becomes a
party hereto pursuant to Section 23 hereof, collectively, the “Guarantors”) to and for the benefit of the “Credit Parties” (as defined herein). Except as otherwise defined herein, terms used herein and
defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
 W I T
N E S S E T H: 
 WHEREAS, Strategic Hotel Funding, L.L.C.
(“Borrower”), the lenders from time to time party thereto (“Lenders”) and Deutsche Bank Trust Company Americas, as administrative agent (“Administrative Agent”, and together with the Issuer, the
Lenders and each Person (other than Borrower, Strategic Hotels & Resorts, Inc. or any Subsidiary of either) party to a Credit Hedging Agreement or a Pari-Pasu Hedging Agreement, to the extent such party is a Lender or any affiliate thereof,
and their subsequent successors and assigns, the “Credit Parties”) have entered into a Credit Agreement, dated as of March 9, 2007 (as amended, modified, or supplemented from time to time, the “Credit
Agreement”); 
 WHEREAS, each Guarantor is a Subsidiary of Borrower; 
 WHEREAS, it is a condition to the extensions of credit under the Credit Agreement that each Guarantor shall have executed and delivered this
Guaranty; and 
 WHEREAS, each Guarantor will obtain material direct and indirect benefits from the extensions of credit to
Borrower under the Credit Agreement and the entering into of Credit Hedging Agreements by the Credit Parties and Pari-Pasu Hedging Agreements by the Lenders and the Pari-Pasu Hedging Counterparties and, accordingly, desires to execute this Guaranty
in order to satisfy the conditions described in the preceding paragraph; 
 NOW, THEREFORE, in consideration of the foregoing
and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby makes the following representations and warranties to the Credit Parties and hereby covenants and agrees with each
Credit Party as follows: 
 1. Each Guarantor hereby absolutely irrevocably and unconditionally, and jointly and severally, guarantees:

 (a) to the Credit Parties the full, prompt and unconditional payment when due (whether at the stated maturity,
by acceleration or otherwise) of (i) the principal of and interest on the Revolving Notes issued to, the Loans made to, any Additional Revolving Loan Commitments made to, and the issuance of Letters of Credit for the account of,

 
Borrower under the Credit Agreement, (ii) all other obligations (including obligations which, but for any automatic stay under Section 362(a) of Title 11 of the United States Code,
entitled “Bankruptcy”, as amended from time to time and any successor statute or statutes (the “Bankruptcy Code”), would become due) and liabilities owing by Borrower to the Credit Parties under the Credit Agreement and
the Loan Documents referred to therein (including, without limitation, indemnities, fees, and interest thereon) now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement or any other Loan Document, and the
due performance and compliance with the terms of the Loan Documents, (iii) all obligations (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities of
Borrower, whether now in existence or hereunder arising, owing under any Credit Hedging Agreement entered into by Borrower or Strategic Hotels & Resorts, Inc. with any Lender or any affiliate thereof so long as such Lender or affiliate
participates in such Credit Hedging Agreement, and their subsequent assigns, if any, and the due performance and compliance with all terms, conditions and agreements contained therein and (iv) all obligations (including obligations which, but
for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities of Borrower, whether now in existence or hereunder arising, owing under any Pari-Pasu Hedging Agreement entered into by Borrower or
Strategic Hotels & Resorts, Inc. with any Counterparty or any affiliate thereof so long as such Counterparty or affiliate participates in such Pari-Pasu Hedging Agreement, and their subsequent assigns, if any, and the due performance and
compliance with all terms, conditions and agreements contained therein (all such principal, interest, liabilities, and obligations, the “Guaranteed Obligations”). 
 This Guaranty shall constitute a guaranty of payment, and not of collection and upon any failure of Borrower to pay the Guaranteed Obligations, the Credit Parties may, at their option, proceed directly
and at once, without notice, against Guarantor to collect and recover the full amount of the liability to pay the Guaranteed Obligations hereunder or any portion thereof, without proceeding against Borrower or any other Person, or foreclosing upon,
selling, or otherwise disposing of or collecting or applying against any of the collateral for the Loans. 
 2. Additionally, each Guarantor,
jointly and severally, unconditionally and irrevocably, guarantees the payment of any and all Guaranteed Obligations whether or not due or payable by Borrower upon the occurrence in respect of Borrower of any of the events specified in
Section 8.1.9 of the Credit Agreement, and unconditionally and irrevocably, jointly and severally, promises to pay such Guaranteed Obligations to the Credit Parties, on demand, in lawful money of the United States. 
 3. The liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the indebtedness of Borrower whether
executed by such Guarantor, any other Guarantor, any other guarantor, Borrower, or by any other party, and the liability of each Guarantor hereunder shall not be affected or impaired by (a) any direction as to application of payment by Borrower
or by any other party, (b) any other continuing or other guaranty,

  

 2 

 
undertaking or maximum liability of a guarantor or of any other party as to the indebtedness of Borrower, (c) any payment on or in reduction of any such other guaranty or undertaking, (d)
any dissolution, termination, or increase, decrease, or change in personnel by Borrower, or (e) any payment made to any Credit Party on the indebtedness which any Credit Party repays to Borrower pursuant to court order in any bankruptcy,
reorganization, arrangement, moratorium, or other debtor relief proceeding, and each Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 
 4. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor or Borrower, and a separate
action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor, any other guarantor or Borrower and whether or not any other Guarantor, any other guarantor of Borrower or Borrower
be joined in any such action or actions. 
 5. Each Guarantor hereby waives notice of acceptance of this Guaranty and notice of any liability to
which it may apply, and waives notices of the existence, creation, or incurring of additional Indebtedness, promptness, diligence, presentment, demand for performance, notice of non-performance, demand of payment, notice of intention to accelerate,
notice of acceleration, protest, notice of dishonor or nonpayment of any such liabilities, suit or taking of other action by Administrative Agent or any other Credit Party against, and any other notice to, any party liable thereon (including such
Guarantor or any other guarantor of Borrower). 
 6. Any Credit Party may at any time and from time to time without the consent of, or notice
to, any Guarantor, without incurring responsibility to such Guarantor, without impairing or releasing the obligations of such Guarantor hereunder, upon or without any terms or conditions and in whole or in part: 
 (1) change the manner, place, or terms of payment of, and/or change or extend the time of payment of, renew, or alter, any of
the Guaranteed Obligations, any security therefor, or any liability incurred directly or indirectly in respect thereof, and the guaranty herein made shall apply to the Guaranteed Obligations as so changed, extended, renewed, or altered; 

(2) sell, exchange, release, surrender, realize upon, or otherwise deal with in any manner and in any order any property
by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset there
against; 
 (3) exercise or refrain from exercising any rights against Borrower, any other guarantor, or others
or otherwise act or refrain from acting; 
 (4) settle or compromise any of the Guaranteed Obligations, any
security therefor or any liability (including any of those hereunder) incurred directly or indirectly

  

 3 

 
in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of Borrower to creditors of such Borrower (other than
the Credit Parties); 
 (5) apply any sums by whomsoever paid or howsoever realized to any liability or
liabilities of Borrower to the Credit Parties regardless of what liabilities of such Borrower remain unpaid; 
 (6) consent to or waive any breach of, or any act, omission or default under, any of the Loan Documents or any of the instruments or agreements referred to therein, or otherwise amend, modify, or supplement any of the Loan Documents or any
of such other instruments or agreements; and/or 
 (7) act or fail to act in any manner referred to in this
Guaranty which may deprive such Guarantor of its right to subrogation against Borrower to recover full indemnity for any payments made pursuant to this Guaranty. 
 7. No invalidity, irregularity, or unenforceability of all or any part of the Guaranteed Obligations or of any security therefor shall affect, impair, or be a defense to this Guaranty, and this Guaranty
shall be primary, absolute, and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except payment in full of the
Guaranteed Obligations. 
 8. This Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof
shall be conclusively presumed to have been created in reliance hereon. No failure or delay on the part of any Credit Party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any
rights or remedies which any Credit Party would otherwise have. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the
rights of any Credit Party to any other or further action in any circumstances without notice or demand. It is not necessary for any Credit Party to inquire into the capacity or powers of Borrower or any of its Subsidiaries or the officers,
directors, partners, or agents acting or purporting to act on its behalf, and any indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 
 9. Any Indebtedness of Borrower to Guarantor, excluding Indebtedness arising in the ordinary course of business in connection with a centralized cash
management system used by Borrower and some or all of its Affiliates, now or hereafter existing, including, without limitation, any rights to subrogation which Guarantor may have as a result of any payment by Guarantor under this Guaranty, together
with any interest thereon, shall be, and such Indebtedness is, hereby deferred, postponed and subordinated to the prior payment in full of the

  

 4 

 
Guaranteed Obligations. Until payment in full of the Guaranteed Obligations, including interest accruing on the Revolving Notes after the commencement of a proceeding by or against Borrower under
the Bankruptcy Code which interest the parties agree shall remain a claim that is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code generally, Guarantor agrees not
to accept any payment or satisfaction of any kind of Indebtedness of Borrower to Guarantor (other than the Indebtedness excluded in the preceding sentence) and hereby assigns such Indebtedness to the Administrative Agent, including the right to file
proof of claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code, including the right to vote on any plan of reorganization. 
 10. Each Guarantor: 
 (a) hereby waives any right (except as shall be required by
applicable statute and cannot be waived) to require the Credit Parties to: (i) proceed against Borrower, any other Guarantor, any other guarantor of Borrower, or any other party; (ii) proceed against or exhaust any security held from
Borrower, any other Guarantor, any other guarantor of Borrower, or any other party; or (iii) pursue any other remedy in the Credit Parties’ power whatsoever. Each Guarantor waives any defense based on or arising out of any defense of
Borrower, any other Guarantor, any other guarantor of Borrower, or any other party other than payment in full of the Guaranteed Obligations, including, without limitation, any defense based on or arising out of the disability of Borrower, any other
Guarantor, any other guarantor of Borrower, or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of Borrower other than payment in full of the
Guaranteed Obligations of Borrower. The Credit Parties may, at their election, foreclose on any security held by the Administrative Agent or the other Credit Parties by one or more judicial or nonjudicial sales, whether or not every aspect of any
such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Credit Parties may have against Borrower or any other party, or any security, without affecting or impairing in
any way the liability of any Guarantor hereunder except to the extent the Guaranteed Obligations have been paid in full. Each Guarantor waives any defense arising out of any such election by the Administrative Agent and/or any other Credit Parties,
even though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against Borrower, any other Guarantor, any other guarantor of Borrower, or any other party or any
security. 
 (b) assumes all responsibility for being and keeping itself informed of Borrower’s financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope, and extent of the risks which any Guarantor assumes and incurs hereunder, and agrees that the Credit Parties shall have
no duty to advise such Guarantor of information known to them regarding such circumstances or risks. 
  

 5 

 11. If and to the extent that any Guarantor makes any payment to any Credit Party or to any other Person
pursuant to or in respect of this Guaranty, then any claim which such Guarantor may have against Borrower by reason thereof shall be subject and subordinate to the prior payment in full of the Guaranteed Obligations to each Credit Party. Prior to
the transfer by any Guarantor of any note or negotiable instrument evidencing any Indebtedness of Borrower to such Guarantor, such Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination.

 12. Each Guarantor covenants and agrees that on and after the date hereof and until the Commitments under the Credit Agreement have been
terminated and all Guaranteed Obligations have been paid in full, such Guarantor shall take, or will refrain from taking, as the case may be, all actions that are necessary to be taken or not taken so that no Event of Default is caused by the
actions of such Guarantor or any of its Subsidiaries. 
 13. Each Guarantor hereby jointly and severally agrees to pay, to the extent not paid
by Borrower pursuant to Section 10.3 of the Credit Agreement, all out-of-pocket costs and expenses (including, without limitation, the reasonable fees and disbursements of counsel) of each Credit Party in connection with the enforcement
of this Guaranty or the collection of the Guaranteed Obligations and in connection with any amendment, waiver, or consent relating to this Guaranty. 
 14. This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the Credit Parties and their successors and assigns to the extent permitted under the Credit Agreement. 
 15. Neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated except with the written consent of the Required Lenders
(or to the extent required by Section 10.1 of the Credit Agreement, each Lender, as the case may be) and each Guarantor affected thereby (it being understood that the addition or release of any Guarantor hereunder shall not constitute a
change, waiver, discharge or termination affecting any Guarantor other than the Guarantor so added or released). In the event that any Subsidiary Guarantor is released from the Guaranteed Obligations hereunder pursuant to Section 7.1.9
of the Credit Agreement, the Administrative Agent, at the request and expense of such Subsidiary Guarantor, shall execute and deliver an instrument acknowledging such Subsidiary Guarantor’s release from this Guaranty. 
 16. Each Guarantor acknowledges that an executed (or conformed) copy of each of the Loan Documents has been made available to its principal executive
officers and such officers are familiar with the contents thereof. 
 17. In addition to any rights now or hereafter granted under applicable
law and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default, each Credit Party is hereby authorized, at any time or from time to time, without notice to any Guarantor or to any other
Person, any such notice being expressly waived, to set off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any

  

 6 

 
time held or owing by such Credit Party to or for the credit or the account of any Guarantor, against and on account of the obligations and liabilities of such Guarantor to such Credit Party
under this Guaranty, irrespective of whether or not such Credit Party shall have made any demand hereunder; provided that said obligations, liabilities, deposits, or claims, or any of them, shall be then due and owing. Each Credit Party
agrees to promptly notify the relevant Guarantor after any such set off and application, provided that the failure to give such notice shall not affect the validity of such set off and application. 
 18. All notices, requests, demands, or other communications provided for hereunder made in writing (including communications by facsimile transmission)
shall be deemed to have been duly given or made when delivered to the Person to which such notice, request, demand, or other communication is required or permitted to be given or made under this Guaranty, addressed to such party (i) in the case
of any Credit Party, as provided in the Credit Agreement and (ii) in the case of each Guarantor, at its address set forth in Schedule I to this Guaranty. 
 19. Each Guarantor hereby agrees that if at any time all or any part of any payment at any time received by a Credit Party from the Borrower under any of the Revolving Notes or other Loan Documents or
from any Guarantor under or with respect to this Guaranty is or must be rescinded or returned by such Credit Party for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of the Borrower or any such
Guarantor), then each Guarantor’s obligations hereunder shall, to the extent of the payment rescinded or returned, be deemed to have continued in existence notwithstanding such previous receipt by such Credit Party, and each Guarantor’s
obligations hereunder shall continue to be effective or reinstated, as the case may be, as to such payment, as though such previous payment to the Credit Party had never been made. In addition, if any court of competent jurisdiction determines that
the incurrence by any Guarantor of its obligations under this Guaranty or the payment by a Guarantor of its obligations hereunder is or would be voidable as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code,
any analogous state law, or any other law relating to debtor protection or creditors’ rights, the obligation of that Guarantor hereunder shall automatically be reduced to the maximum amount (if any) of the obligation that the Guarantor could
incur or pay without such incurrence or payment being subject to avoidance as a fraudulent transfer or conveyance. Each Guarantor’s obligations hereunder shall not exceed its tangible net worth. 
 20. (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH GUARANTOR
AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON ANY GUARANTOR IN THE MANNER AND AT THE ADDRESS SPECIFIED FOR NOTICES IN THIS AGREEMENT. EACH GUARANTOR HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH
SUIT IS BROUGHT IN AN INCONVENIENT COURT. 
  

 7 

 (b) JURY TRIAL WAIVER. EACH GUARANTOR AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER
IT, HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF EACH GUARANTOR IN CONNECTION HEREWITH OR THEREWITH. EACH GUARANTOR AND ALL PERSONS CLAIMING BY, THROUGH OR UNDER IT,
ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENTS, THE
LENDERS, AND THE ISSUER ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER LOAN DOCUMENT. 
 (c) MARSHALING. GUARANTOR WAIVES ANY
RIGHT OR CLAIM OF RIGHT TO CAUSE A MARSHALING OF BORROWER’S ASSETS OR TO CAUSE ANY CREDIT PARTY TO PROCEED AGAINST ANY OF THE SECURITY FOR THE LOAN BEFORE PROCEEDING UNDER THIS AGREEMENT AGAINST BORROWER OR TO PROCEED AGAINST GUARANTOR IN ANY
PARTICULAR ORDER. GUARANTOR AGREES THAT ANY PAYMENTS REQUIRED TO BE MADE HEREUNDER SHALL BECOME DUE AND PAYABLE TEN (10) DAYS AFTER DEMAND. GUARANTOR EXPRESSLY WAIVES AND RELINQUISHES ALL RIGHTS AND REMEDIES (INCLUDING ANY RIGHTS OF
SUBROGATION) ACCORDED BY APPLICABLE LAW TO GUARANTOR. 
 21. The Credit Parties agree that this Guaranty may be enforced only by the action of
Administrative Agent acting upon the instructions of the Required Lenders and until the Credit Agreement is terminated, no other Credit Party shall have any right individually to seek to enforce or to enforce this Guaranty, it being understood and
agreed that such rights and remedies may be exercised by Administrative Agent for the benefit of the Credit Parties upon the terms of this Guaranty. 
 22. This Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument. 
 23. It is understood and agreed that any Subsidiary of Borrower that is required to execute a
counterpart of this Guaranty after the date hereof pursuant to the Credit Agreement shall become a Guarantor hereunder by executing a counterpart hereof and delivering the same to Administrative Agent. 
  

 8 

 24. THIS GUARANTY AND THE OTHER WRITTEN LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 25. Except with respect to Section 19 hereof, upon repayment in full of the Guaranteed Obligations, this Guaranty shall automatically terminate and cease to be of any further force or effect.

 [Remainder of page intentionally left blank. Signature pages follow.] 
  

 9 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed and delivered as
of the date first above written. 
  

							
	SHC DTRS, INC., a Delaware corporation
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer
	
	SHC EUROPE, L.L.C., a Delaware limited liability company
		
	By:	 	STRATEGIC HOTEL FUNDING, L.L.C., its sole Member
			
		 	By:	 	  

		 		 	Name:	 	Ryan M. Bowie
		 		 	Title:	 	Vice President and Treasurer
	
	SHC AVENTINE II, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer
	
	SHC ST. FRANCIS, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer
	
	SHC LACUNA, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

  

 10 

					
	SHC WASHINGTON, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer
	
	SHC MEXICO LENDER, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

  

 11 

					
	SHC HALF MOON BAY MEZZANINE LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

  

 12 

					
	Accepted and Agreed to:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent for the Lenders
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 13 

 SCHEDULE I 
 NOTICE 
 c/o Strategic Hotels & Resorts,
L.L.C. 
 77 West Wacker Drive, Suite 4600 
 Chicago, Illinois 60601 
 Attention: Treasurer and 
 General Counsel 

 EXHIBIT I 
 [See attached] 

 OFFICER’S SOLVENCY CERTIFICATE 
 I, the undersigned, the chief financial officer of Strategic Hotel Funding, L.L.C., a limited liability company existing under the laws of
the State of Delaware (the “Borrower”), do hereby certify that: 
  

	1.	This Certificate is furnished to the Lenders pursuant to Section 5.1.12 of the Credit Agreement, dated as of March 9, 2007, among the Borrower, the
various financial institutions as are or may become parties thereto and Deutsche Bank Trust Company Americas, as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Unless
otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement. 

  

	2.	For purposes of this Certificate, the terms below shall have the following meanings: 

  

	 	(a)	“Market Capitalization” – The total outstanding number of shares of Guarantor multiplied by the price of a share of Guarantor’s stock as of
the close of business on March 8, 2007. 

  

	 	(b)	“New Financing” – The Indebtedness being incurred, assumed or guaranteed by Borrower through Loans from the Lenders and the issuance of Letters of
Credit by the Issuer under the Credit Agreement and/or the other Loan Documents. 

  

	3.	For purposes of this Certificate, I, or officers of the Borrower under my direction and supervision, have performed the following procedures as of and for the periods
set forth below. 

  

	 	(a)	I have reviewed the financial statements referred to in Section 6.5 of the Credit Agreement. 

  

	 	(b)	I have knowledge of and have reviewed to my satisfaction the Loan Documents and all the other respective documents relating thereto, and the respective schedules and
exhibits thereto. 

  

	4.	Based on and subject to the foregoing, I hereby certify on behalf of the Borrower that, after giving effect to the consummation of the transactions contemplated by the
New Financing, the Credit Agreement and the related financing transactions (including the making of Loans and the issuance of Letters of Credit under the Credit Agreement), it is my opinion that each of: 

  

	 	(i)	the Market Capitalization of Guarantor is not less than $1,589,812,800; 

	 	(ii)	Guarantor has no liabilities other than the amounts being drawn today under the Credit Agreement and those liabilities reflected in the financial statements of
Guarantor previously delivered to the Administrative Agent (as such liabilities have been reduced in the ordinary course or paid off with the proceeds of the Loan), and liabilities incurred in the ordinary course and not materially different than
the ones reflected on the most recent of such financial statements; 

  

	 	(iii)	based on the Market Capitalization of Guarantor and the fact that Guarantor owns 98.8% of Borrower, the equity value of the ownership interest in Borrower is not less
than $1,570,735,046; 

  

	 	(iv)	Borrower has no liabilities other than the amounts being drawn today under the Credit Agreement and those liabilities reflected in the financial statements of Borrower
previously delivered to the Administrative Agent (as such liabilities have been reduced in the ordinary course or paid off with the proceeds of the Loan), liabilities incurred in the ordinary course and not materially different than the ones
reflected on the most recent of such financial statements, and as disclosed in Schedule I to the Credit Agreement. 

  

	 	(v)	each of Borrower and Guarantor (taken as a whole), after giving effect to the New Financing and the consummation of the transactions contemplated by the Credit
Agreement, is a going concern and does not lack sufficient capital for its needs and currently anticipated needs, without substantial unplanned disposition of assets outside the ordinary course of business, restructuring of debt, externally forced
revisions of its operations or other similar actions. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 

 2 

 IN WITNESS WHEREOF, I have hereto set my hand this      day of
March, 2007. 
  

					
	STRATEGIC HOTEL FUNDING, L.L.C., a Delaware limited liability company
		
	By:	 	  

		 	Name:	 	Ryan M. Bowie
		 	Title:	 	Vice President and Treasurer

  

 3 

 EXHIBIT J 
 FORM OF ADDITIONAL 
 REVOLVING LOAN COMMITMENT AGREEMENT

 [Name(s) of Lender(s)] 
 [Date] 
 Strategic Hotel Funding, L.L.C. 
 77 West Wacker Drive 
 Suite 4600 
 Chicago, Illinois 60601 
 Attention: 
 Re: Additional Revolving Loan Commitment 
 Ladies and Gentlemen: 
 Reference is hereby made to the Credit Agreement, dated as of March     , 2007 (as
amended, modified, restated and/or supplemented from time to time, the “Credit Agreement”), between Strategic Hotel Funding, L.L.C. (the “Borrower” or “you”), Deutsche Bank Trust Company Americas
(“DBTCA”), as the administrative agent (in such capacity, the “Administrative Agent”) and the various financial institutions as are or may become parties thereto as lenders (together with DBTCA, collectively the
“Lenders” and individually, a “Lender”). Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings set forth in the Credit Agreement. 
 Each Lender (each, an “Additional Revolving Loan Lender”) party to this letter agreement (this “Agreement”) hereby
severally agrees to provide the Additional Revolving Loan Commitment in the amount set forth opposite its name on Annex I attached hereto (for each such Additional Revolving Loan Lender, its “Additional Revolving Loan Commitment”).
Each Additional Revolving Loan Commitment provided pursuant to this Agreement shall (x) be subject to the terms and conditions set forth in the Credit Agreement, including Section 2.8 thereof and (y) upon the effectiveness of this
Agreement, increase the Revolving Loan Commitment of the respective Additional Revolving Loan Lender under the Credit Agreement as contemplated by Section 2.8 of the Credit Agreement and the definition of Additional Revolving Loan Commitment.

 Exhibit J 
 Page 2 
  

 Each Additional Revolving Loan Lender and the Borrower acknowledge and agree that, with respect to the
Additional Revolving Loan Commitment provided by such Additional Revolving Loan Lender pursuant to this Agreement, such Additional Revolving Loan Lender shall receive a fee equal to that amount set forth opposite its name on Annex I attached hereto,
which fee shall be due and payable to such Additional Revolving Loan Lender on the effective date of this Agreement. 
 Each Additional
Revolving Loan Lender, to the extent that it is not already a Lender under the Credit Agreement, (i) confirms that it is (I) a parent company and/or an affiliate of a Lender which is at least 50% owned by such Lender or its parent company,
(II) in the event the Additional Revolving Loan Lender is a fund that invests in bank loans, a fund that invests in bank loans and is managed by the same investment advisor of a Lender or by an affiliate of such investment advisor or
(III) an Eligible Assignee under Section 10.9 of the Credit Agreement, (ii) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to
therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to become a Lender under the Credit Agreement, (iii) agrees that it will, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit
Agreement, (iv) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto, (v) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement and the other Loan Documents are
required to be performed by it as a Lender, and (vi) to the extent legally entitled to do so, attaches the forms described in Section 10.9 of the Credit Agreement. 
 Borrower acknowledges and agrees that all Obligations with respect to Additional Revolving Loan Commitments shall be fully guaranteed pursuant to the Guaranty in accordance with the terms and provisions
thereof. 
 The effective date of this Agreement shall be the date on which (i) the parties hereto have executed a
counterpart of this Agreement and delivered same to the Administrative Agent, (ii) all fees and expenses required to be paid in connection herewith have been paid, (iii) the satisfaction of the conditions in Section 2.8 of the Credit
Agreement and (iv) the other conditions precedent set forth in Annex II hereto (which shall be consistent with the requirements of Section 2.8 of the Credit Agreement and the Additional Loan Commitment Requirements) have been satisfied,
which date shall be no later than             ,          [insert a date on or prior to the 5th Business Day after the date hereof]. 
 You may accept this Agreement by signing the enclosed copies in the space provided below, and returning one copy of the same to us before the close of
business on             ,         . If you do not so accept this Agreement by such time, our Additional Revolving Loan Commitments set
forth in this Agreement shall be deemed cancelled. 

 Exhibit J 
 Page 3 
  

 After the execution and delivery to the Administrative Agent of a fully executed copy of this Agreement
(including by way of counterparts and by fax) by the parties hereto, this Agreement may only be changed, modified or varied by written instrument in accordance with the requirements for the modification of Loan Documents pursuant to
Section 10.1 of the Credit Agreement. 
 *    *    * 
 THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
  

			
	Very truly yours,
	
	[NAME OF LENDER]
		
	By	 	  

	Name:	 	
	Title:	 	

  

					
	 Agreed and Accepted
 this      day of 7             ,         :

	
	STRATEGIC HOTEL FUNDING, L.L.C.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 ANNEX I 
  

					
	 Name of Additional
 Revolving Loan Lender
	  	Amount of Additional
Revolving Loan Commitment	  	Fee
			
	 Total
	  		  	
		  	 	  	 

 Conditions Precedent

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]