Document:

EXECUTION VERSION

                      GMAC COMMERCIAL MORTGAGE CORPORATION,
                                 Master Servicer

                                       and

                                 CWCapital LLC,
                                Primary Servicer

                             SUB-SERVICING AGREEMENT

                           Dated as of January 1, 2006

          Commercial Mortgage Pass-Through Certificates, Series 2006-C1

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
ARTICLE I DEFINITIONS....................................................     1
   Section 1.01.   Defined Terms.........................................     1
ARTICLE II REPRESENTATIONS AND WARRANTIES................................     1
   Section 2.01.   Representations and Warranties of the Master
                      Servicer...........................................     1
   Section 2.02.   Representations and Warranties of the  Primary
                      Servicer...........................................     2
   Section 2.03.   Notice of Breach of Representations and Warranties....     4
   Section 2.04.   Retention of Servicing Files..........................     4
ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND...............     4
   Section 3.01.   Primary Servicer to Act as Primary Servicer...........     4
   Section 3.02.   Collection of Mortgage Loan Payments..................     5
   Section 3.03.   Collection of Taxes, Assessments and Similar Items;
                      Servicing Accounts and Reserve Accounts............     5
   Section 3.04.   Certificate Account and Serviced Whole Loan Custodial
                      Account Remittances................................     5
   Section 3.05.   Permitted Withdrawals From the Primary Servicer
                      Account and Companion Servicer Account.............     6
   Section 3.06.   Primary Servicer Account, Companion Servicer Account
                      and Investment of Funds............................     6
   Section 3.07.   Maintenance of Insurance Policies; Errors and
                      Omissions and Fidelity Coverage....................     7
   Section 3.08.   Enforcement of Due-On-Sale Clauses; Assumption
                      Agreements; Subordinate Financing; Defeasance......     8
   Section 3.09.   Notice of Adverse Events..............................     8
   Section 3.10.   Release of Mortgage Files.............................     8
   Section 3.11.   Servicing Compensation................................     9
   Section 3.12.   Inspections; Collection of Financial Statements.......     9
   Section 3.13.   Modifications, Waivers, Amendments and Consents.......    10
   Section 3.14.   Transfer of Servicing between Master Servicer and
                      Special Servicer; Recordkeeping....................    10
   Section 3.15.   Reports...............................................    10
   Section 3.16.   Access to Information.................................    10
   Section 3.17.   Form 10-K Certification...............................    11
   Section 3.18.   Notice of Form 8-K Reportable Events..................    11
   Section 3.19.   Annual Compliance Statements..........................    11

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                                TABLE OF CONTENTS
                                   (CONTINUED)

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   Section 3.20.   Annual Reports on Assessment of Compliance with
                      Servicing Criteria.................................    12
   Section 3.21.   Annual Independent Public Accountants' Servicing
                      Report.............................................    13
   Section 3.22.   Additional 10-D and 10-K Disclosure...................    13
   Section 3.23.   Exchange Act Reporting Indemnification................    13
ARTICLE IV THE PRIMARY SERVICER..........................................    14
   Section 4.01.   Limitation on Liability of the Primary Servicer.......    14
   Section 4.02.   Primary Servicer Not to Resign........................    14
ARTICLE V DEFAULT........................................................    15
   Section 5.01.   Events of Default.....................................    15
   Section 5.02.   Waiver of Events of Default...........................    16
ARTICLE VI TERMINATION...................................................    17
   Section 6.01.   Termination Upon Repurchase or Liquidation of All
                      Mortgage Loans.....................................    17
ARTICLE VII REMIC PROVISIONS.............................................    17
   Section 7.01.   Preservation of the REMICs............................    17
ARTICLE VIII MISCELLANEOUS PROVISIONS....................................    17
   Section 8.01.   Pooling and Servicing Agreement Provisions;
                      Amendment..........................................    17
   Section 8.02.   Counterparts..........................................    18
   Section 8.03.   Third Party Beneficiaries.............................    18
   Section 8.04.   GOVERNING LAW.........................................    18
   Section 8.05.   Notices...............................................    18
   Section 8.06.   Severability of Provisions............................    18
   Section 8.07.   Successors and Assigns; Beneficiaries.................    19
   Section 8.08.   Indemnification.......................................    19
   Section 8.09.   Article and Section Headings..........................    20
   Section 8.10.   Financial Statements..................................    20
   Section 8.11.   Closing Documents.....................................    20
   Section 8.12.   Protection of Confidential Information................    21

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                                TABLE OF CONTENTS
                                   (CONTINUED)

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                                    EXHIBITS

EXHIBIT A - Mortgage Loan Schedule
EXHIBIT B - Form of CMSA Reports
EXHIBIT C - Form of Primary Servicer Reports
EXHIBIT D - Form of Account Certification
EXHIBIT E - Form of Remittance Report
EXHIBIT F - Form of Bank Reconciliation
EXHIBIT G - Task Description
EXHIBIT H - Consent Procedures and Compensation

                                       iii

          This Sub-Servicing Agreement (this "Agreement") is dated and effective
as of January 1, 2006 by and between GMAC COMMERCIAL MORTGAGE CORPORATION, as
Master Servicer (the "Master Servicer"), and CWCapital LLC, as Primary Servicer
(the "Primary Servicer").

                             PRELIMINARY STATEMENT:

     GMAC Commercial Mortgage Securities, Inc. (the "Depositor") has sold
commercial mortgage pass-through certificates (collectively, the
"Certificates"), issued in multiple classes (each, a "Class"), which in the
aggregate evidence the entire beneficial ownership interest in the trust fund
(the "Trust Fund") created under a Pooling and Servicing Agreement, dated as of
January 1, 2006 (the "Pooling and Servicing Agreement"), by and among the
Depositor, the Master Servicer, CWCapital Asset Management LLC, as special
servicer (the "Special Servicer"), and Wells Fargo Bank, N.A., as trustee (the
"Trustee").

     The mortgage loans included in the Trust Fund, together with certain other
mortgage loans, will be serviced pursuant to the Pooling and Servicing
Agreement. The Master Servicer and the Primary Servicer desire to confirm their
arrangement whereby the Primary Servicer will fulfill certain of the Master
Servicer's obligations under the Pooling and Servicing Agreement.

          In consideration of the mutual agreements herein contained, the Master
Servicer and the Primary Servicer agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

     SECTION 1.01. Defined Terms.

          Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Pooling and Servicing
Agreement. The term "Mortgage Loan" as used herein shall mean the Mortgage Loans
specified on Exhibit A hereto, including the James Center Companion Loan.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

     SECTION 2.01. Representations and Warranties of the Master Servicer.

          GMAC Commercial Mortgage Corporation ("GMACCM"), in its capacity as
Master Servicer, hereby represents and warrants to the Primary Servicer, as of
the date hereof, that:

          (i) GMACCM is a corporation duly organized, validly existing and in
     good standing under the laws of the State of California, and the Master
     Servicer is in compliance with the laws of each State in which any
     Mortgaged Property securing a

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     Mortgage Loan covered hereby is located to the extent necessary to perform
     its obligations under this Agreement.

          (ii) The execution and delivery of this Agreement by GMACCM, and the
     performance and compliance with the terms of this Agreement by GMACCM, will
     not violate GMACCM's organizational documents or constitute a default (or
     an event which, with notice or lapse of time, or both, would constitute a
     default) under, or result in the breach of, any material agreement or other
     instrument to which it is a party or which is applicable to it or any of
     its assets.

          (iii) GMACCM has the full power and authority to enter into and
     consummate all transactions contemplated by this Agreement, has duly
     authorized the execution, delivery and performance of this Agreement and
     has duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
     delivery by each of the other parties hereto, constitutes a valid, legal
     and binding obligation of GMACCM, enforceable against GMACCM in accordance
     with the terms hereof, subject to (A) applicable bankruptcy, insolvency,
     reorganization, moratorium and other laws affecting the enforcement of
     creditors' rights generally, and (B) general principles of equity,
     regardless of whether such enforcement is considered in a proceeding in
     equity or at law.

          (v) GMACCM is not in violation of, and its execution and delivery of
     this Agreement and its performance and compliance with the terms of this
     Agreement will not constitute a violation of, any law, any order or decree
     of any court or arbiter, or any order, regulation or demand of any federal,
     state or local governmental or regulatory authority, which violation, in
     GMACCM's good faith and reasonable judgment, is likely to affect materially
     and adversely either the ability of GMACCM to perform its obligations under
     this Agreement or the financial condition of GMACCM.

          (vi) No litigation is pending or, to the best of GMACCM's knowledge,
     threatened against GMACCM the outcome of which could reasonably be expected
     to prohibit GMACCM from entering into this Agreement or, in GMACCM's good
     faith and reasonable judgment, is likely to materially and adversely affect
     either the ability of GMACCM to perform its obligations under this
     Agreement or the financial condition of GMACCM.

     SECTION 2.02. Representations and Warranties of the Primary Servicer.

          (a) The Primary Servicer hereby represents and warrants to the Master
Servicer, as of the date hereof that:

          (i) The Primary Servicer is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
Massachusetts, and the Primary Servicer is in compliance with the laws of each
State in which any Mortgaged Property securing a Mortgage Loan covered hereby is
located to the extent necessary to perform its obligations under this Agreement.

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          (ii) The execution and delivery of this Agreement by the Primary
Servicer, and the performance and compliance with the terms of this Agreement by
the Primary Servicer, will not violate the Primary Servicer's organizational
documents or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in the breach of,
any material agreement or other instrument to which it is a party or which is
applicable to it or any of its assets.

          (iii) The Primary Servicer has the full power and authority to enter
into and consummate all transactions contemplated by this Agreement, has duly
authorized the execution, delivery and performance of this Agreement and has
duly executed and delivered this Agreement.

          (iv) This Agreement, assuming due authorization, execution and
delivery by each of the other parties hereto, constitutes a valid, legal and
binding obligation of the Primary Servicer, enforceable against the Primary
Servicer in accordance with the terms hereof, subject to (A) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the
enforcement of creditors' rights generally, and (B) general principles of
equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law.

          (v) The Primary Servicer is not in violation of, and its execution and
delivery of this Agreement and its performance and compliance with the terms of
this Agreement will not constitute a violation of, any law, any order or decree
of any court or arbiter, or any order, regulation or demand of any federal,
state or local governmental or regulatory authority, which violation, in the
Primary Servicer's good faith and reasonable judgment, is likely to affect
materially and adversely either the ability of the Primary Servicer to perform
its obligations under this Agreement or the financial condition of the Primary
Servicer.

          (vi) No litigation is pending or, to the best of the Primary
Servicer's knowledge, threatened against the Primary Servicer the outcome of
which could reasonably be expected to prohibit the Primary Servicer from
entering into this Agreement or, in the Primary Servicer's good faith and
reasonable judgment, is likely to materially and adversely affect either the
ability of the Primary Servicer to perform its obligations under this Agreement
or the financial condition of the Primary Servicer.

          (vii) The Primary Servicer is covered by errors and omission insurance
in the amounts and with the coverage required by Section 3.07 of the Pooling and
Servicing Agreement.

          (viii) There is no event, condition or circumstance in existence that
constitutes (or, with notice or lapse of time, or both, would constitute) an
Event of Default on the part of the Primary Servicer.

          (b) Upon its discovery or receipt of notice of any missing or
defective document relating to a Mortgage File, the Primary Servicer shall
notify the Master Servicer.

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     SECTION 2.03. Notice of Breach of Representations and Warranties.

          Upon discovery by either of the parties hereto of a breach of any of
the representations and warranties set forth in Sections 2.01 and 2.02(a) above,
which materially and adversely affects the interests of Certificateholders or
the other party, the party discovering such breach shall give prompt written
notice to the other party.

     SECTION 2.04. Retention of Servicing Files.

          The Primary Servicer will retain custody of the Servicing Files
relating to the Mortgage Loans serviced hereunder and shall maintain such files
as required under the Pooling and Servicing Agreement. If the Master Servicer
receives any documents relating to a Mortgage Loan that, to the knowledge of the
Master Servicer, have not been delivered to the Primary Servicer, the Master
Servicer shall provide copies of such documents to the Primary Servicer.

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

     SECTION 3.01. Primary Servicer to Act as Primary Servicer.

          (a) The Primary Servicer shall diligently service and administer the
Mortgage Loans listed on Exhibit A hereto, on behalf of the Trustee and in the
best interests of and for the benefit of the Certificateholders and, with
respect to the James Center Companion Loan, the related Serviced Companion Loan
Holder (as a collective whole) (as determined by the Primary Servicer in its
good faith and reasonable judgment) in accordance with (i) any and all
applicable laws, (ii) the express terms of this Agreement and the Pooling and
Servicing Agreement, including Section 3.01 of the Pooling and Servicing
Agreement, and the terms of the respective Mortgage Loans, (iii) with respect to
the James Center Whole Loan, the James Center Intercreditor Agreement, and (iv),
to the extent consistent with the foregoing, the Servicing Standard
(substituting "Primary Servicer" for "Master Servicer" in the definition
thereof). In addition, without limiting the generality of the foregoing, the
Primary Servicer shall take all necessary action to continue, and, if necessary,
to comply with amendments to Article 9 of the UCC, file and refile all UCC
Financing Statements in favor of the mortgagee of the Mortgage Loans in favor of
any assignee prior to the expiration of such UCC Financing Statements or the
expiration of the applicable transition period, as applicable, in accordance
with procedures and requirements determined by Master Servicer and communicated
to Primary Servicer from time to time.

          (b) Subject only to the Servicing Standard, applicable law, the terms
of this Agreement and of the respective Mortgage Loans, the Primary Servicer
shall have full power and authority, acting alone, to do or cause to be done any
and all things in connection with such servicing and administration which it may
deem necessary or desirable and which do not conflict with the Pooling and
Servicing Agreement.

          (c) The allocation of certain servicing tasks between the Master
Servicer and the Primary Servicer shall be as set forth in Exhibit G.

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          (d) The circumstances under which any consent of the Master Servicer
is required for certain modifications or waivers of the Mortgage Loan terms, as
well as the allocation of compensation for such modifications or waivers, shall
be as set forth on Exhibit H.

     SECTION 3.02. Collection of Mortgage Loan Payments.

          With respect to each of the Mortgage Loans serviced hereunder, the
Primary Servicer hereby agrees to fulfill all of the obligations of the Master
Servicer set forth in Section 3.02(a) of the Pooling and Servicing Agreement
with respect to the collection of Mortgage Loan payments as if the Primary
Servicer were the Master Servicer thereunder, provided, however, that nothing
herein contained shall be construed as an express or implied guaranty by the
Primary Servicer of the collectability of the Mortgage Loans.

     SECTION 3.03. Collection of Taxes, Assessments and Similar Items; Servicing
Accounts and Reserve Accounts.

          With respect to the Mortgage Loans serviced hereunder, the Primary
Servicer hereby agrees to fulfill all of the obligations of the Master Servicer
set forth in Section 3.03 of the Pooling and Servicing Agreement with respect to
the collection of taxes, assessments and similar items, other than the
obligation to make any Servicing Advances, and shall establish, service and
administer the Servicing Accounts as required by Section 3.03 as if the Primary
Servicer were the Master Servicer thereunder. The Primary Servicer shall deliver
to the Master Servicer by the 10th Business Day following the end of each
calendar quarter a report for the most recently ended quarter substantially in
the format set forth in Exhibit C hereto. The Primary Servicer shall not make
any Servicing Advances and shall notify the Master Servicer of any necessary
Servicing Advances at least 5 days prior to the required date of disbursement
and request that the Master Servicer make such Servicing Advances. The creation
of any Servicing Account shall be evidenced by a certification in the form of
Exhibit D attached hereto and a copy of such certification shall be furnished to
the Master Servicer as of the Closing Date and thereafter to the Master Servicer
upon any transfer of any Servicing Account.

     SECTION 3.04. Certificate Account and Serviced Whole Loan Custodial Account
Remittances.

          (a) With respect to the Mortgage Loans serviced hereunder other than
the James Center Companion Loan, the Primary Servicer shall remit, from the
Primary Servicer Account (defined below), all deposits into the Certificate
Account required to be made under Section 3.04(a) of the Pooling and Servicing
Agreement by the Master Servicer, other than Sections 3.04(a)(vi) (advances) and
3.04(a)(ix) (FNB loan). The Primary Servicer shall remit to the Master Servicer
for deposit into the Certificate Account all funds received with respect to each
Mortgage Loan serviced hereunder on the second Business Day prior to the Master
Servicer Remittance Date (the "Primary Servicer Remittance Date") or the next
payment date for such late payment date loans. The Primary Servicer shall
deposit all such remittances to the Certificate Account by 2:00 p.m. (New York
time) of the applicable date set forth above.

          (b) With respect to the James Center Companion Loan, the Primary
Servicer shall remit, from the Companion Servicer Account (defined below), all
deposits into the Serviced

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Whole Loan Custodial Account required to be made under Section 3.04(g) of the
Pooling and Servicing Agreement by the Master Servicer, other than Sections
3.04(g)(vi) (advances), 3.04(g)(viii) (Hershey loan) and 3.04(g)(ix) (Seven
Springs loan).

          (c) In addition, the Primary Servicer shall deliver a remittance
report, in the format shown in Exhibit E, to the Master Servicer by 2:00 p.m.
(New York time) on the day of any such remittance and a reconciliation between
the Primary Servicer Account, the Companion Servicer Account and such
remittances, in the format shown in Exhibit F.

     SECTION 3.05. Permitted Withdrawals From the Primary Servicer Account and
Companion Servicer Account.

          (a) With respect to the Mortgage Loans serviced hereunder other than
the James Center Companion Loan, the Primary Servicer may make withdrawals from
the Primary Servicer Account, to the same extent as set forth in Section 3.05(a)
(i), (ii), (xii), (xiv), (xvi), (xvii) and (xviii) of the Pooling and Servicing
Agreement with respect to the Certificate Account, to pay itself unpaid fees as
if the Primary Servicer were the Master Servicer thereunder.

          (b) With respect to the James Center Companion Loan, the Primary
Servicer may make withdrawals from the Companion Servicer Account, to the same
extent as set forth in Section 3.05(g) (i), (ii), (x), (xi), (xii), (xvi),
(xviii) and (xix) of the Pooling and Servicing Agreement with respect to the
Serviced Whole Loan Custodial Account, to pay itself unpaid fees as if the
Primary Servicer were the Master Servicer thereunder

          (c) The Primary Servicer shall keep and maintain separate accounting
records, on a loan-by-loan and property-by-property basis when appropriate, in
connection with any withdrawal from the Primary Servicer Account and the
Companion Servicer Account pursuant to this Section 3.05.

     SECTION 3.06. Primary Servicer Account, Companion Servicer Account and
Investment of Funds.

          (a) The Primary Servicer shall establish and maintain an account (the
"Primary Servicer Account") in which the Primary Servicer shall deposit or cause
to be deposited on a daily basis all amounts it receives in respect of the
Mortgage Loans serviced hereunder other than the James Center Companion Loan
prior to the Primary Servicer's remitting all such amounts to the Certificate
Account, in accordance with Section 3.04 hereof. The Primary Servicer Account
shall be entitled: CWCapital LLC, as Primary Servicer for GMAC Commercial
Mortgage Corporation GMACCM 2006-C1 Master Servicer, for the benefit of holders
of GMAC Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through
Certificates Series 2006-C1, Primary Servicer Account. The Primary Servicer
Account shall not contain other funds respecting payments on mortgage loans
belonging to the Primary Servicer.

          (b) The Primary Servicer shall establish and maintain an account (the
"Companion Servicer Account") in which the Primary Servicer shall deposit or
cause to be deposited on a daily basis all amounts it receives in respect of the
James Center Companion Loan prior to the Primary Servicer's remitting all such
amounts to the Serviced Whole Loan Custodial Account in accordance with Section
3.04 hereof. The Serviced Whole Loan Custodial Account

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shall be entitled: CWCapital LLC, as Primary Servicer for GMAC Commercial
Mortgage Corporation GMACCM 2006-C1 Master Servicer, for the benefit of the
Serviced Companion Loan Holder, Companion Servicer Account. The Companion
Servicer Account shall not contain other funds respecting payments on mortgage
loans belonging to the Primary Servicer or serviced by it on behalf of others.

          (c) The Primary Servicer shall cause the funds held in the Primary
Servicer Account and the Companion Servicer Account to be invested in Permitted
Investments and subject to the requirements of Section 3.06 of the Pooling and
Servicing Agreement (construed as if the Primary Servicer Account and Companion
Servicer Account each constitutes an "Account" thereunder and the Primary
Servicer constitutes the "Master Servicer" thereunder). Interest and investment
income realized on funds in the Primary Servicer Account and the Companion
Servicer Account, during the period in which such funds are held in the Primary
Servicer Account or Companion Servicer Account, as applicable, shall be for the
sole and exclusive benefit of the Primary Servicer. In the event that any loss
shall be incurred in respect of any Permitted Investment on deposit in the
Primary Servicer Account and Companion Servicer Account, the Primary Servicer
shall deposit therein, no later than the end of the Collection Period during
which loss was incurred, without right of reimbursement of the amount of the
loss with respect to the Primary Servicer Account or Companion Servicer Account,
as applicable, for such Collection Period to the extent the Master Servicer is
responsible for such loss under the Pooling and Servicing Agreement. The
creation of any Primary Servicer Account or Companion Servicer Account shall be
evidenced by a certification in the form of Exhibit D attached hereto and a copy
of such certification shall be furnished to the Master Servicer by the Closing
Date and thereafter to the Master Servicer upon any transfer of the Primary
Servicer Account or Companion Servicer Account. Each of the Primary Servicer
Account and the Companion Servicer Account shall be an Eligible Account.

     SECTION 3.07. Maintenance of Insurance Policies; Errors and Omissions and
Fidelity Coverage.

          The Primary Servicer shall, with respect to the Mortgage Loans
serviced hereunder, cause to be maintained all insurance required to be
maintained by the Master Servicer pursuant to Section 3.07 of the Pooling and
Servicing Agreement and shall otherwise fulfill all of the obligations of the
Master Servicer required thereunder including, without limitation, consulting
with the Rating Agencies and the Controlling Class as specified in Section 3.07
regarding insurance requirements. To the extent the Mortgage Loan documents
provide the lender with discretion to dictate the insurance the Mortgagor is
required to maintain, the Primary Servicer shall impose such insurance
requirements as are consistent with the Servicing Standard and are required by
the Pooling and Servicing Agreement. The Primary Servicer agrees that it shall
promptly notify the Master Servicer in writing if the Mortgagor fails to
maintain any of the insurance that the Primary Servicer determines would be
required by the foregoing standards. The Primary Servicer agrees to make a
written request to the Master Servicer to make a Servicing Advance for the cost
of the premium due with respect to any insurance that the Primary Servicer has
determined must be forced-placed and to promptly force place such insurance upon
the Master Servicer making such Advance. The Master Servicer agrees to make such
Servicing Advance to the extent the Master Servicer determines such Advance
would not constitute a Nonrecoverable Advance. The Primary Servicer shall
provide the Master Servicer

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with any information reasonably requested to enable the Master Servicer to
determine if such Advance would be a Nonrecoverable Advance. The Primary
Servicer agrees that the Master Servicer shall be entitled to rely on the
Primary Servicer's analysis with respect to whether any insurance is required to
be force placed in accordance with the Servicing Standard and the Pooling and
Servicing Agreement, and upon request, shall provide the Master Servicer with a
written summary of such analysis. The obligations of the Primary Servicer shall
also include maintaining for itself a fidelity bond and errors and omissions
insurance, as if the Primary Servicer were the Master Servicer thereunder, and
such fidelity bond and errors and omissions insurance shall be maintained in
accordance with Section 3.07 of the Pooling and Servicing Agreement. The Primary
Servicer shall forward to the Master Servicer a certificate of insurance with
respect to its fidelity bond and Errors and Omissions coverage by the Closing
Date and annually thereafter. The Primary Servicer shall cause the Master
Servicer to be a certificateholder or additional loss payee on any policy
currently in place or procured pursuant to the requirements of this Section
3.07.

     SECTION 3.08. Enforcement of Due-On-Sale Clauses; Assumption Agreements;
Subordinate Financing; Defeasance.

          The Primary Servicer shall notify the Master Servicer upon receiving
all Mortgagor requests for defeasance promptly, but not more than five (5)
Business Days following such receipt. The Primary Servicer shall process and
comply with Section 3.08 in regards to all actions set forth in this section of
the Pooling and Servicing Agreement in accordance with Exhibit H to this
Agreement. The Primary Servicer shall deliver to the Master Servicer all
original documents relating to any defeasance promptly upon the effectiveness
thereof.

     SECTION 3.09. Notice of Adverse Events.

          The Primary Servicer shall promptly notify the Master Servicer in
writing upon discovery or receipt of notice by the Primary Servicer of the
occurrence of any event that causes, or with notice or the passage of time or
both, would result in a Mortgage Loan becoming a "Specially Serviced Mortgage
Loan" as defined in the Pooling and Servicing Agreement.

     SECTION 3.10. Release of Mortgage Files.

          If the Primary Servicer requires for purposes of performing its
servicing duties hereunder all or any portion of a Mortgage File, the Primary
Servicer shall request delivery thereof from the Master Servicer in
substantially the same manner as the Master Servicer shall be required to make
the request from the Trustee and shall otherwise fulfill the obligations of the
Master Servicer under Section 3.10 of the Pooling and Servicing Agreement in
respect of such request as if the Primary Servicer were the Master Servicer
thereunder. Notwithstanding any other provisions of this Agreement, the Primary
Servicer shall transmit to the Master Servicer, to the extent required by this
Agreement, all documents and instruments relating to the applicable Mortgage
Loan coming into the possession of the Primary Servicer, from time to time and
shall account fully to the Master Servicer for any funds received or otherwise
collected thereby, including Liquidation Proceeds or Insurance Proceeds in
respect of any Mortgage Loan. All Mortgage Loan documents and funds collected or
held by, or under the control of, the Primary Servicer in respect of the
Mortgage Loans serviced hereunder other than the James Center

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Companion Loan, whether from the collection of principal and interest payments
or from Liquidation Proceeds or Insurance Proceeds or otherwise, including any
funds on deposit in the Primary Servicer Account, shall be held by the Primary
Servicer for and on behalf of the Trustee and the Certificateholders and shall
be and remain the sole and exclusive property of the Trustee, subject to the
applicable provisions of this Agreement and the Pooling and Servicing Agreement.
The Primary Servicer agrees that it shall not create, incur or subject any such
Mortgage Loan documents or any funds that are deposited in the Primary Servicer
Account, the Companion Servicer Account or any escrow account, or any funds that
otherwise are or may become due or payable to the Primary Servicer, except to
the extent, if any, of the portion of the Mortgage interest therein that is
allocable to the Sub-Servicing fee due and payable to the Primary Servicer,
Master Servicer or Trustee, to any claim, lien, security interest, judgment,
levy, writ of attachment or other encumbrance, or assert by legal action or
otherwise any claim or right of setoff against any Mortgage Loan documents or
any funds collected on, or in connection with, a Mortgage Loan serviced
hereunder, except, however, that the Primary Servicer shall be entitled to
receive from any such funds any amounts that are properly due and payable to the
Primary Servicer under this Agreement.

     SECTION 3.11. Servicing Compensation.

          (a) The Primary Servicer shall be entitled to receive a sub-servicing
fee comprised of the Sub-Servicing Fee set forth on Exhibit A (the "Primary
Fee") in accordance with the terms hereof which fee shall accrue from time to
time at the rates set forth on Exhibit A hereto, and shall be computed on the
basis of on the same principal amount respecting which any related interest
payment due on the related Mortgage Loan is computed.

          (b) Subject to Exhibit H hereto, the Primary Servicer shall, with
respect to the Mortgage Loans serviced hereunder, also receive the amount of any
charges for beneficiary statements or demands, amounts collected for checks
returned for insufficient funds and any similar fees (excluding Prepayment
Premiums), to the extent actually paid by the related Mortgagors and the Master
Servicer is otherwise entitled thereto pursuant to Section 3.11(b) of the
Pooling and Servicing Agreement. As additional compensation, the Primary
Servicer shall, with respect to the Mortgage Loans serviced hereunder, also
receive any income received on the investment of funds on deposit in or credited
to the Primary Servicer Account and the Companion Servicer Account. The Primary
Servicer shall be entitled to fees for Immaterial Modification requests to the
extent the Primary Servicer has processed such request in accordance with
Section 3.13 of this Agreement and Section 3.21 of the Pooling and Servicing
Agreement.

     SECTION 3.12. Inspections; Collection of Financial Statements.

          With respect to the Mortgage Loans serviced hereunder, the Primary
Servicer shall fulfill all of the obligations of the Master Servicer required
pursuant to Section 3.12 of the Pooling and Servicing Agreement as if the
Primary Servicer were the Master Servicer thereunder, without right of
reimbursement; provided that, (1) the Primary Servicer shall deliver to the
Master Servicer rather than the Trustee or any other of the specified recipients
all reports and other items required to be delivered by the Master Servicer to
the Trustee or any other specified recipients thereunder; (2) the Primary
Servicer shall deliver all reports in respect of

                                       9

property inspection and financial statements prepared by or on behalf of the
Primary Servicer within 30 days of preparation or receipt; and (3) all reports
prepared by or on behalf of the Primary Servicer in respect of property
inspections and financial statements shall be done in the format available, as
of the Closing Date, on the CMSA Website, or such other form for the
presentation of such information as may from time to time be recommended by the
CMSA for commercial mortgage securities transactions generally and is reasonably
acceptable to the Master Servicer and the Primary Servicer.

     SECTION 3.13. Modifications, Waivers, Amendments and Consents.

          With respect to the Mortgage Loans serviced hereunder, the Primary
Servicer shall fulfill all of the obligations of the Master Servicer required
pursuant to, and otherwise act in accordance with, Section 3.21 of the Pooling
and Servicing Agreement as if the Primary Servicer were the Master Servicer
thereunder, subject to the terms specified in Exhibit H.

     SECTION 3.14. Transfer of Servicing between Master Servicer and Special
Servicer; Recordkeeping.

          With respect to the Mortgage Loans serviced hereunder, the Primary
Servicer shall, subject to consent rights of the Master Servicer set forth
below, make all determinations and fulfill all of the obligations of the Master
Servicer required pursuant to Section 3.22 of the Pooling and Servicing
Agreement as if the Primary Servicer were the Servicer thereunder.
Notwithstanding the foregoing, the Primary Servicer shall not make a
determination that a transfer of servicing to the Special Servicer has occurred
without the express written consent of the Master Servicer. The Primary Servicer
agrees to provide any information reasonably requested by the Servicer in
connection with the Servicer's review of any determinations made by the Primary
Servicer pursuant to this Section 3.14. Additionally, if for any reason the
Master Servicer independently determines in accordance with the Servicing
Standard and the terms of the Pooling and Servicing Agreement that a transfer of
servicing to the Special Servicer of any loan serviced hereunder has occurred or
should occur, such determination shall control.

     SECTION 3.15. Reports.

          The Primary Servicer shall deliver to the Master Servicer such reports
as are described on Exhibit G, within the time frames specified in Exhibit G.

     SECTION 3.16. Access to Information.

          With respect to the Mortgage Loans serviced hereunder, the Primary
Servicer shall fulfill all of the obligations of, and have the same protections
afforded to, the Master Servicer required pursuant to Section 3.15 of the
Pooling and Servicing Agreement as if the Primary Servicer were the Master
Servicer thereunder; provided, however, that the Primary Servicer shall not be
required to make available information or reports prepared by or entered into by
the Special Servicer to the extent such information and reports are not in the
possession of the Primary Servicer. Upon reasonable prior notice, the Primary
Servicer shall provide to the Master Servicer access to its books and records
related to the servicing of the Mortgage Loans serviced hereunder (including, at
the option of the Master Servicer, an on-site review).

                                       10

     SECTION 3.17. Form 10-K Certification.

          (a) The Primary Servicer shall provide to the Certifying Person, with
a copy to the Master Servicer, not later than the 10th Business Day prior to the
10-K Filing Deadline a Back-Up Certification, in the form attached to the
Pooling and Servicing Agreement as Exhibit M-3, on which the Certification
Parties can reasonably rely. In addition, the Primary Servicer shall execute and
deliver to the Certifying Person a reasonable reliance certificate to enable the
Certification Parties to rely upon each (i) annual compliance statement provided
by the Primary Servicer pursuant to Section 3.19, (ii) annual report on
assessments of compliance with servicing criteria provided pursuant to Section
3.20 and (c) accountant's report provided pursuant to Section 3.21, and shall
include a certification that each such annual compliance statement or report
discloses any deficiencies or defaults described to the registered public
accountants of the Primary Servicer to enable such accountants to render the
certificates provided for in Section 3.21 of this Agreement.

          (b) If the Primary Servicer has received written confirmation from the
Depositor that a Report on Form 10-K is not required to be filed in respect of
the Trust for the preceding calendar year, the Primary Servicer is required to
deliver the certifications described in Section 3.17(a) only to the Master
Servicer.

          (c) In the event the Primary Servicer is terminated or resigns
pursuant to the terms of this Agreement, the Primary Servicer shall provide a
certification to the Certifying Person or the Master Servicer, as applicable,
pursuant to this Section 3.17 with respect to the period of time it was subject
to this Agreement.

     SECTION 3.18. Notice of Form 8-K Reportable Events.

          The Primary Servicer shall promptly notify the Depositor, with a copy
to the Master Servicer, but in no event later than one (1) Business Day after
its occurrence, of any Reportable Event relating to the Primary Servicer or the
Mortgage Loans of which it has knowledge. The Primary Servicer shall provide a
description of such Reportable Event suitable for inclusion in a report on Form
8-K.

     SECTION 3.19. Annual Compliance Statements.

          (a) The Primary Servicer shall deliver to the Certifying Person, with
a copy to the Master Servicer, on or before March 15 of each year (with no cure
period), commencing in March 2007, an Officer's Certificate stating, as to the
signer thereof, that (i) a review of the Primary Servicer's activities during
the preceding calendar year or portion thereof and of the Primary Servicer's
performance under this Agreement has been made under such officer's supervision
and (ii) to the best of such officer's knowledge, based on such review, the
Primary Servicer has fulfilled all its obligations under this Agreement in all
material respects throughout such year or portion thereof, or, if there has been
a failure to fulfill any such obligation in any material respect, specifying
each such failure known to such officer and the nature and status thereof.

          (b) If the Primary Servicer has received written confirmation from the
Depositor that a Report on Form 10-K is not required to be filed in respect of
the Trust for the

                                       11

preceding calendar year, the Primary Servicer is required to deliver the
Officer's Certificate described in Section 3.19(a) only to the Master Servicer.

          (c) Promptly after receipt of each such Officer's Certificate, the
Master Servicer shall review such Officer's Certificate and, if applicable,
consult with the Primary Servicer as to the nature of any failures by the
Primary Servicer.

          (d) In the event the Primary Servicer is terminated or resigns
pursuant to the terms of this Agreement, the Primary Servicer shall provide a
certification to the Certifying Person or the Master Servicer, as applicable,
pursuant to this Section 3.19 with respect to the period of time it was subject
to this Agreement.

     SECTION 3.20. Annual Reports on Assessment of Compliance with Servicing
Criteria.

          (a) On or before noon (Eastern Time) on March 15 of each year (with no
cure period), commencing in March 2007, the Primary Servicer, at its own
expense, shall furnish to the Certifying Person, with a copy to the Master
Servicer, a report on an assessment of compliance with the Servicing Criteria
that contains (i) a statement by the Primary Servicer of its responsibility for
assessing compliance with the Servicing Criteria applicable to it, (ii) a
statement that the Primary Servicer used the Servicing Criteria to assess
compliance with the applicable Servicing Criteria, (iii) the Primary Servicer's
assessment of compliance with the applicable Servicing Criteria as of and for
the preceding calendar year including, if there has been any material instance
of noncompliance with the applicable Servicing Criteria, a discussion of each
such failure and the nature and status thereof, and (iv) a statement that a
registered public accounting firm has issued an attestation report on the
Primary Servicer's assessment of compliance with the applicable Servicing
Criteria as of and for such period. The Servicing Criteria applicable to the
Primary Servicer shall be the same as the Servicing Criteria applicable to the
Master Servicer other than the obligation to make advances.

          (b) If the Primary Servicer has received written confirmation from the
Depositor that a Report on Form 10-K is not required to be filed in respect of
the Trust for the preceding calendar year, the Primary Servicer is required to
deliver the assessment described in Section 3.20(a) only to the Master Servicer
by April 15 of the following year.

          (c) In the event the Primary Servicer is terminated or resigns
pursuant to the terms of this Agreement, the Primary Servicer shall provide a
certification to the Certifying Person or the Master Servicer, as applicable,
pursuant to this Section 3.20 with respect to the period of time it was subject
to this Agreement.

          (d) No later than the end of each fiscal year for the Trust for which
a 10-K is required to be filed, the Primary Servicer shall forward to the
Trustee the name of each Servicing Function Participant engaged by it and what
Relevant Servicing Criteria will be addressed in the report on assessment of
compliance prepared by such Servicing Function Participant. When the Primary
Servicer submits its assessments to the Trustee, it will also at such time
include the assessment (and attestation pursuant to Section 3.21) of each
Servicing Function Participant engaged by it.

                                       12

     SECTION 3.21. Annual Independent Public Accountants' Servicing Report.

          (a) On or before noon (Eastern Time) on March 15 of each year (with no
cure period), commencing in March 2007, the Primary Servicer, at its own
expense, shall cause a registered public accounting firm (which may also render
other services to the Primary Servicer) and that is a member of the American
Institute of Certified Public Accountants to furnish an attestation to the
Certifying Person, with a copy to the Master Servicer, to the effect that (i) it
has obtained a representation regarding certain matters from the management of
the Primary Servicer, which includes an assertion that the Primary Servicer has
complied with the Servicing Criteria and (ii) on the basis of an examination
conducted by such firm in accordance with standards for attestation engagements
issued or adopted by the PCAOB, it is expressing an opinion as to whether the
Primary Servicer's compliance with the Servicing Criteria was fairly stated in
all material respects, or it cannot express an overall opinion regarding the
Primary Servicer's assessment of compliance with the Servicing Criteria. In the
event that an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an
opinion. Such report must be available for general use and not contain
restricted use language.

          (b) Promptly after receipt of such report from the Primary Servicer,
the Master Servicer shall review the report and, if applicable, consult with the
Primary Servicer as to the nature of any defaults by the Primary Servicer in the
fulfillment of any of the Primary Servicer's obligations hereunder.

          (c) If the Primary Servicer has received written confirmation from the
Depositor that a Report on Form 10-K is not required to be filed in respect of
the Trust for the preceding calendar year, the Primary Servicer is required to
deliver the accountant's attestation described in Section 3.21(a) only to the
Master Servicer by April 15 of the following year.

          (d) In the event the Primary Servicer is terminated or resigns
pursuant to the terms of this Agreement, the Primary Servicer shall provide an
attestation to the Certifying Person or the Master Servicer, as applicable,
pursuant to this Section 3.21 with respect to the period of time it was subject
to this Agreement.

     SECTION 3.22. Additional 10-D and 10-K Disclosure.

          The Primary Servicer shall provide such additional disclosure to the
Depositor, with a copy to the Master Servicer and the Trustee, as is required of
a "Servicer" under Sections 12.02 and 12.03 and Exhibits N-1 and N-2 of the
Pooling and Servicing Agreement.

     SECTION 3.23. Exchange Act Reporting Indemnification.

          The Primary Servicer shall severally and not jointly indemnify and
hold harmless each Certification Party from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses, costs of investigation
and related costs, judgments, amounts paid in settlement and other costs and
expenses incurred by such Certification Party arising out of (a) a breach of its
obligations to provide any of the annual compliance statements or annual
servicing criteria assessment reports or attestation reports pursuant to this
Agreement or (b) negligence, bad faith or willful misconduct its part in the
performance of such obligations. If the indemnification

                                       13

provided for herein is unavailable or insufficient to hold harmless any
Certification Party, then the Primary Servicer shall contribute to the amount
paid or payable to the Certification Party as a result of the losses, claims,
damages or liabilities of the Certification Party in such proportion as is
appropriate to reflect the relative fault of the Certification Party on the one
hand and the Primary Servicer on the other in connection with a breach of the
Primary Servicer's obligations to provide any of the annual compliance
statements or annual servicing criteria assessment reports or attestation
reports required herein or the Primary Servicer's negligence, bad faith or
willful misconduct in connection therewith.

          If the Primary Servicer engages any Servicing Function Participant
with respect to the Mortgage Loans, it shall cause such Servicing Function
Participant to agree to provide the same indemnification provided by the Primary
Servicer under this Section 3.23.

                                   ARTICLE IV

                              THE PRIMARY SERVICER

     SECTION 4.01. Limitation on Liability of the Primary Servicer.

          None of the Primary Servicer or any director, officer, employee or
agent of the Primary Servicer shall be under any liability to the Master
Servicer for any action taken or for refraining from the taking of any action in
good faith using reasonable business judgment pursuant to this Agreement;
provided that this provision shall not protect the Primary Servicer against any
breach of a representation, warranty or covenant contained herein, including
without limitation a failure to comply the Servicing Standard, or against any
expense or liability specifically required to be borne thereby pursuant to the
terms hereof, or against any liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or negligence in its performance of
duties hereunder or by reason of negligent disregard of obligations and duties
hereunder.

     SECTION 4.02. Primary Servicer Not to Resign.

          The Primary Servicer shall not be permitted to resign from the
obligations and duties hereby imposed on it or to assign this Agreement, except
(a) upon determination that such obligations and duties hereunder are no longer
permissible under applicable law (and cannot be cured by the Primary Servicer or
are in material conflict by reason of applicable law with any other activities
carried on by it (the other activities so causing a conflict being of a type and
nature carried on by it at the date of this Agreement); or (b) upon the mutual
written consent of the Master Servicer and the Primary Servicer, no later than
thirty (30) days prior to the proposed resignation date. Any such determination
of the nature described in clause (a) of the preceding sentence permitting the
resignation of the Primary Servicer shall be evidenced by an Opinion of Counsel
to such effect which shall be delivered to the Master Servicer.

          The Primary Servicer shall not, without the written consent of the
Master Servicer, assign or transfer any of its rights, benefits or privileges
hereunder to any other Person, or delegate to or subcontract with, or authorize
or appoint any other Person to perform any of the duties, covenants or
obligations to be performed by it hereunder; provided, however, that the

                                       14

Primary Servicer may contract with a third party to perform the property
inspections it is required to perform hereunder, without relieving the Primary
Servicer of any liability hereunder.

                                   ARTICLE V

                                     DEFAULT

     SECTION 5.01. Events of Default.

          (a) "Event of Default", wherever used herein, means any one of the
following events:

          (i) an Event of Default by the Master Servicer under Section 7.01 of
the Pooling and Servicing Agreement which Event of Default occurred as a direct
result of the failure of the Primary Servicer to perform any obligation required
hereunder; or

          (ii) any failure on the part of the Primary Servicer duly to observe
or perform in any material respect any other of the covenants or agreements
thereof contained in this Agreement which continues unremedied for a period of
30 days after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Primary Servicer by the Master
Servicer; provided, however, that if such covenant or agreement is capable of
being cured and the Primary Servicer is diligently pursuing such cure and has
provided the Master Servicer with an Officer's Certificate, in form acceptable
to the Master Servicer, such 30 day period shall be extended for an additional
30 days; or

          (iii) any breach on the part of the Primary Servicer of any
representation or warranty thereof contained in this Agreement which materially
and adversely affects the interests of any Class of Certificateholders and which
continues unremedied for a period of 30 days after the date on which notice of
such breach, requiring the same to be remedied, shall have been given to the
Primary Servicer by the Master Servicer; provided, however, that if such breach
is capable of being cured and the Primary Servicer is diligently pursuing such
cure and has provided the Master Servicer with an Officer's Certificate, in form
acceptable to the Master Servicer, such 30 day period shall be extended for an
additional 30 days; or

          (iv) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law for the
appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings, or for the winding-up or liquidation of its
affairs, shall have been entered against the Primary Servicer and such decree or
order shall have remained in force undischarged or unstayed for a period of 60
days; or

          (v) the Primary Servicer shall consent to the appointment of a
conservator, receiver, liquidator, trustee or similar official in any
bankruptcy, insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings of or relating to it or of or relating to all
or substantially all of its property; or

                                       15

          (vi) the Primary Servicer shall admit in writing its inability to pay
its debts generally as they become due, file a petition to take advantage of any
applicable bankruptcy, insolvency or reorganization statute, make an assignment
for the benefit of its creditors, voluntarily suspend payment of its
obligations, or take any corporate action in furtherance of the foregoing; or

          (vii) any failure by the Primary Servicer to deposit into, or to remit
to the Master Servicer for deposit into, the Certificate Account, on a timely
basis, any amount required to be so deposited or remitted under this Agreement
or any failure by the Primary Servicer to deliver reports or information
required by this Agreement or the Master Servicer in the time required.

          (b) If any Event of Default with respect to the Primary Servicer shall
occur and be continuing, then, and in each and every such case, so long as the
Event of Default shall not have been remedied, the Master Servicer may
terminate, by notice in writing to the Primary Servicer, all of the rights and
obligations of the Primary Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof other than the Primary Servicer's right
to payment of accrued fees and other compensation and rights to reimbursement or
indemnification in each case arising prior to such termination. From and after
the receipt by the Primary Servicer of such written notice, the Primary Servicer
shall be terminated as a servicer hereunder and all authority and power of the
Primary Servicer under this Agreement shall pass to and be vested in the Master
Servicer pursuant to and under this Section, and, without limitation, the Master
Servicer is hereby authorized and empowered to execute and deliver, on behalf of
and at the expense of the Primary Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other
acts or things necessary or appropriate to effect the purposes of such notice of
termination. The Primary Servicer agrees that, if it is terminated pursuant to
this Section 5.01(b), it shall promptly (and in any event no later than five (5)
Business Days subsequent to its receipt of the notice of termination) provide
the Master Servicer with all documents and records requested thereby to enable
the Master Servicer to assume the Primary Servicer's functions hereunder, and
shall cooperate with the Master Servicer in effecting the termination of the
Primary Servicer's responsibilities and rights hereunder, including, without
limitation, the transfer within two Business Days to the Master Servicer for
administration by it of all cash amounts relating to the Mortgage Loans serviced
hereunder that are in the possession or under the control of the Primary
Servicer or may thereafter come into its possession or under its control.

     SECTION 5.02. Waiver of Events of Default.

          The Master Servicer may waive an Event of Default under Section 5.01
hereof. Upon any such waiver of an Event of Default, such Event of Default shall
cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other Event of
Default or impair any right consequent thereon except to the extent expressly so
waived.

                                       16

                                   ARTICLE VI

                                   TERMINATION

     SECTION 6.01. Termination Upon Repurchase or Liquidation of All Mortgage
Loans.

          The obligations and responsibilities under this Agreement of the
Primary Servicer shall terminate simultaneously with the termination of the
Pooling and Servicing Agreement in accordance with Article IX thereof.
Additionally, this Agreement shall terminate with respect to any Mortgage Loan
serviced hereunder at the time such Mortgage Loan is paid off or otherwise
liquidated or at the time the related Mortgaged Property becomes an REO
Property. The indemnification obligations of each party under Section 8.08
hereof shall survive any termination of this Agreement.

                                   ARTICLE VII

                                REMIC PROVISIONS

     SECTION 7.01. Preservation of the REMICs.

          The Primary Servicer shall not take any action (whether or not
authorized hereunder) as to which the Master Servicer has advised the Primary
Servicer in writing that it or the Trustee has received an Opinion of Counsel to
the effect that the Trust Fund would cease to qualify as a REMIC ("Adverse REMIC
Event") as a result of such action. In addition, prior to taking any action with
respect to any REMIC, or causing any REMIC to take any action that is not
expressly permitted under the terms of this Agreement, the Primary Servicer will
consult with the Master Servicer, in writing, with respect to whether such
action could cause an Adverse REMIC Event to occur. The Primary Servicer shall
not take any such action or cause any REMIC to take any such action as to which
the Master Servicer has advised it in writing that an Adverse REMIC Event could
occur.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

     SECTION 8.01. Pooling and Servicing Agreement Provisions; Amendment.

          (a) In accordance with Section 3.23 of the Pooling and Servicing
Agreement, (i) the parties hereto agree that if the Master Servicer shall for
any reason no longer act in such capacity under the Pooling and Servicing
Agreement (including, without limitation, by reason of an Event of Default), any
successor to the Master Servicer (including the Trustee) or its designee shall
thereupon assume all of the rights and, except to the extent they arose prior to
the date of assumption, obligations of the Master Servicer under this Agreement,
(ii) this Agreement shall terminate with respect to each Specially Serviced
Mortgage Loan at the time such Mortgage Loan becomes a Specially Serviced
Mortgage Loan; and (iii) Primary Servicer shall be authorized to transact
business in the state or states in which the related Mortgaged Property is
situated, if and to the extent required by applicable law to the extent
necessary to ensure the

                                       17

enforceability of the Mortgage Loan or the compliance with its obligations under
this Agreement and the Master Servicer's obligations under the Servicing
Agreement.

          (b) This Agreement may be amended from time to time by the mutual
agreement of the parties hereto; provided that such amendment shall not
adversely affect in any material respect the interests of any Certificateholder.

     SECTION 8.02. Counterparts.

          For the purpose of facilitating the recordation of this Agreement as
herein provided and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute but one and
the same instrument.

     SECTION 8.03. Third Party Beneficiaries.

          Each of the Depositor and the Trustee, for the benefit of the
Certificateholders, shall be a third party beneficiary under this Agreement.

     SECTION 8.04. GOVERNING LAW.

          THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND
RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED IN ACCORDANCE WITH THE
INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK. THE PARTIES HERETO INTEND
THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW
SHALL APPLY TO THIS AGREEMENT.

     SECTION 8.05. Notices.

          Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have
been duly given when delivered to: (i) in the case of the Master Servicer, GMAC
Commercial Mortgage Corporation, at 200 Witmer Road, Horsham, Pennsylvania
19044-8015, Attention: Managing Director, Commercial Servicing Operations, and
to General Counsel, and (ii) in the case of the Primary Servicer, CWCapital LLC,
One Charles River Place, 63 Kendrick Street, Needham, Massachusetts 02494
Attention: Director of Servicing, with a copy to CWCapital General Counsel or as
to each such Person such other address as may hereafter be furnished by such
Person to the parties hereto in writing.

     SECTION 8.06. Severability of Provisions.

          If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement.

                                       18

     SECTION 8.07. Successors and Assigns; Beneficiaries.

          The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto.
Except as set forth in Section 8.03 hereof, no other person, including, without
limitation, any Mortgagor, shall be entitled to any benefit or equitable right,
remedy or claim under this Agreement.

          Any Person into which GMACCM or the Primary Servicer may be merged or
consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which GMACCM or the Primary Servicer, as the case
may be, shall be a party, or any Person succeeding to the business of GMACCM or
the Primary Servicer, as the case may be, shall be the successor of GMACCM or
the Primary Servicer, as the case may be, hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto.

     SECTION 8.08. Indemnification.

          (a) The Primary Servicer agrees to indemnify the Master Servicer and
its directors, officers, employees or agents, and hold each of them harmless
from and against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that any of them may sustain arising from or as a result of (i) any
breach of any representation, warranty or covenant in this Agreement, including
without limitation the failure to comply with the Servicing Standard, (ii) any
servicing actions taken by the Primary Servicer under this Agreement without the
express consent of the Master Servicer or (iii) the willful misfeasance, bad
faith or negligence of the Primary Servicer in the performance of its
obligations and duties hereunder or by reason of reckless disregard of
obligations and duties hereunder by the Primary Servicer. The Master Servicer
shall immediately notify the Primary Servicer if a claim is made by a third
party with respect to this Agreement or the Mortgage Loans entitling it to
indemnification hereunder, whereupon the Primary Servicer shall assume the
defense of any such claim (with counsel reasonably satisfactory to the party
entitled to indemnification hereunder) and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any
judgment or decree which may be entered against it or such party in respect of
such claim. Any failure to so notify the Primary Servicer shall not affect any
rights the Master Servicer may have to indemnification under this Section or
otherwise under this Agreement, unless the Primary Servicer's defense of such
claim is materially prejudiced thereby. The indemnification provided by this
Section shall survive the termination of this Agreement, the termination or
resignation of the Primary Servicer under this Agreement or the termination or
resignation of the Master Servicer under the Pooling and Servicing Agreement.
Notwithstanding the foregoing, the Primary Servicer is not obligated to
indemnify the Master Servicer for any loss, liability or expense (1) incurred by
reason of the Master Servicer's willful misfeasance, bad faith or negligence in
the performance of the Master Servicer's obligations and duties hereunder, or by
reason of reckless disregard of such obligations or duties, or as may arise from
a breach of any representation, warranty or covenant of the Master Servicer
hereunder or (2) as to which indemnification from the Trust Fund is available
pursuant to Section 6.03 of the Pooling and Servicing Agreement.

                                       19

          (b) The Master Servicer agrees to indemnify the Primary Servicer and
its directors, officers, employees or agents, and hold each of them harmless
from and against any and all claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, liabilities, fees
and expenses that any of them may sustain arising from or as a result of any
material breach of any representation, warranty or covenant in this Agreement or
the willful misfeasance, bad faith or negligence of the Master Servicer in the
performance of its obligations and duties hereunder or by reason of reckless
disregard of obligations and duties hereunder by the Master Servicer. The
Primary Servicer shall immediately notify the Master Servicer if a claim is made
by a third party with respect to this Agreement or the Mortgage Loans entitling
it to indemnification hereunder, whereupon the Master Servicer shall assume the
defense of any such claim (with counsel reasonably satisfactory to the party
entitled to indemnification hereunder) and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any
judgment or decree which may be entered against it or such party in respect of
such claim. Any failure to so notify the Master Servicer shall not affect any
rights the Primary Servicer may have to indemnification under this Section or
otherwise under this Agreement, unless the Master Servicer's defense of such
claim is materially prejudiced thereby. The indemnification provided by this
Section shall survive the termination of this Agreement, the termination or
resignation of the Primary Servicer under this Agreement or the termination or
resignation of the Master Servicer under the Pooling and Servicing Agreement.
Notwithstanding the foregoing, the Master Servicer is not obligated to indemnify
the Primary Servicer for any loss, liability or expense incurred by reason of
the Primary Servicer's willful misfeasance, bad faith or negligence in the
performance of the Primary Servicer's obligations and duties hereunder, or by
reason of reckless disregard of such obligations or duties, or as may arise from
a breach of any representation, warranty or covenant of the Primary Servicer
hereunder.

     SECTION 8.09. Article and Section Headings.

          The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

     SECTION 8.10. Financial Statements.

          The Primary Servicer shall, upon the request of the Master Servicer,
make available its financial statements and other records relevant to the
performance of the Primary Servicer's obligations hereunder.

     SECTION 8.11. Closing Documents.

          As of the Closing Date, the Primary Servicer shall provide to the
Master Servicer the following documents:

          (a) this Agreement executed by the Primary Servicer; and

          (b) an insurance certificate from a licensed insurance agency
certifying that the Primary Servicer has an errors and omissions policy in full
force and effect in accordance with the terms of this Agreement.

                                       20

          As of the Closing Date, the Master Servicer shall provide to the
Primary Servicer this Agreement executed by the Master Servicer.

     SECTION 8.12. Protection of Confidential Information.

          Except as provided in the Pooling and Servicing Agreement or as may
otherwise be required by law, the Primary Servicer shall keep confidential and
shall not divulge to any party other than the Depositor or the Master Servicer,
the Special Servicer, the Rating Agencies, the Trustee, and any party to the
Pooling and Servicing Agreement, without the Master Servicer's prior written
consent, any information pertaining to the Mortgage Loans or any Mortgagor
thereunder, except to the extent that it is appropriate for the Primary Servicer
to do so in working with its or its affiliates' employees or legal counsel,
auditors, taxing authorities or other governmental agencies or in accordance
with this Agreement.

                                       21

          IN WITNESS WHEREOF, the parties hereto have caused their names to be
signed hereto by their respective officers' thereunto duly authorized, in each
case as of the day and year first above written.

                                             GMAC COMMERCIAL MORTGAGE
                                                CORPORATION, as Master Servicer

                                             By: /s/ Monica Barsamella
                                                 -------------------------------
                                                 Name: Monica Barsamella
                                                 Title: Vice President

                                             CWCapital LLC, as Primary Servicer

                                             By: /s/ Paul A. Sherrington
                                                  ------------------------------
                                                 Name: Paul A. Sherrington
                                                 Title: Senior Vice President
                                                        and Assistant General
                                                        Counsel

                                       22

                                    EXHIBIT A
                             MORTGAGE LOAN SCHEDULE

--------------------------------------------------------------------------------
                                                                    SERVICE FEE
LOAN NO.   PROPERTY NAME                           UPB              (%)
--------------------------------------------------------------------------------
18733      James Center                            100,000,000.00          0.02
--------------------------------------------------------------------------------
17991      Terrace at Continental Park              40,500,000.00          0.02
--------------------------------------------------------------------------------
18748      Sheraton Harborside Hotel                32,000,000.00          0.03
--------------------------------------------------------------------------------
18103      Newburgh Mall                            31,600,000.00          0.03
--------------------------------------------------------------------------------
18604      City Square Office                       27,500,000.00          0.03
--------------------------------------------------------------------------------
87741      Rite Aid Portfolio                       19,090,567.24          0.03
--------------------------------------------------------------------------------
18239      One Jackson Place                        14,000,000.00          0.03
--------------------------------------------------------------------------------
18410      Maryvale Terrace                         11,500,000.00          0.03
--------------------------------------------------------------------------------
18307      Skypark Atrium                           11,000,000.00          0.03
--------------------------------------------------------------------------------
17301      Palmetto Pointe                           7,634,000.00          0.05
--------------------------------------------------------------------------------
17783      Wesley Highland Terrace                   6,529,306.12          0.05
--------------------------------------------------------------------------------
18086      Lincoln Gardens                           6,400,000.00          0.05
--------------------------------------------------------------------------------
18143      Regency Square Shopping Center            6,000,000.00          0.05
--------------------------------------------------------------------------------
18429      Sierra Suites AZ                          5,575,549.20          0.05
--------------------------------------------------------------------------------
18781      TowneBank Building                        5,000,000.00          0.05
--------------------------------------------------------------------------------
17532      Serota Portfolio                          4,600,000.00          0.05
--------------------------------------------------------------------------------
18349      Quality Inn Tallahassee                   4,556,260.38          0.05
--------------------------------------------------------------------------------
18253      Oxnard Walgreen's                         4,225,000.00          0.05
--------------------------------------------------------------------------------
18056      Greenwood Place                           4,178,876.96          0.05
--------------------------------------------------------------------------------
18576      Vista La Jolla                            3,600,000.00          0.05
--------------------------------------------------------------------------------
18578      4141 Jutland                              3,300,000.00          0.05
--------------------------------------------------------------------------------
18254      Channel Point Retail                      3,175,000.00          0.05
--------------------------------------------------------------------------------
18185      Federal Express Distribution Facility     1,950,000.00          0.05
--------------------------------------------------------------------------------
18107      Rankin Self Storage                       1,397,215.71          0.05
--------------------------------------------------------------------------------
 3062      IHOP - Newington CT                       1,132,429.89          0.05
--------------------------------------------------------------------------------
 3070      IHOP - Newington NH                       1,084,840.80          0.05
--------------------------------------------------------------------------------
 3068      IHOP - Decatur AL                         1,005,766.62          0.05
--------------------------------------------------------------------------------

                                    EXHIBIT B

                              FORM OF CMSA REPORTS

  The form of CMSA Investor Reporting Package, as updated from time to time, is
                            available at www.cmbs.org

                                    EXHIBIT C

                        FORM OF PRIMARY SERVICER REPORTS

                                   (DEAL NAME)
                          SUB SERVICER INSURANCE REPORT

SUB-SERVICER: __________________
PERIOD:       __________________

--------------------------------------------------------------------------------------------------------------------------------
                                                                                  LOSS PAYEE
                                                                                  ENDORSEMENT   MEETS QUALIFIED  INSURANCE  DATE
SUB-SERVICER   GMACCM   BORROWER  EXPIRATION                  POLICY  COVERAGE  REFLECTS TRUST  INSURER RATINGS   PREMIUM   LAST
  LOAN NO.    LOAN NO.    NAME       DATE     CARRIER  AGENT  NUMBER   AMOUNT    (YES OR NO)      (YES OR NO)      AMOUNT   PAID
--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------

CERTIFIED BY: __________________

TITLE: _________________________

                                       C-1

                                   (DEAL NAME)
                           SUB SERVICER RESERVE REPORT

SUB-SERVICER: __________________
PERIOD:       __________________

------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   FUNDS INVESTED IN
                                           BALANCE AT                                                                  PERMITTED
SUB-SERVICER   GMACCM   BORROWER  TYPE OF   BEGINNING                           INVESTMENT         BALANCE AT END    INVESTMENTS?
  LOAN NO.    LOAN NO.    NAME    RESERVE   OF PERIOD  DEPOSITS  DISBURSEMENTS   EARNINGS   OTHER     OF PERIOD        (Y OR N)
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

CERTIFIED BY: _________________

TITLE: _________________________

                                       C-2

                                   (DEAL NAME)
                             SUB SERVICER UCC REPORT

SUB-SERVICER: __________________
PERIOD:       __________________

---------------------------------------------------------------------------
ACCOUNT #   BORROWER NAME   JURISDICTION   EXPIRATION DATE   FILING#   TYPE
---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

---------------------------------------------------------------------------

CERTIFIED BY: _________________

TITLE: _________________________

                                       C-3

                                   (DEAL NAME)
                             SUB SERVICER TAX REPORT

SUB-SERVICER: __________________
PERIOD:       __________________

------------------------------------------------------------------------------------------------------------------------------
SUB-SERVICER   GMACCM
  LOAN NO.    LOAN NO.  BORROWER NAME  PROPERTY ADDRESS  PARCEL NUMBER  TAXING AUTHORITY  DUE DATE  AMOUNT DUE  DATE LAST PAID
------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------

CERTIFIED BY: _________________

TITLE: _________________________

                                       C-4

                                    EXHIBIT D

                          FORM OF ACCOUNT CERTIFICATION

Securitization: ________________________________________________________________

Sub Servicer: __________________________________________________________________

     _______________   New Account   ___________   Change of Account Information

Indicate purpose of account (check all that apply):

     _______   Principal & Interest              _______   Deposit Clearing
     _______   Taxes & Insurance                 _______   Disbursement Clearing
     _______   Reserves (non-interest bearing)   _______   Suspense
     _______   Reserves (interest bearing)

Account Number: ________________________________________________________________

Account Name: __________________________________________________________________

Depository Institution (and Branch):

     Name: _____________________________________________________________________

     Street: ___________________________________________________________________

     City, State, Zip: _________________________________________________________

     Rating Agency: _________________________   Rating: ________________________

Please note that the name of the account must follow the guideline
specifications detailed in the applicable agreement.

Prepared by: ___________________________________________________________________

Signature: _____________________________________________________________________

Title: _________________________________________________________________________

Date: ______________________________

Telephone: _________________________   Fax: ______________________________

                                       D-1

                                    EXHIBIT E

                            FORM OF REMITTANCE REPORT

DEAL NAME

INVESTOR #

SUBSERVICER
NAME

DATE:

----------------------------------------------------------------------------------------
 Master                            Scheduled  Scheduled  Scheduled  Scheduled  Scheduled
Servicer  Prospectus  Subservicer  Beginning    Ending      Due     Principal   Interest
 Loan #        #         Loan #     Balance    Balance      Date     Payment    Payment
----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------
TOTAL
----------------------------------------------------------------------------------------

-------------------------------------------------------------------------
  Scheduled                        Net    Service               Curtail/
     P&I      Scheduled   Note  Mortgage    Fee     Curtail/   Prepayment
    Amount   Service Fee  Rate    Rate     Rate    Prepayment     Date
-------------------------------------------------------------------------

-------------------------------------------------------------------------

-------------------------------------------------------------------------

Prepared By: _______________________________

Approved By: _______________________________

                                       E-1

----------------------------------------------------------------------------------------------------

   Prepayment        Other      Actual   Actual Gross  Actual   Actual Net
Interest Excess/   Principal  Principal    Interest    Service   Interest    Late
      Short       Adjustment   Payment      Payment      Fee     Payment    Charges  Assumption Fees
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------
                                                                                       Total Reserve
             Remittance    Date Payment                              Actual Loan Bal      Bal as of
   Default  Amount (Must  received from       Next      *Payment          As of         Prior Month   Maturity
  Interest   Match Wire)    Borrower     Payment Due  Loan Status  Determination Date       End         Date
--------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------

*Payment Loan Status Codes:

Loan Status:   A-payment not received but still in grace period
               B-late payment but less than 1 month delinquent
               0-current
               1-one month delinquent
               2-two months delinquent
               3-three months delinquent
               4-assumed schedule payment
               5-prepaid in full
               6-specially serviced
               7-in foreclosure
               9-REO
               10-DPO
               11-modification

                                       E-2

                                    EXHIBIT F

                           FORM OF BANK RECONCILIATION

(NAME OF SUB SERVICER)
SUB-SERVICER COLLECTION ACCOUNT RECONCILIATION
(DEAL NAME)
FROM MM/DD/YYYY TO AND INCLUDING MM/DD/YYYY                            Account #
BEGINNING BALANCE                                                        $0.00
                                                                         -----
Collections:
DELINQUENT PAYMENT                                                       $0.00
PAYMENTS FOR CURRENT DUE PERIODS                                         $0.00
(Includes net liquidation proceeds & prepayments)                        $0.00
PAYMENTS FOR FUTURE DUE PERIODS                                          $0.00
OTHER:                                                                   $0.00
ESCROW                                                                   $0.00
SUBSERVICER ADVANCES                                                     $0.00
LIQUIDATION PROCEEDS- To be applied to Servicer Advances                 $0.00
DEFAULT INTEREST/LATE PAYMENT CHARGES                                    $0.00
PREPAYMENT PREMIUMS                                                      $0.00
UNAPPLIED FUNDS                                                          $0.00
LOANS IN PROCESS                                                         $0.00
INVESTMENT INCOME-Due to Subservicer                                     $0.00
                                                                         -----
                                                                         $0.00
                                                                         =====
                      TOTAL COLLECTIONS

DISBURSEMENTS:

TRANSFER TO ESCROW                                                       $0.00
TRANSFER TO RESERVE ACCOUNT                                              $0.00
SUBSERVICER FEES                                                         $0.00
MASTER SERVICER REMITTANCE                                               $0.00
PRINCIPAL ADVANCE REIMBURSEMENTS                                         $0.00
INTEREST ADVANCE REIMBURSEMENTS                                          $0.00
SERVICER ADVANCE REIMBURSEMENTS                                          $0.00
ADVANCE INTEREST (Due and collected)                                     $0.00
OTHER SERVICER INCOME                                                    $0.00
INVESTMENT INCOME-Due Subservicer                                        $0.00
                                                                         -----
   TOTAL DISBURSEMENTS                                                   $0.00
                                                                         =====
   ENDING BALANCE                                                        $0.00
   BALANCE PER BANK STATEMENT                                            $0.00
                                                                         -----
   DIFFERENCE                                                            $0.00
                                                                         =====
EXPLANATION OF DIFFERENCE:

REPORT SHOULD BE SUPPORTED BY COPY OF BANK STATEMENT

                                      F-1

                              (SUB SERVICER'S NAME)

BANK ACCOUNT #
INVESTOR (S) #
ACCOUNT TYPE         T&I
RECONCILIATION AS OF (DATE)

     DATE                        DESCRIPTION                             BALANCE
--------------   --------------------------------------------            -------
    (DATE)       BALANCE PER BANK STATEMENT                                0.00
                 DEPOSITS IN TRANSIT                                       0.00
                 WITHDRAWALS IN TRANSIT                                    0.00
                 MANUAL ACH IN TRANSIT                                     0.00

                 OTHER CASH ADJUSTMENTS
                 (list other cash adjustments, if applicable)              0.00

                                                                           ----
    (DATE)       ADJUSTED BANK BALANCE                                     0.00
                                                                           ====

    (DATE)       ESCROW BALANCE PER TRIAL BALANCE RPT                      0.00

                 ADJUSTMENTS
                 (list adjustments, if applicable)                         0.00

                                                                           ----
    (DATE)       ADJUSTED ESCROW BALANCE                                   0.00
                                                                           ====

PREPARED BY    _______________________           REVIEWED BY  __________________

DATE COMPLETED _______________________          DATE REVIEWED __________________

     * REPORT SHOULD BE SUPPORTED BY COPY OF BANK STATEMENT & TRIAL BALANCE

                                      F-2

                              (SUB SERVICER'S NAME)

BANK ACCOUNT #
INVESTOR (S) #
ACCOUNT TYPE         RESERVE
RECONCILIATION AS OF (DATE)

     DATE                        DESCRIPTION                             BALANCE
--------------   --------------------------------------------            -------
    (DATE)       BALANCE PER BANK STATEMENT                                0.00
                 DEPOSITS IN TRANSIT                                       0.00
                 WITHDRAWALS IN TRANSIT                                    0.00
                 MANUAL ACH IN TRANSIT                                     0.00

                 OTHER CASH ADJUSTMENTS
                 (list other cash adjustments, if applicable)              0.00

                                                                           ----
    (DATE)       ADJUSTED BANK BALANCE                                     0.00
                                                                           ====

    (DATE)       ESCROW BALANCE PER TRIAL BALANCE RPT                      0.00

                 ADJUSTMENTS
                 (list adjustments, if applicable)                         0.00

                                                                           ----
    (DATE)       ADJUSTED ESCROW BALANCE                                   0.00
                                                                           ====

PREPARED BY    _______________________           REVIEWED BY  __________________

DATE COMPLETED _______________________          DATE REVIEWED __________________

     * REPORT SHOULD BE SUPPORTED BY COPY OF BANK STATEMENT & TRIAL BALANCE

                                      F-3

                                    EXHIBIT G

                                TASK DESCRIPTION

                   MASTER SERVICER/PRIMARY SERVICER TASK LIST
          COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2006-C1

NOTE: SOME LISTED TASKS DESIGNATE MORE THAN ONE PARTY TO PERFORM THAT FUNCTION
     BY PLACING AN "X" IN MORE THAN ONE COLUMN. IN THESE INSTANCES, THE PARTIES
     SHALL FOLLOW ANY SPECIFIC GUIDANCE ABOUT THE ALLOCATION OF RESPONSIBILITIES
     IN COMPLETING THE TASK FOUND IN THE TERMS OF THIS AGREEMENT. IN THE ABSENCE
     OF SPECIFIC ALLOCATION OF OBLIGATIONS IN THIS AGREEMENT, THE PARTIES SHALL
     WORK IN GOOD FAITH TO ALLOCATE RESPONSIBILITIES IN A FAIR AND EQUITABLE
     MANNER IN ACCORDANCE WITH THIS AGREEMENT AND THE POOLING AND SERVICING
     AGREEMENT.

-------------------------------------------------------------------------------------------------------
                                                                MASTER     PRIMARY    SPECIAL   TRUSTEE
                                                               SERVICER   SERVICER   SERVICER
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
1.   Mortgage Loan Files
-------------------------------------------------------------------------------------------------------
     Original collateral file (security)                                                           X
-------------------------------------------------------------------------------------------------------
     Authorized parties list for request for release of            X          X
     collateral from Trustee
-------------------------------------------------------------------------------------------------------
     Establish servicing files criteria                            X
-------------------------------------------------------------------------------------------------------
     Establish and maintain servicing files                                   X
-------------------------------------------------------------------------------------------------------
     Provide access to servicing files and copies of                          X
     servicing files or of specific documents upon request
     to the Master Servicer
-------------------------------------------------------------------------------------------------------
     Request delivery of files from Trustee upon request and       X
     certification of Primary Servicer
-------------------------------------------------------------------------------------------------------
2.   Property Taxes
-------------------------------------------------------------------------------------------------------
     Monitoring of tax status - Mortgage Loans with/without                   X
     escrows
-------------------------------------------------------------------------------------------------------
     Recommendation of payment of taxes - Mortgage Loans                      X
     with/without escrows
-------------------------------------------------------------------------------------------------------
     Notification of advance requirement not less than 3                      X
     business days prior to advance being required
-------------------------------------------------------------------------------------------------------
     Payment of taxes - with sufficient escrows                               X
-------------------------------------------------------------------------------------------------------
     Payment of taxes - with escrow shortfall                      X
-------------------------------------------------------------------------------------------------------
3.   Property Insurance
-------------------------------------------------------------------------------------------------------
     Monitoring of insurance status - Loans with/without                      X
     escrows
-------------------------------------------------------------------------------------------------------
     Ensure insurance carrier meets Pooling and Servicing                     X
     Agreement qualifications
-------------------------------------------------------------------------------------------------------
     Ensure insurance in favor of the Master Servicer on                      X
     behalf of the Trustee
-------------------------------------------------------------------------------------------------------
     Recommendation of payment or force placement of                          X
     insurance with/without escrow
-------------------------------------------------------------------------------------------------------

                             G-1

-------------------------------------------------------------------------------------------------------
                                                                MASTER     PRIMARY    SPECIAL
                                                               SERVICER   SERVICER   SERVICER   TRUSTEE
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
     Notification of advance requirement or force placement                   X
     of insurance not less than 3 business days prior to
     advance being required
-------------------------------------------------------------------------------------------------------
     Payment of insurance - with sufficient escrows                           X
-------------------------------------------------------------------------------------------------------
     Payment of insurance or force placement - with escrow         X
     shortfall
-------------------------------------------------------------------------------------------------------
     Manage processing of insurance claims in accordance                      X
     with Mortgage Loan documents and the Pooling and
     Servicing Agreement
-------------------------------------------------------------------------------------------------------
     Collection of insurance proceeds                                         X
-------------------------------------------------------------------------------------------------------
     Consent to application of insurance proceeds (except          X
     where the lender does not have any discretion in such
     application)
-------------------------------------------------------------------------------------------------------
4.   UCC Continuation Filings
-------------------------------------------------------------------------------------------------------
     Maintain and monitory tickler system of the refiling                     X
     dates on all Loans
-------------------------------------------------------------------------------------------------------
     File UCC Continuation Statements                                         X
-------------------------------------------------------------------------------------------------------
     Pay recording fees                                                       X
-------------------------------------------------------------------------------------------------------
5.   Collection/Deposit/Remittance of P&I payments and
     Principal Prepayments
-------------------------------------------------------------------------------------------------------
     Collection and deposit of loan P&I payments and                          X
     Principal Prepayments
-------------------------------------------------------------------------------------------------------
     Remittance of available Primary Servicer P&I payments                    X
     (net of Subservicing Fee) to Master Servicer
-------------------------------------------------------------------------------------------------------
     Remittance of collections to the Trustee                      X
-------------------------------------------------------------------------------------------------------
     Remittance of Special Servicer compensation to the            X
     Special Servicer
-------------------------------------------------------------------------------------------------------
     Approval of Prepayment Premiums                               X
-------------------------------------------------------------------------------------------------------
6.   Collection/Deposit/Disbursement of Reserves
-------------------------------------------------------------------------------------------------------
     Collection and deposit of reserves                                       X
-------------------------------------------------------------------------------------------------------
     Disbursement of reserves                                                 X
-------------------------------------------------------------------------------------------------------
     Provide monthly reconciliation of individual and                         X
     commingled reserves detailing all disbursements
-------------------------------------------------------------------------------------------------------
7.   Customer Billing, Collection and Customer Service
-------------------------------------------------------------------------------------------------------
     Contact delinquent Mortgagors by phone not more than 3                   X
     days after date of delinquency
-------------------------------------------------------------------------------------------------------
     Send 30 day delinquent notices                                           X
-------------------------------------------------------------------------------------------------------
     Send notice of balloon payment to each Mortgagor one                     X
     year, 180 days and 90 days prior to the related
     maturity date
-------------------------------------------------------------------------------------------------------
     Provide copy of balloon payment notice to Master                         X
     Servicer
-------------------------------------------------------------------------------------------------------
8.   Escrows
-------------------------------------------------------------------------------------------------------

                             G-2

-------------------------------------------------------------------------------------------------------
                                                                MASTER     PRIMARY    SPECIAL   TRUSTEE
                                                               SERVICER   SERVICER   SERVICER
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
     Setup and monitor Escrow Accounts including escrow                       X
     analysis
-------------------------------------------------------------------------------------------------------
     Pay Mortgagor investment income as required under                        X
     mortgage loan documents or applicable law
-------------------------------------------------------------------------------------------------------
     Provide monthly reconciliation of individual and                         X
     commingled escrow accounts detailing all disbursements
-------------------------------------------------------------------------------------------------------
     Prepare annual escrow analysis                                           X
-------------------------------------------------------------------------------------------------------
9.   Loan payment history/calculation
-------------------------------------------------------------------------------------------------------
     Maintain loan payment history                                            X
-------------------------------------------------------------------------------------------------------
     Create payoff/reinstatement statements and telecopy to                   X
     Master Servicer
-------------------------------------------------------------------------------------------------------
     Approve payoff calculations and telecopy approval to          X
     Primary Servicer within five (5) Business Days
-------------------------------------------------------------------------------------------------------
10.  Monitoring of Financial and Legal Covenants
-------------------------------------------------------------------------------------------------------
     Collect annual operating statements, budgets, rent                       X
     rolls and Mortgagor financial statements, as applicable
-------------------------------------------------------------------------------------------------------
     No later than three Business Days prior to each                          X
     Distribution Date (except for the first two
     Distribution Dates, deliver to the Master Servicer a
     CMSA Comparative Financial Status Report (in each case
     in the form and containing the information called for
     by the version of such report in effect at the time
     under the reporting standards of the CMSA) for each
     Mortgage Loan or related Mortgaged Property as of the
     Determination Date immediately preceding the
     preparation of such report for each of the following
     three periods: (a) the most current available
     year-to-date; (b) each of the previous two full fiscal
     years stated separately (to the extent such information
     is in the Master Servicer's possession); and (c) the
     "base year" (representing the original analysis of
     information used as of the Cut-Off Date)
-------------------------------------------------------------------------------------------------------
     For each Mortgaged Property, within 25 days after                        X
     receipt by Primary Servicer of a quarterly operating
     statement, if any, commencing with the calendar quarter
     ended December 31, 2005, deliver to the Master Servicer
     one (1) copy of completed annual operating statement
     analysis using the CMSA Operating Statement Analysis
     Report (in each case in the form and containing the
     information called for by the version of such report in
     effect at the time under the reporting standards of the
     CMSA) (in electronic format) as of the end of such
     calendar quarter.
-------------------------------------------------------------------------------------------------------

                             G-3

-------------------------------------------------------------------------------------------------------
                                                                MASTER     PRIMARY    SPECIAL   TRUSTEE
                                                               SERVICER   SERVICER   SERVICER
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
     For each Mortgaged Property, within 25 days after                        X
     receipt by Primary Servicer of an annual operating
     statement, deliver to the Master Servicer a CMSA NOI
     Adjustment Worksheet (but only to the extent the
     related Mortgagor is required by the Mortgage to
     deliver and does deliver, or otherwise agrees to
     provide and does provide, such information) (in each
     case in the form and containing the information called
     for by the version of such report in effect at the time
     under the reporting standards of the CMSA) for the
     related Mortgage Loan (in electronic format),
     presenting the computation to "normalize" the full year
     net operating income and debt service coverage numbers
     used by the Master Servicer in preparing the CMSA
     Comparative Financial Status Report.
-------------------------------------------------------------------------------------------------------
     Deliver to the Master Servicer copies of any annual,                     X
     monthly or quarterly financial statements and rent
     rolls collected with respect to the Mortgaged
     Properties, in each case within 30 days following
     receipt thereof by the Primary Servicer. As and to the
     extent requested by Master Servicer following request
     therefor received by Special Servicer, make inquiry of
     any Mortgagor with respect to such information or as
     regards the performance of the related Mortgaged
     Property in general.
-------------------------------------------------------------------------------------------------------
11.  Advancing
-------------------------------------------------------------------------------------------------------
     Determination of Non-Recoverability                           X
-------------------------------------------------------------------------------------------------------
12.  Reporting (Electronic mail)
-------------------------------------------------------------------------------------------------------
     Prepare and deliver to the Master Servicer the Day One                   X
     Report (in the form of and setting the information
     called for by Exhibit C) on the first business day of
     each month
-------------------------------------------------------------------------------------------------------
     Prepare and deliver to the Master Servicer a monthly                     X
     Remittance Report (in the form of and setting the
     information called for by Exhibit E) for payments
     received on Mortgage Loans on each day that funds are
     required to be wired to the Master Servicer under
     Section 3.04 of this Agreement
-------------------------------------------------------------------------------------------------------
     With respect to all modifications, waivers, consents or                  X
     amendments that have been proposed, prepare and deliver
     to the Master Servicer a Monthly Report on Pending
     Special Requests in a form reasonably acceptable to the
     Master Servicer on the first business day of each month
-------------------------------------------------------------------------------------------------------
     Prepare and deliver to the Master Servicer a CMSA                        X
     Delinquent Loan Status Report (in the form and
     containing the information called for by the version of
     such report in effect at the time under the reporting
     standards of the CMSA) on all Mortgage Loans on the
     Primary Servicer Remittance Date occurring in each
     month reflecting information as of the close of
     business on the Determination Date occurring in such
     month
-------------------------------------------------------------------------------------------------------

                             G-4

-------------------------------------------------------------------------------------------------------
                                                                MASTER     PRIMARY    SPECIAL
                                                               SERVICER   SERVICER   SERVICER   TRUSTEE
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
     Report of payment/account status (trial
     balance/transaction detail) within 30 days of the                        X
     Primary Servicer Remittance Date occurring in each
     month; report to be as of the close of business on
     applicable Distribution Date
-------------------------------------------------------------------------------------------------------
     Cash account reconciliations - Deliver copies of                         X
     monthly bank statements for all deposit, escrow and
     reserve accounts
-------------------------------------------------------------------------------------------------------
     Prepare Loan Status Reports (in a form reasonably                        X
     acceptable to the Master Servicer) in each January,
     April, July and October of each year; deliver same to
     Master Servicer not later than the Primary Servicer
     Remittance Date
-------------------------------------------------------------------------------------------------------
     Complete and deliver CMSA Loan Setup File (in the form       X                     X
     and containing the information called for by the
     version of such report in effect at the time under the
     reporting standards of the CMS) for Mortgage Loans in
     accordance with Pooling and Servicing Agreement
-------------------------------------------------------------------------------------------------------
     Complete CMSA Loan Periodic Update File (in the form                     X
     and containing the information called for by the
     version of such report in effect at the time under the
     reporting standards of the CMSA) for Mortgage Loans
     reflecting information as of the close of business on
     the Determination Date in each month; deliver same to
     Master Servicer not later than the Primary Servicer
     Remittance Date occurring in such month; such report to
     be in addition to the Day One Report
-------------------------------------------------------------------------------------------------------
     Complete CMSA Property File (in the form and containing                  X
     the information called for by the version of such
     report in effect at the time under the reporting
     standards of the CMSA) for Mortgage Loans reflecting
     information as of the close of business on the
     Determination Date in each month; deliver same to
     Master Servicer not later than the Primary Servicer
     Remittance Date occurring in such month
-------------------------------------------------------------------------------------------------------
     Complete CMSA Loan Level Reserve/LOC Report (in the                      X
     form and containing the information called for by the
     version of such report in effect at the time under the
     reporting standards of the CMSA) for Mortgage Loans
     reflecting information as of the close of business on
     the Determination Date in each month; deliver same to
     Master Servicer not later than the Primary Servicer
     Remittance Date occurring in such month
-------------------------------------------------------------------------------------------------------
     Complete CMSA Servicer Watch List (in the form and                       X
     containing the information called for by the version of
     such report in effect at the time under the reporting
     standards of the CMSA) for Mortgage Loans reflecting
     information (including the information required under
     the Pooling and Servicing Agreement) as of the close of
     business on the Determination Date in each month;
     deliver same to Master Servicer not later than the
     Primary Servicer Remittance Date occurring in such
     month
-------------------------------------------------------------------------------------------------------

                                       G-5

-------------------------------------------------------------------------------------------------------
                                                                MASTER     PRIMARY    SPECIAL
                                                               SERVICER   SERVICER   SERVICER   TRUSTEE
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
     Complete all other CMSA reports (in the form and                         X
     containing the information called for by the version of
     each such report in effect at the time under the
     reporting standards of the CMSA), other than the CMSA
     Historical Loan Modification and Corrected Mortgage
     Loan Report, the CMSA Historical Liquidation Report and
     the CMSA REO Status Report, required to be provided by
     the Master Servicer under Section 4.02(b) of the
     Pooling and Servicing Agreement, reflecting information
     as of the close of business on the Determination Date
     in each month; deliver same to Master Servicer not
     later than the Primary Servicer Remittance Date
     occurring in such month
-------------------------------------------------------------------------------------------------------
13.  Property Annual Inspections
-------------------------------------------------------------------------------------------------------
     Conduct site inspection in accordance with requirement                   X
     of Section 3.12 of the Pooling and Servicing Agreement
-------------------------------------------------------------------------------------------------------
     Provide one copy of inspection reports (in a form                        X
     reasonably acceptable to the Master Servicer to the
     Master Servicer within 30 days of inspection
-------------------------------------------------------------------------------------------------------
14.  Preparation of servicing transfer letters                                X
-------------------------------------------------------------------------------------------------------
15.  Preparation of IRS Reporting (1098s and 1099s or other                   X
     tax reporting requirements) and delivery of copies to
     the Master Servicer by January 31st of each year
-------------------------------------------------------------------------------------------------------
16.  Provide Annual Officer's Certificate as to compliance                    X
     to Master Servicer in accordance with Sections 3.17,
     3.19 and 3.20 of this Agreement
-------------------------------------------------------------------------------------------------------
17.  Provide Annual Independent Accountant's Attestation to                   X
     Master Servicer in accordance with Section 3.21 of this
     Agreement
-------------------------------------------------------------------------------------------------------
18.  Compensation
-------------------------------------------------------------------------------------------------------
     Subservicing Fee                                                         X
-------------------------------------------------------------------------------------------------------
     Investment earnings on Primary Servicer Account, to the                  X
     extent provided in Section 3.06 of this Agreement
-------------------------------------------------------------------------------------------------------
     Investment earnings on escrow or reserve accounts not                    X
     payable to Mortgagor
-------------------------------------------------------------------------------------------------------
     Compensation specific on Exhibit H in connection with                    X
     modifications, waivers, consents or amendments.
-------------------------------------------------------------------------------------------------------
     Late charges and default interest to the extent               X
     collected from Mortgagors (offsets advance interest per
     Pooling and Servicing Agreement with remainder to
     Master Servicer)
-------------------------------------------------------------------------------------------------------

                                       G-6

                                    EXHIBIT H

                 CONSENT PROCEDURES AND ADDITIONAL COMPENSATION

     1. With respect to each proposed modification, waiver, consent or amendment
under any Mortgage Loan that is immaterial, the Primary Servicer shall obtain
the relevant information from the related Mortgagor, analyze the transaction
and, if the Primary Servicer (acting in a manner that is consistent with the
Servicing Standard) determines to enter into the transaction, the Primary
Servicer shall execute and deliver the relevant agreement or other instrument
and otherwise consummate the transaction. In connection with such immaterial
matter, the Primary Servicer shall be entitled to 100% of any consent or similar
fee actually collected and otherwise payable to the Master Servicer under the
Pooling and Servicing Agreement.

     2. With respect to each proposed modification, waiver, consent or amendment
under any Mortgage Loan that is material, the Primary Servicer (acting in a
manner that is consistent with the Servicing Standard) shall obtain the relevant
information from the related Mortgagor, analyze the request and, unless the
Primary Servicer determines to disapprove the transaction, deliver to the Master
Servicer a recommendation with an analysis and supporting documentation
information (in such form as may be prescribed in the Pooling and Servicing
Agreement or by the Master Servicer); the Master Servicer shall determine
whether or not to approve any transaction for which the Primary Servicer has
recommended approval and shall be responsible for submitting a recommendation to
any Person entitled to approve or review the matter under the Pooling and
Servicing Agreement; and, if the Master Servicer approves the transaction, it
shall notify the Primary Servicer and the Primary Servicer shall execute and
deliver the relevant agreement or other instrument and otherwise consummate the
transaction. In connection with such material matter, the Primary Servicer shall
be entitled to 50% of any consent or similar fee actually collected (and the
Master Servicer shall be entitled to the remaining portion (if any) of such
consent or similar fee, except to the extent that such remaining portion is
payable to a third party under the terms of the Pooling and Servicing
Agreement). The Primary Servicer shall have sole discretion to disapprove a
modification, waiver, consent or amendment that is material.

     3. All matters listed below as Material Decisions are hereby deemed to be
material. All matters listed below as Immaterial Decisions are hereby deemed to
be immaterial. With respect to any matter that is not listed as a Material
Decision or an Immaterial Decision, the Primary Servicer shall notify the Master
Servicer of a preliminary determination of whether the matter is material or
immaterial, the Master Servicer shall have five Business Days to disagree with
such determination. Unless the Master Servicer disagrees, the matter shall be
considered material or immaterial according to the preliminary determination. If
the Master Servicer disagrees, the matter shall be considered material or
immaterial according to the Master Servicer's determination.

     4. The Primary Servicer shall alone make any determination to grant or
withhold approval of any defeasance of the Mortgage Loan in whole or in part,
shall process the defeasance and shall be entitled to the entirety of any fees
payable by the Mortgagor in connection with such a defeasance.

     5. Notwithstanding Item 1, Item 2 and Item 3 above, with respect to each
proposed modification, waiver, consent or amendment under any Mortgage Loan as
to which the Special Servicer under the Pooling and Servicing Agreement is
entitled to make a determination to approve or disapprove (and/or to make a
recommendation to another Person) following receipt of a recommendation from the
Master Servicer, then, for so long as an affiliate of the Primary Servicer
constitutes the Special Servicer under the Pooling and Servicing Agreement, the
Primary Servicer shall obtain the relevant information from the related
Mortgagor, analyze the request and, unless the Primary Servicer determines to
disapprove the transaction, deliver to the Special Servicer and any other Person
that is entitled to review the matter under the Pooling and Servicing Agreement,
a recommendation with an analysis and supporting documentation information (in
such form as may be prescribed in the Pooling and Servicing Agreement or by the
Special Servicer or such other Person), the Master Servicer shall not have any
right or duty to determine whether or not to approve any such transaction (or to
engage in any analysis for such purpose) and, if the Special Servicer and each
other such Person approves the transaction and the transaction otherwise
complies with the terms and limitations set forth in the Pooling and Servicing
Agreement, the Primary Servicer shall execute and deliver the relevant agreement
or other instrument, otherwise consummate the transaction and deliver to the
Master Servicer a copy of the closing documents, the recommendation write-up,
and any other information

                                       H-1

relating to the transaction or approval requested by the Master Servicer
promptly thereafter and the Primary Servicer shall be entitled to 100% of any
consent or similar fee actually collected and otherwise payable to the Master
Servicer under the Pooling and Servicing Agreement. With respect to each
proposed modification, waiver, consent or amendment under any Mortgage Loan for
which the Pooling and Servicing Agreement does not grant action or
recommendation authority to the Master Servicer, the Primary Servicer shall
promptly forward any information that it receives directly to the appropriate
Persons entitled thereto under the Pooling and Servicing Agreement and also
shall not have action or recommendation authority under this Agreement.

     6. For purposes of the foregoing, for material decisions, if the fee
chargeable to the Mortgagor in connection with any proposed modification,
waiver, consent or amendment is not prescribed in the mortgage loan documents,
the Master Servicer shall have the right to consent to the amount of the fee to
be charged.

     7. The Primary Servicer shall provide to the Master Servicer, quarterly on
the Primary Servicer Remittance Date in January, April, July and October of each
year, a report in a form reasonably acceptable to the Master Servicer setting
forth the information called for by such form with respect to (i) all immaterial
decisions that are pending but have not yet been consummated, and all decisions
that are pending but have not yet been consummated under Item 5 above, (ii) all
immaterial decisions, and all decisions under Item 5, that have been consummated
since the prior such report, (iii) all material matters that were disapproved by
the Primary Servicer and (iv) all material matters approved by the Primary
Servicer.

Each of the following Items 1 through 10 shall constitute a "Material Decision"
for purposes of this Agreement:

1. any modification, waiver, consent or amendment under any Mortgage Loan
requiring the consent or approval of the Special Servicer or other Person under
the Pooling and Servicing Agreement;

2. consent or approval of any waiver of any due-on-sale provision or of any
assignment and assumption of the Mortgaged Property;

3. consent or approval of any assignment of direct or indirect ownership
interests in the Mortgaged Property or in the Mortgagor not expressly permitted
in the mortgage loan documents;

4. consent or approval of any waiver of a due-on-encumbrance provision or of the
entering into any additional indebtedness by the Mortgagor;

5. any determination of whether or not to release any condemnation proceeds or
proceeds of any casualty insurance policy to the mortgagor or another Person;

6. waiver of any default interest or late payment charge under the Mortgage
Loan;

7. approval of any provisions regarding the establishment, maintenance or
termination of any reserve fund, escrow account, letter of credit or other
additional collateral;

8. approval of any draw on or release of any letter of credit or other
additional collateral under the Mortgage Loan; and

9. any approval of a new, modified, terminated or amended lease for more than
20% of the net rentable area of the property or 10,000 square feet (whichever is
less);

Each of the following Items 1 through 4 shall constitute an "Immaterial
Decision" for purposes of this Agreement (provided that such action (x) would
not in any way affect a payment term of the Certificates, (y) would not
constitute a "significant modification" of the applicable Mortgage Loan pursuant
to Treasury Regulations Section 1.860G-2(b) and would not otherwise (i) endanger
the status of any portion of the Trust Fund for which a REMIC election has been
made as a REMIC or (ii) result in the imposition of a tax of any nature upon all
or any portion of the Trust Fund and (z) agreeing to such modification, waiver
or amendment would be consistent with the Servicing Standard):

1. waiver of the timing of receipt of financial statements from a Mortgagor;

2. any release of a non-material parcel or other portion of the Mortgaged
Property if the release is expressly permitted under the Mortgage Loan
documents;

3. a waiver of a minor covenant default such as fulfillment of notice
requirements where the Mortgagor complied with the substance of an obligation
and a lender expense was not incurred or advanced (but this shall not be
construed to permit a waiver of financial covenants);

                                       H-2

4. the approval of the annual budget for the operation of the Mortgaged
Property; and

5. any approval of a new, modified, terminated or amended lease for less than or
equal to 20% of the net rentable area of the property or 10,000 square feet
(whichever is less).

                                       H-3exv10w1

 

EXECUTION COPY

Exhibit 10.1

 

CREDIT AGREEMENT

among

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.,

STARWOOD HOTELS & RESORTS,

CERTAIN ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS,

CERTAIN ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,

VARIOUS LENDERS,

DEUTSCHE BANK AG NEW YORK BRANCH,

as ADMINISTRATIVE AGENT,

JPMORGAN CHASE BANK, N.A. and SOCIETE GENERALE,

as SYNDICATION AGENTS,

BANK OF AMERICA, N.A. and CALYON NEW YORK BRANCH,

 as DOCUMENTATION AGENTS,

DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC.

 and BANC OF AMERICA SECURITIES LLC, 

as LEAD ARRANGERS and BOOK RUNNING MANAGERS,

THE BANK OF NOVA SCOTIA, CITICORP NORTH AMERICA, INC.

and THE ROYAL BANK OF SCOTLAND PLC,

 as SENIOR MANAGING AGENTS,

and

MIZUHO CORPORATE BANK, LTD.,

 as MANAGING AGENT

 

					
	 
	 	 

	 	 
	 
	 	Dated as of February 10, 2006	 	 
	 	 	 	 	 
	 
	 	 

	 	 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	SECTION 1. AMOUNT AND TERMS OF CREDIT
	 	 	1	 
	 
	 	 	 	 
	1.01 The Commitments
	 	 	1	 
	1.02 Minimum Amount of Each Borrowing
	 	 	4	 
	1.03 Notice of Borrowing
	 	 	5	 
	1.04 Competitive Bid Borrowings
	 	 	6	 
	1.05 Disbursement of Funds
	 	 	8	 
	1.06 Notes
	 	 	9	 
	1.07 Conversions
	 	 	15	 
	1.08 Pro Rata Borrowings
	 	 	16	 
	1.09 Interest
	 	 	16	 
	1.10 Interest Periods
	 	 	19	 
	1.11 Increased Costs, Illegality, etc.
	 	 	20	 
	1.12 Compensation
	 	 	23	 
	1.13 Lending Offices; Changes Thereto
	 	 	23	 
	1.14 Replacement of Lenders
	 	 	24	 
	1.15 Bankers’ Acceptance Provisions
	 	 	25	 
	1.16 European Monetary Union
	 	 	26	 
	1.17 Special Provisions Regarding RL Lenders, Alternate Currency Revolving
Loans and Alternate Currency Letters of Credit 
	 	 	26	 
	1.18 Special Provisions Applicable to the Total Canadian Dollar Revolving
Loan Sub-Commitment
	 	 	29	 
	1.19 Incremental Revolving Loan Commitments
	 	 	31	 
	 
	 	 	 	 
	SECTION 2. LETTERS OF CREDIT
	 	 	34	 
	 
	 	 	 	 
	2.01 Letters of Credit
	 	 	34	 
	2.02 Maximum Letter of Credit Outstandings; Final Maturities; etc.
	 	 	36	 
	2.03 Letter of Credit Requests; Notices of Issuance
	 	 	37	 
	2.04 Letter of Credit Participations
	 	 	37	 
	2.05 Agreement to Repay Letter of Credit Drawings
	 	 	40	 
	2.06 Increased Costs
	 	 	42	 
	 
	 	 	 	 
	SECTION 3. FEES; REDUCTIONS OF COMMITMENT
	 	 	43	 
	 
	 	 	 	 
	3.01 Fees
	 	 	43	 
	3.02 Voluntary Termination or Reduction of Total Unutilized Revolving Loan
Commitment
	 	 	44	 
	3.03 Mandatory Reduction of Commitments
	 	 	45	 
	 
	 	 	 	 
	SECTION 4. PREPAYMENTS; PAYMENTS; TAXES
	 	 	45	 
	 
	 	 	 	 
	4.01 Voluntary Prepayments
	 	 	45	 
	4.02 Mandatory Repayments and Commitment Reductions
	 	 	46	 
	4.03 Method and Place of Payment
	 	 	49	 

(i)

 

	 	 	 	 	 
	 	 	Page	 
	4.04 Net Payments
	 	 	50	 
	 
	 	 	 	 
	SECTION 5. CONDITIONS PRECEDENT TO INITIAL CREDIT EVENTS
	 	 	52	 
	 
	 	 	 	 
	5.01 Execution of Agreement; Notes
	 	 	52	 
	5.02 Opinions of Counsel
	 	 	52	 
	5.03 Corporate Documents; Proceedings; etc.
	 	 	53	 
	5.04 Fees, etc.
	 	 	53	 
	5.05 Refinancing; etc.
	 	 	53	 
	5.06 Outstanding Indebtedness and Preferred Stock; Subordination Agreement
	 	 	53	 
	5.07 Adverse Change, etc.
	 	 	54	 
	5.08 Litigation
	 	 	54	 
	5.09 Sheraton Guaranty
	 	 	54	 
	5.10 Projections; Solvency Certificate
	 	 	54	 
	 
	 	 	 	 
	SECTION 6. CONDITIONS PRECEDENT TO ALL CREDIT EVENTS
	 	 	55	 
	 
	 	 	 	 
	6.01 No Default; Representations and Warranties
	 	 	55	 
	6.02 Requirements of Law
	 	 	55	 
	6.03 Notice of Borrowing; Competitive Bid Loans; Letter of Credit Request
	 	 	55	 
	6.04 Election to Become an Alternate Currency Revolving Loan Borrower
	 	 	56	 
	6.05 Election to Become a Dollar Revolving Loan Borrower
	 	 	56	 
	 
	 	 	 	 
	SECTION 7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS
	 	 	57	 
	 
	 	 	 	 
	7.01 Existence; Compliance with Law
	 	 	57	 
	7.02 Power; Authorization; Enforceable Obligations
	 	 	58	 
	7.03 Financial Statements; Financial Condition; Undisclosed Liabilities;
Projections; etc.
	 	 	58	 
	7.04 Litigation
	 	 	60	 
	7.05 True and Complete Disclosure
	 	 	60	 
	7.06 Use of Proceeds
	 	 	60	 
	7.07 Taxes
	 	 	61	 
	7.08 Compliance with ERISA
	 	 	61	 
	7.09 Property
	 	 	63	 
	7.10 Status as a REIT
	 	 	63	 
	7.11 Compliance with Statutes, etc.
	 	 	63	 
	7.12 Investment Company Act
	 	 	63	 
	7.13 Public Utility Holding Company Act
	 	 	63	 
	7.14 Environmental Matters
	 	 	63	 
	7.15 Labor Relations
	 	 	64	 
	7.16 Intellectual Property, Licenses, Franchises and Formulas
	 	 	64	 
	7.17 Scheduled Existing Indebtedness, etc.
	 	 	64	 
	 
	 	 	 	 
	SECTION 8. AFFIRMATIVE COVENANTS
	 	 	65	 
	 
	 	 	 	 
	8.01 Information Covenants
	 	 	65	 
	8.02 Books, Records and Inspections
	 	 	67	 
	8.03 Maintenance of Insurance
	 	 	67	 

(ii)

 

	 	 	 	 	 
	 	 	Page	 
	8.04 Corporate Franchises
	 	 	68	 
	8.05 Compliance with Statutes, etc.
	 	 	68	 
	8.06 ERISA
	 	 	68	 
	8.07 End of Fiscal Years; Fiscal Quarters
	 	 	69	 
	8.08 Performance of Obligations
	 	 	70	 
	8.09 Maintenance of Properties
	 	 	70	 
	8.10 REIT Requirements
	 	 	70	 
	8.11 Payment of Taxes
	 	 	70	 
	8.12 Ownership of Certain Subsidiaries
	 	 	70	 
	8.13 Assigned Starwood Note; etc.
	 	 	70	 
	 
	 	 	 	 
	SECTION 9. NEGATIVE COVENANTS
	 	 	71	 
	 
	 	 	 	 
	9.01 Liens
	 	 	71	 
	9.02 Consolidation, Merger, Sale of Assets, Lease Obligations, etc.
	 	 	73	 
	9.03 Restricted Payments
	 	 	74	 
	9.04 Consolidated Interest Coverage Ratio
	 	 	75	 
	9.05 Maximum Consolidated Leverage Ratio
	 	 	75	 
	9.06 Business
	 	 	75	 
	9.07 Restriction on Incurrence of Intercompany Debt, etc.
	 	 	75	 
	9.08 Transaction with Affiliates.
	 	 	76	 
	 
	 	 	 	 
	SECTION 10. EVENTS OF DEFAULT
	 	 	76	 
	 
	 	 	 	 
	10.01 Payments
	 	 	76	 
	10.02 Representations, etc.
	 	 	76	 
	10.03 Covenants
	 	 	76	 
	10.04 Default Under Other Agreements
	 	 	76	 
	10.05 Bankruptcy, etc.
	 	 	77	 
	10.06 ERISA
	 	 	77	 
	10.07 Guaranties
	 	 	78	 
	10.08 Judgments
	 	 	78	 
	10.09 Change of Control
	 	 	78	 
	10.10 REIT Status
	 	 	78	 
	10.11 Subordination Agreement
	 	 	78	 
	 
	 	 	 	 
	SECTION 11. DEFINITIONS AND ACCOUNTING TERMS
	 	 	79	 
	 
	 	 	 	 
	11.01 Defined Terms
	 	 	79	 
	 
	 	 	 	 
	SECTION 12. THE AGENTS
	 	 	125	 
	 
	 	 	 	 
	12.01 Appointment
	 	 	125	 
	12.02 Nature of Duties
	 	 	125	 
	12.03 Lack of Reliance on the Agents
	 	 	125	 
	12.04 Certain Rights of the Agents
	 	 	126	 
	12.05 Reliance
	 	 	126	 
	12.06 Indemnification
	 	 	126	 
	12.07 Each Agent in its Individual Capacity
	 	 	127	 

(iii)

 

	 	 	 	 	 
	 	 	Page	 
	12.08 Holders
	 	 	127	 
	12.09 Resignation by, or Removal of, the Agents
	 	 	127	 
	 
	 	 	 	 
	SECTION 13. MISCELLANEOUS
	 	 	128	 
	 
	 	 	 	 
	13.01 Payment of Expenses, etc.
	 	 	128	 
	13.02 Right of Setoff
	 	 	129	 
	13.03 Notices
	 	 	130	 
	13.04 Benefit of Agreement; Assignments; Participations
	 	 	130	 
	13.05 No Waiver; Remedies Cumulative
	 	 	133	 
	13.06 Payments Pro Rata
	 	 	133	 
	13.07 Calculations; Computations
	 	 	134	 
	13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF
JURY TRIAL
	 	 	134	 
	13.09 Counterparts
	 	 	135	 
	13.10 Effectiveness
	 	 	135	 
	13.11 Headings Descriptive
	 	 	136	 
	13.12 Amendment or Waiver; etc.
	 	 	136	 
	13.13 Survival
	 	 	140	 
	13.14 Domicile of Loans
	 	 	140	 
	13.15 Register
	 	 	140	 
	13.16 Judgment Currency
	 	 	141	 
	13.17 Confidentiality
	 	 	142	 
	13.18 Patriot Act
	 	 	142	 
	13.19 Post-Closing Matters
	 	 	143	 
	 
	 	 	 	 
	SECTION 14. DRL BORROWER GUARANTY
	 	 	143	 
	 
	 	 	 	 
	14.01 The Guaranty
	 	 	143	 
	14.02 Bankruptcy
	 	 	144	 
	14.03 Nature of Liability
	 	 	144	 
	14.04 Independent Obligation
	 	 	144	 
	14.05 Authorization
	 	 	145	 
	14.06 Reliance
	 	 	146	 
	14.07 Subordination
	 	 	146	 
	14.08 Waiver
	 	 	146	 
	14.09 Payments
	 	 	147	 
	14.10 Consent to Additional Obligations
	 	 	147	 
	14.11 Fraudulent Conveyance Limitation
	 	 	148	 

(iv)

 

	 	 	 
	SCHEDULE I-A

	 	Commitments
	SCHEDULE I-B

	 	Alternate Currency Revolving Loan Sub-Commitments
	SCHEDULE II

	 	Lender Addresses and Applicable Lending Offices
	SCHEDULE III

	 	Certain Provisions Relating to Bankers’ Acceptances
	SCHEDULE IV

	 	Calculation of the Mandatory Costs
	SCHEDULE 1.15(b)

	 	Existing Bankers’ Acceptances
	SCHEDULE 2.01(c)

	 	Existing Letters of Credit
	SCHEDULE 5.06

	 	Subsidiary Preferred Stock
	SCHEDULE 7.07

	 	Taxes
	SCHEDULE 7.17

	 	Scheduled Existing Indebtedness
	SCHEDULE 9.01

	 	Existing Liens
	 
	EXHIBIT A

	 	Notice of Borrowing
	EXHIBIT B

	 	Notice of Competitive Bid Borrowing
	EXHIBIT C-1

	 	Dollar Revolving Note
	EXHIBIT C-2

	 	Canadian Dollar Revolving Note
	EXHIBIT C-3

	 	Sterling Revolving Note
	EXHIBIT C-4

	 	Euro I Revolving Note
	EXHIBIT C-5

	 	Euro II Revolving Note
	EXHIBIT C-6

	 	Australian Dollar Revolving Note
	EXHIBIT C-7

	 	Yen Revolving Note
	EXHIBIT C-8

	 	Other Permitted LIBOR-Based Alternate Currency Revolving Note
	EXHIBIT C-9

	 	Swingline Note
	EXHIBIT D

	 	Letter of Credit Request
	EXHIBIT E

	 	Section 4.04(b)(ii) Certificate
	EXHIBIT F-1

	 	Opinion of Sidley Austin LLP, special counsel to the Credit Parties
	EXHIBIT F-2

	 	Opinion of Lionel Sawyer & Collins, special Nevada counsel to the Credit
Parties
	EXHIBIT F-3

	 	Opinion of Ballard Spahr Andrews & Ingersoll, LLP, special Maryland counsel to
the Credit Parties
	EXHIBIT G

	 	Officers’ Certificate
	EXHIBIT H

	 	Sheraton Guaranty
	EXHIBIT I-1

	 	Election to Become an Alternate Currency Revolving Loan Borrower
	EXHIBIT I-2

	 	Election to Become a Dollar Revolving Loan Borrower
	EXHIBIT J

	 	Subordination Agreement
	EXHIBIT K

	 	Assignment and Assumption Agreement
	EXHIBIT L

	 	Incremental Revolving Loan Commitment Agreement

(v)

 

          CREDIT AGREEMENT, dated as of February 10, 2006, among STARWOOD HOTELS & RESORTS WORLDWIDE,
INC., a Maryland corporation (the “Corporation”), STARWOOD HOTELS & RESORTS, a Maryland
real estate investment trust (“Starwood REIT”), each additional Dollar Revolving Loan
Borrower from time to time party hereto, each additional Alternate Currency Revolving Loan Borrower
from time to time party hereto, the Lenders party hereto from time to time, DEUTSCHE BANK AG NEW
YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”),
JPMORGAN CHASE BANK, N.A. and SOCIETE GENERALE, as Syndication Agents (in such capacity, the
“Syndication Agents”), BANK OF AMERICA, N.A. and CALYON NEW YORK BRANCH, as Documentation
Agents (in such capacity, collectively, the “Documentation Agents” and each, a
“Documentation Agent”), and DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. and
BANC OF AMERICA SECURITIES LLC, as Lead Arrangers and Book Running Managers (all capitalized terms
used herein and defined in Section 11 are used herein as therein defined).

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 Borrowers the respective credit facilities provided for herein;

          NOW, THEREFORE, IT IS AGREED:

          SECTION 1. Amount and Terms of Credit.

          1.01 The Commitments. (a) Subject to and upon the terms and conditions set forth
herein (including, on and after the initial Incremental Revolving Loan Commitment Date, in Section
1.19), (x) each RL Lender severally agrees, at any time and from time to time during the Revolving
Credit Period for the respective Dollar Revolving Loan Borrower, to make a revolving loan or
revolving loans in Dollars to such Dollar Revolving Loan Borrower (each, a “Dollar Revolving
Loan” and, collectively, the “Dollar Revolving Loans”) and (y) each Alternate Currency
RL Lender with an Alternate Currency Revolving Loan Sub-Commitment relating to a given Alternate
Currency Revolving Loan Sub-Tranche severally agrees, at any time and from time to time during the
Revolving Credit Period for the respective Alternate Currency Revolving Loan Borrower, to make a
revolving loan or revolving loans to such Alternate Currency Revolving Loan Borrower under such
Alternate Currency Revolving Loan Sub-Tranche in the respective Available Currency elected by such
Alternate Currency Revolving Loan Borrower (each, an “Alternate Currency Revolving Loan”
and, collectively, the “Alternate Currency Revolving Loans”) (with the revolving loans made
to the various Borrowers pursuant to this Section 1.01(a) being herein called a “Revolving
Loan” and, collectively, the “Revolving Loans”), which Revolving Loans:

     (i) shall, in the case of Dollar Revolving Loans, at the option of the respective
Dollar Revolving Loan Borrower, be incurred and maintained as, and/or converted into, Base
Rate Loans or Eurodollar Loans, provided that except as otherwise specifically
provided herein, all Dollar Revolving Loans comprising the same Borrowing shall be of the
same Type;

 

 

     (ii) shall, in the case of Alternate Currency Revolving Loans, be made and maintained
in the respective Available Currency elected by the respective Alternate Currency Revolving
Loan Borrower, provided that all Canadian Dollar Revolving Loans shall, at the
option of the respective Alternate Currency Revolving Loan Borrower, be made by each
Alternate Currency RL Lender with a Canadian Dollar Revolving Loan Sub-Commitment either by
means of (x) Canadian Prime Rate Loans in Canadian Dollars or (y) the creation and discount
of Bankers’ Acceptances in Canadian Dollars on the terms and conditions provided for herein
and in Schedule III hereto (the terms and conditions of which shall be deemed incorporated
by reference into this Agreement);

     (iii) may be repaid and reborrowed in accordance with the provisions hereof;
provided that Revolving Loans incurred and repaid by Starwood REIT may not be
reborrowed;

     (iv) shall not, in the case of Alternate Currency Revolving Loans made under a given
Alternate Currency Revolving Loan Sub-Tranche by any Alternate Currency RL Lender, be made
at any time if, at the time of making any such Alternate Currency Revolving Loans and after
giving effect thereto, the Individual Alternate Currency Revolving Loan Sub-Commitment
Credit Exposure of such Alternate Currency RL Lender relating to such Alternate Currency
Revolving Loan Sub-Tranche would exceed the Alternate Currency Revolving Loan Sub-Commitment
of such Alternate Currency RL Lender relating to such Alternate Currency Revolving Loan
Sub-Tranche at such time;

     (v) shall not, in the case of Alternate Currency Revolving Loans made in a given Other
Permitted LIBOR-Based Alternate Currency, be made at any time if, at the time of making any
such Alternate Currency Revolving Loans and after giving effect thereto, the Aggregate Other
Permitted LIBOR-Based Alternate Currency Revolving Credit Exposure relating to such Other
Permitted LIBOR-Based Alternate Currency would exceed $35,000,000 at such time;

     (vi) shall not, in the case of Alternate Currency Revolving Loans, be made at any time
if, after giving effect thereto, the Aggregate Alternate Currency Credit Exposure would
exceed $500,000,000 at such time;

     (vii) shall not, in the case of all Revolving Loans, be made at any time if, after
giving effect thereto, (x) the Aggregate Revolving Credit Exposure would exceed the Total
Revolving Loan Commitment at such time or (y) the Individual Revolving Credit Exposure of
any RL Lender would exceed its Revolving Loan Commitment as then in effect; and

     (viii) shall not, in the case of Dollar Revolving Loans made to Starwood REIT, be made
at any time if, after giving effect thereto, the aggregate principal amount of all Dollar
Revolving Loans made to Starwood REIT would exceed the Starwood REIT Dollar Revolving Loan
Sub-Limit.

          (b) Subject to and upon the terms and conditions set forth herein, the Swingline Lender agrees
to make, from time to time on and after the Initial Borrowing Date and

-2-

 

prior to the Swingline Expiry Date, a revolving loan or revolving loans (each, a “Swingline Loan” and,
collectively, the “Swingline Loans”) to the Corporation, which Swingline Loans (i) shall be
made and maintained in Dollars, (ii) shall be made and maintained as Base Rate Loans, (iii) may be
repaid and reborrowed in accordance with the provisions hereof, (iv) shall not be made (or be
required to be made) on any date if, after giving effect thereto, (x) the Aggregate Revolving
Credit Exposure would exceed the Total Revolving Loan Commitment as then in effect or (y) the
Individual Revolving Credit Exposure of any RL Lender would exceed its Revolving Loan Commitment as
then in effect, and (v) shall not exceed in aggregate principal amount at any time outstanding, the
Maximum Swingline Amount. The Swingline Lender shall not be obligated to make any Swingline Loans
at a time when a Lender Default exists unless the Swingline Lender has entered into arrangements
satisfactory to it to eliminate the Swingline Lender’s risk with respect to the Defaulting Lender’s
or Lenders’ participation in such Swingline Loans, including by cash collateralizing such
Defaulting Lender’s or Lenders’ Dollar Percentage of the outstanding Swingline Loans.
Notwithstanding anything to the contrary contained in this Section 1.01(b), the Swingline Lender
shall not make any Swingline Loan after it has received written notice from any Borrower, the
Administrative Agent or the Required Lenders stating that a Default or an Event of Default exists
and is continuing until such time as the Swingline Lender shall have received written notice (i) of
rescission of all such notices from the party or parties originally delivering such notice, (ii) of
the waiver of such Default or Event of Default by the Required Lenders or (iii) that the
Administrative Agent in good faith believes such Default or Event of Default has ceased to exist.

          (c) On any Business Day, the Swingline Lender may, in its sole discretion, give notice to the
Lenders that its outstanding Swingline Loans shall be funded with a Borrowing of Dollar Revolving
Loans by the Corporation (provided that such notice shall be deemed to have been
automatically given upon the occurrence of a Default or an Event of Default under Section 10.05 or
upon the exercise of any of the remedies provided in the last paragraph of Section 10). In such
case, a Borrowing (or Borrowings) of Dollar Revolving Loans by the Corporation constituting Base
Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately
succeeding Business Day by all RL Lenders (without giving effect to any reductions thereto pursuant
to the last paragraph of Section 10) pro rata based on each Lender’s Dollar
Percentage or, if a Sharing Event then exists, pro rata based on each RL Lender’s
RL Percentage (in each case determined on such date, but before giving effect to any termination of
the Revolving Loan Commitments pursuant to the last paragraph of Section 10) and the proceeds
thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such
outstanding Swingline Loans. Each RL Lender hereby irrevocably agrees to make Dollar Revolving
Loans upon one Business Day’s notice pursuant to each Mandatory Borrowing in the amount and in the
manner specified in the preceding sentence and on the date specified in writing by the Swingline
Lender notwithstanding (i) that the amount of any Mandatory Borrowing may not comply with the
Minimum Borrowing Amount otherwise required hereunder, (ii) whether any conditions specified in Section 6 are then satisfied,
(iii) whether a Default or an Event of Default then exists, (iv) the date of such Mandatory
Borrowing and (v) the amount of the Total Revolving Loan Commitment at such time. If 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 Corporation), then each such RL Lender hereby agrees that it shall forthwith purchase (as of
the date the Mandatory Borrowing would otherwise have

-3-

 

occurred, but adjusted for any payments
received from the Corporation 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 such
RL Lenders to share in such Swingline Loans ratably based upon their respective Dollar Percentages
or, if a Sharing Event exists on the date otherwise required above, pro rata based
upon their respective RL Percentages (in each case determined before giving effect to any
termination of the Revolving Loan Commitments pursuant to the last paragraph of Section 10),
provided that (x) all interest payable on the Swingline Loans shall be for the account of
the Swingline Lender until the date as of which the respective participation is required to be
purchased and, to the extent attributable to the purchased participation, shall be payable to the
participant from and after such date and (y) at the time any purchase of participations pursuant to
this sentence is actually made, the purchasing RL Lender shall be required to pay the Swingline
Lender interest on the principal amount of the participation purchased for each day from and
including the day upon which the respective participation would otherwise have occurred to but
excluding the date of payment for such participation, at the overnight Federal Funds Rate for the
first day and at the rate otherwise applicable to Dollar Revolving Loans maintained as Base Rate
Loans hereunder for each day thereafter.

          (d) Subject to and upon the terms and conditions set forth herein, each Lender severally
agrees that any Borrower (other than Starwood REIT) may, in accordance with the procedures
established pursuant to Section 1.04, incur a loan or loans (each, a “Competitive Bid Loan”
and, collectively, the “Competitive Bid Loans”), denominated in an Available Currency
requested by such Borrower, pursuant to a Competitive Bid Borrowing at any time and from time to
time on and after the Initial Borrowing Date and prior to the date which is the Business Day
preceding the date which is 30 days prior to the Maturity Date, provided that (i) no
Competitive Bid Loan may be made if, after giving effect thereto, the Aggregate Alternate Currency
Credit Exposure would exceed $500,000,000 and (ii) no Competitive Bid Loan may be made if, after
giving effect thereto, the Aggregate Revolving Credit Exposure would exceed the Total Revolving
Loan Commitment as then in effect. Within the foregoing limits and subject to the terms and
conditions set forth in Sections 1.04 and 6, Competitive Bid Loans may be repaid and reborrowed in
accordance with the provisions hereof.

          1.02 Minimum Amount of Each Borrowing. The aggregate principal amount (or Face
Amount, as applicable) of each Borrowing of Loans shall not be less than the respective Minimum
Borrowing Amount for the respective Type and Tranche of Loans to be made or maintained pursuant to
the respective Borrowing; provided that Mandatory Borrowings shall be made in the amounts
required by Section 1.01(c). More than one Borrowing may occur on the same date, but at no time
shall there be outstanding more than (i) ten Borrowings of Dollar Revolving Loans maintained as
Eurodollar Loans, and (ii) five Borrowings of Alternate Currency Revolving Loans under a given
Alternate Currency Revolving Loan Sub-Tranche maintained as Euro Rate Loans and/or Bankers’
Acceptance Loans (or, in the case of Other Permitted LIBOR-Based Alternate Currency Revolving Loans
incurred in a given Other Permitted LIBOR-Based Alternate Currency, five Borrowings of such Other
Permitted LIBOR-Based Alternate Currency Revolving Loans incurred in such Other Permitted
LIBOR-Based Alternate Currency).

-4-

 

          1.03 Notice of Borrowing. (a) Whenever a Borrower desires to incur Loans hereunder
(excluding (w) Borrowings of Swingline Loans, (x) Borrowings of Revolving Loans incurred pursuant
to a Mandatory Borrowing, (y) Borrowings of Competitive Bid Loans and (z) Borrowings of Canadian
Prime Rate Loans to the extent resulting from automatic conversions of Bankers’ Acceptance Loans as
provided in clause (i) of Schedule III), it shall give the Administrative Agent at the Notice
Office at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in
writing) of each Base Rate Loan or Canadian Prime Rate Loan and at least three Business Days’ prior
written notice (or telephonic notice promptly confirmed in writing) of each Euro Rate Loan or
Bankers’ Acceptance Loan to be incurred hereunder, provided that any such notice shall be
deemed to have been given on a certain day only if given before 12:00 Noon (New York time) on such
day. Each such written notice or written confirmation of telephonic notice (each, a “Notice of
Borrowing”), except as otherwise expressly provided in Section 1.11, shall be irrevocable and
shall be given by the respective Borrower in the form of Exhibit A, appropriately completed to
specify (i) the name of such Borrower, (ii) the purpose of such Borrowing, (iii) the aggregate
principal amount (or Face Amount, as the case may be) of the Loans to be incurred pursuant to such
Borrowing (stated in the relevant Available Currency), (iv) the date of such Borrowing (which shall
be a Business Day), (v) in the case of Dollar Revolving Loans, whether the Dollar Revolving Loans
being incurred pursuant to such Borrowing are to be initially maintained as Base Rate Loans or
Eurodollar Loans, (vi) in the case of Canadian Dollar Revolving Loans, whether the Canadian Dollar
Revolving Loans being made pursuant to such Borrowing are to be initially maintained as Canadian
Prime Rate Loans or Bankers’ Acceptance Loans and, if Bankers’ Acceptance Loans, the term thereof
(which shall comply with the requirements of clause (a) of Schedule III), (vii) in the case of Euro
Rate Loans, the initial Interest Period to be applicable thereto, and (viii) in the case of
Alternate Currency Revolving Loans, the specific Alternate Currency Revolving Loan Sub-Tranche
pursuant to which such Alternate Currency Revolving Loans are to be incurred. The Administrative
Agent shall promptly give each Lender which is required to make Revolving Loans, notice of such
proposed Borrowing, of such Lender’s proportionate share thereof and of the other matters required
by the immediately preceding sentence to be specified in the Notice of Borrowing.

          (b) (i) Whenever the Corporation desires to incur Swingline Loans hereunder, it shall give
the Swingline Lender not later than 1:00 P.M. (New York time) on the date (or, in the case of any
Swingline Loan to be incurred on the last Business Day of a calendar quarter, at least one Business
Day prior to the date) that a Swingline Loan is to be incurred, written notice or telephonic notice
promptly confirmed in writing of each Swingline Loan to be incurred hereunder. Each such notice
shall be irrevocable and specify in each case (A) the date of Borrowing (which shall be a Business
Day) and (B) the aggregate principal amount of the Swingline Loans to be made pursuant to such
Borrowing.

          (ii) Mandatory Borrowings shall be made upon the notice specified in Section 1.01(c), with the
Corporation irrevocably agreeing, by its incurrence of any Swingline Loan, to the making of the
Mandatory Borrowings by it as set forth in Section 1.01(c).

          (c) Without in any way limiting the obligation of any Borrower to confirm in writing any
telephonic notice permitted to be given hereunder, the Administrative Agent, the Swingline Lender
(in the case of a Borrowing of Swingline Loans) or the respective Issuing Bank (in the case of
issuances of Letters of Credit), as the case may be, may act without liability

-5-

 

upon the basis of
such telephonic notice, believed by the Administrative Agent, the Swingline Lender or such Issuing
Bank, as the case may be, in good faith to be from an Authorized Officer of such Borrower (or of
the Corporation) prior to receipt of written confirmation. In each such case, each Borrower hereby
waives the right to dispute the Administrative Agent’s, the Swingline Lender’s or such Issuing
Bank’s record of the terms of such telephonic notice.

          1.04 Competitive Bid Borrowings. (a) Whenever a Borrower desires to incur a
Competitive Bid Borrowing, it shall deliver to the Administrative Agent at the Notice Office prior
to 11:00 A.M. (New York time), at least three Business Days prior to the date of such proposed
Competitive Bid Borrowing, a written notice substantially in the form of Exhibit B (each, a
“Notice of Competitive Bid Borrowing”), such notice to specify in each case (i) the date
(which shall be a Business Day) of the proposed Competitive Bid Borrowing, (ii) the aggregate
principal amount of the proposed Competitive Bid Borrowing (stated in the relevant Available
Currency), which shall not be less than the Minimum Borrowing Amount applicable thereto, (iii) the
maturity date (each, a “Competitive Bid Loan Maturity Date”) for repayment of each
Competitive Bid Loan to be made as part of such Competitive Bid Borrowing (which maturity date may
not be earlier than seven days after the date of such Competitive Bid Borrowing or later than 360
days after the date of such Competitive Bid Borrowing (but in no event later than the thirtieth day
preceding the Maturity Date)), (iv) the interest payment date or dates relating thereto (which
shall be at least every three months in the case of maturities in excess of three months), and (v)
any other terms to be applicable to such Competitive Bid Borrowing (although all Competitive Bid
Borrowings shall be required to be made, and maintained, in an Available Currency). The
Administrative Agent shall promptly notify each Bidder RL Lender of each such request for a
Competitive Bid Borrowing received by it from a Borrower by transmitting (by way of facsimile) to
each such Bidder RL Lender a copy of the related Notice of Competitive Bid Borrowing.

          (b) Each Bidder RL Lender shall, if in its sole discretion it elects to do so, irrevocably
offer to make one or more Competitive Bid Loans to the respective Borrower as part of such proposed
Competitive Bid Borrowing at a rate or rates of interest specified by such Bidder RL Lender in its
sole discretion and determined by such Bidder RL Lender independently of each other Bidder RL
Lender, by notifying the Administrative Agent in writing (which notice shall be promptly
distributed to the respective Borrower, provided that the Administrative Agent shall not be
liable to any Bidder RL Lender or to the respective Borrower for failure to distribute any such
notice to the respective Borrower unless such failure resulted from the gross negligence or willful
misconduct on the part of the Administrative Agent (as determined by a court of competent
jurisdiction)), before 10:00 A.M. (New York time) on the date (the “Reply Date”) which is
two Business Days before the date of such proposed Competitive Bid Borrowing, of the
minimum amount, if any, and maximum amount of each Competitive Bid Loan which such Bidder RL
Lender would be willing to make as part of such proposed Competitive Bid Borrowing (which amounts
may, subject to the proviso to the first sentence of Section 1.01(d), exceed such RL Lender’s
Revolving Loan Commitment (and any relevant Alternate Currency Revolving Loan Sub-Commitment)), and
the rate or rates of interest therefor; provided that if the Administrative Agent in its
capacity as a Bidder RL Lender shall, in its sole discretion, elect to make any such offer, it
shall notify the respective Borrower in writing of such offer before 9:30 A.M. (New York time) on
the Reply Date. If any Bidder RL Lender shall elect not to make such an offer, such Bidder RL
Lender shall so notify the Administrative Agent, before

-6-

 

10:00 A.M. (New York time) on the Reply
Date, and such Bidder RL Lender shall not be obligated to, and shall not, make any Competitive Bid
Loan as part of such Competitive Bid Borrowing; provided that the failure by any Bidder RL
Lender to give such notice shall not cause such Bidder RL Lender to be obligated to, and such
Bidder RL Lender shall not, make any Competitive Bid Loan as part of such proposed Competitive Bid
Borrowing.

          (c) The respective Borrower shall, in turn, before 12:00 Noon (New York time) on the Reply
Date, either:

     (1) cancel such Competitive Bid Borrowing by giving the Administrative Agent notice (in
writing or by telephone promptly confirmed in writing) to that effect; or

     (2) accept one or more of the offers made by any Bidder RL Lender or Bidder RL Lenders
pursuant to clause (b) above by giving notice (in writing or by telephone confirmed in
writing) to the Administrative Agent of the amount of each Competitive Bid Loan (which
amount shall be equal to or greater than the minimum amount, if any, and equal to or less
than the maximum amount, notified to the respective Borrower by the Administrative Agent on
behalf of each such Bidder RL Lender for such Competitive Bid Borrowing) and reject any
remaining offers made by Bidder RL Lenders pursuant to clause (b) above by giving the
Administrative Agent notice to that effect; provided that acceptance of offers may
only be made on the basis of ascending Absolute Rates commencing with the lowest rate so
offered; provided further, however, if offers are made by two or more Bidder
RL Lenders at the same rate and acceptance of all such equal offers would result in a
greater principal amount of Competitive Bid Loans being accepted than the aggregate
principal amount requested by the respective Borrower, the respective Borrower shall have
the right to accept one or more such equal offers in their entirety and reject the other
equal offer or offers or to allocate acceptance among all such equal offers (but giving
effect to the minimum amounts, if any, and maximum amounts specified for each such offer
pursuant to clause (b) above), as the respective Borrower may elect in its sole discretion.

          (d) If the respective Borrower notifies the Administrative Agent that such Competitive Bid
Borrowing is canceled pursuant to clause (c)(1) above, the Administrative Agent shall give prompt
written notice thereof to the Bidder RL Lenders and such Competitive Bid Borrowing shall not be
made.

          (e) If the respective Borrower accepts one or more of the offers made by any Bidder RL Lender
or Bidder RL Lenders pursuant to clause (c)(2) above, the Administrative
Agent shall in turn promptly notify (in writing or by telephone confirmed in writing) (x) each
Bidder RL Lender that has made an offer as described in clause (b) above, of the date and aggregate
amount of such Competitive Bid Borrowing (stated in the relevant Available Currency) and whether or
not any offer or offers made by such Bidder RL Lender pursuant to clause (b) above have been
accepted by the respective Borrower and (y) each Bidder RL Lender that is to make a Competitive Bid
Loan as part of such Competitive Bid Borrowing, of the amount of each Competitive Bid Loan to be
made by such Bidder RL Lender as part of such Competitive Bid Borrowing (stated in the relevant
Available Currency).

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          (f) On the last Business Day of each calendar quarter, the Administrative Agent shall notify
the respective Borrower and the RL Lenders of the aggregate principal amount of Competitive Bid
Loans outstanding to the respective Borrower at such time.

          1.05 Disbursement of Funds. No later than 12:00 Noon (local time in the city in which
the proceeds of such Loans are to be made available in accordance with the terms hereof) on the
date specified in each Notice of Borrowing (or (x) in the case of Swingline Loans, no later than
4:00 P.M. (New York time) on the date specified in Section 1.03(b)(i), (y) in the case of Mandatory
Borrowings, not later than 12:00 Noon (New York time) on the date specified in Section 1.01(c) or
(z) in the case of Competitive Bid Loans, no later than 10:00 A.M. (local time in the city in which
the proceeds of such Competitive Bid Loan are to be made available in accordance with the terms
hereof) on the date specified pursuant to Section 1.04(a)), each Lender will make available its
pro rata portion (determined in accordance with Section 1.08) of each such
Borrowing requested to be made on such date (or (x) in the case of Swingline Loans, the Swingline
Lender shall make available the full amount thereof and (y) in the case of Competitive Bid Loans,
the respective Bidder RL Lenders which are to make Competitive Bid Loans in accordance with Section
1.04(e) shall make available their respective amounts thereof) in the manner provided below. All
such amounts will be made available in Dollars (in the case of Dollar Loans) or the applicable
Alternate Currency (in the case of Alternate Currency Loans), as the case may be, and in
immediately available funds at the appropriate Payment Office of the Administrative Agent, and the
Administrative Agent will make available to the relevant Borrower by depositing to its relevant
account as directed by such Borrower, the aggregate of the amounts so made available by the Lenders
in the type of funds received. Unless the 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 the
Administrative Agent such Lender’s portion of any Borrowing to be made on such date, the
Administrative Agent may assume that such Lender has made such amount available to the
Administrative Agent on such date of Borrowing and the Administrative Agent may, in reliance upon
such assumption, make available to the relevant Borrower a corresponding amount. If such
corresponding amount is not in fact made available to the Administrative Agent by such Lender, the
Administrative Agent shall be entitled to recover such corresponding amount on demand from such
Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative
Agent’s demand therefor, the Administrative Agent shall promptly notify the respective Borrower
and, to the extent such corresponding amount has previously been disbursed to such Borrower, such
Borrower shall immediately pay such corresponding amount to the Administrative Agent. The
Administrative Agent shall also be entitled to recover on demand from such Lender or such Borrower
interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to
the respective Borrower until the date such corresponding amount is recovered by the Administrative
Agent, at a rate per annum equal to (i) if recovered from such Lender, the overnight Federal Funds
Rate as in effect from time to time for the first three days and the interest rate applicable to
Dollar Revolving Loans maintained as Base Rate Loans for each day thereafter (or, in the case of an
Alternate Currency Revolving Loan in a given Alternate Currency, the relevant Euro Rate (as
determined on the basis provided in the proviso in the definition of the relevant Euro Rate) for
the first three days and the interest rate applicable to such Alternate Currency Revolving Loan for
each day thereafter) and (i
i) if recovered from the respective Borrower, the rate of interest
applicable to the respective Borrowing, as determined pursuant to Section 1.09. Nothing in this

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Section 1.05 shall be deemed to relieve any Lender from its obligation to make Loans hereunder or
to prejudice any rights which the relevant Borrower may have against any Lender as a result of any
failure by such Lender to make Loans required to be made by it hereunder.

          1.06 Notes. (a) Subject to the provisions of the following clause (l), each
Borrower’s obligation to pay the principal of (or the Face Amount of, as the case may be), and
interest on, the Loans (other than Competitive Bid Loans) made by each Lender to such Borrower
shall be evidenced (i) if Dollar Revolving Loans, by a promissory note duly executed and delivered
by the respective Dollar Revolving Loan Borrower substantially in the form of Exhibit C-1, with
blanks appropriately completed in conformity herewith (each, a “Dollar Revolving Note” and,
collectively, the “Dollar Revolving Notes”), (ii) if Canadian Dollar Revolving Loans, by a
promissory note duly executed and delivered by the respective Alternate Currency Revolving Loan
Borrower substantially in the form of Exhibit C-2, with blanks appropriately completed in
conformity herewith (each, a “Canadian Dollar Revolving Note” and, collectively, the
“Canadian Dollar Revolving Notes”), (iii) if Sterling Revolving Loans, by a promissory note
duly executed and delivered by the respective Alternate Currency Revolving Loan Borrower
substantially in the form of Exhibit C-3, with blanks appropriately completed in conformity
herewith (each, a “Sterling Revolving Note” and, collectively, the “Sterling Revolving
Notes”), (iv) if Euro I Revolving Loans, by a promissory note duly executed and delivered by
the respective Alternate Currency Revolving Loan Borrower substantially in the form of Exhibit C-4,
with blanks appropriately completed in conformity herewith (each, a “Euro I Revolving Note”
and, collectively, the “Euro I Revolving Notes”), (v) if Euro II Revolving Loans, by a
promissory note duly executed and delivered by the respective Alternate Currency Revolving Loan
Borrower substantially in the form of Exhibit C-5, with blanks appropriately completed in
conformity herewith (each, a “Euro II Revolving Note” and, collectively, the “Euro II
Revolving Notes), (vi) if Australian Dollar Revolving Loans, by a promissory note duly executed
and delivered by the respective Alternate Currency Revolving Loan Borrower substantially in the
form of Exhibit C-6, with blanks appropriately completed in conformity herewith (each, an
“Australian Dollar Revolving Note” and, collectively, the “Australian Dollar Revolving
Notes”), (vii) if Yen Revolving Loans, by a promissory note duly executed and delivered by the
respective Alternate Currency Revolving Loan Borrower substantially in the form of Exhibit C-7,
with blanks appropriately completed in conformity herewith (each, a “Yen Revolving Note”
and, collectively, the “Yen Revolving Notes”), (viii) if Other Permitted LIBOR-Based
Alternate Currency Revolving Loans, by a promissory note duly executed and delivered by the
respective Alternate Currency Revolving Loan Borrower substantially in the form of Exhibit C-8, with blanks
appropriately completed in conformity herewith (each, an “Other Permitted LIBOR-Based Alternate
Currency Revolving Note” and, collectively, the “Other Permitted LIBOR-Based Alternate
Currency Revolving Notes”), and (ix) if Swingline Loans, by a promissory note duly executed and
delivered by the Corporation substantially in the form of Exhibit C-9, with blanks appropriately
completed in conformity herewith (the “Swingline Note”). The terms of each Competitive Bid
Loan shall be evidenced by the respective correspondence between the respective Borrower thereof
and the respective Bidder RL Lender pursuant to Section 1.04 and, unless otherwise agreed by the
respective Borrower and the respective Bidder RL Lender or unless the respective Bidder RL Lender
makes a request pursuant to the immediately succeeding sentence, Competitive Bid Loans shall not
be
evidenced by promissory notes. If requested by any Lender, the respective Borrower agrees to
execute and deliver a promissory note, in form reasonably satisfactory to the respective Lender,
evidencing

-9-

 

the Competitive Bid Loans of such Lender to such Borrower (with any such promissory
notes herein called “Competitive Bid Notes”).

          (b) The Dollar Revolving Note issued by each Dollar Revolving Loan Borrower to each Lender
that has a Revolving Loan Commitment or outstanding Dollar Revolving Loans shall (i) be executed by
the respective Dollar Revolving Loan Borrower, (ii) be payable to the order of such Lender and be
dated the Initial Borrowing Date (or if issued thereafter, the date of issuance), (iii) be in a
stated principal amount equal to the Revolving Loan Commitment of such Lender (or, (x) if issued by
Starwood REIT, be in a stated principal amount equal to such Lender’s Dollar Percentage of the
Starwood REIT Dollar Revolving Loan Sub-Limit or (y) if issued after the termination of the
Revolving Loan Commitment of such Lender, be in a stated principal amount equal to the outstanding
Dollar Revolving Loans of such Lender to the respective Dollar Revolving Loan Borrower at such
time) and be payable in Dollars in the outstanding principal amount of Dollar Revolving Loans
evidenced thereby, (iv) mature on the Maturity Date (or, in the case of Dollar Revolving Loans
borrowed by Starwood REIT, on the Starwood REIT Maturity Date), (v) bear interest as provided in
the appropriate clause of Section 1.09 in respect of Base Rate Loans and Eurodollar Loans, as the
case may be, evidenced thereby, (vi) be subject to voluntary prepayment as provided in Section
4.01, and mandatory repayment as provided in Section 4.02, and (vii) be entitled to the benefits of
this Agreement and the other Credit Documents.

          (c) The Canadian Dollar Revolving Note issued by each Alternate Currency Revolving Loan
Borrower that desires to incur Canadian Dollar Revolving Loans to each Lender that has a Canadian
Dollar Revolving Loan Sub-Commitment or outstanding Canadian Dollar Revolving Loans shall (i) be
executed by the respective Alternate Currency Revolving Loan Borrower, (ii) be payable to the order
of such Lender (or an affiliate designated by such Lender) and be dated the Initial Borrowing Date
(or, if issued thereafter, the date of issuance), (iii) be in a stated principal amount (expressed
in Canadian Dollars) which exceeds by 10% the Canadian Dollar Equivalent (as of the date of
issuance) of the respective Lender’s Canadian Dollar Revolving Loan Sub-Commitment;
provided that if, because of fluctuations in exchange rates after the Initial Borrowing
Date or issuance date, as applicable, the amount of the Canadian Dollar Revolving Note of any
Alternate Currency Revolving Loan Borrower held by any Lender would not be at least as great as the
outstanding principal amount of, and the Face Amount of, as applicable, Canadian Dollar Revolving
Loans made by such Lender to such Alternate Currency Revolving Loan Borrower and evidenced thereby,
the respective Lender may request (and in such case the respective Alternate Currency Revolving Loan Borrower shall promptly execute and
deliver) a new Canadian Dollar Revolving Note in an amount equal to the greater of (x) that amount
(expressed in Canadian Dollars) which at that time exceeds by 10% the Canadian Dollar Equivalent of
the respective Lender’s Canadian Dollar Revolving Loan Sub-Commitment or (y) the then outstanding
principal amount of, and the Face Amount of, as applicable, all Canadian Dollar Revolving Loans
made by such Lender to such Alternate Currency Revolving Loan Borrower, (iv) subject to Section
1.17, be payable in Canadian Dollars in the outstanding principal amount of, and Face Amount of, as
applicable, the Canadian Dollar Revolving Loans made to the respective Alternate Currency Revolving
Loan Borrower and evidenced thereby, (v) mature on the Maturity Date, (vi) bear interest as
provided in the appropriate clause of Section 1.09 in respect of the Canadian Prime Rate Loans
evidenced thereby, (vii) be subject to voluntary prepayment as provided in Section 4.01, and
mandatory repayment as provided in

-10-

 

Section 4.02, and (viii) be entitled to the benefits of this
Agreement and the other Credit Documents.

          (d) The Sterling Revolving Note issued by each Alternate Currency Revolving Loan Borrower that
desires to incur Sterling Revolving Loans to each Lender that has a Pounds Sterling Revolving Loan
Sub-Commitment or outstanding Sterling Revolving Loans shall (i) be executed by the respective
Alternate Currency Revolving Loan Borrower, (ii) be payable to the order of such Lender (or an
affiliate designated by such Lender) and be dated the Initial Borrowing Date (or, if issued
thereafter, the date of issuance), (iii) be in a stated principal amount (expressed in Pounds
Sterling) which exceeds by 10% the relevant LIBOR-Based Alternate Currency Equivalent (as of the
date of issuance) of the respective Lender’s Pounds Sterling Revolving Loan Sub-Commitment;
provided that if, because of fluctuations in exchange rates after the Initial Borrowing
Date or issuance date, as applicable, the amount of the Sterling Revolving Note of any Alternate
Currency Revolving Loan Borrower held by any Lender would not be at least as great as the
outstanding principal amount of Sterling Revolving Loans made by such Lender at any time
outstanding and evidenced thereby, the respective Lender may request (and in such case the
respective Alternate Currency Revolving Loan Borrower shall promptly execute and deliver) a new
Sterling Revolving Note in an amount equal to the greater of (x) that amount (expressed in Pounds
Sterling) which at that time exceeds by 10% the relevant LIBOR-Based Alternate Currency Equivalent
of the respective Lender’s Pounds Sterling Revolving Loan Sub-Commitment or (y) the then
outstanding principal amount of all Sterling Revolving Loans made by such Lender to such Alternate
Currency Revolving Loan Borrower, (iv) subject to Section 1.17, be payable in Pounds Sterling in
the outstanding principal amount of the Sterling Revolving Loans made to the respective Alternate
Currency Revolving Loan Borrower and evidenced thereby, (v) mature on the Maturity Date, (vi) bear
interest as provided in the appropriate clause of Section 1.09 in respect of the Sterling Revolving
Loans evidenced thereby, (vii) be subject to voluntary prepayment as provided in Section 4.01, and
mandatory repayment as provided in Section 4.02, and (viii) be entitled to the benefits of this
Agreement and the other Credit Documents.

          (e) The Euro I Revolving Note issued by each Alternate Currency Revolving Loan Borrower that
desires to incur Euro I Revolving Loans to each Lender that has a Euro I Revolving Loan
Sub-Commitment or outstanding Euro I Revolving Loans shall (i) be executed by the respective
Alternate Currency Revolving Loan Borrower, (ii) be payable to the order of such Lender (or an
affiliate designated by such Lender) and be dated the Initial Borrowing Date
(or, if issued thereafter, the date of issuance), (iii) be in a stated principal amount
(expressed in Euros) which exceeds by 10% the Euro Equivalent (as of the date of issuance) of the
respective Lender’s Euro I Revolving Loan Sub-Commitment, provided that if, because of
fluctuations in exchange rates after the Initial Borrowing Date or issuance date, as applicable,
the amount of the Euro I Revolving Note of any Alternate Currency Revolving Loan Borrower held by
any Lender would not be at least as great as the outstanding principal amount of Euro I Revolving
Loans made by such Lender at any time outstanding and evidenced thereby, the respective Lender may
request (and in such case the respective Alternate Currency Revolving Loan Borrower shall promptly
execute and deliver) a new Euro I Revolving Note in an amount equal to the greater of (x) that
amount (expressed in Euros) which at that time exceeds by 10% the Euro Equivalent of the respective
Lender’s Euro I Revolving Loan Sub-Commitment or (y) the then outstanding principal amount of all
Euro I Revolving Loans made by such Lender to such Alternate Currency

-11-

 

Revolving Loan Borrower, (iv)
subject to Section 1.17, be payable in Euros in the outstanding principal amount of the Euro I
Revolving Loans evidenced thereby, (v) mature on the Maturity Date, (vi) bear interest as provided
in the appropriate clause of Section 1.09 in respect of the Euro I Revolving Loans made to the
respective Alternate Currency Revolving Loan Borrower and evidenced thereby, (vii) be subject to
voluntary prepayment as provided in Section 4.01, and mandatory repayment as provided in Section
4.02, and (viii) be entitled to the benefits of this Agreement and the other Credit Documents.

          (f) The Euro II Revolving Note issued by each Alternate Currency Revolving Loan Borrower that
desires to incur Euro II Revolving Loans to each Lender that has a Euro II Revolving Loan
Sub-Commitment or outstanding Euro II Revolving Loans shall (i) be executed by the respective
Alternate Currency Revolving Loan Borrower, (ii) be payable to the order of such Lender (or an
affiliate designated by such Lender) and be dated the Initial Borrowing Date (or, if issued
thereafter, the date of issuance), (iii) be in a stated principal amount (expressed in Euros) which
exceeds by 10% the Euro Equivalent (as of the date of issuance) of the respective Lender’s Euro II
Revolving Loan Sub-Commitment, provided that if, because of fluctuations in exchange rates
after the Initial Borrowing Date or issuance date, as applicable, the amount of the Euro II
Revolving Note of any Alternate Currency Revolving Loan Borrower held by any Lender would not be at
least as great as the outstanding principal amount of Euro II Revolving Loans made by such Lender
at any time outstanding and evidenced thereby, the respective Lender may request (and in such case
the respective Alternate Currency Revolving Loan Borrower shall promptly execute and deliver) a new
Euro II Revolving Note in an amount equal to the greater of (x) that amount (expressed in Euros)
which at that time exceeds by 10% the Euro Equivalent of the respective Lender’s Euro II Revolving
Loan Sub-Commitment or (y) the then outstanding principal amount of all Euro II Revolving Loans
made by such Lender to such Alternate Currency Revolving Loan Borrower, (iv) subject to Section
1.17, be payable in Euros in the outstanding principal amount of the Euro II Revolving Loans
evidenced thereby, (v) mature on the Maturity Date, (vi) bear interest as provided in the
appropriate clause of Section 1.09 in respect of the Euro II Revolving Loans made to the respective
Alternate Currency Revolving Loan Borrower and evidenced thereby, (vii) be subject to voluntary
prepayment as provided in Section 4.01, and mandatory repayment as provided in Section 4.02, and
(viii) be entitled to the benefits of this Agreement and the other Credit Documents.

          (g) The Australian Dollar Revolving Note issued by each Alternate Currency Revolving Loan
Borrower that desires to incur Australian Dollar Revolving Loans to each
Lender that has an Australian Dollar Revolving Loan Sub-Commitment or outstanding Australian
Dollar Revolving Loans shall (i) be executed by the respective Alternate Currency Revolving Loan
Borrower, (ii) be payable to the order of such Lender (or an affiliate designated by such Lender)
and be dated the Initial Borrowing Date (or, if issued thereafter, the date of issuance), (iii) be
in a stated principal amount (expressed in Australian Dollars) which exceeds by 10% the relevant
LIBOR-Based Alternate Currency Equivalent (as of the date of issuance) of the respective Lender’s
Australian Dollar Revolving Loan Sub-Commitment, provided that if, because of fluctuations
in exchange rates after the Initial Borrowing Date or issuance date, as applicable, the amount of
the Australian Dollar Revolving Note of any Alternate Currency Revolving Loan Borrower held by any
Lender would not be at least as great as the outstanding principal amount of Australian Dollar
Revolving Loans made by such Lender at any time outstanding and evidenced thereby, the respective
Lender may request (and in such case the

-12-

 

respective Alternate Currency Revolving Loan Borrower
shall promptly execute and deliver) a new Australian Dollar Revolving Note in an amount equal to
the greater of (x) that amount (expressed in Australian Dollars) which at that time exceeds by 10%
the relevant LIBOR-Based Alternate Currency Equivalent of the respective Lender’s Australian Dollar
Revolving Loan Sub-Commitment or (y) the then outstanding principal amount of all Australian Dollar
Revolving Loans made by such Lender to such Alternate Currency Revolving Loan Borrower, (iv)
subject to Section 1.17, be payable in Australian Dollars in the outstanding principal amount of
the Australian Dollar Revolving Loans evidenced thereby, (v) mature on the Maturity Date, (vi) bear
interest as provided in the appropriate clause of Section 1.09 in respect of the Australian Dollar
Revolving Loans made to the respective Alternate Currency Revolving Loan Borrower and evidenced
thereby, (vii) be subject to voluntary prepayment as provided in Section 4.01, and mandatory
repayment as provided in Section 4.02, and (viii) be entitled to the benefits of this Agreement and
the other Credit Documents.

          (h) The Yen Revolving Note issued by each Alternate Currency Revolving Loan Borrower that
desires to incur Yen Revolving Loans to each Lender that has a Yen Revolving Loan Sub-Commitment or
outstanding Yen Revolving Loans shall (i) be executed by the respective Alternate Currency
Revolving Loan Borrower, (ii) be payable to the order of such Lender (or an affiliate designated by
such Lender) and be dated the Initial Borrowing Date (or, if issued thereafter, the date of
issuance), (iii) be in a stated principal amount (expressed in Yen) which exceeds by 10% the
relevant LIBOR-Based Alternate Currency Equivalent (as of the date of issuance) of the respective
Lender’s Yen Revolving Loan Sub-Commitment, provided that if, because of fluctuations in
exchange rates after the Initial Borrowing Date or issuance date, as applicable, the amount of the
Yen Revolving Note of any Alternate Currency Revolving Loan Borrower held by any Lender would not
be at least as great as the outstanding principal amount of Yen Revolving Loans made by such Lender
at any time outstanding and evidenced thereby, the respective Lender may request (and in such case
the respective Alternate Currency Revolving Loan Borrower shall promptly execute and deliver) a new
Yen Revolving Note in an amount equal to the greater of (x) that amount (expressed in Yen) which at
that time exceeds by 10% the relevant LIBOR-Based Alternate Currency Equivalent of the respective
Lender’s Yen Revolving Loan Sub-Commitment or (y) the then outstanding principal amount of all Yen
Revolving Loans made by such Lender to such Alternate Currency Revolving Loan Borrower, (iv)
subject to Section 1.17, be payable in Yen in the outstanding principal amount of the Yen Revolving
Loans evidenced thereby, (v) mature on the Maturity Date, (vi) bear interest as provided in the
appropriate clause of Section 1.09 in respect of the Yen Revolving Loans made to the respective
Alternate Currency Revolving Loan Borrower and evidenced thereby, (vii) be subject to
voluntary prepayment as provided in Section 4.01, and mandatory repayment as provided in Section
4.02, and (viii) be entitled to the benefits of this Agreement and the other Credit Documents.

          (i) The Other Permitted LIBOR-Based Alternate Currency Revolving Note issued by each Alternate
Currency Revolving Loan Borrower that desires to incur Other Permitted LIBOR-Based Alternate
Currency Revolving Loans in a given Other Permitted LIBOR-Based Alternate Currency to each Lender
that has an Other Permitted LIBOR-Based Alternate Currency Revolving Loan Sub-Commitment or
outstanding Other Permitted LIBOR-Based Alternate Currency Revolving Loans denominated in such
Other Permitted LIBOR-Based Alternate Currency shall (i) be executed by the respective Alternate
Currency Revolving Loan Borrower, (ii) be payable to the order of such Lender (or an affiliate
designated by such Lender)

-13-

 

and be dated the Initial Borrowing Date (or, if issued thereafter, the
date of issuance), (iii) be in a stated principal amount (expressed in the respective Other
Permitted LIBOR-Based Alternate Currency) which exceeds by 10% the relevant LIBOR-Based Alternate
Currency Equivalent (as of the date of issuance) of the respective Lender’s Other Permitted
LIBOR-Based Alternate Currency Revolving Loan Sub-Commitment, provided that if, because of
fluctuations in exchange rates after the Initial Borrowing Date or issuance date, as applicable,
the amount of the Other Permitted LIBOR-Based Alternate Currency Revolving Note of any Alternate
Currency Revolving Loan Borrower held by any Lender relating to a given Other Permitted LIBOR-Based
Alternate Currency would not be at least as great as the outstanding principal amount of Other
Permitted LIBOR-Based Alternate Currency Revolving Loans made by such Lender in such Other
Permitted LIBOR-Based Alternate Currency at any time and evidenced thereby, the respective Lender
may request (and, in such case, the respective Alternate Currency Revolving Loan Borrower shall
promptly execute and deliver) a new Other Permitted LIBOR-Based Alternate Currency Revolving Note
in an amount equal to the greater of (x) that amount (expressed in the respective Other Permitted
LIBOR-Based Alternate Currency) which at that time exceeds by 10% the LIBOR-Based Alternate
Currency Equivalent of the respective Lender’s Other Permitted LIBOR-Based Alternate Currency
Revolving Loan Sub-Commitment or (y) the then outstanding principal amount of all Other Permitted
LIBOR-Based Alternate Currency Revolving Loans made in such Other Permitted LIBOR-Based Alternate
Currency by such Lender to such Alternate Currency Revolving Loan Borrower, (iv) subject to Section
1.17, be payable in the respective Other Permitted LIBOR-Based Alternate Currency in the
outstanding principal amount of the Other Permitted LIBOR-Based Alternate Currency Revolving Loans
evidenced thereby, (v) mature on the Maturity Date, (vi) bear interest as provided in the
appropriate clause of Section 1.09 in respect of the Other Permitted LIBOR-Based Alternate Currency
Revolving Loans made to the respective Alternate Currency Revolving Loan Borrower and evidenced
thereby, (vii) be subject to voluntary prepayment as provided in Section 4.01, and mandatory
repayment as provided in Section 4.02, and (viii) be entitled to the benefits of this Agreement and
the other Credit Documents.

          (j) The Swingline Note issued by the Corporation to the Swingline Lender shall (i) be executed
by the Corporation, (ii) be payable to the order of the Swingline Lender and be dated the Initial
Borrowing Date (or, if issued thereafter, the date of the issuance thereof), (iii) be in a stated
principal amount equal to the Maximum Swingline Amount and be payable in Dollars in the principal
amount of the outstanding Swingline Loans to the Corporation evidenced thereby from time to time,
(iv) mature on the Swingline Expiry Date, (v) bear interest as
provided in the appropriate clause of Section 1.09 in respect of the Base Rate Loans evidenced
thereby, (vi) be subject to voluntary prepayment as provided in Section 4.01, and mandatory
repayment as provided in Section 4.02, and (vii) be entitled to the benefits of this Agreement and
the other Credit Documents.

          (k) Each Lender will note on its internal records the amount of each Loan made by it to each
Borrower and each payment in respect thereof and will prior to any transfer of any of its Notes
endorse on the reverse side thereof the outstanding principal amount of Loans (including, without
limitation, the Face Amount of any Bankers’ Acceptances) evidenced thereby. Failure to make any
such notation, or any error in such notation, shall not affect any Borrower’s obligations in
respect of such Loans. Each Lender’s internal records of the amount

-14-

 

of each Loan made by it and
each payment in respect thereof shall be final and conclusive absent manifest error.

          (l) Notwithstanding anything to the contrary contained above or elsewhere in this Agreement,
Revolving Notes, Swingline Notes and Competitive Bid Notes shall only be delivered to Lenders with
Loans of the respective Tranches which at any time specifically request the delivery of such Notes.
No failure of any Lender to request or obtain a Note evidencing its Loans or to any Borrower shall
affect or in any manner impair the obligations of the respective Borrower to pay the Loans (and all
related Obligations) which would otherwise be evidenced thereby in accordance with the requirements
of this Agreement, and shall not in any way affect the guaranties therefor provided pursuant to the
various Credit Documents. Any Lender which does not have a Note evidencing its outstanding Loans
shall in no event be required to make the notations otherwise described in preceding clause (k).
At any time when any Lender requests the delivery of a Note to evidence its Loans, the respective
Borrower shall promptly execute and deliver to the respective Lender the requested Note or Notes in
the appropriate amount or amounts to evidence such Loans.

          1.07 Conversions. (a) Each Dollar Revolving Loan Borrower shall have the option to
convert, on any Business Day, all or a portion equal to at least the Minimum Borrowing Amount (for
the Type of Loan into which the conversion is being made), of the outstanding principal amount of
Dollar Revolving Loans made to such Dollar Revolving Loan Borrower pursuant to one or more
Borrowings of one or more Types of Dollar Revolving Loans into a Borrowing of another Type of
Dollar Revolving Loan, provided that, (i) Dollar Revolving Loans shall not be permitted to
be converted into Alternate Currency Revolving Loans, (ii) if Eurodollar Loans are converted into
Base Rate Loans on a date other than the last day of an Interest Period applicable to the Loans
being converted, the respective Dollar Revolving Loan Borrower shall compensate the applicable
Lenders for any breakage costs incurred in connection therewith as set forth in Section 1.12, (iii)
no such partial conversion of Eurodollar Loans shall reduce the outstanding principal amount of
such Eurodollar Loans made pursuant to a single Borrowing to less than the applicable Minimum
Borrowing Amount for Eurodollar Loans, (iv) unless the Required Lenders otherwise agree, Base Rate
Loans may not be converted into Eurodollar Loans if any Event of Default exists on the date of
conversion, and (v) no conversion pursuant to this Section 1.07 shall result in a greater number of
Borrowings of Eurodollar Loans than is permitted under Section 1.02. Each such conversion shall be
effected by the respective Dollar Revolving Loan Borrower giving the
Administrative Agent at the Notice Office, prior to 12:00 Noon (New York time), at least three
Business Days’ prior notice (each, a “Notice of Conversion”) specifying the Borrowing or
Borrowings pursuant to which such Dollar Revolving Loans were made and, if to be converted into
Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent
shall give each Lender prompt notice of any such proposed conversion affecting any of its Dollar
Revolving Loans.

          (b) Each Alternate Currency Revolving Loan Borrower shall be entitled: (i) to convert from
time to time any Borrowing of Canadian Prime Rate Loans then outstanding into a Borrowing of
Bankers’ Acceptance Loans in an aggregate Face Amount equal to the aggregate principal amount (in
Canadian Dollars) of the outstanding Canadian Prime Rate Loans pursuant to such Borrowing,
provided that the applicable Alternate Currency Revolving Loan Borrower shall pay the
proceeds of such Bankers’ Acceptance Loans, together with such

-15-

 

additional funds as may be required,
to the Administrative Agent for the account of the relevant Alternate Currency RL Lenders to repay
such Borrowing of outstanding Canadian Prime Rate Loans, and provided further that
such Canadian Prime Rate Loans are repaid and such Bankers’ Acceptance Loans are obtained, in each
case in accordance with Section 1, Schedule III and any other applicable provisions of this
Agreement; and (ii) contemporaneously with the maturity of any outstanding Bankers’ Acceptance
Loans, to obtain Bankers’ Acceptance Loans or Canadian Prime Rate Loans in an aggregate Face Amount
or principal amount, as the case may be, equal to the aggregate Face Amount of such maturing
Bankers’ Acceptance Loans, provided that the applicable Alternate Currency Revolving Loan
Borrower shall pay the proceeds of such new Canadian Dollar Revolving Loan, together with such
additional funds as may be required, to the Administrative Agent for the account of the relevant
Alternate Currency RL Lenders to repay such maturing Bankers’ Acceptance Loans, and
provided further that such new Canadian Dollar Revolving Loans are obtained in
accordance with Section 1, Schedule III and any other applicable provisions of this Agreement.

          (c) Mandatory conversions of Bankers’ Acceptance Loans into Canadian Prime Rate Loans shall be
made in the circumstances, and to the extent, provided in clause (i) of Schedule III. Except as
otherwise provided under Section 1.17, Bankers’ Acceptance Loans shall not be permitted to be
converted into any other Type of Loan prior to the maturity date of the respective Bankers’
Acceptance Loan.

          1.08 Pro Rata Borrowings. (i) Subject to the provisions of Section 1.17(c) and, in
the case of Mandatory Borrowings, Section 1.01(c), all Borrowings of Dollar Revolving Loans under
this Agreement (including all Mandatory Borrowings) shall be incurred from the RL Lenders
pro rata on the basis of their Dollar Percentages and (ii) all Borrowings of
Alternate Currency Revolving Loans in a given Alternate Currency made pursuant to a given Alternate
Currency Revolving Loan Sub-Tranche shall be incurred from the Alternate Currency RL Lenders
pro rata on the basis of their Alternate Currency RL Percentages relating to such
Alternate Currency Revolving Loan Sub-Tranche. No Lender shall be responsible for any default by
any other Lender of its obligation to make Loans hereunder and 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 make its Loans hereunder.

          1.09 Interest. (a) Each Borrower hereby agrees to pay interest in respect of the
unpaid principal amount of each Base Rate Loan made to it from the date of the Borrowing thereof
until the earlier of (x) the maturity thereof (whether by acceleration, prepayment or otherwise)
and (y) the conversion of such Base Rate Loan to a Eurodollar Loan pursuant to Section 1.07, at a
rate per annum which shall be equal to the sum of the Applicable Margin plus the Base Rate,
each as in effect from time to time.

          (b) Each Borrower hereby agrees to pay interest in respect of the unpaid principal amount of
each Eurodollar Loan made to it from the date of the Borrowing thereof until the earlier of (x) the
maturity thereof (whether by acceleration, prepayment or otherwise) and (y) the conversion of such
Eurodollar Loan to a Base Rate Loan pursuant to Section 1.07, 1.10 or 1.11, as applicable, at a
rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of
the Applicable Margin as in effect from time to time plus the Eurodollar Rate for such
Interest Period.

-16-

 

          (c) Each Alternate Currency Revolving Loan Borrower hereby agrees to pay interest in respect
of the unpaid principal amount of each Canadian Prime Rate Loan made to such Borrower from the date
the proceeds thereof are made available to such Borrower (which shall, in the case of a conversion
pursuant to clause (i) of Schedule III, be deemed to be the date upon which a maturing Bankers’
Acceptance is converted into a Canadian Prime Rate Loan pursuant to said clause (i), with the
proceeds thereof to be equal to the full Face Amount of the maturing Bankers’ Acceptances) until
the maturity thereof (whether by acceleration or otherwise) at a rate per annum which shall be
equal to the sum of the Applicable Margin plus the Canadian Prime Rate, each as in effect
from time to time.

          (d) With respect to Bankers’ Acceptance Loans, Acceptance Fees shall be payable in connection
therewith as provided in clause (g) of Schedule III. Until maturity of the respective Banker’s
Acceptances, interest shall not otherwise be payable with respect thereto.

          (e) Each Alternate Currency Revolving Loan Borrower hereby agrees to pay interest in respect
of the unpaid principal amount of each Sterling Revolving Loan made to such Borrower from the date
of the Borrowing thereof until the maturity thereof (whether by acceleration or otherwise) at a
rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of
the Applicable Margin as in effect from time to time plus the relevant Alternate Currency
LIBOR Rate for such Interest Period plus any Mandatory Costs.

          (f) Each Alternate Currency Revolving Loan Borrower hereby agrees to pay interest in respect
of the unpaid principal amount of each Euro Revolving Loan made to such Borrower from the date of
the Borrowing thereof until the maturity thereof (whether by acceleration or otherwise) at a rate
per annum which shall, during each Interest Period applicable thereto, be equal to the sum of the
Applicable Margin as in effect from time to time plus EURIBOR for such Interest Period
plus any Mandatory Costs.

          (g) Each Alternate Currency Revolving Loan Borrower hereby agrees to pay interest in respect
of the unpaid principal amount of each Australian Dollar Revolving Loan
made to such Borrower from the date of the Borrowing thereof until the maturity thereof
(whether by acceleration or otherwise) at a rate per annum which shall, during each Interest Period
applicable thereto, be equal to the sum of the Applicable Margin as in effect from time to time
plus the relevant Alternate Currency LIBOR Rate for such Interest Period plus any
Mandatory Costs.

          (h) Each Alternate Currency Revolving Loan Borrower hereby agrees to pay interest in respect
of the unpaid principal amount of each Yen Revolving Loan made to such Borrower from the date of
the Borrowing thereof until the maturity thereof (whether by acceleration or otherwise) at a rate
per annum which shall, during each Interest Period applicable thereto, be equal to the sum of the
Applicable Margin as in effect from time to time plus the relevant Alternate Currency LIBOR
Rate for such Interest Period plus any Mandatory Costs.

          (i) Each Alternate Currency Revolving Loan Borrower hereby agrees to pay interest in respect
of the unpaid principal amount of each Other Permitted LIBOR-Based Alternate Currency Revolving
Loan made to such Borrower in a given Other Permitted LIBOR-Based Alternate Currency from the date
of the Borrowing thereof until the maturity thereof

-17-

 

(whether by acceleration or otherwise) at a
rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of
the Applicable Margin as in effect from time to time plus the relevant Alternate Currency
LIBOR Rate for such Interest Period plus any Mandatory Costs.

          (j) Each Borrower agrees to pay interest in respect of the unpaid principal amount of each
Competitive Bid Loan made to such Borrower from the date the proceeds thereof are made available to
such Borrower until the maturity thereof (whether by acceleration or otherwise) at the rate or
rates per annum specified pursuant to Section 1.04(b) by the Bidder RL Lender or Bidder RL Lenders,
as the case may be, making such Competitive Bid Loan and accepted by such Borrower pursuant to
Section 1.04(c)(2).

          (k) Overdue principal and, to the extent permitted by law, overdue interest in respect of each
Loan and any other overdue amount payable hereunder shall, in each case, bear interest at a rate
per annum (1) in the case of overdue principal of, and interest or other amounts owing with respect
to, Canadian Dollar Revolving Loans and any other amounts owing in Canadian Dollars, equal to 2%
per annum in excess of the Applicable Margin (calculated based on “Ratings-Based Level” 5 pricing
as shown in the definition of Applicable Margin) for Canadian Prime Rate Loans plus the
Canadian Prime Rate as in effect from time to time, (2) in the case of overdue principal of, and
interest or other amounts owing with respect to, Sterling Revolving Loans and any other amounts
owing in Pounds Sterling, equal to 2% per annum in excess of the Applicable Margin (calculated
based on “Ratings-Based Level” 5 pricing as shown in the definition of Applicable Margin)
plus the relevant Alternate Currency LIBOR Rate for such successive periods not exceeding
three months as the Administrative Agent may determine from time to time in respect of amounts
comparable to the amount not paid plus any Mandatory Costs, (3) in the case of overdue
principal of, and interest or other amounts owing in respect of, Euro Revolving Loans, equal to 2%
per annum in excess of the Applicable Margin (calculated based on “Ratings-Based Level” 5 pricing
as shown in the definition of Applicable Margin) plus EURIBOR for such successive periods
not exceeding three months as the Administrative Agent may determine from time to time in
respective amounts comparable to the amount not paid plus
any Mandatory Costs, (4) in the case of overdue principal of, and interest or other amounts
owing in respect of, Australian Dollar Revolving Loans, equal to 2% per annum in excess of the
Applicable Margin (calculated based on “Ratings-Based Level” 5 pricing as shown in the definition
of Applicable Margin) plus the relevant Alternate Currency LIBOR Rate for such successive
periods not exceeding three months as the Administrative Agent may determine from time to time in
respective amounts comparable to the amount not paid plus any Mandatory Costs, (5) in the
case of overdue principal of, and interest or other amounts owing in respect of, Yen Revolving
Loans, equal to 2% per annum in excess of the Applicable Margin (calculated based on “Ratings-Based
Level” 5 pricing as shown in the definition of Applicable Margin) plus the relevant
Alternate Currency LIBOR Rate for such successive periods not exceeding three months as the
Administrative Agent may determine from time to time in respective amounts comparable to the amount
not paid plus any Mandatory Costs, (6) in the case of overdue principal of, and interest or
other amounts owing in respect of, Other Permitted LIBOR-Based Alternate Currency Revolving Loans,
equal to 2% per annum in excess of the Applicable Margin (calculated based on “Ratings-Based Level”
5 pricing as shown in the definition of Applicable Margin) plus the relevant Alternate
Currency LIBOR Rate for such successive periods not exceeding three months as the Administrative
Agent may determine from time to time in respective amounts comparable

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to the amount not paid
plus any Mandatory Costs and (7) in all other cases, equal to the greater of (x) 2% per
annum in excess of the rate otherwise applicable to Revolving Loans maintained as Base Rate Loans
from time to time (calculated based on “Ratings-Based Level” 5 pricing as shown in the definition
of Applicable Margin) and (y) the rate which is 2% in excess of the rate then borne by such Loans.

          (l) Accrued (and theretofore unpaid) interest shall be payable (i) in respect of each Base
Rate Loan and Canadian Prime Rate Loan, in arrears on each Quarterly Payment Date, (ii) in the case
of any Eurodollar Loan, on the date of any conversion to a Base Rate Loan pursuant to Section 1.07,
1.10 or 1.11, as applicable (on the amount so converted), (iii) in respect of each Euro Rate Loan,
on the last day of each Interest Period applicable thereto (or, in the case of any Interest Period
with a duration in excess of three months, at the date which occurs three calendar months after the
first day of such Interest Period, as well as on the last day of the respective Interest Period),
(iv) in respect of each Competitive Bid Loan, at such times as specified in the Notice of
Competitive Bid Borrowing relating thereto and (v) in respect of each Loan (other than Bankers’
Acceptances), on any repayment or prepayment (on the amount repaid or prepaid), at maturity
(whether by acceleration or otherwise) and, after such maturity, on demand; provided that,
in the case of Dollar Revolving Loans maintained as Base Rate Loans, interest shall not be payable
pursuant to preceding clause (v) at the time of any repayment or prepayment thereof unless the
respective repayment or prepayment is made in conjunction with a permanent reduction of the Total
Revolving Loan Commitment and (ii) in respect of overdue interest on any Loan, on demand.

          (m) Upon each Interest Determination Date, the Administrative Agent shall determine the
respective Euro Rate for the respective Interest Period or Interest Periods to be applicable to
Euro Rate Loans and shall promptly notify the respective Borrower and the Lenders thereof. Each
such determination shall, absent manifest error, be final and conclusive and binding on all parties
hereto.

          1.10 Interest Periods. At the time it gives any Notice of Borrowing or Notice of Conversion in respect of the
making of, or conversion into, any Euro Rate Loan (in the case of the initial Interest Period
applicable thereto) or on the third Business Day prior to the expiration of an Interest Period
applicable to such Euro Rate Loan (in the case of any subsequent Interest Period), the respective
Borrower shall have the right to elect, by giving the Administrative Agent notice thereof, the
interest period (each, an “Interest Period”) applicable to such Euro Rate Loan, which
Interest Period shall, at the option of such Borrower, be (x) a one, two, three or six month period
or, if agreed to by each Lender participating in a Borrowing of such Euro Rate Loan, a one-week
period or (y) in the case of a Borrowing of Dollar Revolving Loans, a one-year period if (but only
if) agreed to by each Lender participating in such Borrowing, provided that:

     (i) all Euro Rate Loans comprising a single Borrowing shall at all times have the same
Interest Period;

     (ii) the initial Interest Period for any Borrowing of Euro Rate Loans shall commence on
the date of such Borrowing (including, in the case of Dollar Revolving Loans, the date of
any conversion thereto from a Dollar Revolving Loan of a different Type) and each Interest
Period occurring thereafter in respect of such Borrowing of Euro

-19-

 

Rate Loans shall commence
on the day on which the next preceding Interest Period applicable thereto expires;

     (iii) if any Interest Period for a Euro Rate Loan begins on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period, such
Interest Period shall end on the last Business Day of such calendar month;

     (iv) if any Interest Period for a Euro Rate Loan would otherwise expire on a day which
is not a Business Day, such Interest Period shall expire on the next succeeding Business
Day; provided, however, that if any Interest Period for a Euro Rate Loan
would otherwise expire on a day which is not a Business Day but is a day of the month after
which no further Business Day occurs in such month, such Interest Period shall expire on the
next preceding Business Day;

     (v) unless the Required Lenders otherwise agree, no Interest Period may be selected at
any time when any Event of Default is in existence; and

     (vi) no Interest Period in respect of any Borrowing of Euro Rate Loans shall be
selected which extends beyond the Maturity Date.

          Prior to the termination of any Interest Period applicable to Alternate Currency Revolving
Loans, the respective Alternate Currency Revolving Loan Borrower may, at its option, designate that
the respective Borrowing subject thereto be split into more than one Borrowing (for purposes of
electing multiple Interest Periods to be subsequently applicable thereto), so long as each such
Borrowing resulting from the action taken pursuant to this sentence meets the relevant Minimum
Borrowing Amount. If upon the expiration of any Interest Period applicable to a Borrowing of Euro
Rate Loans, the respective Borrower has failed to elect, or is not permitted to elect, a new
Interest Period to be applicable to such Euro Rate Loans as provided above, such Borrower shall be
deemed to have elected (x) if Eurodollar Loans, to convert such Eurodollar Loans into Base Rate Loans and (y) if Alternate Currency Revolving
Loans, to select a one-month Interest Period for such Alternate Currency Revolving Loans, in either
case effective as of the expiration date of such current Interest Period.

          1.11 Increased Costs, Illegality, etc. (a) If any Lender (or, with respect to
clauses (i) and (iv) below, the Administrative Agent) shall have determined in good faith (which
determination shall, absent manifest error, be final and conclusive and binding upon all parties
hereto):

     (i) on any Interest Determination Date that, by reason of any changes arising after the
Effective Date affecting the applicable interbank market, adequate and fair means do not
exist for ascertaining the applicable interest rate on the basis provided for in the
definition of the respective Euro Rate; or

     (ii) at any time, that such Lender shall incur increased costs or reductions in the
amounts received or receivable hereunder with respect to any Euro Rate Loan because of (x)
any change arising after the Effective Date in any applicable law or governmental rule,
regulation, order, guideline or request (whether or not having the force of law) or in the
interpretation or administration thereof and including the introduction

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 of any new law or
governmental rule, regulation, order, guideline or request, such as, for example, but not
limited to: (A) a change in the basis of taxation of payment to any Lender of the principal
of or interest on the Notes or any other amounts payable hereunder (except for changes in
the rate of tax on, or determined by reference to, the net income or profits of such Lender
pursuant to the laws of the jurisdiction in which it is organized or in which its principal
office or applicable lending office is located or any subdivision thereof or therein) or (B)
a change in official reserve requirements (except to the extent covered by Section 1.11(d)
in respect of Alternate Currency Revolving Loans or included in the computation of the
Eurodollar Rate) or any special deposit, assessment or similar requirement against assets
of, deposits with or for the account of, or credit extended by, any Lender (or its
applicable lending office) and/or (y) other circumstances since the Effective Date affecting
the applicable interbank market; or

     (iii) at any time after the Effective Date, that the making or continuance of any Euro
Rate Loan has been made (x) unlawful by any law or governmental rule, regulation or order,
(y) impossible by compliance by any Lender in good faith with any governmental request
(whether or not having the force of law) or (z) impracticable as a result of a contingency
occurring after the date of this Agreement which materially and adversely affects the
applicable interbank market; or

     (iv) at any time that any Alternate Currency is not available in sufficient amounts to
fund any Borrowing of Alternate Currency Revolving Loans requested pursuant to Section 1.01;

then, and in any such event, such Lender (or the Administrative Agent, in the case of clause (i) or
(iv) above) shall promptly give notice (by telephone promptly confirmed in writing) to the
respective Borrower and, except in the case of clauses (i) and (iv) above, to the Administrative
Agent of such determination (which notice the Administrative Agent shall promptly transmit to each
of the other Lenders). Thereafter (w) in the case of clause (i) above, (A) if Eurodollar Loans are
so affected, Eurodollar Loans shall no longer be available until such time as the Administrative
Agent notifies the respective Dollar Revolving Loan Borrower and the Lenders that the circumstances
giving rise to such notice by the Administrative Agent no longer exist, and any Notice of Borrowing
or Notice of Conversion given by the respective Dollar Revolving Loan Borrower with respect to
Eurodollar Loans which have not yet been incurred (including by way of conversion) shall be deemed
rescinded by the respective Dollar Revolving Loan Borrower, and (B) if any Alternate Currency
Revolving Loan is so affected, the relevant Euro Rate shall be determined on the basis provided in
the proviso appearing in the definition of the relevant Euro Rate, (x) in the case of clause (ii)
above, the respective Borrower shall pay to such Lender, upon its written request therefor, such
additional amounts (in the form of an increased rate of, or a different method of calculating,
interest or otherwise as such Lender shall determine) as shall be required to compensate such
Lender for such increased costs or reductions in amounts received or receivable hereunder (a
written notice as to the additional amounts owed to such Lender, showing in reasonable detail the
basis for the calculation thereof, submitted to the respective Borrower by such Lender shall,
absent manifest error, be final and conclusive and binding on all the parties hereto), (y) in the
case of clause (iii) above, the respective Borrower shall take one of the actions specified in
Section 1.11(b) as promptly as possible and, in any event, within the time period required by law
and (z) in the case of clause (iv) above, Alternate Currency Revolving

-21-

 

Loans (exclusive of
Alternate Currency Revolving Loans which have theretofore been funded) shall no longer be available
in the respective Alternate Currency or Alternate Currencies until such time as the Administrative
Agent notifies the Alternate Currency Revolving Loan Borrowers and the Lenders that the
circumstances giving rise to such notice by the Administrative Agent no longer exist, and any
Notice of Borrowing given by any Alternate Currency Revolving Loan Borrower with respect to such
Alternate Currency Revolving Loans which have not been incurred shall be deemed rescinded by the
respective Alternate Currency Revolving Loan Borrower.

          (b) At any time that any Euro Rate Loan is affected by the circumstances described in Section
1.11(a)(ii) or (iii), the respective Borrower may (and in the case of a Euro Rate Loan affected by
the circumstances described in Section 1.11(a)(iii) shall) either (x) if the affected Euro Rate
Loan is then being made initially or pursuant to a conversion, cancel the respective Borrowing by
giving the Administrative Agent telephonic notice (confirmed in writing) on the same date that such
Borrower was notified by the affected Lender or the Administrative Agent or (y) if the affected
Euro Rate Loan is then outstanding, upon at least three Business Days’ written notice to the
Administrative Agent, (A) in the case of a Eurodollar Loan, request the affected Lender to convert
such Eurodollar Loan into a Base Rate Loan (which conversion, in the case of the circumstances
described in Section 1.11(a)(iii), shall occur no later than the last day of the Interest Period
then applicable to such Eurodollar Loan (or such earlier date as shall be required by applicable
law)) and (B) in the case of an Alternate Currency Revolving Loan, repay such Alternate Currency
Revolving Loan in full; provided that (i) if the circumstances described in Section
1.11(a)(iii) apply to any Alternate Currency Revolving Loan, the respective Alternate Currency
Revolving Loan Borrower may, in lieu of taking the actions described above, maintain such Alternate
Currency Revolving Loan outstanding, in which case the applicable Euro Rate shall be determined on
the basis provided in the proviso appearing in the definition of the relevant Euro Rate, unless the
maintenance of such Alternate Currency Revolving Loan outstanding on such basis would not stop the conditions described in Section
1.11(a)(iii) from existing (in which case the actions described above, without giving effect to the
proviso, shall be required to be taken) and (ii) if more than one Lender is affected at any time as
described above in this clause (b), then all affected Lenders must be treated the same pursuant to
this Section 1.11(b).

          (c) If at any time after the Effective Date any Lender determines that the introduction of or
any change (which introduction or change shall have occurred after the Effective Date) in any
applicable law or governmental rule, regulation, order, guideline, directive or request (whether or
not having the force of law) concerning capital adequacy, or any change in interpretation or
administration thereof by the National Association of Insurance Commissioners (“NAIC”) or
any governmental authority, central bank or comparable agency, will have the effect of increasing
the amount of capital required or expected to be maintained by such Lender or any corporation
controlling such Lender based on the existence of such Lender’s Commitments hereunder or its
obligations hereunder, then the Corporation agrees to pay to such Lender, upon its written demand
therefor, such additional amounts as shall be required to compensate such Lender or such other
corporation for the increased cost to such Lender or such other corporation or the reduction in the
rate of return to such Lender or such other corporation as a result of such increase of capital.
In determining such additional amounts, each Lender will act reasonably and in good faith and will
use averaging and attribution methods which are

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reasonable, provided that such Lender’s
determination of compensation owing under this Section 1.11(c) shall, absent manifest error, be
final and conclusive and binding on all the parties hereto. Each Lender, upon determining that any
additional amounts will be payable pursuant to this Section 1.11(c), will give prompt written
notice thereof to the Corporation, which notice shall show in reasonable detail the basis for
calculation of such additional amounts.

          (d) If any Lender shall in good faith determine (which determination shall, absent manifest
error, be final and conclusive and binding on all parties hereto) at any time that such Lender is
required to maintain reserves (including, without limitation, any marginal, emergency,
supplemental, special or other reserves required by applicable law) which have been established by
any Federal, state, local or foreign court or governmental agency, authority, instrumentality or
regulatory body with jurisdiction over such Lender (including any branch, Affiliate or funding
office thereof) in respect of any Euro Rate Loans or any category of liabilities which includes
deposits by reference to which the interest rate on any Euro Rate Loan is determined or any
category of extensions of credit or other assets which includes loans of the same or similar type
as any Euro Rate Loans, then, unless such reserves are already being charged for pursuant to
Section 1.11(a)(ii), such Lender shall promptly notify the respective Borrower or Borrowers in
writing specifying the additional amounts required to indemnify such Lender against the cost of
maintaining such reserves (such written notice to provide in reasonable detail a computation of
such additional amounts) and the respective Borrower or Borrowers shall, and shall be obligated to,
pay to such Lender such specified amounts as additional interest at the time that the respective
Borrower or Borrowers are otherwise required to pay interest in respect of such Euro Rate Loans or,
if later, on written demand therefor by such Lender.

          1.12 Compensation. The respective Borrower shall compensate each Lender, upon its written request (which
request shall set forth in reasonable detail the basis for requesting such compensation), for all
reasonable losses, expenses and liabilities (including, without limitation, any loss, expense or
liability incurred by reason of the liquidation or reemployment of deposits or other funds required
by such Lender to fund its Euro Rate Loans, but excluding loss of anticipated profits) which such
Lender may sustain: (i) if for any reason (other than a default by such Lender) a Borrowing of, or
conversion from or into, Euro Rate Loans does not occur on a date specified therefor in a Notice of
Borrowing or Notice of Conversion (whether or not rescinded or deemed rescinded pursuant to Section
1.11(a) or (b)); (ii) if any repayment (including any repayment made pursuant to Section 4.01 or
4.02 or as a result of an acceleration of the Loans pursuant to Section 10) or conversion of any
Euro Rate Loans occurs on a date which is not the last day of an Interest Period with respect
thereto; (iii) if any repayment (including any repayment made pursuant to Section 4.01 or 4.02 or
as a result of an acceleration of the Loans pursuant to Section 10) of any Bankers’ Acceptance Loan
occurs on a date which is not the maturity date of the respective Bankers’ Acceptance; (iv) if any
prepayment of any Euro Rate Loans or Bankers’ Acceptance Loans is not made on any date specified in
a notice of prepayment given by the respective Borrower; or (v) as a consequence of (x) any other
default by the respective Borrower to repay its Loans when required by the terms of this Agreement
or any Note held by such Lender, (y) any election made pursuant to Section 1.11(b) or (z) the
replacement of any Lender pursuant to Section 1.14.

          1.13 Lending Offices; Changes Thereto. (a) Each Lender may at any time or from time
to time designate, by written notice to the Administrative Agent to the extent not

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already reflected on Schedule II, one or more lending offices (which, for this purpose, may include
Affiliates of the respective Lender) for the various Loans made, and Letters of Credit participated
in, by such Lender (including by designating a separate lending office (or Affiliate) to act as
such with respect to Dollar Loans and Dollar Letter of Credit Outstandings versus Alternate
Currency Loans and Alternate Currency Letter of Credit Outstandings); provided that, for
designations made after the Initial Borrowing Date, to the extent such designation shall result in
increased costs under Section 1.11, 2.06 or 4.04 in excess of those which would be charged in the
absence of the designation of a different lending office (including a different Affiliate of the
respective Lender), then the Borrowers shall not be obligated to pay such excess increased costs
(although the Borrowers, in accordance with and pursuant to the other provisions of this Agreement,
shall be obligated to pay the costs which would apply in the absence of such designation and any
subsequent increased costs of the type described above resulting from changes after the date of the
respective designation). Each lending office and Affiliate of any Lender designated as provided
above shall, for all purposes of this Agreement, be treated in the same manner as the respective
Lender (and shall be entitled to all indemnities and similar provisions in respect of its acting as
such hereunder).

          (b) Each Lender agrees that on the occurrence of any event giving rise to the operation of
Section 1.11(a)(ii) or (iii), Section 1.11(c), Section 1.11(d), Section 2.06 or Section 4.04 with
respect to such Lender, it will, if requested by the applicable Borrower, use reasonable efforts
(subject to overall policy considerations of such Lender) to designate another lending office for
any Loans or Letters of Credit affected by such event, provided that such designation is
made on such terms that such Lender and its lending office suffer (as determined
in such Lender’s sole discretion) no economic, legal or regulatory disadvantage, with the
object of avoiding the consequence of the event giving rise to the operation of such Section.
Nothing in this Section 1.13 shall affect or postpone any of the obligations of any Borrower or the
right of any Lender provided in Sections 1.11, 2.06 and 4.04.

          1.14 Replacement of Lenders. (x) If any Lender becomes a Defaulting Lender, (y) upon
the occurrence of an event giving rise to the operation of Section 1.11(a)(ii) or (iii), Section
1.11(c), Section 1.11(d), Section 2.06 or Section 4.04 with respect to any Lender which results in
such Lender charging to any Borrower increased costs in excess of those being generally charged by
the other Lenders or (z) in the case of the refusal by a Lender to consent to proposed changes,
waivers, discharges or terminations with respect to this Agreement which have been approved by the
Required Lenders as (and to the extent) provided in Section 13.12(b), the Corporation shall have
the right, if no Event of Default and no Specified Default will exist immediately after giving
effect to such replacement, to replace such Lender (the “Replaced Lender”) with one or more
other Eligible Transferees, none of whom shall constitute a Defaulting Lender at the time of such
replacement (collectively, the “Replacement Lender”) and each of whom shall be required to
be reasonably acceptable to the Administrative Agent and each Lender which at the time of such
replacement is an Issuing Bank with respect to one or more outstanding Letters of Credit;
provided that:

     (i) any Replacement Lender in a replacement pursuant to this Section 1.14 (with each
such replacement being herein called a “Replacement”) shall be required to comply
with the requirements of Section 13.04(b) and at the time of any Replacement the Replacement
Lender shall enter into one or more Assignment and Assumption

-24-

 

Agreements pursuant to Section
13.04(b) (and shall pay all fees payable pursuant to said Section 13.04(b)) pursuant to
which the Replacement Lender shall acquire all of the Commitments (and related
Sub-Commitments) and outstanding Loans of, and in each case participations in Letters of
Credit by, the Replaced Lender and, in connection therewith, shall pay to (x) the Replaced
Lender in respect thereof amounts (in the respective currencies in which such obligations
are denominated) equal to the sum of (I) the principal of (including, without limitation,
the Face Amount of Bankers’ Acceptance Loans), and all accrued interest on, all outstanding
Loans of the Replaced Lender, (II) all Unpaid Drawings that have been funded by (and not
reimbursed to) such Replaced Lender, together with all then unpaid interest with respect
thereto at such time and (III) all accrued, but theretofore unpaid, Fees owing to the
Replaced Lender pursuant to Section 3.01, (y) each Issuing Bank an amount (in the relevant
Applicable Currency) equal to such Replaced Lender’s Dollar Percentage and/or relevant
Alternate Currency RL Percentage, as applicable, of any Unpaid Drawing (which at such time
remains an Unpaid Drawing) to the extent such amount was not theretofore funded by such
Replaced Lender to such Issuing Bank and (z) the Swingline Lender an amount equal to such
Replaced Lender’s Dollar Percentage of any Mandatory Borrowing to the extent such amount was
not theretofore funded by such Replaced Lender; and

     (ii) all Obligations of the Borrowers due and owing to the Replaced Lender at such time
(other than those specifically described in clause (i) above in respect of which
the assignment purchase price has been, or is concurrently being, paid) shall be paid
in full to such Replaced Lender concurrently with such replacement.

          Upon the execution of the respective Assignment and Assumption Agreements, the payment of
amounts referred to in clauses (i) and (ii) above, recordation of the assignment on the Register by
the Administrative Agent pursuant to Section 13.15 and, if so requested by the Replacement Lender,
delivery to the Replacement Lender of the appropriate Note or Notes executed by the respective
Borrower, the Replacement Lender shall become a Lender hereunder and the Replaced Lender shall
cease to constitute a Lender hereunder, except with respect to indemnification provisions under
this Agreement (including, without limitation, Sections 1.11, 1.12, 1.16, 2.06, 4.04, 12.06 and
13.01), which shall survive as to such Replaced Lender. In connection with any replacement of
Lenders pursuant to, and as contemplated by, this Section 1.14, each of the Borrowers (other than
the Corporation) hereby irrevocably authorizes the Corporation to take all necessary action, in the
name of the various Borrowers, as described above in this Section 1.14 in order to effect the
replacement of the respective Lender or Lenders in accordance with the preceding provisions of this
Section 1.14.

          1.15 Bankers’ Acceptance Provisions. (a) The parties hereto agree that the
provisions of Schedule III shall apply to all Bankers’ Acceptances and Bankers’ Acceptance Loans
created hereunder, and that the provisions of Schedule III shall be deemed incorporated by
reference into this Agreement as if such provisions were set forth in their entirety herein.

          (b) Schedule 1.15(b) hereto contains a description of all bankers’ acceptances created and
issued pursuant to the Existing Credit Agreement and outstanding on the Effective Date (and setting
forth, with respect to each such bankers’ acceptance, (i) the name of the issuing lender, (ii) the
name of the account party, (iii) the stated amount (which shall be in Canadian

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Dollars) and (iv) the expiry date). Each such bankers’ acceptance (each, an “Existing Bankers’ Acceptance”)
shall constitute a “Bankers’ Acceptance” for all purposes of this Agreement, created and issued,
for purposes of Section 1.01(b) and Schedule III hereto, on the Initial Borrowing Date.

          1.16 European Monetary Union. The following provisions of this Section 1.16 shall
come into effect on and from the date on which the United Kingdom becomes a Participating Member
State. Each obligation under this Agreement which has been denominated in Pounds Sterling shall be
redenominated into Euros in accordance with the relevant EMU Legislation. However, if and to the
extent that the relevant EMU Legislation provides that an amount which is denominated in Pounds
Sterling can be paid by the debtor either in Euros or in Pounds Sterling, each party to this
Agreement shall be entitled to pay or repay any amount denominated or owing in Pounds Sterling
hereunder either in Euros or in Pounds Sterling. Without prejudice and in addition to any method
of conversion or rounding prescribed by any relevant EMU Legislation, (i) each reference in this
Agreement to a minimum amount (or an integral multiple thereof) in Pounds Sterling shall be
replaced by a reference to such reasonably comparable and convenient amount (or an integral
multiple thereof) in Euros as the Administrative Agent may from time to time specify and
(ii) except as expressly provided in this Section 1.16, this Agreement shall be subject to
such reasonable changes of construction as the Administrative Agent may from time to time specify
to be necessary or appropriate to reflect the introduction of or changeover to Euros in the United
Kingdom, provided that this Section 1.16 shall not reduce or increase any actual or
contingent liability arising under this Agreement.

          1.17 Special Provisions Regarding RL Lenders, Alternate Currency Revolving Loans and
Alternate Currency Letters of Credit. (a) On any date the Corporation may, at its option,
permanently reduce or terminate the Alternate Currency Revolving Loan Sub-Commitments relating to
one or more of the Alternate Currency Revolving Loan Sub-Tranches by written notice to the
Administrative Agent to such effect (specifying the aggregate amount of reductions to various
Alternate Currency Revolving Loan Sub-Commitments relating to each such Alternate Currency
Revolving Loan Sub-Tranche); provided that (i) no such reduction shall be made in an amount
which would cause the sum of (x) the Dollar Equivalent of the then outstanding aggregate principal
amount or Face Amount, as the case may be, of all Alternate Currency Revolving Loans under a given
Alternate Currency Revolving Loan Sub-Tranche plus (y) all Alternate Currency Letter of
Credit Outstandings relating to Alternate Currency Letters of Credit issued under the respective
Alternate Currency Revolving Loan Sub-Tranche, to exceed the aggregate Alternate Currency Revolving
Loan Sub-Commitments of the Alternate Currency RL Lenders in respect of such Alternate Currency
Revolving Loan Sub-Tranche (after giving effect to the respective reduction pursuant to this
Section 1.17(a)), (ii) each reduction pursuant to this clause (a) shall apply pro
rata to reduce the Alternate Currency Revolving Loan Sub-Commitments of the various
Alternate Currency RL Lenders in respect of such Alternate Currency Revolving Loan Sub-Tranche
(based upon the relative amounts of such Sub-Commitments), and (iii) except to the extent the
reduction to the Alternate Currency Revolving Loan Sub-Commitments pursuant to this Section 1.17(a)
is accompanied by a like reduction to the amount of the Total Revolving Loan Commitment pursuant to
Section 3.02, the amount of each RL Lender’s reduction to its Alternate Currency Revolving Loan
Sub-Commitments pursuant to this clause (a) shall result in a like increase to its Non-Alternate
Currency Revolving Loan Sub-Commitment.

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          (b) On the fifth Business Day after the occurrence of a Sharing Event, automatically (and
without the taking of any action) (x) all then outstanding Alternate Currency Revolving Loans
incurred by, and all Unpaid Drawings in respect of Alternate Currency Letters of Credit issued for
the account of, each Borrower shall be automatically converted into Dollar Revolving Loans
maintained in, or Unpaid Drawings owing in, Dollars (in an amount equal to the Dollar Equivalent of
the aggregate principal amount or Face Amount, as the case may be, of the respective Alternate
Currency Revolving Loans or Unpaid Drawings, as the case may be, on the date such Sharing Event
first occurred), which Dollar Revolving Loans or Unpaid Drawings shall (i) continue to be owed by
the respective Alternate Currency Revolving Loan Borrower obligated to repay or reimburse the
respective Alternate Currency Revolving Loan or Unpaid Drawing prior to such conversion and (ii) at
all times thereafter be deemed to be Base Rate Loans, and (y) all principal, accrued and unpaid
interest and other amounts owing with respect to such Revolving Loans and Unpaid Drawings (as so
converted) shall be immediately due and payable in Dollars (taking the Dollar Equivalent of the
principal, accrued and unpaid interest and other amounts of the Alternate Currency Revolving Loans
or Unpaid Drawings so converted). The occurrence of any conversion as provided above in this Section 1.17(b) shall be deemed to
constitute, for purposes of Section 1.12, a prepayment of Alternate Currency Revolving Loans before
the last day of any Interest Period relating thereto.

          (c) On the date of the occurrence of a Sharing Event, each RL Lender shall (and hereby
unconditionally and irrevocably agrees to) purchase and sell for cash (in each case in Dollars)
undivided participating interests in the Revolving Loans outstanding to each Borrower in such
amounts so that each RL Lender shall have a share of the outstanding Revolving Loans then owing by
each Borrower equal to its RL Percentage thereof. Upon any such occurrence, the Administrative
Agent shall notify each RL Lender and shall specify the amount of Dollars required from such RL
Lender in order to effect the purchases and sales by the various RL Lenders of participating
interests in the amounts required above (together with accrued interest with respect to the period
from the last interest payment date through the date of the Sharing Event plus any additional
amounts payable by the respective Borrower pursuant to Section 4.04 hereof in respect of such
accrued but unpaid interest); provided that each RL Lender shall be deemed to have
purchased, automatically and without request, such participating interests. The foregoing
purchases shall be accomplished through purchases and sales of participations in the relevant
obligations as required above, and each RL Lender hereby agrees, at the request of the
Administrative Agent, to enter into customary participation agreements approved by the
Administrative Agent to effect the foregoing. Promptly upon receipt of such request, each RL
Lender shall deliver to the Administrative Agent (in immediately available funds in Dollars) the
net amounts as specified by the Administrative Agent. The Administrative Agent shall promptly
deliver the amounts so received to the various RL Lenders in such amounts as are needed to effect
the purchases and sales of participations as provided above. Promptly following receipt thereof,
each RL Lender which has sold participations in any of its Revolving Loans (through the
Administrative Agent) will deliver to each RL Lender (through the Administrative Agent) which has
so purchased a participating interest a participation certificate dated the date of receipt of such
funds and in such amount. It is understood that the amount of funds delivered by each RL Lender
shall be calculated on a net basis, giving effect to both the sales and purchases of participations
by the various RL Lenders as required above.

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          (d) Upon, and after, the occurrence of a Sharing Event (i) no further Credit Events shall be
made or shall occur, (ii) all amounts from time to time accruing with respect to, and all amounts
from time to time payable on account of, Alternate Currency Revolving Loans (including, without
limitation, any interest and other amounts which were accrued but unpaid on the date of such
Sharing Event) shall be payable in Dollars (taking the Dollar Equivalents of all such amounts on
the date of the occurrence of the respective Sharing Event, with all calculations after such
Sharing Event being made as if the respective such Alternate Currency Revolving Loan had originally
been made in Dollars) and shall be distributed by the Administrative Agent for the account of the
relevant RL Lenders (or their affiliates) which made such Revolving Loans or are participating
therein and (iii) the Revolving Loan Commitments (and the Alternate Currency Revolving Loan
Sub-Commitments and Non-Alternate Currency Revolving Loan Sub-Commitments) of the RL Lenders shall
be automatically terminated. Notwithstanding anything to the contrary contained above, the failure
of any RL Lender to purchase its participating interests in any extensions of credit upon the
occurrence of a Sharing Event shall not relieve any other RL Lender of its obligation hereunder to
purchase its participating interests in a timely manner, but no RL Lender shall be responsible for the failure of any other RL
Lender to purchase the participating interest to be purchased by such other RL Lender on any date.

          (e) If any amount required to be paid by any RL Lender pursuant to Section 1.17(c) is not paid
to the Administrative Agent within one Business Day following the date upon which such RL Lender
receives notice from the Administrative Agent of the amount of its participations required to be
purchased pursuant to said Section 1.17(c), such RL Lender shall also pay to the Administrative
Agent on demand an amount equal to the product of (i) the amount so required to be paid by such RL
Lender for the purchase of its participations multiplied by (ii) the daily average Federal
Funds Rate, during the period from and including the date of request for payment to but excluding
the date on which such payment is immediately available to the Administrative Agent multiplied
by (iii) a fraction, the numerator of which is the number of days that elapsed during such
period and the denominator of which is 360. If any such amount required to be paid by any RL
Lender pursuant to Section 1.17(c) is not in fact made available to the Administrative Agent within
three Business Days following the date upon which such RL Lender receives notice from the
Administrative Agent as to the amount of participations required to be purchased by it, the
Administrative Agent shall be entitled to recover from such RL Lender on demand, such amount with
interest thereon calculated from such request date at the rate per annum applicable to Dollar
Revolving Loans maintained as Base Rate Loans hereunder. A certificate of the Administrative Agent
submitted to any RL Lender with respect to any amounts payable under this Section 1.17 shall be
conclusive in the absence of manifest error. Amounts payable by any RL Lender pursuant to this
Section 1.17 shall be paid to the Administrative Agent for the account of the relevant RL Lenders;
provided that, if the Administrative Agent (in its sole discretion) has elected to fund on
behalf of such RL Lender the amounts owing to such RL Lenders, then the amounts shall be paid to
the Administrative Agent for its own account.

          (f) Whenever, at any time after the relevant RL Lenders have received from any RL Lenders
purchases of participations in any Revolving Loans pursuant to this Section 1.17, the various RL
Lenders receive any payment on account thereof, such RL Lenders will distribute to the
Administrative Agent, for the account of the various RL Lenders participating therein, such RL
Lenders’ participating interests in such amounts (appropriately adjusted, in the case of interest
payments, to reflect the period of time during which such participations were

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outstanding) in like funds as received; provided, however, that if such payment received by any RL
Lenders is required to be returned, the RL Lenders who received previous distributions in respect
of their participating interests therein will return to the respective RL Lenders any portion
thereof previously so distributed to them in like funds as such payment is required to be returned
by the respective RL Lenders.

          (g) Each RL Lender’s obligation to purchase participating interests pursuant to this Section
1.17 shall be absolute and unconditional and shall not be affected by any circumstance including,
without limitation, (a) any setoff, counterclaim, recoupment, defense or other right which such RL
Lender may have against any other RL Lender, the relevant Borrower or any other Person for any
reason whatsoever, (b) the occurrence or continuance of an Event of Default, (c) any adverse change
in the condition (financial or otherwise) of any Borrower or any other Person, (d) any breach of
this Agreement by any Borrower or any Lender or any other Person, or (e) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.

          (h) All determinations by the Administrative Agent pursuant to this Section 1.17 shall be made
by it in accordance with the provisions herein and with the intent being to equitably share the
credit risk for all Revolving Loans, Swingline Loans and Letters of Credit hereunder in accordance
with the provisions hereof. Absent manifest error, all determinations by the Administrative Agent
hereunder shall be binding on the Borrowers and each of the Lenders. The Administrative Agent
shall have no liability to any Borrower or any Lender hereunder for any determinations made by it
hereunder (other than any determination as to the existence of a Sharing Event), except to the
extent resulting from the Administrative Agent’s gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final and non-appealable decision).

          (i) Notwithstanding anything to the contrary contained elsewhere in this Agreement, upon any
purchase of participations as required above in this Section 1.17 or, after the occurrence of a
Sharing Event, pursuant to Section 1.01(c) or 2.04, (i) each RL Lender which has purchased such
participations shall be entitled to receive from the relevant Borrower any increased costs and
indemnities (including, without limitation, pursuant to Sections 1.11, 1.12, 1.16, 2.06 and 4.04)
directly from such Borrower to the same extent as if such RL Lender which has purchased such
participations were the direct Lender as opposed to a participant therein, which increased costs
shall be calculated without regard to Section 1.13, Section 13.04(a) or the last sentence of
Section 13.04(b) and (ii) each RL Lender which has sold such participations shall be entitled to
receive from the relevant Borrower indemnification from and against any and all taxes imposed as a
result of the sale of the participations pursuant to this Section 1.17. The Borrowers acknowledge
and agree that, upon the occurrence of a Sharing Event and after giving effect to the requirements
of this Section 1.17, increased Taxes may be owing by them pursuant to Section 4.04, which Taxes
shall be paid (to the extent provided in Section 4.04) by the respective Borrowers, without any
claim that the increased Taxes are not payable because same resulted from the participations
effected as otherwise required by this Section 1.17.

          1.18 Special Provisions Applicable to the Total Canadian Dollar Revolving Loan
Sub-Commitment. (a) Notwithstanding anything to the contrary contained in this Agreement, the
parties hereto agree that (i) the Total Canadian Dollar Revolving Loan Sub-Commitment,

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shall be fixed on a quarterly basis in accordance with this Section; (ii) in no event shall the Total
Canadian Dollar Revolving Loan Sub-Commitment exceed the sum of the Alternate Currency Revolving
Loan Sub-Commitments of the various Alternate Currency RL Lenders relating to Canadian Dollars as
then in effect (after giving effect to any reductions or increases to such Alternate Currency
Revolving Loan Sub-Commitments from time to time, including pursuant to Sections 1.17, 1.18(b),
1.19, 3.02, 3.03, 10 and/or 13.12(e) or (f)); (iii) in no event shall the Canadian Dollar Revolving
Loan Sub-Commitment for any Alternate Currency RL Lender exceed the amount set forth opposite such
Alternate Currency RL Lender’s name in Schedule I-B directly below the column entitled “Canadian
Dollar Revolving Loan Sub-Commitment,” as the same may be (x) reduced from time to time pursuant to
Sections 1.17, 1.18(b), 3.02, 3.03, 10 and/or 13.12(f), (y) increased from time to time pursuant to
Sections 1.19 and/or 13.12(e) or (z) further adjusted from time to time as a result of assignments
to or from such Lender pursuant to Section 1.14 or 13.04(b); (iv) at no time shall any Borrower be
permitted to request an extension of credit pursuant to the Total Revolving Loan Commitment
(whether in the form of Revolving Loans or Swingline Loans or Competitive Bid Loans or Letter of Credit Outstandings) and no
such credit shall be made available if, after giving effect thereto, the sum of the aggregate
principal amount (taking the Dollar Equivalent of the principal amount of Alternate Currency
Revolving Loans made available in currencies other than Dollars and Canadian Dollars) of
outstanding Revolving Loans (excluding for this purpose Canadian Dollar Revolving Loans), Swingline
Loans and Competitive Bid Loans (taking the Dollar Equivalent of the principal amount of Alternate
Currency Competitive Bid Loans) and the amount of Letter of Credit Outstandings (exclusive of
Letter of Credit Outstandings relating to Alternate Currency Letters of Credit denominated in
Canadian Dollars) at such time would exceed an amount equal to the Total Revolving Loan Commitment
as then in effect less the Total Canadian Dollar Revolving Loan Sub-Commitment as then in
effect; (v) at no time shall any Alternate Currency Revolving Loan Borrower be permitted to request
an extension of credit in the form of Canadian Dollar Revolving Loans or Letters of Credit
denominated in Canadian Dollars if, after giving effect thereto, the sum of (x) the aggregate
principal (and Face Amount, as applicable) of outstanding Canadian Dollar Revolving Loans (for this
purpose, using the Dollar Equivalent of the principal and/or Face Amount, as appropriate, of
Canadian Dollar Revolving Loans) plus (y) the amount of Alternate Currency Letter of Credit
Outstandings relating to Alternate Currency Letters of Credit denominated in Canadian Dollars,
would at any time exceed the Total Canadian Dollar Revolving Loan Sub-Commitment; and (vi) the
Canadian Dollar Revolving Loan Sub-Commitment for any Alternate Currency RL Lender at any time
shall be an amount equal to its pro rata share of the Total Canadian Dollar
Revolving Loan Sub-Commitment at such time determined on the basis of the Alternate Currency RL
Percentages of the various Alternate Currency RL Lenders in respect of such Alternate Currency
Revolving Loan Sub-Tranche.

          (b) The Corporation, not more than 30 days and not less than 5 Business Days prior to the last
day of each calendar quarter, shall give written notice to the Administrative Agent either (x)
requesting an adjustment effective as of the first Business Day of the immediately following
calendar quarter (each such date, an “Adjustment Date”) to the amount of the Total Canadian
Dollar Revolving Loan Sub-Commitment; or (y) confirming that there will be no adjustments to the
amount available under the Total Canadian Dollar Revolving Loan Sub-Commitment; provided
that (i) no reduction to the amount of the Total Canadian Dollar Revolving Loan Sub-Commitment may
be made if, after giving effect to any such reduction, the Total Canadian Dollar Revolving Loan
Sub-Commitment would be less than the sum of (x) the

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aggregate Face Amount of all Bankers’
Acceptance Loans and the principal amount of all Canadian Prime Rate Loans (for this purpose, using
the Dollar Equivalent of the Face Amounts or principal amounts thereof) then outstanding (other
than any such Canadian Dollar Revolving Loans which will be repaid in full on or before the
respective Adjustment Date) plus (y) the amount of Alternate Currency Letter of Credit
Outstandings relating to Alternate Currencies denominated in Canadian Dollars; and (ii) the failure
by the Corporation to deliver any such written notice (or the delivery by the Corporation of any
such notice which does not comply with the requirements contained in this Section) to the
Administrative Agent within the period required above will be deemed to be delivery by the
Corporation to the Administrative Agent of a written notice that there will be no adjustment to the
Total Canadian Dollar Revolving Loan Sub-Commitment. If any adjustment is made on an Adjustment
Date as described in this Section, then on the respective Adjustment Date all repayments and/or
cash collateralizations required by this Section and Section 4.02(a) shall be made on such date to
the extent required as a result of such adjustments and in manner provided in Section 4.02.

          (c) In connection with any loans, repayments and/or cash collateralizations made as a result
of adjustments to the Total Canadian Dollar Revolving Loan Sub-Commitment and the Canadian Dollar
Revolving Loan Sub-Commitment for any Alternate Currency RL Lender as requested above, then, so
long as arrangements satisfactory to the Administrative Agent are made for the repayment of all
amounts which will be due on the respective Adjustment Date as a result thereof, loans shall be
permitted to be requested by the Borrowers as a result of any change in the amount of the Total
Canadian Dollar Revolving Loan Sub-Commitments on such date (subject to satisfaction of the other
terms and conditions of this Agreements), so long as arrangements satisfactory to the
Administrative Agent are made so that, by the time required by Section 4.03, all payments will be
made by the Borrowers on such Adjustment Date as a result of any change in the amount of the Total
Canadian Dollar Revolving Loan Sub-Commitment, on such date. It is understood and agreed that the
Administrative Agent shall have no liability to any Lender if the payments contemplated above in
this Section are not actually made on the Adjustment Date, and that any failure to make the
payments required to be made on an Adjustment Date pursuant to this Section or Section 4.02(a)
shall constitute an Event of Default in accordance with the terms of Section 10.01.

          1.19 Incremental Revolving Loan Commitments. (a) So long as the Incremental
Revolving Loan Commitment Requirements are satisfied at the time of the delivery of the request
referred to below, the Corporation shall have the right at any time and from time to time and upon
at least 5 Business Days’ prior written notice to the Administrative Agent, to request on one or
more occasions that one or more Lenders (and/or one or more other Persons which will become Lenders
as provided below) provide Incremental Revolving Loan Commitments (and related Incremental
Alternate Currency Revolving Loan Sub-Commitments with respect to one or more Alternate Currency
Revolving Loan Sub-Tranches) 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 Incremental Revolving Loan Commitment (or a related
Incremental Alternate Currency Revolving Loan Sub-Commitment) as a result of any such request by
the Corporation, (ii) until such time, if any, as (x) such Lender has agreed in its sole discretion
to provide an Incremental Revolving Loan Commitment (and any related Incremental Alternate Currency
Revolving Loan Sub-Commitment) and executed and delivered to the Administrative Agent an
Incremental Revolving

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Loan Commitment Agreement in respect thereof as provided in clause (b) of
this Section 1.19 and (y) the other conditions set forth in Section 1.19(b) shall have been
satisfied, such Lender shall not be obligated to fund any Revolving Loans in excess of its
Revolving Loan Commitment (or any Alternate Currency Revolving Loans under a given Alternate
Currency Revolving Loan Sub-Tranche in excess of its Alternate Currency Revolving Loan
Sub-Commitment relating to such Alternate Currency Revolving Loan Sub-Tranche), in each case as in
effect prior to giving effect to such Incremental Revolving Loan Commitment (and any related
Incremental Alternate Currency Revolving Loan Sub-Commitment) provided pursuant to this Section
1.19, (iii) any Lender (or, in the circumstances contemplated by clause (vii) below, any other
Person which will qualify as an Eligible Transferee) may so provide an Incremental Revolving Loan
Commitment (and any related Incremental Alternate Currency Revolving Loan Sub-Commitment) without
the consent of any other Lender (other than the Administrative Agent in the circumstances
contemplated by the definition of Incremental Revolving Loan Commitment Requirements), (iv) each
provision of Incremental Revolving Loan Commitments (and any related Incremental Alternate Currency
Revolving Loan Sub-Commitment) on a given date pursuant to this Section 1.19 shall be in a minimum
aggregate amount (for all Lenders (including, in the circumstances contemplated by clause (vii)
below, Eligible Transferees who will become Lenders)) of at least $10,000,000 and in integral
multiples of $1,000,000 in excess thereof, (v) the aggregate amount of all Incremental Revolving
Loan Commitments permitted to be provided pursuant to this Section 1.19 shall not exceed
$400,000,000, (vi) the aggregate amount of all Incremental Alternate Currency Revolving Loan
Sub-Commitments permitted to be provided pursuant to this Section 1.19, when combined with any and
all increases pursuant to Section 13.12(e) to Alternate Currency Revolving Loan Sub-Commitments
relating to each Alternate Currency Revolving Loan Sub-Tranche in excess of the relevant Alternate
Currency Revolving Loan Sub-Commitment Sub-Limit (for this purposes, determined without regard to
the proviso in the definition thereof) for the respective Alternate Currency Revolving Loan
Sub-Tranche, shall not exceed $150,000,000, (vii) if after the Corporation has requested the then
existing Lenders (other than Defaulting Lenders) to provide Incremental Revolving Loan Commitments
(and related Incremental Alternate Currency Revolving Loan Sub-Commitments, if applicable) pursuant
to this Section 1.19, the Corporation has not received Incremental Revolving Loan Commitments (and
related Incremental Alternate Currency Revolving Loan Sub-Commitments, if applicable) in an
aggregate amount equal to that amount of the Incremental Revolving Loan Commitments (and related
Incremental Alternate Currency Revolving Loan Sub-Commitments, if applicable) which the Corporation
desires to obtain pursuant to such request (as set forth in the notice provided by the Corporation
as provided below), then the Corporation may request Incremental Revolving Loan Commitments (and
related Incremental Alternate Currency Revolving Loan Sub-Commitments, if applicable) from Persons
reasonably acceptable to the Administrative Agent and each Issuing Bank which would qualify as
Eligible Transferees hereunder in an aggregate amount equal to such deficiency, in any such case on
terms which are no more favorable to such Eligible Transferee in any respect than the terms offered
to the Lenders, provided that any such Incremental Revolving Loan Commitments (and any
related Incremental Alternate Currency Revolving Loan Sub-Commitments) provided by any such
Eligible Transferee which is not already a Lender shall be in a minimum amount (
for such Eligible
Transferee) of at least $5,000,000 and (viii) all actions taken by the Corporation (and any
Alternate Currency Revolving Loan Borrower) pursuant to this Section 1.19 shall be done in
coordination with the Administrative Agent.

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          (b) In connection with the Incremental Revolving Loan Commitments (and any related Incremental
Alternate Currency Revolving Loan Sub-Commitments) to be provided pursuant to this Section 1.19,
(i) the Corporation, any relevant Alternate Currency Revolving Loan Borrower (in the case of any
Incremental Alternate Currency Revolving Loan Sub-Commitments to be provided pursuant to this
Section 1.19), the Administrative Agent and each such Lender or other Eligible Transferee (each, an
“Incremental RL Lender”) which agrees to provide an Incremental Revolving Loan Commitment
(and any related Incremental Alternate Currency Revolving Loan Sub-Commitments) shall execute and
deliver to the Administrative Agent an Incremental Revolving Loan Commitment Agreement
substantially in the form of Exhibit L (appropriately completed), with the effectiveness of such
Incremental RL Lender’s Incremental Revolving Loan Commitment (and any related Incremental
Alternate Currency Revolving Loan Sub-Commitments) to occur upon delivery of such Incremental
Revolving Loan Commitment Agreement to the Administrative Agent, the payment of any fees required
in connection therewith (including, without limitation, any agreed upon up-front or arrangement
fees owing to the Administrative Agent) and the satisfaction of the other conditions in this
Section 1.19(b) to the reasonable satisfaction of the Administrative Agent, (ii) the Incremental
Revolving Loan Commitment Requirements and any other conditions precedent agreed to by the
Corporation that may be set forth in the respective Incremental Revolving Loan Commitment Agreement
shall have been satisfied, and (iii) the Corporation shall deliver to the Administrative Agent an
opinion or opinions, in form and substance reasonably satisfactory to the Administrative Agent,
from counsel to the Credit Parties 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 Initial Borrowing Date pursuant to Section 5.02 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 Incremental Revolving Loan Commitment Agreement, and at such time (i) the
Total Revolving Loan Commitment under, and for all purposes of, this Agreement shall be increased
by the aggregate amount of such Incremental Revolving Loan Commitments, (ii) the Total Alternate
Currency Revolving Loan Sub-Commitment under, and for all purposes of, this Agreement shall be
increased by the aggregate amount of any Incremental Alternate Currency Revolving Loan
Sub-Commitments made available under the respective Incremental Revolving Loan Commitment
Agreement, (iii) each Alternate Currency Revolving Loan Sub-Commitment of the respective
Incremental RL Lender relating to any relevant Incremental Alternate Currency Revolving Loan
Sub-Commitment made available under the respective Incremental Revolving Loan Commitment Agreement
under, and for all purposes of, this Agreement shall be increased by the amount of such Incremental
Alternate Currency Revolving Loan Sub-Commitment, (iv) Schedule I shall be deemed modified to
reflect the revised Revolving Loan Commitments (and related Alternate Currency Revolving Loan
Sub-Commitments, if applicable) of the affected Lenders and (v) to the extent requested by any
Incremental RL Lender, the relevant Notes will be issued at the Corporation’s expense, to such
Incremental RL Lender, to be in conformity with the requirements of Section 1.06 (with appropriate
modification) to the extent needed to reflect the increases to the Revolving Loan Commitments (and
any related Alternate Currency Revolving Loan Sub-Commitments) of such Incremental RL Lender
contemplated hereby.

          (c) In connection with any provision of Incremental Revolving Loan Commitments pursuant to
this Section 1.19, the Lenders and the Borrowers hereby agree that,

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notwithstanding anything to the
contrary contained in this Agreement, (i) the relevant Borrowers shall, in coordination with the
Administrative Agent, (x) repay outstanding Dollar Revolving Loans and/or Alternate Currency
Revolving Loans under certain Alternate Currency Revolving Loan Sub-Tranches owing to certain RL
Lenders, and incur additional Dollar Revolving Loans and/or Alternate Currency Revolving Loans
under certain Alternate Currency Revolving Loan Sub-Tranches from certain other RL Lenders
(including the Incremental RL Lenders) or (y) take such other actions as may be reasonably required
by the Administrative Agent (including by requiring new Dollar Revolving Loans or Alternate
Currency Revolving Loans pursuant to a given Alternate Currency Revolving Loan Sub-Tranche to be
incurred and added to then outstanding Borrowings of the respective such Loans, even though as a
result thereof such new Loans (to the extent required to be maintained as Euro Rate 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 (I) all of the RL Lenders effectively participate in each
outstanding Borrowing of Dollar Revolving Loans pro rata on the basis of their Dollar
Percentages (determined after giving effect to any increase in the Total Revolving Loan Commitment
(and any increase in the Non-Alternate Currency Revolving Loan Sub-Commitments and the Alternate
Currency Revolving Loan Sub-Commitments of the Incremental RL Lenders) pursuant to this Section
1.19) and (II) all Alternate Currency RL Lenders with a given Alternate Currency Revolving Loan
Sub-Commitment effectively participate in each outstanding Borrowing of Alternate Currency
Revolving Loans under the related Alternate Currency Revolving Loan Sub-Tranche pro
rata on the basis of their Alternate Currency RL Percentages relating to such Alternate
Currency Revolving Loan Sub-Tranche (determined after giving effect to any increase in the Total
Revolving Loan Commitment (and any increase in the Non-Alternate Currency Revolving Loan
Sub-Commitments and the Alternate Currency Revolving Loan Sub-Commitments of the Incremental RL
Lenders) pursuant to this Section 1.19), (ii) the Corporation shall pay (or cause to be paid) to
the respective RL Lenders any costs of the type referred to in Section 1.12 in connection with any
repayment and/or Borrowing required pursuant to preceding clause (i) and (iii) to the extent Dollar
Revolving Loans or Alternate Currency Revolving Loans pursuant to a given Alternate Currency
Revolving Loan Sub-Tranche are to be so incurred or added to the then outstanding Borrowings of the
respective such Loans which are maintained as Euro Rate Loans, the Lenders that have made such
Loans shall be entitled to receive from the Borrowers 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). In coordinating the actions to be taken pursuant to this Section
1.19(c), the Administrative Agent shall act with an eye towards minimizing (but no express
obligation to minimize) costs to the Borrowers. All determinations by any Lender pursuant to
clause (iii) of the second preceding sentence shall, absent manifest error, be final and conclusive
and binding on all parties hereto.

          SECTION 2. Letters of Credit.

          2.01 Letters of Credit. (a) Subject to and upon the terms and conditions set forth
herein, any Dollar Revolving Loan Borrower (other than Starwood REIT) (in the case of any Dollar
Letter of Credit) and any Alternate Currency Revolving Loan Borrower (in the case of any Alternate
Currency Letter of Credit) may request that any Issuing Bank issue, at any time and from time to
time on and after the Initial Borrowing Date and prior to the tenth Business Day prior to the
Maturity Date (or the 30th day prior to the Maturity Date in the case of Trade Letters

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of Credit), for the account of such Account Party and for the benefit of (x) any holder (or any trustee, agent
or other similar representative for any such holders) of L/C Supportable Obligations of such
Account Party or any of its Subsidiaries, an irrevocable sight standby letter of credit, in a form
customarily used by such Issuing Bank or in such other form as has been approved by such Issuing
Bank (each such standby letter of credit, a “Standby Letter of Credit”) in support of such
L/C Supportable Obligations and (y) sellers of goods, materials and services used in the ordinary
course of business of such Account Party or any of its Subsidiaries an irrevocable sight commercial
letter of credit in a form customarily used by such Issuing Bank or in such other form as has been
approved by such Issuing Bank (each such commercial letter of credit, a “Trade Letter of Credit,” and each such Trade Letter of Credit and each Standby Letter of
Credit, a “Letter of Credit”) in support of commercial transactions of the Corporation and
its Subsidiaries. Each Letter of Credit shall constitute either (x) a Dollar Letter of Credit, in
which case such Letter of Credit shall be denominated in Dollars and shall be issued for the
account of a Dollar Revolving Loan Borrower (other than Starwood REIT) or (y) an Alternate Currency
Letter of Credit, in which case such Letter of Credit shall be denominated in an Alternate Currency
and shall be issued for the account of an Alternate Currency Revolving Loan Borrower.

          (b) Each Issuing Bank hereby agrees that it will (subject to the terms and conditions
contained herein), at any time and from time to time on and after the Initial Borrowing Date and
prior to the tenth Business Day prior to the Maturity Date (or the 30th day prior to the Maturity
Date in the case of Trade Letters of Credit), following its receipt of the respective Letter of
Credit Request, issue for the account of the respective Account Party, subject to the terms and
conditions of this Agreement, one or more Letters of Credit (x) in the case of Standby Letters of
Credit, in support of such L/C Supportable Obligations of such Account Party or any of its
Subsidiaries as are permitted to remain outstanding without giving rise to a Default or an Event of
Default and (y) in the case of Trade Letters of Credit, in support of sellers of goods or materials
used in the ordinary course of business of such Account Party or any of its Subsidiaries as
referenced in Section 2.01(a), provided that the respective Issuing Bank shall be under no
obligation to issue any Letter of Credit of the types described above 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 Issuing Bank from issuing such Letter of
Credit or any requirement of law applicable to such Issuing Bank or any request or directive
(whether or not having the force of law) from any governmental authority with jurisdiction
over such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the
issuance of letters of credit generally or such Letter of Credit in particular or shall
impose upon such Issuing Bank with respect to such Letter of Credit any restriction or
reserve or capital requirement (for which such Issuing Bank 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 Issuing Bank as of the date hereof and which such
Issuing Bank reasonably and in good faith deems material to it; or

     (ii) such Issuing Bank shall have received a Stop Issue Notice from the Administrative
Agent prior to the issuance of such Letter of Credit.

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          (c) Schedule 2.01(c) hereto contains a description of all letters of credit issued pursuant to
the Existing Credit Agreement and outstanding on the Effective Date (and setting forth, with
respect to each such letter of credit, (i) the name of the issuing lender, (ii) the letter of
credit number, (iii) the name(s) of the account party or account parties, (iv) the stated amount
(which shall be in U.S. Dollars), (v) the name of the beneficiary, (vi) the expiry date and (vii)
whether such letter of credit constitutes a standby letter of credit or a trade letter of credit).
Each such letter of credit, including any extension or renewal thereof (each, as amended from time
to time in accordance with the terms thereof and hereof, an “Existing Letter of Credit”)
shall constitute a “Letter of Credit”, a “Dollar Letter of Credit” and a “Standby Letter of Credit”
or a “Trade Letter of Credit”, as the case may be, for all purposes of this Agreement, issued, for
purposes of Section 2.05(a), on the Initial Borrowing Date. Any Lender hereunder which has
issued an Existing Letter of Credit shall constitute an “Issuing Bank” for all purposes of this
Agreement.

          2.02 Maximum Letter of Credit Outstandings; Final Maturities; etc. (a)
Notwithstanding anything to the contrary contained in this Agreement, (i) no Letter of Credit shall
be issued the Stated Amount of which, when added to the Letter of Credit Outstandings at such time,
would exceed $400,000,000, (ii) no Alternate Currency Letter of Credit shall be issued if, after
giving effect thereto, the Aggregate Alternate Currency Credit Exposure would exceed $500,000,000
at such time, (iii) no Alternate Currency Letter of Credit denominated in a given Other Permitted
LIBOR-Based Alternate Currency shall be issued if, after giving effect thereto, the Aggregate Other
Permitted LIBOR-Based Alternate Currency Revolving Credit Exposure with respect to such Other
Permitted LIBOR-Based Alternate Currency would exceed $35,000,000 at such time, (iv) no Letter of
Credit shall be issued if, after giving effect thereto, (x) the Individual Revolving Credit
Exposure of any Lender would exceed its Revolving Loan Commitment as then in effect or (y) the
Aggregate Revolving Credit Exposure would exceed the Total Revolving Loan Commitment as then in
effect, (v) no Alternative Currency Letter of Credit denominated in a given Alternate Currency and
issued under a given Alternate Currency Revolving Loan Sub-Tranche shall be issued if, after giving
effect thereto, the Individual Alternate Currency Revolving Loan Sub-Commitment Credit Exposure of
any Alternate Currency RL Lender with an Alternate Currency Revolving Loan Sub-Commitment relating
to such Alternate Currency Revolving Loan Sub-Tranche would exceed such Alternate Currency
Revolving Loan Sub-Commitment of such Alternate Currency RL Lender at such time, and (vi) each
Letter of Credit shall by its terms terminate (A) in the case of Standby Letters of Credit, on or
before the earlier of (x) the date which occurs 12 months after the date of the issuance thereof
(although any such Standby Letter of Credit may be extendible for successive periods of up to 12
months, but not beyond the tenth Business Day prior to the Maturity Date, on terms acceptable to
the Issuing Bank thereof) and (y) the tenth Business Day prior to the Maturity Date and (B) in the
case of Trade Letters of Credit, on or before the earlier of (x) the date which occurs 180 days
after the date of issuance thereof and (y) 30 days prior to the Maturity Date and (v) the Stated
Amount of each Letter of Credit shall be no less than $100,000 (or, in the case of an Alternate
Currency Letter of Credit, the Dollar Equivalent thereof), or such lesser amount as is acceptable
to the respective Issuing Bank.

          (b) Notwithstanding the foregoing, if a Lender Default exists, an Issuing Bank shall not be
required to issue any Letters of Credit requested to be issued by it unless such Issuing Bank has
entered into arrangements satisfactory to it and the Corporation to eliminate

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such Issuing Bank’s
risk with respect to the participation in Letters of Credit of the Defaulting Lender or Lenders,
including by cash collateralizing such Defaulting Lender’s or Lenders’ RL Percentage of the Letter
of Credit Outstandings.

          2.03 Letter of Credit Requests; Notices of Issuance. (a) Whenever an Account Party
desires that a Letter of Credit be issued for its account, such Account Party shall give the
Administrative Agent and the respective Issuing Bank written notice thereof prior to 1:00 P.M. (New
York time) at least five Business Days’ (or such shorter period as is acceptable to the respective Issuing Bank) prior to the proposed date of
issuance (which shall be a Business Day). Each notice shall be in the form of Exhibit D (each, a
“Letter of Credit Request”).

          (b) The making of each Letter of Credit Request shall be deemed to be a representation and
warranty by the respective Account Party that (i) such Letter of Credit may be issued in accordance
with, and will not violate the requirements of, Section 2.02 and (ii) all of the applicable
conditions set forth in Sections 5 and 6 shall be met at the time of such issuance. Unless the
respective Issuing Bank has received notice from the Administrative Agent, whether on its own
initiative or at the direction of the Required Lenders, before it issues a Letter of Credit that
one or more of the conditions specified in Section 5 are not satisfied on the Initial Borrowing
Date or Section 6 are not then satisfied, or that the issuance of such Letter of Credit would
violate Section 2.02 (any such notice, a “Stop Issue Notice”) , then such Issuing Bank may
issue the requested Letter of Credit for the account of the respective Account Party in accordance
with such Issuing Bank’s usual and customary practices. Upon the issuance of or amendment to any
Standby Letter of Credit, the respective Issuing Bank shall promptly notify the Administrative
Agent and the respective Account Party, in writing, of such issuance or amendment, and such
notification shall be accompanied by a copy of the issued Standby Letter of Credit or amendment
thereto. Upon receipt of such notice, the Administrative Agent shall notify the RL Lenders, in
writing, of such issuance or amendment, as the case may be, and if so requested by any RL Lender,
the Administrative Agent shall provide such RL Lender with a copy of the Standby Letter of Credit
so issued or such amendment, as the case may be. For Trade Letters of Credit issued by an Issuing
Bank (other than the Administrative Agent), such Issuing Bank will send to the Administrative Agent
by facsimile transmission, promptly on the first Business Day of each week, the daily aggregate
Stated Amount of Trade Letters of Credit issued by such Issuing Bank and outstanding during the
preceding week. The Administrative Agent shall deliver to each RL Lender, after each calendar
month end and upon each payment of the Letter of Credit Fee, a report setting forth for the
relevant period the daily aggregate Stated Amount of all outstanding Trade Letters of Credit during
such period.

          2.04 Letter of Credit Participations. (a) Immediately upon the issuance by the
respective Issuing Bank of any Letter of Credit, such Issuing Bank shall be deemed to have sold and
transferred to (i) in the case of a Dollar Letter of Credit, each RL Lender (other than such
Issuing Bank) and (ii) in the case of an Alternate Currency Letter of Credit, each Alternate
Currency RL Lender (other than an Issuing Bank) with an Alternate Currency Revolving Loan
Sub-Commitment relating to the respective Alternate Currency Revolving Loan Sub-Tranche under which
such Alternate Currency Letter of Credit was issued (each such Lender with respect to any Letter of
Credit, in its capacity under this Section 2.04, a “Participant”), and each such
Participant shall be deemed irrevocably and unconditionally to have purchased and received from
such Issuing Bank, without recourse or warranty, an undivided interest and participation, in

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a percentage equal to (x) in the case of a Dollar Letter of Credit, such Participant’s Dollar
Percentage or (y) in the case of an Alternate Currency Letter of Credit, such Participant’s
relevant Alternate Currency RL Percentage, in such Dollar Letter of Credit or Alternate Currency
Letter of Credit, as the case may be, each drawing or payment made thereunder and the obligations
of the respective Account Party under this Agreement with respect thereto, and any guaranty
pertaining thereto (although Letter of Credit Fees shall be paid directly to the Administrative Agent for the account of the RL Lenders or
the relevant Alternate Currency RL Lenders as provided in Section 3.01(b) and the Participants
shall have no right to receive any portion of any Facing Fees with respect to any such Letters of
Credit); provided that, upon the occurrence of a Sharing Event, the participations
described above shall be automatically adjusted so that each RL Lender shall have a participation
in all then outstanding Letters of Credit (whether a Dollar Letter of Credit or an Alternate
Currency Letter of Credit), and related obligations as described above, in a percentage equal to
its RL Percentage (which adjustments shall occur concurrently with the adjustments described in
Section 1.17). Upon any change in the Revolving Loan Commitments, Non-Alternate Currency Revolving
Loan Sub-Commitments, Alternate Currency Revolving Loan Sub-Commitments, Dollar Percentages or
relevant Alternate Currency RL Percentages of the RL Lenders pursuant to this Agreement (or in the
circumstances provided in the proviso to the immediately preceding sentence, the RL Percentages of
the RL Lenders pursuant to this Agreement), it is hereby agreed that, with respect to all
outstanding Letters of Credit and Unpaid Drawings, there shall be an automatic adjustment to the
participations pursuant to this Section 2.04 to reflect the new Dollar Percentages or relevant
Alternate Currency RL Percentages or, in the circumstances described in the proviso to the
immediately preceding sentence, the RL Percentages of the various RL Lenders.

          (b) In determining whether to pay under any Letter of Credit, the respective Issuing Bank
shall have no obligation relative to the Participants or any other Lenders other than to confirm
that any documents required to be delivered under such Letter of Credit appear to have been
delivered and that they appear to substantially comply on their face with the requirements of such
Letter of Credit. Any action taken or omitted to be taken by any Issuing Bank under or in
connection with any Letter of Credit if taken or omitted in the absence of gross negligence or
willful misconduct (as finally determined by a court of competent jurisdiction), shall not create
for such Issuing Bank any resulting liability to any Account Party, any other Credit Party, any
Lender or any other Person.

          (c) If any Issuing Bank makes any payment under any Letter of Credit and the respective
Account Party shall not have reimbursed such amount in full to such Issuing Bank pursuant to
Section 2.05(a), such Issuing Bank shall promptly notify the Administrative Agent, and the
Administrative Agent shall promptly notify each Participant of such failure, and each Participant
shall promptly and unconditionally pay to the Administrative Agent for the benefit of such Issuing
Bank the amount of such Participant’s Dollar Percentage (in the case of a Dollar Letter of Credit)
or relevant Alternate Currency RL Percentage (in the case of an Alternate Currency Letter of
Credit) (or, after the occurrence of a Sharing Event, its RL Percentage) of such unreimbursed
payment in Dollars (or, in the case of an Alternate Currency Letter of Credit, at any time prior to
the occurrence of a Sharing Event, the Alternate Currency in which such Alternate Currency Letter
of Credit is denominated) and in same day funds. If the Administrative Agent so notifies, prior to
11:00 A.M. (New York time) on any Business Day, any Participant required to fund a payment under a
Letter of Credit, such Participant shall make

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available to the Administrative Agent for the benefit
of such Issuing Bank, in Dollars (or, in the case of an Alternate Currency Letter of Credit, at any
time prior to the occurrence of a Sharing Event, the Alternate Currency in which such Alternate
Currency Letter of Credit is denominated), such Participant’s Dollar Percentage (in the case of a
Dollar Letter of Credit) or relevant Alternate Currency RL Percentage (in the case of an Alternate
Currency Letter of Credit) (or, after the occurrence of a Sharing Event, its RL Percentage) of the amount of such
payment on such Business Day in same day funds; provided, however, that no
Participant shall be obligated to pay to the Administrative Agent for the benefit of such Issuing
Bank its Dollar Percentage (in the case of a Dollar Letter of Credit) or relevant Alternate
Currency RL Percentage (in the case of an Alternate Currency Letter of Credit) (or, after the
occurrence of a Sharing Event, its RL Percentage) of such unreimbursed amount for any wrongful
payment made by such Issuing Bank under a Letter of Credit issued by it as a result of acts or
omissions constituting willful misconduct or gross negligence on the part of such Issuing Bank (as
finally determined by a court of competent jurisdiction). If and to the extent such Participant
shall not have so made its Dollar Percentage (in the case of a Dollar Letter of Credit) or
Alternate Currency RL Percentage (in the case of an Alternate Currency Letter of Credit) (or, after
the occurrence of a Sharing Event, its RL Percentage) of the amount of such payment available to
the Administrative Agent for the benefit of such Issuing Bank, such Participant agrees to pay to
the Administrative Agent for the benefit of such Issuing Bank, forthwith on demand such amount,
together with interest thereon, for each day from such date until the date such amount is paid to
the Administrative Agent for the benefit of such Issuing Bank at (x) in the case of Dollar Letters
of Credit and, after the occurrence of a Sharing Event, other amounts owing in Dollars, the
overnight Federal Funds Rate for the first three days and at the interest rate applicable to Dollar
Revolving Loans maintained as Base Rate Loans hereunder for each day thereafter and (y) in the case
of Alternate Currency Letters of Credit denominated in a given Alternate Currency at any time prior
to the occurrence of a Sharing Event, the relevant Euro Rate (as determined on the basis provided
in the proviso appearing in the definition of the relevant Euro Rate) for the first three days and
the interest rate applicable to Alternate Currency Revolving Loans denominated in such Alternate
Currency for each day thereafter). The failure of any Participant to make available to such
Issuing Bank its Dollar Percentage (in the case of a Dollar Letter of Credit) or relevant Alternate
Currency RL Percentage (in the case of an Alternate Currency Letter of Credit) (or, after the
occurrence of a Sharing Event, its RL Percentage) of any payment under any Letter of Credit shall
not relieve any other Participant of its obligation hereunder to make available to such Issuing
Bank its Dollar Percentage (in the case of a Dollar Letter of Credit) or relevant Alternate
Currency RL Percentage (in the case of an Alternate Currency Letter of Credit) (or, after the
occurrence of a Sharing Event, its RL Percentage) of any unreimbursed payment with respect to a
Letter of Credit on the date required, as specified above, but no Participant shall be responsible
for the failure of any other Participant to make available to the Administrative Agent for the
benefit of such Issuing Bank such other Participant’s Dollar Percentage or relevant Alternate
Currency RL Percentage (or, after the occurrence of a Sharing Event, its RL Percentage), as
applicable, of any such payment.

          (d) Whenever any Issuing Bank receives a payment of a reimbursement obligation as to which it
has received any payments from the Participants pursuant to clause (c) above, such Issuing Bank
shall pay to the Administrative Agent for the benefit of each Participant which has paid its Dollar
Percentage (in the case of a Dollar Letter of Credit) or relevant Alternate Currency RL Percentage
(in the case of an Alternate Currency Letter of

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Credit) (or, after the occurrence of a Sharing
Event, its RL Percentage) thereof, in Dollars (or, in the case of an Alternate Currency Letter of
Credit, at any time prior to the occurrence of a Sharing Event, the Alternate Currency in which
such Alternate Currency Letter of Credit is denominated) and in same day funds, an amount equal to
such Participant’s share (based upon the proportionate aggregate amount originally funded by such
Participant to the aggregate amount funded by all Participants) of the principal amount of such reimbursement obligation
and interest thereon accruing after the purchase of the respective participations. The payment
required to be made by the respective Issuing Bank to the Administrative Agent pursuant to the
preceding sentence shall be made on the day the respective payment of a reimbursement is received
by such Issuing Bank (if payment was actually received by such Issuing Bank prior to 12:00 Noon
(local time in the city in which such payments are to be made)).

          (e) The obligations of the Participants to make payments to the Administrative Agent for the
benefit of each Issuing Bank with respect to Letters of Credit issued by it shall be irrevocable
and not subject to any qualification or exception whatsoever (except as otherwise provided in the
proviso to the second sentence of Section 2.04(c)) and shall be made in accordance with the terms
and conditions of this Agreement under all circumstances, including, without limitation, any of the
following circumstances:

     (i) any lack of validity or enforceability of this Agreement or any of the other Credit
Documents;

     (ii) the existence of any claim, setoff, defense or other right which any Credit Party
or any of its Subsidiaries or Affiliates may have at any time against a beneficiary named in
a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such
transferee may be acting), any Agent, any Issuing Bank, any Participant, or any other
Person, whether in connection with this Agreement, any Letter of Credit, the transactions
contemplated herein or any unrelated transactions (including any underlying transaction
between any Credit Party or any Subsidiary or Affiliate of any Credit Party and the
beneficiary named in any such Letter of Credit);

     (iii) any draft, certificate or any other document presented under any Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect;

     (iv) the surrender or impairment of any guaranty for the performance or observance of
any of the terms of any of the Credit Documents; or

     (v) the occurrence of any Default or Event of Default.

          2.05 Agreement to Repay Letter of Credit Drawings. (a) Each Account Party hereby
agrees to reimburse the respective Issuing Bank, by making payment in Dollars (or, in the case of a
reimbursement under an Alternate Currency Letter of Credit, at any time prior to the occurrence of
a Sharing Event, the Alternate Currency in which such Alternate Currency Letter of Credit is
denominated) and in immediately available funds directly to the Administrative Agent at the Payment
Office for the benefit of such Issuing Bank, for any payment or disbursement (in the case of any
such payment or disbursement under any Alternate Currency Letter of

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Credit which is unpaid on the
date of the occurrence of a Sharing Event, or which payments or disbursements are made thereafter,
taking the Dollar Equivalent of the amount of the respective payment or disbursement made in the
respective Alternate Currency in which such Alternate Currency Letter of Credit is denominated as
such Dollar Equivalent is determined on the first date upon which the respective Sharing Event
occurs or, if later, the date upon which the respective payment or disbursement is made) made by such
Issuing Bank under any Letter of Credit issued by it for the account of the respective Account
Party (with each such amount so paid, until reimbursed, an “Unpaid Drawing”), not later
than the Business Day after the Administrative Agent or such Issuing Bank notifies the respective
Account Party of such payment or disbursement, with interest on the amount so paid or disbursed by
such Issuing Bank, to the extent not reimbursed prior to 2:00 P.M. (New York time), on the date of
such payment or disbursement, from and including the date paid or disbursed to but excluding the
date such Issuing Bank is reimbursed by the respective Account Party therefor at a rate per
annum which shall be (x) in the case of Dollar Letters of Credit and other amounts owing in
Dollars after the occurrence of a Sharing Event, the Base Rate in effect from time to time
plus the Applicable Margin for Dollar Revolving Loans maintained as Base Rate Loans as in
effect from time to time and (y) in the case of Alternate Currency Letters of Credit denominated in
a given Alternate Currency for periods occurring prior to the occurrence of a Sharing Event, the
relevant Euro Rate (as determined on the basis provided in the proviso appearing in the definition
of the relevant Euro Rate) in effect from time to time plus the Applicable Margin for
Alternate Currency Revolving Loans as in effect from time to time plus any Mandatory Costs,
provided, however, to the extent such amounts are not reimbursed prior to 12:00
Noon (New York time) on the third Business Day following the receipt of notice by the respective
Account Party from the Administrative Agent or the respective Issuing Bank of such payment or
disbursement or upon the occurrence of a Default or an Event of Default under Section 10.05,
interest shall thereafter accrue on the amounts so paid or disbursed by such Issuing Bank (and
until reimbursed by the respective Account Party) at a rate per annum which shall
be (x) in the case of Dollar Letters of Credit and other amounts owing in Dollars after the
occurrence of a Sharing Event, the Base Rate in effect from time to time plus the
Applicable Margin for Dollar Revolving Loans maintained as Base Rate Loans as in effect from time
to time plus 2% and (y) in the case of Alternate Currency Letters of Credit denominated in
a given Alternate Currency for periods occurring prior to the occurrence of a Sharing Event, the
relevant Euro Rate (as determined on the basis provided in the proviso appearing in the definition
of the relevant Euro Rate) in effect from time to time plus the Applicable Margin for
Alternate Currency Revolving Loans as in effect from time to time plus any Mandatory Costs
plus 2%, in each such case, with interest to be payable on demand, provided
further, that it is understood and agreed that the notice referred to above in this clause (a)
and in the immediately preceding proviso shall not be required to be given if a Default or an Event
of Default under Section 10.05 shall have occurred and be continuing (in which case the Unpaid
Drawings shall be due and payable immediately without presentment, demand, protest or notice of any
kind (all of which are hereby waived by each Account Party) and shall bear interest at the rate
provided in the foregoing proviso). The respective Issuing Bank shall give the
respective Account
Party and the Administrative Agent (if not the Issuing Bank under the respective Letter of Credit)
prompt written notice of each Drawing under any Letter of Credit, provided that the failure
to give any such notice shall in no way affect, impair or diminish the respective Account Party’s
obligations hereunder.

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          (b) The obligations of each Account Party under this Section 2.05 to reimburse the respective
Issuing Bank with respect to Unpaid Drawings (including, in each case, interest thereon) shall be
absolute and unconditional under any and all circumstances and irrespective of any setoff,
counterclaim or defense to payment which the respective Account Party may have or have had against
any Lender (including in its capacity as issuer of the Letter
of Credit or as Participant), including, without limitation, any defense based upon the
failure of any drawing under a Letter of Credit (each, a “Drawing”) to conform to the terms
of the Letter of Credit or any nonapplication or misapplication by the beneficiary of the proceeds
of such Drawing; provided that the respective Issuing Bank shall be responsible for any
damages (excluding consequential damages) to the respective Account Party for its gross negligence
or willful misconduct (as finally determined by a court of competent jurisdiction) in connection
with drawings made under a Letter of Credit which did not comply or conform to the terms of the
respective Letter of Credit.

          2.06 Increased Costs. If at any time after the Effective Date, the introduction of or
any change in any applicable law, rule, regulation, order, guideline or request or in the
interpretation or administration thereof by any governmental authority charged with the
interpretation or administration thereof, or compliance by any Issuing Bank or any Participant with
any request or directive by any such authority (whether or not having the force of law), shall
either (i) impose, modify or make applicable any reserve, deposit, capital adequacy or similar
requirement against letters of credit issued by any Issuing Bank or participated in by any
Participant, or (ii) impose on any Issuing Bank or any Participant any other conditions relating,
directly or indirectly, to this Agreement; and the result of any of the foregoing is to increase
the cost to any Issuing Bank or any Participant of issuing, maintaining or participating in any
Letter of Credit, or reduce the amount of any sum received or receivable by any Issuing Bank or any
Participant hereunder or reduce the rate of return on its capital with respect to Letters of Credit
(except for changes in the rate of tax on, or determined by reference to, the net income or profits
or franchise taxes based on net income of such Issuing Bank or such Participant pursuant to the
laws of the jurisdiction in which it is organized or in which its principal office or applicable
lending office is located or any subdivision thereof or therein), then, upon written demand to the
respective Account Party by such Issuing Bank or any Participant (a copy of which certificate shall
be sent by such Issuing Bank or such Participant to the Administrative Agent), the respective
Account Party shall pay to such Issuing Bank or such Participant such additional amount or amounts
as will compensate such Lender for such increased cost or reduction in the amount receivable or
reduction on the rate of return on its capital. Any Issuing Bank or any Participant, upon
determining that any additional amounts will be payable pursuant to this Section 2.06, will give
prompt written notice thereof to the respective Account Party, which notice shall include a
certificate submitted to the respective Account Party by such Issuing Bank or such Participant (a
copy of which certificate shall be sent by such Issuing Bank or such Participant to the
Administrative Agent), setting forth in reasonable detail the basis for the calculation of such
additional amount or amounts necessary to compensate such Issuing Bank or such Participant. The
certificate required to be delivered pursuant to this Section 2.06 shall, absent manifest error, be
final and conclusive and binding on the respective Account Party.

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          SECTION 3. Fees; Reductions of Commitment.

          
3.01  Fees (a) The Corporation agrees to pay to the Administrative Agent in Dollars for distribution
to each Non-Defaulting Lender with a Revolving Loan Commitment a facility fee (the “Facility
Fee”) for the period from and including the Effective Date to but excluding the Maturity Date
(or such earlier date as the Total Revolving Loan Commitment shall have been terminated), computed
at a rate per annum equal to the Applicable Margin (as in effect from time to time) on the daily
Revolving Loan Commitment of such Lender. Accrued Facility Fees shall be due and payable in
arrears on each Quarterly Payment Date and on the Maturity Date or such earlier date upon which the
Total Revolving Loan Commitment is terminated.

          (b) (x) Each Account Party agrees to pay to the Administrative Agent for distribution to each
Non-Defaulting RL Lender (based on their respective Dollar Percentages or, for periods from and
after the occurrence of a Sharing Event, their respective RL Percentages) in Dollars, a fee in
respect of each Dollar Letter of Credit issued for the account of such Account Party hereunder and
(y) each Account Party agrees to pay to the Administrative Agent for distribution to each
Non-Defaulting RL Lender with an Alternate Currency Revolving Loan Sub-Commitment under a given
Alternate Currency Revolving Loan Sub-Tranche (or, after a Sharing Event has occurred, each
Non-Defaulting RL Lender) (based on their respective relevant Alternate Currency Percentages or,
for periods from and after the occurrence of a Sharing Event, their respective RL Percentages) in
Dollars (or, in the case of Alternate Currency Letters of Credit denominated in a given Alternate
Currency, for periods prior to the occurrence of a Sharing Event, in the respective Alternate
Currency), a fee in respect of each Alternate Currency Letter of Credit issued under such Alternate
Currency Revolving Loan Sub-Tranche for the account of such Account Party (with all fees payable as
described in this clause (b) being herein referred to as “Letter of Credit Fees”), in each
case, for the period from and including the date of issuance of the respective Letter of Credit to
and including the date of termination of such Letter of Credit (or, in the case of a Trade Letter
of Credit, the date of the stated expiration thereof), computed at a rate per annum equal to the
Applicable Margin for Revolving Loans maintained as Euro Rate Loans (as in effect from time to
time), on the daily Stated Amount of such Letter of Credit. Accrued Letter of Credit Fees shall be
due and payable quarterly in arrears on each Quarterly Payment Date and, in the case of Letter of
Credit Fees owing pursuant to preceding clause (x), on the first day on or after the termination of
the Total Revolving Loan Commitment upon which no Dollar Letters of Credit remain outstanding and,
in the case of Letter of Credit Fees payable pursuant to preceding clause (y), on the first day on
or after the termination of all Alternate Currency Revolving Loan Sub-Commitments relating to the
relevant Alternate Currency Revolving Loan Sub-Alternate Currency Revolving Loan Sub-Tranche upon
which no Alternate Currency Letters of Credit issued under such Alternate Currency Revolving Loan
Sub-Tranche remain outstanding.

          (c) Each Account Party agrees to pay to each Issuing Bank, for its own account, in Dollars (in
the case of each Dollar Letter of Credit and, for all periods after the occurrence of a Sharing
Event, each Letter of Credit) or the respective Alternate Currency (in the case of each Alternate
Currency Letters of Credit in a given Alternate Currency for periods prior to the occurrence of a
Sharing Event), a facing fee in respect of each Letter of Credit issued for the account of such
Account Party by such Issuing Bank hereunder (the “Facing Fee”), for the period from and
including the date of issuance of such Letter of Credit to and including the date

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of the
termination of such Letter of Credit (or, in the case of a Trade Letter of Credit, the date of
stated expiration thereof), computed at a rate equal to 1/8 of 1% per annum of the daily Stated
Amount of such Letter of Credit; provided that in no event shall the annual Facing Fee
with respect to any Letter of Credit be less than the Minimum Applicable Facing Fee. Accrued
Facing Fees shall be due and payable in arrears on each Quarterly Payment Date and, in the case of
Facing Fees owing in respect of Dollar Letters of Credit, on the first day on or after the
termination of the Total Revolving Loan Commitment upon which no Dollar Letters of Credit remain
outstanding and, in the case of Facing Fees payable in respect of Alternate Currency Letters of
Credit issued under a given Alternate Currency Revolving Loan Sub-Alternate Currency Revolving Loan
Sub-Tranche, on the first day on or after the termination of all Alternate Currency Revolving Loan
Sub-Commitments relating to such Alternate Currency Revolving Loan Sub-Alternate Currency Revolving
Loan Sub-Tranche upon which no Alternate Currency Letters of Credit issued under such Alternate
Currency Revolving Loan Sub-Tranche remain outstanding.

          (d) Each Account Party shall pay, upon each payment under, issuance of, or amendment to, any
Letter of Credit issued by any Issuing Bank for its account, such amount as shall at the time of
such event be the administrative charge and the reasonable expenses which such Issuing Bank is
generally imposing for payment under, issuance of, or amendment to, Letters of Credit issued by it.

          (e) At the time of the incurrence of each Bankers’ Acceptance Loan, Acceptance Fees shall be
paid by the respective Alternate Currency Revolving Loan Borrower as required by, and in accordance
with, clause (g) of Schedule III.

          (f) The Corporation and/or any other relevant Alternate Currency Revolving Loan Borrower shall
pay to the Administrative Agent for distribution to each Incremental RL Lender such fees and other
amounts, if any, as are specified in the relevant Incremental Revolving Loan Commitment Agreement,
with the fees and other amounts, if any, to be payable on the respective Incremental Revolving Loan
Commitment Date.

          (g) Each Borrower shall pay to the Administrative Agent, for its own account, such other fees
as have been agreed to in writing by such Borrower and the Administrative Agent.

          3.02 Voluntary Termination or Reduction of Total Unutilized Revolving Loan Commitment.
Upon at least three Business Days’ prior notice to the Administrative Agent at the Notice Office
(which notice the Administrative Agent shall promptly transmit to each of the Lenders), the
Corporation shall have the right, at any time or from time to time, without premium or penalty, to
terminate or partially reduce the Total Unutilized Revolving Loan Commitment; provided that
any partial reduction pursuant to this Section 3.02 shall be in an amount of at least $5,000,000
or, if greater, in integral multiples of $5,000,000 thereof. Each reduction to the Total
Unutilized Revolving Loan Commitment pursuant to this Section 3.02 shall apply to reduce the
Revolving Loan Commitments of the various RL Lenders pro rata based on their
respective RL Percentages. At the time of each reduction to the Revolving Loan Commitment of any
Lender pursuant to this Section 3.02, the Corporation shall specify the amount of such reduction to
apply to the various Alternate Currency Revolving Loan Sub-Commitments of such Lender and to the

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Non-Alternate Currency Revolving Loan Sub-Commitment of such Lender (the sum of which must
equal the reduction to the Revolving Loan Commitment of such Lender); provided that all
Lenders with Alternate Currency Revolving Loan Sub-Commitments relating to a given Alternate
Currency Revolving Loan Sub-Tranche shall be treated in a consistent fashion (i.e., with no
reductions, or with proportionate reductions, to their respective Alternate Currency Revolving Loan
Sub-Commitments) at the time of any reduction to the Total Unutilized Revolving Loan Commitment
pursuant to this Section 3.02. In the absence of a designation by the Corporation pursuant to this
Section 3.02, the amount of any reduction to the Revolving Loan Commitment of any Lender pursuant
to this Section 3.02 shall apply (i) first, to reduce the Non-Alternate Currency Revolving
Loan Sub-Commitment of the respective Lender and (ii) second, to the extent in excess
thereof, to reduce the Alternate Currency Revolving Loan Sub-Commitments of such Lender in each
case on a pro rata basis (based on the respective amounts of the Alternate Currency
Revolving Loan Sub-Commitments of such Lender as then in effect).

          3.03 Mandatory Reduction of Commitments. (a) In addition to any other mandatory
commitment reductions pursuant to this Section 3.03, the Total Revolving Loan Commitment (and the
Revolving Loan Commitment, each Alternate Currency Revolving Loan Sub-Commitment and the
Non-Alternate Currency Revolving Loan Sub-Commitment of each Lender) shall terminate in its
entirety on the earlier of (i) the Maturity Date and (ii) unless the Required Lenders otherwise
agree, the date on which a Change of Control occurs.

          (b) Each reduction to the Total Revolving Loan Commitment pursuant to this Section 3.03 shall
be applied proportionately to reduce the Revolving Loan Commitment of each RL Lender.

          SECTION 4. Prepayments; Payments; Taxes.

          4.01 Voluntary Prepayments. Each Borrower shall have the right to prepay the Loans
made to such Borrower, without premium or penalty, in whole or in part, at any time and from time
to time on the following terms and conditions:

     (i) such Borrower shall give the Administrative Agent at the Notice Office written
notice (or telephonic notice promptly confirmed in writing) of (1) its intent to prepay such
Loans, (2) whether Dollar Revolving Loans, Alternate Currency Revolving Loans or Swingline
Loans shall be prepaid, (3) the amount of such prepayment (stated in the Applicable
Currency) and the Types of Loans to be prepaid and (4) in the case of Euro Rate Loans, the
specific Borrowing or Borrowings pursuant to which made, with such notice to be given by
such Borrower prior to 12:00 Noon (local time where the respective Payment Office is
located) (x) at least one Business Day prior to the date of such prepayment in the case of
Dollar Revolving Loans maintained as Base Rate Loans or Canadian Dollar Revolving Loans
maintained as Canadian Prime Rate Loans, (y) on the date of such prepayment in the case of
Swingline Loans and (z) at least one Business
Day prior to the date of such prepayment in the case of Loans maintained as Euro Rate
Loans, and (except in the case of Swingline Loans) to be transmitted promptly by the
Administrative Agent to each of the Lenders with Loans of the respective Tranche and Type;

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     (ii) each prepayment shall be in an aggregate principal amount at least equal to the
Minimum Borrowing Amount for the applicable Tranche and Type of Loans, provided that
if any partial prepayment of Euro Rate Loans made pursuant to any Borrowing shall reduce the
outstanding Euro Rate Loans made pursuant to such Borrowing to an amount less than the
respective Minimum Borrowing Amount for such Tranche and Type of Loans, then such Borrowing
(x) in the case of Dollar Revolving Loans, may not be continued as a Borrowing of Euro Rate
Loans and any election of an Interest Period with respect thereto shall have no force or
effect and (y) in the case of Alternate Currency Revolving Loans, shall be repaid in full at
such time;

     (iii) prepayments of Bankers’ Acceptance Loans may not be made prior to the maturity
date of the respective Bankers’ Acceptances;

     (iv) each prepayment in respect of any Loans made pursuant to a Borrowing shall be
applied pro rata among such Loans, provided that (x) so long as no
Default or Event of Default is then in existence, at any time when the sum of the aggregate
principal amount of Dollar Revolving Loans, Competitive Bid Loans (taking the Dollar
Equivalent of the principal of any Alternate Currency Competitive Bid Loans), Swingline
Loans and Dollar Letter of Credit Outstandings exceeds the Total Non-Alternate Currency
Revolving Loan Sub-Commitment (with the amount of such excess being herein called the
“Total Non-Alternate Currency Revolving Loan Sub-Commitment Excess”), the
Corporation may, to the extent of such Total Non-Alternate Currency Revolving Loan
Sub-Commitment Excess, make prepayments of principal of Dollar Revolving Loans to the
Lenders which have, or have Affiliates that have, Alternate Currency Revolving Loan
Sub-Commitments on the basis of their Alternate Currency RL Percentages as same relate to a
given Alternate Currency Revolving Loan Sub-Tranche (with the respective Borrower to
designate the Borrowing or Borrowings, or portions thereof, being prepaid), with the intent
of creating availability for subsequent Alternate Currency Revolving Loans under the
respective Alternate Currency Revolving Loan Sub-Tranche and (y) at the respective
Borrower’s election in connection with any prepayment pursuant to this Section 4.01, any
prepayment in respect of Revolving Loans shall not be applied to any Revolving Loan of a
Defaulting Lender; and

     (v) no Competitive Bid Loan may be prepaid without the consent of the Lender that made
such Competitive Bid Loan.

          4.02 Mandatory Repayments and Commitment Reductions. (a) (i) On any day on which
the Aggregate Revolving Credit Exposure exceeds the Total Revolving Loan Commitment as then in
effect, the Corporation shall prepay on such day the principal of outstanding Swingline Loans and,
after the Swingline Loans have been repaid in full, the Borrowers shall repay the principal of
outstanding Revolving Loans (other than
Bankers’ Acceptance Loans where the underlying Bankers’ Acceptances have not yet matured)
(allocated between Dollar Revolving Loans and Alternate Currency Revolving Loans as the Borrowers
may elect) in an amount (for this purpose, taking the Dollar Equivalent of payments in any
Alternate Currency made with respect to the Alternate Currency Revolving Loans) equal to such
excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving
Loans (other than Bankers’ Acceptance Loans as referenced in the immediately preceding sentence),

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the sum of the outstanding Bankers’ Acceptance Loans (for this purpose, using the Dollar Equivalent
of the Face Amounts thereof), Competitive Bid Loans (for this purpose, using the Dollar Equivalent
of the principal amount of any Alternate Currency Competitive Bid Loan) and Letter of Credit
Outstandings exceeds the Total Revolving Loan Commitment then in effect, (I) an amount equal to the
lesser of such excess and the then outstanding Face Amount of all Bankers’ Acceptances shall be
deposited by the respective Alternate Currency Revolving Loan Borrower with the Administrative
Agent as cash collateral for the obligations of such Alternate Currency Revolving Loan Borrower to
the Alternate Currency RL Lenders (rounded up to the nearest integral multiple of Cdn.$100,000) in
respect of an equivalent Face Amount of outstanding Bankers’ Acceptances accepted by the Alternate
Currency RL Lenders which shall be paid to and applied by the Alternate Currency RL Lenders, in
satisfaction of the obligations to the Alternate Currency RL Lenders of the respective Alternate
Currency Revolving Loan Borrower in respect of such Banker’s Acceptances, on the maturity date
thereof, (II) to the extent such excess exceeds the amount applied pursuant to preceding clause
(I), such remaining excess or, if less, an amount equal to the then outstanding principal amount of
Competitive Bid Loans (for this purpose, using the Dollar Equivalent of the principal amount of any
Alternate Currency Competitive Bid Loan) shall be paid by the Borrowers to the Administrative Agent
(in the Applicable Currency) to be held as cash collateral for the repayment of such Competitive
Bid Loans at maturity and (III) to the extent such excess exceeds the amount applied pursuant to
preceding clauses (I) and (II), the respective Borrowers shall pay to the Administrative Agent an
amount of cash or Cash Equivalents (in Dollars or in the respective currencies in which the
respective Letter of Credit Outstandings are denominated) equal to the amount of such excess (less
the amount applied pursuant to preceding clauses (I) and (II)) (up to a maximum amount equal to the
Letter of Credit Outstandings at such time), such cash or Cash Equivalents to be held as security
for all obligations of the respective Borrowers hereunder and under the other Credit Documents in a
cash collateral account (and invested from time to time in Cash Equivalents selected by the
Administrative Agent) to be established by the Administrative Agent.

          (ii) If on any date the sum of (x) the Dollar Equivalent of the aggregate outstanding
principal amount (or Face Amount, as the case may be) of Alternate Currency Revolving Loans
incurred pursuant to a given Alternate Currency Revolving Loan Sub-Tranche plus (y) the
aggregate Letter of Credit Outstandings in respect of Alternate Currency Letters of Credit issued
under such Alternate Currency Revolving Loan Sub-Tranche, exceeds the sum of the Alternate Currency
Revolving Loan Sub-Commitments of the various Alternate Currency RL Lenders relating to such
Alternate Currency Revolving Loan Sub-Tranche as then in effect (or, if less, in the case of
Canadian Dollar Revolving Loans, the Total Canadian Revolving Loan Sub-Commitment as then in
effect, after giving effect to any adjustments pursuant to Section 1.18), the respective Alternate
Currency Revolving Loan Borrowers shall prepay on such day the principal of outstanding Alternate
Currency Revolving Loans (for this purpose, taking the Dollar Equivalent of payments in any
Alternate Currency made with respect to Alternate
Currency Revolving Loans) under such Alternate Currency Revolving Loan Sub-Tranche (other than Bankers’
Acceptance Loans where the underlying Bankers’ Acceptances have not matured) equal to such excess.
If, after giving effect to the prepayment of all outstanding Alternate Currency Revolving Loans
made under such Alternate Currency Revolving Loan Sub-Tranche (other than, in the case of the
Alternate Currency Revolving Loan Sub-Tranche relating to Canadian Dollars, Bankers’ Acceptance
Loans as referenced in the immediately preceding sentence), the sum of the aggregate Letter of
Credit Outstandings in respect of Alternate

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Currency Letters of Credit issued under such Alternate
Currency Revolving Loan Sub-Tranche plus, in the case of the Alternate Currency Revolving
Loan Sub-Tranche relating to Canadian Dollars, the sum of the outstanding Bankers’ Acceptance Loans
(for this purpose, using the Dollar Equivalent of the Face Amounts thereof), exceeds the sum of the
Alternate Currency Revolving Loan Sub-Commitments of the various Alternate Currency RL Lenders
relating to such Alternate Currency Revolving Loan Sub-Tranche as then in effect (or, if less, in
the case of Canadian Dollar Revolving Loans, the Total Canadian Revolving Loan Sub-Commitment as
then in effect, after giving effect to any adjustments pursuant to Section 1.18), then (I) in the
case of the Alternate Currency Revolving Loan Sub-Tranche relating to Canadian Dollars, an amount
equal to the lesser of such excess and the then outstanding Face Amount of all Bankers’ Acceptances
shall be deposited by the respective Alternate Currency Revolving Loan Borrower with the
Administrative Agent as cash collateral for the obligations of such Alternate Currency Revolving
Loan Borrower to the Alternate Currency RL Lenders (rounded up to the nearest integral multiple of
Cdn.$100,000) in respect of an equivalent Face Amount of outstanding Bankers’ Acceptances accepted
by the Alternate Currency RL Lenders which shall be paid to and applied by the Alternate Currency
RL Lenders, in satisfaction of the obligations to the Alternate Currency RL Lenders of the
respective Alternate Currency Revolving Loan Borrower in respect of such Banker’s Acceptances, on
the maturity date thereof and (II) to the extent such excess exceeds the amount (if any) applied
pursuant to preceding clause (I), the respective Alternate Currency Borrowers shall pay to the
Administrative Agent an amount of cash or Cash Equivalents (in Dollars or in the respective
currencies in which the respective Letter of Credit Outstandings are denominated) equal to the
amount of such excess (less the amount (if any) applied pursuant to preceding clause (I)) (up to a
maximum amount equal to the Letter of Credit Outstandings at such time), such cash or Cash
Equivalents to be held as security for all obligations of the respective Alternate Currency
Borrowers hereunder and under the other Credit Documents in a cash collateral account (and invested
from time to time in Cash Equivalents selected by the Administrative Agent) to be established by
the Administrative Agent.

          (iii) On any day on which the Aggregate Alternate Currency Credit Exposure exceeds
$500,000,000, the Borrowers shall prepay on such day the principal of outstanding Alternate
Currency Revolving Loans (other than Bankers’ Acceptance Loans where the underlying Bankers’
Acceptances have not yet matured) in an amount (for this purpose, taking the Dollar Equivalent of
payments in any Alternate Currency made with respect thereto) equal to such excess. If, after
giving effect to the prepayment of all outstanding Alternate Currency Revolving Loans (other than
Bankers’ Acceptance Loans as referenced in the immediately preceding sentence), the sum of the
outstanding Bankers’ Acceptance Loans (for this purpose, using the Dollar Equivalent of the Face
Amounts thereof), Alternate Currency Competitive Bid Loans (for this purpose, using the Dollar
Equivalent of the principal amount thereof) and the Aggregate Alternate Currency Letter of Credit
Outstandings exceeds $500,000,000, (I) an amount equal to the lesser of such excess and the then
outstanding Face Amount of all Bankers’
Acceptances shall be deposited by the respective Alternate Currency Revolving Loan Borrower
with the Administrative Agent as cash collateral for the obligations of such Alternate Currency
Revolving Loan Borrower to the Alternate Currency RL Lenders (rounded up to the nearest integral
multiple of Cdn.$100,000) in respect of an equivalent Face Amount of outstanding Bankers’
Acceptances accepted by the Alternate Currency RL Lenders which shall be paid to and applied by the
Alternate Currency RL Lenders, in satisfaction of the obligations to the Alternate Currency RL
Lenders of the respective Alternate Currency Revolving Loan Borrower

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in respect of such Banker’s
Acceptances, on the maturity date thereof, (II) to the extent such excess exceeds the amount
applied pursuant to preceding clause (I), such remaining excess or, if less, an amount equal to the
then outstanding principal amount of Alternate Currency Competitive Bid Loans (for this purpose,
using the Dollar Equivalent of the principal amount thereof) shall be paid by the Borrowers to the
Administrative Agent (in the Applicable Currency) to be held as cash collateral for the repayment
of such Alternate Currency Competitive Bid Loans at maturity and (III) to the extent such excess
exceeds the amount applied pursuant to preceding clauses (I) and (II), the respective Borrowers
shall pay to the Administrative Agent an amount of cash or Cash Equivalents (in the respective
Alternate Currencies in which the respective Alternate Currency Letter of Credit Outstandings are
denominated) equal to the amount of such excess (less the amount applied pursuant to preceding
clauses (I) and (II)) (up to a maximum amount equal to the Aggregate Alternate Currency Letter of
Credit Outstandings at such time), such cash or Cash Equivalents to be held as security for all
obligations of the respective Borrowers hereunder and under the other Credit Documents in a cash
collateral account (and invested from time to time in Cash Equivalents selected by the
Administrative Agent) to be established by the Administrative Agent.

          (b) With respect to each repayment of Loans required by this Section 4.02, the respective
Borrower may designate the Types of Loans of the respective Tranche which are to be repaid and, in
the case of Euro Rate Loans and Bankers’ Acceptance Loans, the specific Borrowing or Borrowings
pursuant to which made, provided that: (i) in the case of repayments of Dollar Revolving
Loans, repayments of Eurodollar Loans pursuant to this Section 4.02 may only be made on the last
day of an Interest Period applicable thereto unless all Eurodollar Loans with Interest Periods
ending on such date of required repayment and all Base Rate Loans have been paid in full; (ii) if
any repayment of Euro Rate Loans made pursuant to a single Borrowing shall reduce the outstanding
Loans made pursuant to such Borrowing to an amount less than the respective Minimum Borrowing
Amount for the respective Type of Loan, such Borrowing (x) in the case of Dollar Revolving Loans,
shall be converted at the end of the then current Interest Period into a Borrowing of Base Rate
Loans and (y) in the case of Alternate Currency Revolving Loans, shall be repaid in full at the end
of the then current Interest Period; (iii) no repayment of Bankers’ Acceptance Loans may be made
prior to the maturity date of the related Bankers’ Acceptances; and (iv) each repayment of any
Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In
the absence of a designation by the respective Borrower as described in the preceding sentence, the
Administrative Agent shall, subject to the above, make such designation in its sole discretion.

          (c) Notwithstanding anything to the contrary contained in this Agreement or in any other
Credit Document, (i) all then outstanding Swingline Loans shall be repaid in full on the Swingline
Expiry Date, (ii) all then outstanding Competitive Bid Loans shall be repaid in full on the
respective Competitive Bid Loan Maturity Date, (iii) all then outstanding Revolving
Loans shall be repaid in full on the Maturity Date, (iv) unless the Required Lenders otherwise
agree, all then outstanding Loans shall be repaid in full on the date on which a Change of Control
occurs, and (v) all then outstanding Dollar Revolving Loans owing by Starwood REIT shall be repaid
in full on the Starwood REIT Maturity Date.

          4.03 Method and Place of Payment. Except as otherwise specifically provided herein,
all payments under this Agreement or any Note shall be made to the Administrative

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Agent for the
account of the Lender or Lenders entitled thereto not later than 12:00 Noon (local time in the city
in which the Payment Office for the respective payments is located) on the date when due and shall
be made in (x) Dollars in immediately available funds at the appropriate Payment Office of the
Administrative Agent in respect of any obligation of the Borrowers under this Agreement except as
otherwise provided in the immediately following clause (y) and (y) subject to the provisions of
Section 1.17, the relevant Applicable Currency in immediately available funds at the appropriate
Payment Office of the Administrative Agent, if such payment is made in respect of (i) principal of,
the Face Amount of or interest on Alternate Currency Loans, (ii) Unpaid Drawings (and interest
thereon) in respect of Alternate Currency Letters of Credit or (iii) any increased costs,
indemnities or other amounts owing with respect to Alternate Currency Loans (or Commitments
relating thereto) or Alternate Currency Letters of Credit, in the case of this clause (iii) to the
extent the respective Lender which is charging same denominates the amounts owing in the relevant
Applicable Currency. The Administrative Agent will thereafter cause to be distributed on the same
day (if payment was actually received by the Administrative Agent prior to 12:00 Noon (local time
in the city in which such payments are to be made)) like funds relating to the payment of
principal, interest or Fees ratably to the Lenders entitled thereto. Any payments under this
Agreement which are made later than 12:00 Noon (local time in the city in which such payments are
to be made) shall be deemed to have been made on the next succeeding Business Day. Whenever any
payment to be made hereunder or under any Note shall be stated to be due on a day which is not a
Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with
respect to payments of principal, interest and fees shall be payable at the applicable rate during
such extension.

          4.04 Net Payments. (a) All payments made by any Borrower hereunder (including, in
the case of any DRLB Guarantor, in its capacity as a Guarantor pursuant to Section 14) or under any
Note will be made without setoff, deduction, counterclaim or other defense. Except as provided in
Sections 4.04(b) and (c), all such payments will be made free and clear of, and without deduction
or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments or
other charges of whatever nature now or hereafter imposed by any jurisdiction or by any political
subdivision or taxing authority thereof or therein with respect to such payments (but excluding,
except as provided in the second succeeding sentence, any tax imposed on or measured by the net
income or net profits of a Lender pursuant to the laws of the jurisdiction in which it is organized
or the jurisdiction in which the principal office or applicable lending office of such Lender is
located or any subdivision thereof or therein) and all interest, penalties or similar liabilities
with respect thereto (all such non-excluded taxes, levies, imposts, duties, fees, assessments or
other charges being referred to collectively as “Taxes”). If any Taxes are so
levied or imposed, the respective Borrower agrees to pay the full amount of such Taxes, and
such additional amounts as may be necessary so that every payment of all amounts due under this
Agreement or under any Note, after withholding or deduction for or on account of any Taxes, will
not be less than the amount provided for herein or in such Note. If any amounts are payable in
respect of Taxes pursuant to the preceding sentence, the respective Borrower agrees to reimburse
each Lender, upon the written request of such Lender, for any additional amount of taxes imposed on
or measured by the net income or net profits of such Lender pursuant to the laws of the
jurisdiction in which such Lender is organized or in which the principal office or applicable
lending office of such Lender is located or under the laws of any political subdivision or taxing
authority of any such jurisdiction in which such Lender is organized or in which the principal
office or applicable lending office of such Lender is located and for any

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withholding of taxes as
such Lender shall determine are payable by, or withheld from, such Lender in respect of such
amounts so paid to or on behalf of such Lender pursuant to the preceding sentence and in respect of
any amounts paid to or on behalf of such Lender pursuant to this sentence. The respective Borrower
will furnish to the Administrative Agent and the applicable Lender within 45 days after the date
the payment of any Taxes is due pursuant to applicable law certified copies of official tax
receipts evidencing such payment by the respective Borrower. Each Borrower agrees to indemnify and
hold harmless each Lender, and reimburse such Lender upon its written request, for the amount of
any Taxes so levied or imposed and paid by such Lender.

          (b) Each Lender that is not a United States person (as such term is defined in Section
7701(a)(30) of the Code) agrees to deliver to the Corporation and the Administrative Agent on or
prior to the Effective Date, or in the case of a Lender that is an assignee or transferee of an
interest under this Agreement pursuant to Section 1.14 or 13.04 (unless the respective Lender was
already a Lender hereunder immediately prior to such assignment or transfer), on the date of such
assignment or transfer to such Lender, (i) two accurate and complete original signed copies of U.S.
Internal Revenue Service Form W-8ECI or Form W-8BEN (with respect to a complete exemption under an
income tax treaty) (or successor forms) certifying to such Lender’s entitlement as of such date to
a complete exemption from United States withholding tax with respect to payments to be made under
this Agreement and under any Note, or (ii) if the Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code and cannot deliver either U.S. Internal Revenue Service Form
W-8ECI or Form W-8BEN (with respect to a complete exemption under an income tax treaty) pursuant to
clause (i) above, (x) a certificate substantially in the form of Exhibit E (any such certificate, a
“Section 4.04(b)(ii) Certificate”) and (y) two accurate and complete original signed copies
of U.S. Internal Revenue Service Form W-8BEN (with respect to the portfolio interest exemption) (or
successor form) certifying to such Lender’s entitlement to a complete exemption from United States
withholding tax with respect to payments of interest to be made under this Agreement and under any
Note. In addition, each Lender agrees that from time to time after the Effective Date, when a
lapse in time or change in circumstances renders the previous certification obsolete or inaccurate
in any material respect, it will deliver to the Corporation and the Administrative Agent two new
accurate and complete original signed copies of U.S. Internal Revenue Service Form W-8ECI or Form
W-8BEN (with respect to the benefits of any income tax treaty), or Form W-8BEN (with respect to the
portfolio interest exemption) and a Section 4.04(b)(ii) Certificate, as the case may be, and such
other forms as may be required in order to confirm or establish the entitlement of such Lender to a
continued exemption from or reduction in United States withholding tax with respect to payments
under this Agreement and any Note, or it shall immediately notify the Corporation and
the Administrative Agent of its inability to deliver any such Form or Certificate in which
case such Lender shall not be required to deliver any such Form or Certificate pursuant to this
Section 4.04(b). Notwithstanding anything to the contrary contained in Section 4.04(a), but
subject to the last sentence of Section 13.04(b) and the immediately succeeding sentence, (x) each
Borrower shall be entitled, to the extent it is required to do so by law, to deduct or withhold
income or similar taxes imposed by the United States (or any political subdivision or taxing
authority thereof or therein) from interest, fees or other amounts payable hereunder for the
account of any Lender which is not a United States person (as such term is defined in Section
7701(a)(30) of the Code) for U.S. Federal income tax purposes to the extent that such Lender has
not provided to the Corporation U.S. Internal Revenue Service Forms that establish a complete

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exemption from such deduction or withholding and (y) the Borrowers shall not be obligated pursuant
to Section 4.04(a) hereof to gross-up payments to be made to a Lender in respect of income or
similar taxes imposed by the United States if (I) such Lender has not provided to the Corporation
the U.S. Internal Revenue Service Forms required to be provided to the Corporation pursuant to this
Section 4.04(b) or (II) in the case of a payment, other than interest, to a Lender described in
clause (ii) above, to the extent that such forms do not establish a complete exemption from
withholding of such taxes. Notwithstanding anything to the contrary contained in the preceding
sentence or elsewhere in this Section 4.04 and except as set forth in Section 13.04(b), each
Borrower agrees to pay additional amounts and to indemnify each Lender in the manner set forth in
Section 4.04(a) (without regard to the identity of the jurisdiction requiring the deduction or
withholding) in respect of any amounts deducted or withheld by it as described in the immediately
preceding sentence (x) as a result of any changes that are effective after the Effective Date in
any applicable law, treaty, governmental rule, regulation, guideline or order, or in the
interpretation thereof, relating to the deducting or withholding of income or similar Taxes or (y)
as a result of the purchase of a participation as required by Section 1.17 following the occurrence
of a Sharing Event.

          (c) Each Lender shall use reasonable efforts (consistent with legal and regulatory
restrictions and subject to overall policy considerations of such Lender) to file any certificate
or document or to furnish any information as reasonably requested by the respective Borrower
pursuant to any applicable treaty, law or regulation if the making of such filing or the furnishing
of such information would avoid the need for or reduce the amount of any additional amounts payable
by the respective Borrower and would not, in the sole discretion of such Lender, be disadvantageous
to such Lender.

          SECTION 5. Conditions Precedent to Initial Credit Events. The obligation of each
Lender to make Loans, and the obligation of any Issuing Bank to issue Letters of Credit, on the
Initial Borrowing Date, is subject to the satisfaction of the following conditions:

          5.01 Execution of Agreement; Notes. On or prior to the Initial Borrowing Date, (i)
the Effective Date shall have occurred and (ii) there shall have been delivered to the
Administrative Agent for the account of each of the Lenders (subject to Section 1.06(l)) the
appropriate Notes executed by the appropriate Borrower, in each case in the amount, maturity and as
otherwise provided herein.

          5.02 Opinions of Counsel. On the Initial Borrowing Date, the Agents shall have
received from (i) Sidley Austin LLP, special counsel to the Credit Parties, an opinion addressed to
the Agents and each of the Lenders and dated the Initial Borrowing Date in the form set forth as
Exhibit F-1, (ii) Lionel Sawyer & Collins, special Nevada counsel to the Credit Parties, an opinion
addressed to the Agents and each of the Lenders and dated the Initial Borrowing Date in the form
set forth as Exhibit F-2, (iii) Ballard Spahr Andrews & Ingersoll, LLP, special Maryland counsel to
the Corporation and Starwood REIT, an opinion addressed to the Agents and each of the Lenders and
dated the Initial Borrowing Date in the form set forth as Exhibit F-3, and (iv) such other special
and local counsel as may be reasonably required by any Agent, an opinion addressed to the Agents
and the Lenders and dated the Initial Borrowing Date, and in each case covering such other matters
incident to the transactions contemplated herein as any Agent may reasonably request.

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          5.03 Corporate Documents; Proceedings; etc. (a) On the Initial Borrowing Date, the
Agents shall have received a certificate of each Credit Party, dated the Initial Borrowing Date,
signed by an Authorized Officer of such Credit Party, and attested to by the Secretary or any
Assistant Secretary of such Credit Party, in the form of Exhibit G with appropriate insertions,
together with copies of the declaration of trust, certificate of incorporation or partnership
agreement (or other equivalent organizational document) and by-laws of such Credit Party and the
resolutions of such Credit Party referred to in such certificate, and the foregoing shall be
reasonably acceptable to the Agents.

          (b) All corporate and legal proceedings and all instruments and agreements in connection with
the transactions contemplated by this Agreement and the other Documents shall be reasonably
satisfactory in form and substance to the Agents and the Required Lenders, and the Agents shall
have received all information and copies of all documents and papers, including records of
corporate proceedings, governmental approvals and good standing certificates if any, which the
Agents reasonably may have requested in connection therewith, such documents and papers where
appropriate to be certified by proper corporate or governmental authorities.

          5.04 Fees, etc. On the Initial Borrowing Date, all costs, fees and expenses, and all
other costs contemplated by this Agreement, due to the Agents (including, without limitation, legal
fees and expenses) shall have been paid to the extent then due.

          5.05 Refinancing; etc. (a) On or prior to the Initial Borrowing Date, the total
commitments in respect of the Indebtedness to be Refinanced shall have been terminated, and all
loans and notes issued thereunder shall have been repaid in full, together with interest thereon
(or, in the case of Existing Bankers’ Acceptances, continued as Bankers’ Acceptances hereunder
pursuant to Section 1.15(b)), all letters of credit issued thereunder shall have been terminated
(or, in the case of Existing Letters of Credit, incorporated hereunder as Letters of Credit
pursuant to Section 2.01(c)), and all other amounts owing pursuant to Indebtedness to be Refinanced
shall
have been repaid in full and all documents in respect of the Indebtedness to be Refinanced and
all guarantees with respect thereto shall have been terminated or released and be of no further
force or effect except for continuing indemnification obligations described therein.

          (b) Each Subordination Agreement (as defined in the Existing Credit Agreement) shall have been
terminated or released.

          (c) On or prior to the Initial Borrowing Date, there shall have been delivered to the Agents
true and correct copies of the Refinancing Documents, which Refinancing Documents shall be in full
force and effect, and the terms and conditions of each of the Refinancing Documents shall be in
form and substance satisfactory to the Agents.

          5.06 Outstanding Indebtedness and Preferred Stock; Subordination Agreement. (a) On
the Initial Borrowing Date, and after giving effect to the transactions described above, the
Corporation and its Subsidiaries shall have no outstanding Indebtedness or Preferred Stock other
than (i) Indebtedness pursuant to this Agreement, (ii) the Class A Exchangeable Preferred Shares,
(iii) the Class B Exchangeable Preferred Shares, (iv) the Partnership Units, (v) the Preferred
Stock issued by certain Subsidiaries of the Corporation described on Schedule 5.06 hereto and (vi)
the Scheduled Existing Indebtedness identified in Schedule 7.17 hereto (with, in

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the case of
Intercompany Existing Indebtedness, normal fluctuations in the outstanding principal amounts
thereof from the date of such Schedule), which shall remain outstanding and in effect after giving
effect to the Transaction, with no defaults or events of default existing thereunder, with such
exceptions as are satisfactory to the Agents.

          (b) On or prior to the Initial Borrowing Date, each Credit Party that is an obligor with
respect to Intercompany Debt and each Subsidiary of the Corporation that is an obligee with respect
to any Intercompany Debt shall have duly authorized, executed and delivered a Subordination
Agreement in the form of Exhibit J (as amended, modified and/or supplemented from time to time, the
“Subordination Agreement”), and the Subordination Agreement shall be in full force and
effect.

          5.07 Adverse Change, etc. (a) Since December 31, 2004, nothing shall have occurred
(and neither any Agent nor the Lenders shall have become aware of any facts, conditions or other
information not previously known to it) which any Agent or the Required Lenders shall determine has
had, or could reasonably be expected to have, a Material Adverse Effect.

          (b) All necessary governmental (domestic and foreign) and third party approvals and/or
consents in connection with any Credit Event and the Transaction, the other transactions
contemplated by the Documents and otherwise referred to herein or therein shall have been obtained
and remain in effect. Additionally, there shall not exist any judgment, order, injunction or other
restraint issued or filed or a hearing seeking injunctive relief or other restraint pending or
notified prohibiting or imposing materially adverse conditions upon any Credit Event or the
Transaction or the other transactions contemplated by the Documents.

          5.08 Litigation On the Initial Borrowing Date, no litigation by any entity (private or governmental) shall
be pending or threatened with respect to this Agreement, any other Document or any documentation
executed in connection herewith or therewith or the transactions contemplated hereby or thereby, or
which any Agent or the Required Lenders shall reasonably determine has had, or could reasonably be
expected to have, a Material Adverse Effect.

          5.09 Sheraton Guaranty. On the Initial Borrowing Date, Sheraton shall have duly
authorized, executed and delivered a guaranty in the form of Exhibit H (as amended, modified and/or
supplemented from time to time, the “Sheraton Guaranty”), guaranteeing, inter
alia, all of the obligations of each of the Borrowers as more fully provided therein, and
the Sheraton Guaranty shall be in full force and effect.

          5.10 Projections; Solvency Certificate. On or prior to the Initial Borrowing Date,
there shall have been delivered to the Lenders:

     (i) projected financial and cash flow statements for the Corporation and its
Subsidiaries for the period from the Initial Borrowing Date to and including at least
December 31, 2010 (the “Projections”), which Projections (x) shall reflect the
forecasted financial condition, income and expenses and cash flows of the Corporation and
its Subsidiaries after giving effect to the Transaction and the related financing thereof
and

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the other transactions contemplated hereby and thereby and (y) shall be in form and
substance reasonably satisfactory to the Agents and the Required Lenders; and

     (ii) a solvency certificate from the chief financial officer or treasurer of the
Corporation in form and substance satisfactory to the Agents and the Required Lenders,
addressed to the Agents and the Lenders and dated the Initial Borrowing Date, setting forth
the conclusions that, after giving effect to the Transaction, the Corporation and its
Subsidiaries, taken as a whole, are not insolvent and will not be rendered insolvent by the
indebtedness incurred in connection therewith, will not be left with unreasonably small
capital with which to engage in their business and will not have incurred debts beyond their
ability to pay debts as they mature.

          SECTION 6. Conditions Precedent to All Credit Events. The obligation of each Lender
to make Loans (including Loans made on the Initial Borrowing Date and on each Incremental Revolving
Loan Commitment Date, but excluding Mandatory Borrowings to be made thereafter, which shall be made
as provided in Section 1.01(c)), and the obligation of any Issuing Bank to issue any Letter of
Credit, is subject, at the time of each such Credit Event (except as hereinafter indicated), to the
satisfaction of the following conditions:

          6.01 No Default; Representations and Warranties At the time of each such Credit Event and also after giving effect thereto (i) there shall
exist no Default or Event of Default and (ii) all representations and warranties contained herein
and in the other Credit Documents shall be true and correct in all material respects with the same
effect as though such representations and warranties had been made on the date of such Credit Event
(it being understood and agreed that any representation or warranty which by its terms is made as
of a specified date shall be required to be true and correct in all material respects only as of
such specified date).

          6.02 Requirements of Law. The occurrence of the respective Credit Event 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
any Agent or the Required Lenders would enjoin, prohibit or restrain, or impose or result in the
imposition of any material adverse condition upon, the respective Credit Event or any Credit
Party’s obligations with respect thereto.

          6.03 Notice of Borrowing; Competitive Bid Loans; Letter of Credit Request. (a) Prior
to the making of each Loan (excluding Swingline Loans and Competitive Bid Loans), the
Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section
1.03(a). Prior to the making of any Swingline Loan, the Swingline Lender shall have received the
notice required by Section 1.03(b)(i). Prior to the making of any Competitive Bid Loans, all of
the applicable conditions specified in Section 1.04 shall have been satisfied.

          (b) Prior to the issuance of each Letter of Credit, the Administrative Agent (if not the
Issuing Bank therefor) and the respective Issuing Bank shall have received a Letter of Credit
Request meeting the requirements of Section 2.03.

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          6.04 Election to Become an Alternate Currency Revolving Loan Borrower. Prior to the
incurrence of any Revolving Loans or Competitive Bid Loans by, and prior to the issuance of any
Letter of Credit for the account of, an Alternate Currency Revolving Loan Borrower (other than the
Corporation) on or after the Effective Date which has not theretofore complied with the
requirements of this Section 6.04, the following additional conditions shall be satisfied:

     (i) such new Alternate Currency Revolving Loan Borrower shall have duly authorized,
executed and delivered to the Administrative Agent an Election to Become an Alternate
Currency Revolving Loan Borrower in the form of Exhibit I-1, which shall be in full force
and effect;

     (ii) such Alternate Currency Revolving Loan Borrower shall have duly authorized,
executed and delivered to the Administrative Agent for the account of each of the relevant
Alternate Currency RL Lenders (subject to Section 1.06(l)) the appropriate Alternate
Currency Revolving Notes in the amount, maturity and as otherwise provided herein; and

     (iii) to the extent not previously accomplished, such Alternate Currency Revolving Loan
Borrower shall have duly authorized, executed and/or delivered to the Administrative Agent
such other certificates, resolutions, opinions and writings that would have been required to
be delivered pursuant to Section 5 if such Alternate Currency Revolving Loan Borrower had
been subject to such Section on the Effective Date, and “know your customer” information,
all of which shall be in form and substance reasonably satisfactory to the Administrative
Agent.

          6.05 Election to Become a Dollar Revolving Loan Borrower. Prior to the incurrence of
any Dollar Revolving Loans or Competitive Bid Loans by, and prior to the issuance of any Letter of
Credit for the account of, a Dollar Revolving Loan Borrower (other than the Corporation and
Starwood REIT) on or after the Effective Date which has not theretofore complied with the
requirements of this Section 6.04, the following additional conditions shall be satisfied:

     (i) such new Dollar Revolving Loan Borrower shall have duly authorized, executed and
delivered to the Administrative Agent an Election to Become a Dollar Revolving Loan Borrower
in the form of Exhibit I-2, which shall be in full force and effect;

     (ii) such Dollar Revolving Loan Borrower shall have duly authorized, executed and
delivered to the Administrative Agent for the account of each of the relevant RL Lenders
(subject to Section 1.06(l)) the appropriate Dollar Revolving Notes in the amount, maturity
and as otherwise provided herein; and

     (iii) to the extent not previously accomplished, such Dollar Revolving Loan Borrower
shall have duly authorized, executed and/or delivered to the Administrative Agent such other
certificates, resolutions, opinions and writings that would have been required to be
delivered pursuant to Section 5 if such Dollar Revolving Loan Borrower had been subject to
such Section on the Effective Date, and “know your customer”

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information, all of which shall
be in form and substance reasonably satisfactory to the Administrative Agent.

          The acceptance of the proceeds of each Loan or the making of each Letter of Credit Request
(occurring on the Initial Borrowing Date and thereafter) shall constitute a representation and
warranty by each Credit Party to the Agents and each of the Lenders that all the conditions
specified in Section 5 (with respect to Credit Events on the Initial Borrowing Date) and in this
Section 6 (with respect to Credit Events on and after the Initial Borrowing Date) and applicable to
such Credit Event exist as of that time. All of the Notes, certificates, legal opinions and other
documents and papers referred to in Section 5 and in this Section 6, unless otherwise specified,
shall be delivered to the Administrative Agent at the Notice Office for the account of each of the
Lenders and, except for the Notes, in sufficient counterparts or copies for each of the Lenders and
shall be in form and substance reasonably satisfactory to the Agents and the Required Lenders.

          SECTION 7. Representations, Warranties and Agreements. In order to induce the Lenders to enter into this Agreement and to make the Loans, and
issue (or participate in) the Letters of Credit as provided herein, each Borrower makes the
following representations, warranties and agreements, in each case after giving effect to (or, in
the case of representations and warranties made on the Initial Borrowing Date, concurrently with
the consummation of) the Transaction, all of which shall survive the execution and delivery of this
Agreement and the Notes and the making of the Loans and issuance of the Letters of Credit, with the
occurrence of each Credit Event on or after the Initial Borrowing Date being deemed to constitute a
representation and warranty that the matters specified in this Section 7 are true and correct in
all material respects on and as of the date of each such Credit Event (it being understood and
agreed that any representation or warranty which by its terms is made as of a specified date shall
be required to be true and correct in all material respects only as of such specified date):

          7.01 Existence; Compliance with Law. Each Credit Party and each of its Subsidiaries
(i) is a real estate investment trust or a corporation, limited liability company or limited
partnership, or a qualified REIT subsidiary as specified herein, duly organized, validly existing
and in good standing under the laws of the jurisdiction of its formation; (ii) is duly qualified as
a foreign corporation, limited liability company, limited partnership or REIT subsidiary and in
good standing under the laws of each jurisdiction where such qualification is necessary, except for
failures which in the aggregate could not reasonably be expected to have a Material Adverse Effect;
(iii) has all requisite corporate, limited liability company, partnership or other power and
authority and the legal right to own, pledge and mortgage its properties, to lease (as lessee) the
properties that it leases as lessee, to lease or sublease (as lessor) the properties it owns and/or
leases (as lessee) and to conduct its business as now or currently proposed to be conducted; (iv)
is in compliance with its declaration of trust or certificate of formation, by-laws, regulations or
partnership or operating agreement or other organizational documents, as appropriate; (v) is in
compliance with all other applicable Requirements of Law except for such non-compliances as in the
aggregate could not reasonably be expected to have a Material Adverse Effect; and (vi) has all
necessary licenses, permits, consents or approvals from or by, has made all necessary filings with,
and has given all necessary notices to, each Governmental Authority having jurisdiction, to the
extent required for such ownership, leasing and conduct,

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except for licenses, permits, consents or
approvals the failure to obtain, file or give notice of, in the aggregate could not reasonably be
expected to have a Material Adverse Effect.

          7.02 Power; Authorization; Enforceable Obligations. (a) The execution, delivery and
performance by each Credit Party of the Documents to which it is a party and the consummation of
the transactions contemplated hereby and thereby:

     (i) are within such Credit Party’s corporate, partnership, limited liability company or
trust powers, as appropriate;

     (ii) have been duly authorized by all necessary corporate, partnership, limited liability company or trust
action, as appropriate, including, without limitation, the consent of stockholders, general and/or
limited partners and members where required;

     (iii) do not and will not (A) contravene any Credit Party’s or any of its Subsidiary’s respective
declaration of trust, certificate of incorporation or formation or by-laws, regulations, partnership
agreement, operating agreement or other comparable governing documents, (B) violate any other
applicable Requirement of Law (including, without limitation, Regulations T, U and X of the Board of
Governors of the Federal Reserve System), or any order or decree of any Governmental Authority or
arbitrator, (C) conflict with or result in the breach of, or constitute a default under, or result in
or permit the termination or acceleration of, any Contractual Obligation of any Credit Party or any of
its Subsidiaries or (D) result in the creation or imposition of any Lien upon any of the Assets of any
Credit Party or any of its Subsidiaries; and

     (iv) do not require the consent of, authorization by, approval of, notice to, or filing or registration
with, any Governmental Authority or any other Person, other than those which have been obtained or
made, and each of which is in full force and effect.

          (b) This Agreement and each of the other Documents has been duly executed and delivered by each Credit
Party which is a party thereto. This Agreement and each other Document constitutes the legal, valid and
binding obligation of each Credit Party which is a party thereto, enforceable against it in accordance with
its terms except to the extent that enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting the enforcement of creditor’s rights and remedies
generally.

          7.03 Financial Statements; Financial Condition; Undisclosed Liabilities; Projections; etc. (a) The
consolidated financial statements and financial statement schedules of the Corporation and its Subsidiaries,
as of December 31, 2002, 2003 and 2004, filed with the SEC as part of the Corporation’s annual report on Form
10-K, fairly present in all material respects the consolidated results of operations of the Corporation and
its Subsidiaries for the respective Fiscal Years ended on such dates, and the consolidated financial position
of the Corporation and its Subsidiaries as at the dates of such balance sheets. Furthermore, the
consolidated financial statements of the Corporation and its Subsidiaries, as at September 30, 2005 and for
the nine-month period ended on such date, filed with the SEC as part of the Corporation’s quarterly report on
Form 10-Q, fairly present in all material respects the consolidated results of operations of the Corporation
and its Subsidiaries for the nine-month

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period ended on such date, and the consolidated
financial position of the Corporation and its Subsidiaries at the date of such balance sheet. All
such financial statements have been prepared in accordance with GAAP consistently applied, subject
to normal year-end audit adjustments and the absence of footnotes in the case of the September 30,
2005 financial statements.

          (b) Since December 31, 2004 (but, for this purpose, assuming that the Transaction had been
consummated on such date), nothing has occurred that has had, or could reasonably be expected to
have, a Material Adverse Effect.

          (c) On and as of the Initial Borrowing Date, after giving effect to the Transaction and to all
Indebtedness (including the Loans) being incurred or assumed and Liens created by the Credit
Parties in connection therewith, (a) the sum of the assets, at a fair valuation, of the Corporation
and its Subsidiaries taken as a whole and each Borrower on a stand-alone basis will exceed their or
its respective debts; (b) the Corporation and its Subsidiaries taken as a whole and each Borrower
on a stand-alone basis have or has not incurred and do or does not intend to incur, and do or does
not believe that they or it will incur, debts beyond their or its ability to pay such debts as such
debts mature; and (c) the Corporation and its Subsidiaries taken as a whole and each Borrower on a
stand-alone basis will have sufficient capital with which to conduct their or its respective
businesses. For purposes of this Section 7.03(c), “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 a payment, whether or not such right to an equitable remedy is reduced to judgment,
fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured.

          (d) Except as disclosed in the financial statements delivered pursuant to Section 7.03(a) and
the Indebtedness incurred in connection with the Transaction, there were as of the Initial
Borrowing Date no liabilities or obligations with respect to the Corporation 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 Initial Borrowing Date, no Borrower knows 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 7.03(a) which, either individually or in the aggregate, has had or could reasonably be
expected to have a Material Adverse Effect.

          (e) On and as of the Initial Borrowing Date, the Projections have been prepared in good faith
and are based on reasonable assumptions 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 any 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. On the Initial Borrowing Date, each Borrower believes that
the Projections are reasonable and attainable based upon the then known facts and circumstances, it
being understood that nothing contained herein

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shall constitute a representation that the results
forecasted in such Projections will in fact be achieved.

          7.04 Litigation. There are no pending or, to the best knowledge of any Borrower,
threatened actions, investigations or proceedings affecting the Corporation, any of its
Subsidiaries or any other Credit Party, or any of their respective Assets or revenues before any
court, Governmental Authority or arbitrator, that in the aggregate have had, or could reasonably be
expected to have, a Material Adverse Effect. The performance of any action by any Credit Party
required or
contemplated by any of the Documents is not, to the best knowledge of each Borrower,
restrained or enjoined (either temporarily, preliminarily or permanently), and, to the best
knowledge of each Borrower, no material adverse condition has been imposed by any Governmental
Authority or arbitrator upon any of the foregoing transactions contemplated by the aforementioned
documents.

          7.05 True and Complete Disclosure. All factual information (other than the
Projections, which are covered in Section 7.03(e)) (taken as a whole) furnished by any Credit Party
in writing to the Administrative Agent or any Lender (including, without limitation, all
information contained in the Documents and the Bank Information Memorandum), is, and all other such
factual information (taken as a whole) hereafter furnished by or on behalf of any Credit Party in
writing to the Administrative Agent or any Lender will be, true and accurate in all material
respects on the date as of which such information is dated or certified and not incomplete by
omitting to state any fact necessary to make such information (taken as a whole) not misleading in
any material respect at such time in light of the circumstances under which such information was
provided.

          7.06 Use of Proceeds. (a) The proceeds of Revolving Loans, Swingline Loans and
Competitive Bid Loans incurred by the respective Borrower will be used (x) to finance the
Transaction and to pay fees and expenses incurred in connection therewith and (y) for such
Borrower’s and its Subsidiaries’ general corporate and working capital purposes; provided,
however, that Revolving Loans incurred by Starwood REIT will be used solely for purposes
and transactions contemplated by the Host Transaction or to directly or indirectly (by way of
intercompany loans and/or contributions to Subsidiaries) to defease Starwood REIT’s and its
Subsidiaries’ share of the outstanding indebtedness (the “CMBS Debt”) under that certain
Loan Agreement, dated as January 27, 1999, among the various Subsidiaries of the Corporation named
therein and Lehman Brothers Holdings Inc. d/b/a Lehman Capital, a division of Lehman Brothers
Holdings Inc. (as amended, modified and/or supplemented from time to time, the “CMBS Loan
Agreement”).

          (b) Neither the making of any Loan nor the use of the proceeds thereof nor the occurrence of
any other Credit Event will violate or be inconsistent with the provisions of Regulation T, U or X.

          (c) At the time of each Credit Event occurring on or after the Initial Borrowing Date, not
more than 25% of the value of the assets of the Corporation and its Subsidiaries taken as a whole
will constitute Margin Stock.

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          7.07 Taxes. All federal, state, local and foreign tax returns, reports and statements
(collectively, the “Tax Returns”) required to be filed by the Corporation and its
Subsidiaries or any Tax Affiliate thereof have been filed with the appropriate governmental
agencies in all jurisdictions in which such Tax Returns are required to be filed. All such Tax
Returns are true and correct in all material respects, and all taxes, charges and other impositions
due and payable have been timely paid prior to the date on which any fine, penalty, interest, late
charge or loss
may be added thereto for non-payment thereof, except where contested in good faith and by
appropriate proceedings if (i) adequate reserves therefor have been established on the books of the
Corporation, such Subsidiary or such Tax Affiliate in conformity with GAAP and (ii) all such
non-payments in the aggregate have, and will have, no Material Adverse Effect. Proper and accurate
amounts have been withheld by the Corporation and each of its Subsidiaries and Tax Affiliates from
their respective employees for all periods in full and complete compliance with the tax, social
security and unemployment withholding provisions of applicable federal, state, local and foreign
law and such withholdings have been timely paid to the respective Governmental Authorities. Except
as otherwise disclosed on Schedule 7.07, none of the Corporation or any of its Subsidiaries or Tax
Affiliates has (i) executed or filed with the U.S. Internal Revenue Service any agreement or other
document extending, or having the effect of extending, the period for assessment or collection of
any charges; (ii) agreed or been requested to make any adjustment under Section 481(a) of the Code
by reason of a change in accounting method or otherwise; or (iii) any obligation under any written
tax sharing agreement.

          7.08 Compliance with ERISA. (a) Except as would not result in any material
liability, each Plan (and each related trust, insurance contract or fund) is in compliance with its
terms and, except as would not result in any material liability, with all applicable laws,
including, without limitation, ERISA and the Code; except as would not result in a material
liability, each Plan (and each related trust, if any) which is intended to be qualified under
Section 401(a) of the Code has received or is in the process of seeking a determination letter from
the U.S. Internal Revenue Service to the effect that it meets the requirements of Sections 401(a)
and 501(a) of the Code; except as would not result in a material liability, no Reportable Event has
occurred during the last 5 years; except as would not result in a material liability, no Plan which
is a multiemployer plan (as defined in Section 4001(a)(3) of ERISA) is insolvent or in
reorganization; except as would not result in a material liability, no Plan which is not a
multiemployer plan (as defined in Section 4001(a)(3) of ERISA) has an Unfunded Current Liability;
except as would not result in a material liability, no Plan which is subject to Section 412 of the
Code or Section 302 of ERISA has an accumulated funding deficiency, within the meaning of such
sections of the Code or ERISA, or has applied for or received a waiver of an accumulated funding
deficiency or an extension of any amortization period, within the meaning of Section 412 of the
Code or Sections 303 or 304 of ERISA; except as would not result in a material liability, all
contributions required to be made with respect to a Plan by any Borrower or a Subsidiary of any
Borrower or an ERISA Affiliate have been timely made; no Borrower nor any Subsidiary of any
Borrower nor any ERISA Affiliate has incurred any liability (including any indirect, contingent or
secondary liability) to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062,
4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 401(a)(29), 4971 or 4975 of the Code or
expects to incur any such liability under any of the foregoing sections with respect to any Plan
which could reasonably be expected to result in a Material Adverse Effect; no condition exists
which presents a risk to any Borrower or any Subsidiary of any Borrower or any ERISA Affiliate of
incurring a liability to or on account of a

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Plan pursuant to the foregoing provisions of ERISA and
the Code which could reasonably be expected to result in a Material Adverse Effect; no proceedings
have been instituted to terminate or appoint a trustee to administer any Plan which is subject to
Title IV of ERISA which could reasonably be expected to result in a Material Adverse Effect; except
as would not result in any material liability, no action, suit, proceeding, hearing, audit or
investigation with respect to the administration, operation or the investment of assets of any
Plan (other than routine claims for benefits) is pending, expected or threatened; using actuarial
assumptions and computation methods consistent with Part 1 of subtitle E of Title IV of ERISA, the
aggregate liabilities of the Borrowers and their Subsidiaries and their ERISA Affiliates to all
Plans which are multiemployer plans (as defined in Section 4001(a)(3) of ERISA) in the event of a
complete withdrawal therefrom, as of the close of the most recent fiscal year of each such Plan
ended prior to the date of the most recent Credit Event, would not exceed an amount which would
have a Material Adverse Effect; except as would not result in any material liability, each group
health plan (as defined in Section 607(1) of ERISA or Section 4980B(g)(2) of the Code) which covers
or has covered employees or former employees of any Borrower, any Subsidiary of any Borrower, or
any ERISA Affiliate has at all times been operated in compliance with the provisions of Part 6 of
subtitle B of Title I of ERISA and Section 4980B of the Code; except as would not result in a
material liability, each group health plan (as defined in 45 Code of Federal Regulations Section
160.103) which covers or has covered employees or former employees of any Borrower any Subsidiary
of any Borrower, or any ERISA Affiliate has at all times been operated in compliance with the
provisions of the Health Insurance Portability and Accountability Act of 1996 and the regulations
promulgated thereunder; except as would not result in a material liability, no lien imposed under
the Code or ERISA on the assets of any Borrower or any Subsidiary of any Borrower or any ERISA
Affiliate exists or is likely to arise on account of any Plan; and the Borrowers and their
Subsidiaries do not maintain or contribute to any employee welfare benefit plan (as defined in
Section 3(1) of ERISA) which provides benefits to retired employees or other former employees
(other than as required by Section 601 of ERISA) or any Plan the obligations with respect to which
could reasonably be expected to have a Material Adverse Effect. Notwithstanding the foregoing,
with respect to Plans that are multiemployer plans (as defined in Section 4001(a)(3) of ERISA) and
Plans that are not currently maintained by any Borrower, any Subsidiary of any Borrower or any
ERISA Affiliate, the representations and warranties in this Section 7.08 are made to the best
knowledge of the Borrowers.

          (b) Except as would not result in any material liability, each Foreign Pension Plan has been
maintained in compliance with its terms and with the requirements of any and all applicable laws,
statutes, rules, regulations and orders and has been maintained, where required, in good standing
with applicable regulatory authorities. Except as would not result in a material liability, all
contributions required to be made with respect to a Foreign Pension Plan have been timely made.
Except as would not result in any material liability, no Borrower nor any of its Subsidiaries has
incurred any obligation in connection with the termination of or withdrawal from any Foreign
Pension Plan. The present value of the accrued benefit liabilities (whether or not vested) under
each Foreign Pension Plan, determined as of the end of the most recently ended Fiscal Year of the
Corporation on the basis of actuarial assumptions, each of which is reasonable, did not exceed the
current value of the assets of such Foreign Pension Plan allocable to such benefit liabilities to
an extent which could reasonably be expected to have a Material Adverse Effect.

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          (c) The assets of the Corporation and each other Credit Party do not constitute “plan assets”
within the meaning of DOL Regulation Section 2510.3-101.

          7.09 Property. Each of the Corporation and each of its Subsidiaries has good and indefeasible title to all
material properties owned by it, and a valid leasehold interest in all material property leased by
it, including (in each case) all material property reflected in the most recent historical balance
sheet referred to in Section 7.03(a) (except as sold or otherwise disposed of since the date of
such balance sheet in the ordinary course of business or as otherwise permitted by the terms of
this Agreement), free and clear of all Liens, other than Permitted Liens.

          7.10 Status as a REIT. At all times prior to the consummation of the Host
Transaction, Starwood REIT (i) is organized in conformity with the requirements for qualification
as a real estate investment trust under the Code, (ii) has met all of the requirements for
qualification as a real estate investment trust under the Code for the Fiscal Year ended December
31, 2004 and (iii) is in a position to qualify for its current Fiscal Year as a real estate
investment trust under the Code and its proposed methods of operation will enable it to so qualify.

          7.11 Compliance with Statutes, etc. Each Borrower and each of its Subsidiaries is in
compliance with all Requirements of Law, except such noncompliances as would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

          7.12 Investment Company Act. Neither any Credit Party nor any of its Subsidiaries is
an “investment company” or a company “controlled” by an “investment company,” within the meaning of
the Investment Company Act of 1940, as amended.

          7.13 Public Utility Holding Company Act. Neither any Credit Party nor any of its
Subsidiaries is a “holding company,” or a “subsidiary company” of a “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 Holding Company Act of 1935, as amended.

          7.14 Environmental Matters. (a) Each Borrower and each of its Subsidiaries have
complied with, and on the date of such Credit Event are in compliance with, all applicable
Environmental Laws and the requirements of any permits issued under such Environmental Laws. There
are no pending or, to the best knowledge of each Borrower, threatened Environmental Claims against
any Borrower or any of its Subsidiaries (including any such Environmental Claim arising out of the
ownership or operation by any Borrower or any of its Subsidiaries of any Real Property no longer
owned or operated by any Borrower or any of its Subsidiaries) or any Real Property owned or
operated by any Borrower or any of its Subsidiaries. There are no facts, circumstances, conditions
or occurrences with respect to the business or operations of any Borrower or any of its
Subsidiaries or any Real Property owned or operated by any Borrower or any of its Subsidiaries
(including any Real Property formerly owned or operated by any Borrower or any of its Subsidiaries
but no
longer owned or operated by any Borrower or any of its Subsidiaries) or, to the best knowledge
of any Borrower, any real property adjoining or adjacent to any such Real Property that would
reasonably be expected (i) to form the basis of an Environmental Claim against any Borrower or any
of its Subsidiaries or any Real Property

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owned or operated by any Borrower or any of its
Subsidiaries, or (ii) to cause any Real Property owned or operated by any Borrower or any of its
Subsidiaries to be subject to any restrictions imposed by Environmental Laws on the nature of the
use or the transferability of such Real Property by any Borrower or any of its Subsidiaries under
any applicable Environmental Law.

          (b) Hazardous Materials have not been generated, used, treated or stored on, or transported to
or from, any Real Property owned or operated by any Borrower or any of its Subsidiaries where such
generation, use, treatment, storage or transportation has violated or would reasonably be expected
to violate any applicable Environmental Law. Hazardous Materials have not been Released on or from
any Real Property owned or operated by any Borrower or any of its Subsidiaries where such Release
has violated or would reasonably be expected to violate any applicable Environmental Law.

          (c) Notwithstanding anything to the contrary in preceding clauses (a) and (b) of this Section
7.14, the representations made in preceding clauses (a) and (b) of this Section 7.14 shall not be
untrue unless the aggregate effect of all violations, Environmental Claims, facts, circumstances,
conditions, occurrences, restrictions, failures and noncompliances subject to or governed by
Environmental Laws would reasonably be expected to have a Material Adverse Effect.

          7.15 Labor Relations. No Borrower or any of its Subsidiaries 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 any Borrower or any of its Subsidiaries or, to
the best knowledge of each 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 any Borrower or any of its Subsidiaries or, to the best
knowledge of each Borrower, threatened against any of them, (ii) no strike, labor dispute, slowdown
or stoppage pending against any Borrower or any of its Subsidiaries or, to the best knowledge of
each Borrower, threatened against any Borrower or any of its Subsidiaries and (iii) to the best
knowledge of each Borrower, no union representation question existing with respect to the employees
of any Borrower or any of its Subsidiaries and, to the best knowledge of each 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.

          7.16 Intellectual Property, Licenses, Franchises and Formulas. Each 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 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.

          7.17 Scheduled Existing Indebtedness, etc. (a) Schedule 7.17 sets forth a true and
complete list of all Indebtedness of the Corporation and each of its Subsidiaries as of the Initial
Borrowing Date and which is to remain outstanding after giving effect to the Transaction

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(excluding
the Loans and the Letters of Credit, the “Scheduled Existing Indebtedness”), in each case,
showing the aggregate principal amount thereof and the name of the respective borrower. Part I of
Schedule 7.17 lists all Scheduled Existing Indebtedness owed to any Person other than the Credit
Parties and their Subsidiaries (collectively, “Third Party Existing Indebtedness”) and Part
II of Schedule 7.17 lists all Scheduled Existing Indebtedness (with such normal fluctuations in the
principal amount thereof since the date of such Schedule) owed to any other Credit Party or any
Subsidiary thereof (the “Intercompany Existing Indebtedness”).

          (b) As of the Initial Borrowing Date, the Existing Senior Notes described in clauses (i) and
(ii) of the definition thereof are not guaranteed by any Person other than Sheraton. As of the
Initial Borrowing Date, the Existing Senior Notes described in clause (iii) of the definition
thereof are not guaranteed by any Person other than the Corporation.

          SECTION 8. Affirmative Covenants. Each Borrower hereby covenants and agrees that on
and after the Effective Date and until the Total Commitment and all Letters of Credit have
terminated and the Loans, Notes and Unpaid Drawings, together with interest, Fees and all other
Obligations (other than contingent indemnification obligations) incurred hereunder and thereunder,
are paid in full:

          8.01 Information Covenants. The Borrowers will furnish to the Lenders:

          (a) Quarterly Financial Statements. Within 55 days after the close of the first three
quarterly accounting periods in each Fiscal Year of the Corporation, (i) the consolidated balance
sheet of the Corporation and its Subsidiaries as at the end of such quarterly accounting period,
and the related consolidated statements of income and retained earnings and statement of cash flows
for such quarterly accounting period and for the elapsed portion of the Fiscal Year ended with the
last day of such quarterly accounting period, in each case setting forth comparative figures for
the related periods in the prior Fiscal Year, all of which shall be certified by the chief
financial officer of the Corporation (or by the Senior Vice President and Treasurer or Senior Vice
President and Corporate Controller of the Corporation), subject only to normal year-end audit
adjustments and the absence of footnotes and (ii) management’s discussion and analysis of the
important operational and financial developments during the quarterly and year-to-date periods.

          (b) Annual Financial Statements. Within 100 days after the close of each Fiscal Year
of the Corporation, (i) the consolidated balance sheet of the Corporation and its Subsidiaries as
at the end of such Fiscal Year, and the related consolidated statements of income and retained
earnings and of cash flows for such Fiscal Year setting forth comparative figures for the preceding
Fiscal Year and certified (without qualification) by independent certified public accountants of
recognized national standing reasonably acceptable to the Administrative Agent, together with a
report of such accounting firm stating that in the course of its regular audit of the respective
financial statements, which audit was conducted in accordance with generally accepted auditing
standards, such accounting firm obtained no knowledge of any Default or Event of Default which has
occurred and is continuing or, if in the opinion of such accounting firm such a Default or Event of
Default has occurred and is continuing, a statement as to the nature thereof and (ii) management’s
discussion and analysis of the important operational and financial developments during the
respective Fiscal Year.

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          (c) Budgets. (x) On March 1 of each Fiscal Year, a budget for such Fiscal Year
prepared by the Corporation (on a consolidated basis) in reasonable detail and in form reasonably
satisfactory to the Administrative Agent and accompanied by the statement of a senior financial
officer of the Corporation to the effect that, to the best of his knowledge, the budget is a
reasonable estimate for the period covered thereby.

          (d) Officer’s Certificates. At the time of the delivery of the financial statements
provided for in Sections 8.01(a) and (b), a certificate of the chief financial officer of the
Corporation (or by the Senior Vice President and Treasurer or Senior Vice President and Corporate
Controller of the Corporation), in form satisfactory to the Agents, to the effect that, to the best
of such officer’s knowledge, no Default or Event of Default has occurred and is continuing or, if
any Default or Event of Default has occurred and is continuing, specifying the nature and extent
thereof, which certificate shall (x) set forth in reasonable detail the calculations required to
establish whether the Borrowers and their Subsidiaries were in compliance with the provisions of
Sections 4.02, 9.01, 9.04 and 9.05 at the end of such fiscal quarter or Fiscal Year, as the case
may be, (y) set forth its Unsecured Debt Ratings and (z) set forth the calculations required to
establish the Applicable Margin.

          (e) Notice of Default or Litigation. Promptly, and in any event within five Business
Days (or ten Business Days in the case of following clause (ii)) after any Authorized Officer of
any Borrower obtains actual knowledge thereof, notice of (i) the occurrence of any event which
constitutes a Default or an Event of Default and (ii) any litigation or governmental investigation
or proceeding pending (x) against any Borrower or any of its Subsidiaries which could reasonably be
expected to have a Material Adverse Effect, (y) with respect to any material Indebtedness of any
Borrower or any of its Subsidiaries or (z) with respect to any Document.

          (f) Environmental Matters. Promptly upon, and in any event within fifteen Business
Days after, an Authorized Officer of any Borrower obtains knowledge thereof, notice of one or more
of the following matters subject to or governed by Environmental Laws (in each case, describing in
reasonable detail the nature of the respective Environmental Matter and the respective Borrower’s
or Subsidiary’s intended response thereto), unless such Environmental Matters would not,
individually or when aggregated with all other such Environmental Matters, be reasonably expected
to have a Material Adverse Effect:

     (i) any pending or threatened Environmental Claim against such Borrower or any of its
Subsidiaries or any Real Property owned or operated by such Borrower or any of its
Subsidiaries;

     (ii) any condition or occurrence on or arising from any Real Property owned or operated
by such Borrower or any of its Subsidiaries that (a) results in noncompliance by such
Borrower or any of its Subsidiaries with any applicable Environmental Law or (b) would
reasonably be expected to form the basis of an Environmental Claim against such Borrower or
any of its Subsidiaries or any such Real Property;

     (iii) any condition or occurrence on any Real Property owned or operated by such
Borrower or any of its Subsidiaries that could reasonably be expected to cause such Real
Property to be subject to any restrictions on the nature of the use or transferability

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by the respective Borrower or any of its Subsidiaries of such Real Property 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 Materials on any Real Property owned or operated by such Borrower
or any of its Subsidiaries as required by any Environmental Law or any Governmental
Authority (with the items described in this clause (iv) and above in preceding clauses (i)
through (iii) being herein called, collectively, “Environmental Matters”).

In addition, each Borrower or any of its Subsidiaries will provide the Lenders with copies of all
material communications between such Borrower or any of its Subsidiaries and any Governmental
Authority relating to Environmental Laws which could reasonably be expected to have a Material
Adverse Effect.

          (g) Other Information. From time to time, such other information or documents
(financial or otherwise) with respect to any Borrower or any of its Subsidiaries as either Agent or
any Lender may reasonably request.

          8.02 Books, Records and Inspections. Each Borrower will, and the Corporation will
cause each Subsidiary to, keep proper books of record and accounts in which full, true and correct
entries in conformity with generally accepted accounting principles and all requirements of law
shall be made of all dealings and transactions in relation to its business and activities. Upon
prior notice, each Borrower will, and the Corporation will cause each Subsidiary to, permit
officers and designated representatives of any Agent or any Lender to visit and inspect, during
regular business hours and under guidance of officers of such Borrower or such Subsidiary, any of
the properties of such Borrower or such Subsidiary, and to examine the books of account of such
Borrower or such Subsidiary and discuss the affairs, finances and accounts of such Borrower or such
Subsidiary with, and be advised as to the same by, its and their officers and independent
accountants, all at such reasonable times and intervals and to such reasonable extent as such Agent
or such Lender may request.

          8.03 Maintenance of Insurance. Each Borrower will, and the Corporation will cause each of its Subsidiaries to, maintain
(either in the name of such Borrower or in such Subsidiary’s own name) with financially sound and
responsible insurance companies, insurance in such types and in at least such amounts and against
at least such risks (and with such risk retention) as are usually insured against by companies of
established repute engaged in the same or a similar business (including, if so required, terrorism
insurance) and as is otherwise reasonably acceptable to the Administrative Agent, and will furnish
to the Lenders, upon request from the Administrative Agent, information presented in reasonable
detail as to the insurance so carried. Notwithstanding the foregoing, each Borrower may
self-insure with respect to such risks with respect to which companies of established repute
engaged in the same or similar business in the same general area usually self-insure;
provided that the terms of such self-insurance (including any reserves established in
connection therewith) shall be reasonably acceptable to the Administrative Agent.

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          8.04 Corporate Franchises. Each Borrower will, and the Corporation will cause each of
its Subsidiaries to, do or cause to be done, all things necessary to preserve and keep in full
force and effect its existence and its material rights, franchises, licenses and patents;
provided, however, that (i) nothing in this Section 8.04 shall prevent (x)
transactions permitted under Section 9.02 or (y) the liquidation of any Subsidiary (which
Subsidiary is not itself a Credit Party) if the Corporation determines that such liquidation could
not reasonably be expected to have a Material Adverse Effect and (ii) neither any Borrower nor any
such Subsidiary shall be required to preserve any right, franchise, license or patent its existence
(other than the corporate or other applicable existence of each Borrower) or if, in the good faith
business judgment of the Corporation, the termination of or failure to preserve and keep in full
force and effect such existence, right, franchise, license or patent would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

          8.05 Compliance with Statutes, etc. (a) Each Borrower will, and the Corporation will
cause each of its Subsidiaries to, comply with all Requirements of Law (including, without
limitation, all Environmental Laws and the rules and regulations thereunder), except such
noncompliances as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. Neither any Borrower nor any of its Subsidiaries will generate, use,
treat, store, Release or dispose of, or permit the generation, use, treatment, storage, Release or
disposal of Hazardous Materials on any Real Property now or hereafter owned or operated by such
Borrower or any of its Subsidiaries, or transport or permit the transportation of Hazardous
Materials to or from any such Real Property, except for Hazardous Materials generated, used,
treated, stored, Released or disposed of at, or transported to or from, any such Real Properties in
compliance in all material respects with all applicable Environmental Laws and as is reasonably
required in connection with the operation, use and maintenance of the business or operations of
such Borrower or any of its Subsidiaries.

          (b) Within 5 Business Days after the Corporation is required by applicable law, statute, rule
or regulation, the Corporation shall file (or cause to be filed) with the SEC all
reports, financial information and certifications required by applicable law, statute, rule or
regulation.

          8.06 ERISA. As soon as reasonably practicable and, in any event, within fifteen (15)
days after any Borrower, any Subsidiary of any Borrower or any ERISA Affiliate knows or has reason
to know of the occurrence of any of the following, the Corporation will deliver, or cause to be
delivered, to the Lenders a certificate of the chief financial officer, treasurer or controller of
the Corporation setting forth the reasonable details as to such occurrence and the action, if any,
that such Borrower, such Subsidiary or such ERISA Affiliate is required or proposes to take,
together with any notices required or proposed to be given or filed by such Borrower, such
Subsidiary, the Plan Administrator or such ERISA Affiliate to or with the PBGC or any other
government agency, or a Plan participant and any notices received by such Borrower, such Subsidiary
or ERISA Affiliate from the PBGC or any other government agency, or a Plan participant with respect
thereto: that a Reportable Event has occurred (except to the extent that any Borrower has
previously delivered to the Lenders a notice (if any) concerning such event pursuant to the next
clause hereof); that a contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan
subject to Title IV of ERISA is subject to the advance reporting requirement of PBGC Regulation
Section 4043.61 (without regard to subparagraph (b)(1)

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thereof), and an event described in
subsection .62, .63, .64, .65, .66, .67 or .68 of PBGC Regulation Section 4043 is reasonably
expected to occur with respect to such Plan within the following 30 days; that an accumulated
funding deficiency, within the meaning of Section 412 of the Code or Section 302 of ERISA, has been
incurred or an application may reasonably be expected to be or has been made for a waiver or
modification of the minimum funding standard (including any required installment payments) or an
extension of any amortization period under Section 412 of the Code or Section 303 or 304 of ERISA
with respect to a Plan; that any contribution required to be made by any Borrower or a Subsidiary
of any Borrower or an ERISA Affiliate with respect to a Plan or Foreign Pension Plan has not been
timely made; that a Plan has been or may be terminated, reorganized, partitioned or declared
insolvent under Title IV of ERISA; that a Plan has an Unfunded Current Liability; that proceedings
may reasonably be expected to be or have been instituted to terminate or appoint a trustee to
administer a Plan which is subject to Title IV of ERISA; that a proceeding has been instituted
pursuant to Section 515 of ERISA to collect a delinquent contribution to a Plan; that any Borrower,
any Subsidiary of any Borrower or any ERISA Affiliate will or could reasonably be expected to incur
any material increase in liability (including any indirect, contingent, or secondary liability) to
or on account of the termination of or withdrawal from a Plan under Section 4062, 4063, 4064, 4069,
4201, 4204 or 4212 of ERISA or with respect to a Plan under Section 401(a)(29), 4971, 4975 or 4980
of the Code or Section 409 or 502(i) or 502(l) of ERISA or with respect to a group health plan (as
defined in Section 607(1) of ERISA, Section 4980B(g)(2) of the Code or 45 Code of Federal
Regulations Section 160.103) under Section 4980B of the Code and/or the Health Insurance
Portability and Accountability Act of 1996; or that any Borrower or any Subsidiary of any Borrower
could reasonably be expected to incur any material increase in liability pursuant to any employee
welfare benefit plan (as defined in Section 3(1) of ERISA) that provides benefits to retired
employees or other former employees (other than as required by Section 601 of ERISA) or any Plan or
any Foreign Pension Plan. Each Borrower will deliver to such Lender (i) upon the request of such
Lender, a complete copy of the annual report (on U.S. Internal Revenue Service
Form 5500-series) of each Plan which is not a multiemployer plan (as defined in Section
4001(a)(3) of ERISA) (including, to the extent required, the related financial and actuarial
statements and opinions and other supporting statements, certifications, schedules and information)
required to be filed with the U.S. Internal Revenue Service and (ii) copies of any records,
documents or other information that must be furnished to the PBGC or any other governmental agency
with respect to any Plan pursuant to Section 4010 of ERISA. In addition to any certificates or
notices delivered to the Lenders pursuant to the first sentence hereof, copies of any records,
documents or other information required to be furnished to the PBGC or any other governmental
agency, and any material notices received by any Borrower, any Subsidiary of any Borrower or any
ERISA Affiliate with respect to any Plan or Foreign Pension Plan shall be delivered to the Lenders
no later than fifteen (15) days after the date such records, documents, and/or information has been
furnished to the PBGC or any other governmental agency or such notice has been received by any
Borrower, any Subsidiary or any ERISA Affiliate, as applicable. Notwithstanding the foregoing, no
statement or notice described in this Section 8
..06 shall be required to be provided unless the
event or events to which such statement or notice relate could individually or in the aggregate be
expected to result in liability to the Corporation, its Subsidiaries and their ERISA Affiliates in
excess of $5,000,000.

          8.07 End of Fiscal Years; Fiscal Quarters. The Corporation will cause (i) each of
its, and each of its Subsidiaries’, Fiscal Years to end on December 31 of each year and (ii) each

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of its, and each of its Subsidiaries’, fiscal quarters to end on dates which are consistent with a
Fiscal Year ending December 31.

          8.08 Performance of Obligations. Each Borrower will, and will cause each of its
Subsidiaries to, perform all of its obligations under the terms of each mortgage, indenture,
security agreement and other debt instrument by which it is bound, except such non-performances as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

          8.09 Maintenance of Properties. Each Borrower will, and the Corporation will cause
each of its Subsidiaries to, keep all property necessary to the business of such Borrower and each
such Subsidiary in good working order and condition, ordinary wear and tear excepted, except such
non-compliances with the foregoing as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

          8.10 REIT Requirements. At all times prior to the consummation of the Host
Transaction, Starwood REIT (i) shall 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, (ii) will maintain adequate records so as to comply with all record-keeping
requirements relating to the qualification of Starwood REIT as a real estate investment trust as
required by the Code and applicable regulations of the Department of Treasury promulgated
thereunder and (iii) will properly prepare and timely file with the U.S. Internal Revenue Service
all returns and reports required thereby.

          8.11 Payment of Taxes. Each Borrower will, and the Corporation will cause each of its
Subsidiaries to, pay and discharge, or cause to be paid and discharged, all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits, or upon any
properties belonging to it, prior to the date on which penalties attach thereto, and all lawful
claims which, if unpaid, might become a lien not otherwise permitted under Section 9.01(i);
provided that no Borrower or any of its Subsidiaries will be required to pay any such tax,
assessment, charge, levy or claim which (x) is being contested in good faith and by appropriate
proceedings if it has maintained adequate reserves with respect thereto in accordance with
generally accepted accounting principles and (y) would not reasonably be expected to have a
Material Adverse Effect.

          8.12 Ownership of Certain Subsidiaries. At all times after the Initial Borrowing Date
and prior to the release of Sheraton from the Sheraton Guaranty in accordance with the terms
thereof, the Corporation shall own, directly or indirectly, at least ninety percent (90%) of the
Capital Stock of Sheraton. At all times after the Initial Borrowing Date and prior to the
depairing of the Class B shares and the common Stock of the Corporation in connection with the Host
Transaction, the Corporation shall maintain, directly or indirectly, voting control of Starwood
REIT as well as beneficial ownership of 100% of the Class A shares of Starwood REIT.

          8.13 Assigned Starwood Note; etc. Except as contemplated by the Host Transaction
Documents, at all times on and after the Initial Borrowing Date and prior to the release of the
Corporation from its obligations under the Assigned Starwood Note (and the

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assignment by the
Assigned Starwood Note LLC of its rights thereunder) in connection with the Host Transaction, the
Assigned Starwood Note LLC shall at all times own (subject to no Liens) the Assigned Starwood Note.

          SECTION 9. Negative Covenants. Each of the Borrowers hereby covenants and agrees that
on and after the Effective Date and until the Total Commitment and all Letters of Credit have
terminated and the Loans, Notes and Unpaid Drawings, together with interest, Fees and all other
Obligations (other than contingent indemnification obligations) incurred hereunder and thereunder,
are paid in full:

          9.01 Liens. No Borrower will, nor will any Borrower permit any of its Subsidiaries
to, create, incur, assume or suffer to exist any Lien upon or with respect to any property or
assets (real or personal, tangible or intangible) of such Borrower or any of its Subsidiaries,
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 of accounts receivable with recourse to such Borrower or any of its
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; provided that the provisions of this Section 9.01 shall not prevent the creation,
incurrence, assumption or existence of the following (Liens described below are herein
referred to as “Permitted Liens”):

     (i) inchoate Liens for taxes, assessments or governmental or quasi-governmental charges
or levies not yet due and payable or Liens for taxes, assessments or governmental or
quasi-governmental charges or levies being contested in good faith and by appropriate
proceedings for which adequate reserves have been established in accordance with generally
accepted accounting principles;

     (ii) Liens in respect of property or assets of any Borrower or any of its Subsidiaries
which were incurred in the ordinary course of business and which (x) do not secure
Indebtedness, (y) either (1) do not in the aggregate materially detract from the value of
the respective property or assets or materially impair the use thereof in the operation of
the business of such Borrower or such Subsidiary or (2) are being contested in good faith by
appropriate proceedings, which proceedings have the effect of preventing the forfeiture or
sale of the property or assets subject to any such Lien and (z) do not secure obligations in
excess of $75,000,000 at any time;

     (iii) Liens in existence on the Initial Borrowing Date which are listed, and the
property subject thereto described, in Schedule 9.01 (“Existing Liens”), and giving
effect to any renewals, replacements and extensions of such Liens, in each case so long as
(x) the principal amount of the obligations secured thereby is not increased as a result
thereof (except to the extent any such incremental obligations are independently justified
under (and applied as a utilization of the basket described in) Section 9.01(xiii) below)
and (y) such renewals, replacements and extensions do not result in Liens applying to any
Assets which are not already subject to the Liens securing the respective obligations being
renewed, replaced or extended;

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     (iv) licenses, leases, sublicenses or subleases granted to other Persons not materially
interfering with the conduct of the business of any Borrower and its Subsidiaries taken as a
whole;

     (v) any Lien on any asset of any Borrower or any of its Subsidiaries (I) subject to
Capitalized Lease Obligations or (II) securing other Indebtedness incurred or assumed for
the purpose of financing all or any part of the cost of acquiring or constructing such asset
(it being understood that, for this purpose, the acquisition of a Person is also an
acquisition of the assets of such Person); provided that (x) the Lien encumbering
the asset or assets giving rise to such Capitalized Lease Obligation or other Indebtedness,
as the case may be, does not encumber any other asset of such Borrower or any Subsidiary of
such Borrower and (y) except in the case of a Lien securing Capitalized Lease Obligations,
any such Lien attaches to such asset concurrently with, or within 180 days after, the
acquisition thereof, or such longer period, not to exceed 12 months, due to the
Corporation’s or its respective Subsidiaries’ inability to retain the requisite governmental
approvals with respect to such acquisition; provided further, that, in the case of
any asset constituting Real Property, (i) the Lien attaches within 12 months after the
latest of the acquisition thereof, the completion of construction thereon or the
commencement of full operation thereof and (ii) the Indebtedness so secured does not exceed
the
sum of (x) the purchase price of such Real Property plus (y) the costs of such
construction;

     (vi) easements, rights-of-way, restrictions, encroachments and other similar charges or
encumbrances, and minor title deficiencies, in each case not securing Indebtedness and,
except in the case of those arising out of a governmental taking or threatened governmental
taking, not materially interfering with the conduct of the business of any Borrower or any
of its Subsidiaries;

     (vii) Liens arising from precautionary UCC financing statement filings regarding
operating leases entered into by any Borrower or any of its Subsidiaries in the ordinary
course of business;

     (viii) Liens arising out of the existence of judgments, decrees or awards not
constituting an Event of Default under Section 10.08, provided that no cash or
property is deposited or delivered to secure the respective judgment or award (or any appeal
bond in respect thereof);

     (ix) statutory and common law landlords’ liens under leases to which any Borrower or
any of its Subsidiaries is a party;

     (x) Liens on property or assets acquired by any Borrower or any of its Subsidiaries, or
on property or assets of a Subsidiary acquired by any Borrower or any of its Subsidiaries,
in each case in existence at the time such acquisition is consummated, provided that
such Liens are not incurred in connection with or in contemplation or anticipation of such
acquisition and do not attach to any other asset of such Borrower or any of its
Subsidiaries;

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     (xi) Liens resulting from the refinancing, renewal or extension of obligations secured
by any Lien permitted by clauses (v) and (x) of this Section 9.01, so long as (x) the
principal amount of the obligations secured thereby is not increased as a result thereof
(except to the extent any such incremental obligations are independently justified under
(and applied as a utilization of the basket described in) Section 9.01(xiii) below) and (y)
such renewals, replacements and extensions do not result in Liens applying to any Assets
which are not already subject to the Liens securing the respective obligations being
renewed, replaced or extended;

     (xii) intercompany Indebtedness owed by and among the Corporation, any of its
Wholly-Owned Subsidiaries and, so long as SLT Realty Limited Partnership is a Subsidiary of
the Corporation at least 95% of the Capital Stock of which is directly or indirectly owned
by the Corporation, SLT Realty Limited Partnership and its Wholly-Owned Subsidiaries may be
secured by any Assets of the respective such obligor, so long as (x) any Subsidiary of the
Corporation which is an obligee with respect to any such Indebtedness owed by a Credit Party
shall have entered into the Subordination Agreement and (y) any such intercompany
Indebtedness owed by a Credit Party shall at all times be subject to the provisions of the
Subordination Agreement as, and to the extent, required thereby;

     (xiii) Liens on Segregated Funds (and deposit accounts in which Segregated Funds are
deposited) pledged by the Corporation or any of its Subsidiaries to secure Defeased Debt in
accordance with the terms of the documentation governing the same; and

     (xiv) Liens on Assets of the Corporation or any of its Subsidiaries and not otherwise
permitted by the foregoing clauses (i) through (xii), so long as (I) the sum of the
aggregate fair market value (as reasonably determined by the senior management of the
Corporation) of the Assets secured by such Liens, does not exceed at any time 10% of
Consolidated Net Tangible Assets (determined as of the date of the most recent incurrence of
such Liens or related obligations (or any increase thereof) by reference to the then most
recent date for which the Corporation has delivered (or was required to deliver, if such
delivery has not been made) its financial statements under Section 8.01(a) or (b), as
applicable) and (II) the Assets so encumbered have a value (as determined in good faith by
senior management of the Corporation) reasonably related to the amount of the obligations
secured thereby.

Notwithstanding the foregoing, at all times after the Initial Borrowing Date and prior to the
consummation of the Host Transaction, Assigned Starwood Note LLC shall not create, incur or assume
any Lien on or with respect to its property or assets.

          9.02 Consolidation, Merger, Sale of Assets, Lease Obligations, etc. No Borrower will,
nor will any Borrower permit any of its Subsidiaries to, enter into transaction of merger or
consolidation, or convey, sell, lease or otherwise dispose of all or any substantial part of the
property or assets of such Borrower or such Subsidiary (other than inventory, goods, materials or
equipment (in each case other than Real Property) in the ordinary course of business), unless: (i)
no Specified Default or Event of Default then exists or would result therefrom, (ii) in the case of

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a merger or consolidation involving an Alternate Currency Revolving Loan Borrower (other than the
Corporation), an Alternate Currency Revolving Loan Borrower is the surviving corporation of such
merger or consolidation, and (iii) in the case of a merger or consolidation involving the
Corporation, Starwood REIT, any other Dollar Revolving Loan Borrower or Sheraton and any other
Person, the Corporation, Starwood REIT, such other Dollar Revolving Loan Borrower or Sheraton, as
the case may be, shall be the surviving corporation of such merger or consolidation,
provided that:

     (1) the Corporation, Starwood REIT, such other Dollar Revolving Loan Borrower or
Sheraton, as the case may be, shall not be required to be the surviving corporation of such
merger or consolidation, so long as (x) the respective entity which survives such merger or
consolidation assumes all of the obligations of the Corporation, Starwood REIT, such other
Dollar Revolving Loan Borrower or Sheraton, as the case may be, under the Credit Documents
to which it is a party pursuant to documentation reasonably satisfactory to the
Administrative Agent and the Required Lenders, (y) the Required Lenders shall have consented
thereto on such additional terms and conditions satisfactory to them and (z) such surviving
entity shall have delivered such opinions of counsel and such other documentation (including
revised Notes and evidence of good standing) as shall be reasonably requested by the
Administrative Agent or any Lender;

     (2) no Alternate Currency Revolving Loan Borrower (other than the Corporation) shall be
permitted to merge or consolidate with the Corporation, Starwood REIT, any other Dollar
Revolving Loan Borrower and/or Sheraton, as applicable, except that, in the case of any such
merger or consolidation with the Corporation, same shall be permitted if the Corporation is
the surviving corporation of such merger or consolidation;

     (3) none of Starwood REIT, any other Dollar Revolving Loan Borrower (other than the
Corporation) or Sheraton shall be permitted to merge or consolidate with the Corporation,
any other Dollar Revolving Loan Borrower and/or Sheraton, as applicable, except that, in the
case of any such merger or consolidation with the Corporation, same shall be permitted if
the Corporation is the surviving corporation of such merger or consolidation; and

     (4) notwithstanding anything to the contrary contained in this Section 9.02, the Host
Transaction may be consummated pursuant to, and in accordance with the terms of, the Host
Transaction Documents, so long as (I) no Specified Default or Event of Default under Section
10.01 or 10.05 then exists or would result therefrom, and (II) on and after the Initial
Borrowing Date, the Host Agreements shall not have been altered, amended or otherwise
modified or supplemented, and no condition precedent therein to the consummation of the Host
Transaction waived, if such alteration, amendment, modification, supplement or waiver would
be adverse to the interest of the Lenders in any material respect, except (in any such case)
with the written consent of the Agents.

          9.03 Restricted Payments. No Borrower will, nor will any Borrower permit any of its
Subsidiaries to, authorize, declare or pay any Dividends, except that:

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     (i) any Subsidiary of the Corporation may authorize, declare and pay cash Dividends to
the Corporation or to any Wholly-Owned Subsidiary of the Corporation;

     (ii) any Subsidiary of the Corporation that is not a Wholly-Owned Subsidiary may
authorize, declare and pay Dividends to its shareholders, members or partners generally, so
long as the Corporation or its respective Subsidiary which owns the equity interests in the
Subsidiary paying such Dividends receives at least its proportionate share thereof (based
upon its relative holding of the equity interests in the Subsidiary paying such Dividends
and taking into account the relative preferences, if any, of the various classes of equity
interests of such Subsidiary); and

     (iii) the Corporation and any of its Subsidiaries may authorize, declare or pay
Dividends from time to time (in addition to those permitted pursuant to preceding clauses
(i) and (ii)), so long as (x) no Specified Default or Event of Default exists at the time of
the respective authorization, declaration or payment or would exist immediately after giving
effect thereto and (y) calculations are made by the Corporation establishing compliance with
the financial covenants contained in Sections 9.04 and 9.05 for the Reference Period, on a
Pro Forma Basis (giving effect to the payment of the respective Dividend).

          9.04 Consolidated Interest Coverage Ratio. The Corporation will not permit the
Consolidated Interest Coverage Ratio for any Test Period ending on the last day of any fiscal
quarter of the Corporation to be less than 2:50:1.00.

          9.05 Maximum Consolidated Leverage Ratio. The Corporation will not permit the
Consolidated Leverage Ratio on the last day of any fiscal quarter of the Corporation to be greater
than 4.50:1.00.

          9.06 Business. No Borrower will, nor will any Borrower permit any of its Subsidiaries
to, engage (directly or indirectly) in any business other than the Hotel Business.

          9.07 Restriction on Incurrence of Intercompany Debt, etc. (a) No Borrower will, nor
will the Corporation permit any other Credit Party to, contract, create, incur or suffer to exist
any Intercompany Debt, unless (x) the Subsidiary of the Corporation which is the obligee with
respect to such Intercompany Debt is a party to the Subordination Agreement and (y) such
Intercompany Debt (including, without limitation, prior to the consummation of the Host
Transaction, the Intercompany Mortgage Note and the Assigned Starwood Note) is subordinated in
right of payment to the Obligations of the respective Credit Party obligated with respect to such
Intercompany Debt as, and to the extent, required by the Subordination Agreement; provided
however that any Subsidiary of the Corporation created, formed or acquired after the
Initial Borrowing Date (or, if later, the most recent date of the required delivery of financial
statements pursuant to Section 8.01(a) or (b)) that is an obligee with respect to any Intercompany
Debt shall not be required to become a party to the Subordination Agreement (and the Intercompany
Debt owed by a Credit Party to such Subsidiary shall not be required to be so subordinated in right
of payment), until the first date of the required delivery of financial statements pursuant to
Section 8.01(a) or (b) after the creation, formation or acquisition of such Subsidiary.

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          (b) Notwithstanding anything to the contrary contained in this Agreement, at all times on and
after the Initial Borrowing Date and prior to the consummation of the Host Transaction (and the
related release of the Corporation of its obligations, and the assignment by Assigned Starwood Note
LLC of its rights, under the Assigned Starwood Note), the Corporation will not permit Assigned
Starwood Note LLC to create, incur, assume or suffer to exist any Indebtedness.

          9.08 Transaction with Affiliates. No Borrower will, nor will any Borrower permit any
of its Subsidiaries to, enter into any transaction (or series of related transactions) with any
Affiliate of the Corporation or any of its Subsidiaries that is material to the Corporation and its
Subsidiaries as a whole other than on terms and conditions substantially as favorable to such
Borrower or such Subsidiary as would reasonably be obtained by such Borrower or such Subsidiary at
that time in a comparable
arm’s-length transaction with a Person other than an Affiliate, except that the Host
Transaction may be consummated in accordance with the requirements of clause (4) of the proviso
appearing in Section 9.02.

          SECTION 10. Events of Default. Upon the occurrence of any of the following specified
events (each, an “Event of Default”):

          10.01 Payments. Any Borrower shall (i) default in the payment when due of any
principal of (or any Face Amount of, as the case may be) any Loan or any Note or (ii) default, and
such default shall continue unremedied for two or more Business Days, in the payment when due of
any interest on any Loan or Note, any Unpaid Drawing (or the interest thereon) or any Fees or any
other amounts owing hereunder or thereunder; or

          10.02 Representations, etc. Any representation, warranty or statement made by any
Credit Party herein or in any other Credit Document or in any certificate delivered to any Agent or
any Lender pursuant hereto or thereto shall prove to be untrue in any material respect on the date
as of which made or deemed made; or

          10.03 Covenants. Any Credit Party shall (i) default in the due performance or
observance by it of any term, covenant or agreement contained in Section 8.01(e)(i), 8.04 (but only
to the extent arising from the failure of any Credit Party to preserve and keep in full force and
effect its existence), 8.07, 8.10, 8.12 or 9 or (ii) default in the due performance or observance
by it of any other term, covenant or agreement contained in this Agreement or any other Credit
Document (other than those set forth in Sections 10.01 and 10.02 and clause (i) of this Section
10.03) and such default as described in this clause (ii) shall continue unremedied for a period of
30 days after written notice thereof to any Borrower by the Administrative Agent or the Required
Lenders; or

          10.04 Default Under Other Agreements. (i) Any Credit Party or any of their
Subsidiaries shall (x) default in any payment of any Indebtedness (other than the Obligations and
Non-Recourse Indebtedness) beyond the period of grace, if any, provided in the instrument or
agreement under which such Indebtedness was created or (y) default in the observance or performance
of any agreement or condition relating to any Indebtedness (other than the Obligations and
Non-Recourse Indebtedness) or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event shall occur or condition exist, the

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effect of which default or
other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a
trustee or agent on behalf of such holder or holders) to cause, without any further notice (other
than a notice of acceleration, if required) or any further lapse of time, such Indebtedness to
become due prior to its stated maturity, or (ii) any Indebtedness (other than the Obligations
and Non-Recourse Indebtedness) of any Credit Party or any of their Subsidiaries shall be declared
to be (or shall become) due and payable, or required to be prepaid other than by a regularly
scheduled required prepayment, prior to the stated maturity thereof, provided that it shall
not be a Default or an Event of Default under this Section 10.04 unless the principal amount of any
one issue of such Indebtedness, or the aggregate principal amount of all such Indebtedness as
described in preceding clauses (i) and (ii) is at least $100,000,000 (or, in the case of currencies
other than Dollars, the Dollar Equivalent thereof); or

          10.05 Bankruptcy, etc. Any Credit Party or any of its Subsidiaries (excluding
Insignificant Subsidiaries) shall commence a voluntary case concerning itself under Title 11 of the
United States Code entitled “Bankruptcy,” as now or hereafter in effect, or any successor thereto
(the “Bankruptcy Code”); or an involuntary case is commenced against any Credit Party or
any of its Subsidiaries (excluding Insignificant Subsidiaries), and the petition is not
controverted within 10 days, or is not dismissed within 60 days, after commencement of the case; or
a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or
substantially all of the property of any Credit Party or any of its Subsidiaries (excluding
Insignificant Subsidiaries), or any Credit Party or any of its Subsidiaries (excluding
Insignificant Subsidiaries) commences any other proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, bankruptcy, insolvency, receivership,
administration, winding up or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to any Credit Party or any of its Subsidiaries (excluding
Insignificant Subsidiaries), or there is commenced against any Credit Party or any of its
Subsidiaries (excluding Insignificant Subsidiaries) any such proceeding under any such law of any
jurisdiction which remains undismissed for a period of 60 days, or any Credit Party or any of its
Subsidiaries (excluding Insignificant Subsidiaries) is adjudicated insolvent or bankrupt; or any
order of relief or other order approving any such case or proceeding is entered; or any Credit
Party or any of its Subsidiaries (excluding Insignificant Subsidiaries) suffers any appointment of
any custodian, administrator, administrative receiver, receiver, trustee or the like for it or any
substantial part of its property to continue undischarged or unstayed for a period of 60 days; or
any Credit Party or any of its Subsidiaries (excluding Insignificant Subsidiaries) makes a general
assignment for the benefit of creditors; or any corporate action is taken by any Credit Party or
any of its Subsidiaries (excluding Insignificant Subsidiaries) for the purpose of effecting any of
the foregoing; or

          10.06 ERISA. (a) Any Plan shall fail to satisfy the minimum funding standard
required for any plan year or part thereof under Section 412 of the Code or Section 302 of ERISA or
a waiver of such standard or extension of any amortization period is sought or granted under
Section 412 of the Code or Section 303 or 304 of ERISA, a Reportable Event shall have occurred, a
contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan subject to Title IV of
ERISA shall be subject to the advance reporting requirement of PBGC Regulation Section 4043.61
(without regard to subparagraph (b)(1) thereof) and an event described in subsection .62, .63, .64, .65, .66, .67 or .68 of PBGC Regulation Section 4043 shall be reasonably expected to occur with
respect to such Plan within the following 30 days, any Plan

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which is subject to Title
IV of ERISA shall have had or is likely to have a trustee appointed to administer such Plan,
any Plan which is subject to Title IV of ERISA is, shall have been or is likely to be terminated or
to be the subject of termination proceedings under ERISA, any Plan shall have an Unfunded Current
Liability, a contribution required to be made with respect to a Plan or a Foreign Pension Plan has
not been timely made, any Borrower or any Subsidiary of any Borrower or any ERISA Affiliate has
incurred or is likely to incur any liability to or on account of a Plan under Section 409, 502(i),
502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 401(a)(29), 4971 or
4975 of the Code or on account of a group health plan (as defined in Section 607(1) of ERISA ,
Section 4980B(g)(2) of the Code or 45 Code of Federal Regulations Section 160.103) under Section
4980B of the Code and/or the Health Insurance Portability and Accountability Act of 1996, or any
Borrower or any Subsidiary of any Borrower has incurred or is likely to incur liabilities pursuant
to one or more employee welfare benefit plans (as defined in Section 3(1) of ERISA) that provide
benefits to retired employees or other former employees (other than as required by Section 601 of
ERISA) or Plans or Foreign Pension Plans; (b) there shall result from any such event or events the
imposition of a lien, the granting of a security interest, or a liability or a material risk of
incurring a liability; and (c) such lien, security interest or liability, individually, and/or in
the aggregate has had, or could reasonably be expected to have, a Material Adverse Effect; or

          10.07 Guaranties. Except in accordance with the express terms of the respective
Guaranty, any Guaranty or any provision thereof shall cease to be in full force or effect as to the
relevant Guarantor, or any Guarantor or Person acting by or on behalf of such Guarantor shall deny
or disaffirm such Guarantor’s obligations under the relevant Guaranty, or any Guarantor shall
default in the due performance or observance (beyond any applicable grace period) of any term,
covenant or agreement on its part to be performed or observed pursuant to such Guaranty; or

          10.08 Judgments. One or more judgments or decrees shall be entered against any
Borrower or any Subsidiary of any Borrower involving in the aggregate for the Borrowers and their
Subsidiaries a liability (to the extent not paid or covered by a reputable and solvent insurance
company (with any portion of any judgment or decree not so covered to be included in any
determination hereunder)) and such judgments and decrees either shall be final and non-appealable
or shall not be vacated, discharged or stayed or bonded pending appeal for any period of 30
consecutive days, and the aggregate amount of all such judgments exceeds $50,000,000 (or in the
case of currencies other than Dollars, the Dollar Equivalent thereof); or

          10.09 Change of Control. A Change of Control shall occur;

          10.10 REIT Status. At any time prior to the consummation of the Host Transaction,
Starwood REIT shall cease, for any reason, to maintain its status as a real estate investment trust
under Sections
856 through 860 of the Code and such failure shall cause or give rise to a Material Adverse
Effect; or

          10.11 Subordination Agreement. The Subordination Agreement or any material provision
thereof shall cease to be in full force or effect as to any party thereto, or any party to the
Subordination Agreement or Person acting by or on behalf of such party shall deny or disaffirm such
party’s obligations thereunder, or any party to the Subordination Agreement shall

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default in the
due performance or observance of any material term, covenant or agreement on its part to be
performed or observed pursuant thereto;

then, and in any such event, and at any time thereafter, if any Event of Default shall then be
continuing, the Administrative Agent, upon the written request of the Required Lenders, shall by
written notice to the Borrowers, take any or all of the following actions, without prejudice to the
rights of any Agent, any Lender or the holder of any Note to enforce its claims against any Credit
Party (provided that, if an Event of Default specified in Section 10.05 shall occur with
respect to any Borrower, the result which would occur upon the giving of written notice by the
Administrative Agent as specified in clauses (i) and (ii) below shall occur immediately and
automatically without the giving of any such notice): (i) declare the Total Commitment terminated,
whereupon all Commitments of each Lender shall forthwith terminate immediately and any Facility Fee
shall forthwith become due and payable without any other notice of any kind; (ii) declare the
principal of, the Face Amount of and any accrued interest in respect of all Loans and the Notes and
all Obligations owing hereunder (including Unpaid Drawings) and thereunder to be, whereupon the
same shall become, forthwith due and payable without presentment, demand, protest or other notice
of any kind, all of which are hereby waived by each Credit Party; (iii) terminate any Letter of
Credit which may be terminated in accordance with its terms; (iv) direct the relevant Account Party
to pay (and the relevant Account Party agrees that upon receipt of such notice, or upon the
occurrence of an Event of Default specified in Section 10.05 with respect to any Account Party, it
will pay) to the Administrative Agent at the appropriate Payment Office such additional amount of
cash (in the respective currency in which such Letter of Credit is denominated), to be held as
security by the Administrative Agent for the respective Account Party’s reimbursement obligations
in respect of Letters of Credit then outstanding, as is equal to the aggregate Stated Amount of all
Letters of Credit then outstanding issued for the account of such Account Party; (v) apply any cash
collateral held pursuant to Section 4.02 to the repayment of the Obligations; and (vi) direct the
appropriate Alternate Currency Revolving Loan Borrower to pay (and each Alternate Currency
Revolving Loan Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event
of Default specified in Section 10.05 with respect to any Borrower, it will pay) to the
Administrative Agent (without duplication) all amounts required to be paid pursuant to clause (j)
of Schedule III.

          SECTION 11. Definitions and Accounting Terms.

          11.01 Defined Terms As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined):

          “Absolute Rate” shall mean an interest rate (rounded to the nearest .0001) expressed
as a decimal.

          “Acceptance Fee” shall mean, in respect of a Bankers’ Acceptance, a fee calculated on
the Face Amount of such Bankers’ Acceptance at a rate per annum equal to the Applicable Margin that
would be payable with respect to a Revolving Loan maintained as a Eurodollar Loan drawn on the
Drawing Date of such Bankers’ Acceptance. Acceptance Fees shall be calculated on the basis of the
term to maturity of the Bankers’ Acceptance and a year of 365 days.

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          “Account Party” shall mean (i) in respect of Dollar Letters of Credit, any Dollar
Revolving Loan Borrower (other than Starwood REIT) and (ii) in respect of Alternate Currency
Letters of Credit, any Alternate Currency Revolving Loan Borrower.

          “Acquisition” shall mean the acquisition of all or any portion of the assets
(including Hotels) or all or any portion of the Capital Stock of any Person.

          “Adjustment Date” shall have the meaning provided in Section 1.18(b).

          “Administrative Agent” shall have the meaning provided in the first paragraph of this
Agreement.

          “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with, such specified
Person. For purposes of this definition, “control” (including, with correlative meanings, the
terms “controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of
the voting securities, of a Person shall be deemed to be control.

          “Agent” shall mean each of DB in its capacity as Administrative Agent and JPMorgan
Chase Bank, N.A. and Societe Generale in their capacity as Syndication Agents; provided
that (x) Societe Generale shall be deemed not to be an “Agent” for purposes of Section 9.02 and (y)
for purposes of Section 12 (other than Section 12.09) and Section 13.01, the term “Agent” shall
include the Documentation Agents and the Arrangers.

          “Aggregate Alternate Currency Credit Exposure” at any time means the sum of (i) the
aggregate principal amount or Face Amount, as the case may be, of all Alternate Currency Loans then
outstanding (for this purpose, using the Dollar Equivalent of the principal amount or Face Amount,
as the case may be, of each Alternate Currency Loan then outstanding) plus (ii) the
Aggregate Alternate Currency Letter of Credit Outstandings at such time.

          “Aggregate Alternate Currency Letter of Credit Outstandings” shall mean, at any time,
the sum of (i) the aggregate Stated Amount of all outstanding Alternate Currency Letters of Credit
at such time plus (ii) the aggregate amount of all Unpaid Drawings with respect to
Alternate Currency Letters of Credit at such time (for such purpose, using the Dollar Equivalent of
all Unpaid Drawings owing in any Alternate Currency).

          “Aggregate Non-Alternate Currency Revolving Exposure” at any time shall mean the sum
of (i) the aggregate principal amount of all Dollar Revolving Loans, Swingline Loans and Dollar
Competitive Bid Loans then outstanding and (ii) the aggregate amount of all Dollar Letter of Credit
Outstandings at such time.

          “Aggregate Other Permitted LIBOR-Based Alternate Currency Revolving Credit Exposure”
shall mean, at any time, with respect to a given Other Permitted LIBOR-Based Alternate Currency,
(i) the aggregate principal amount of all Alternate Currency Revolving Loans made in such Other
Permitted LIBOR-Based Alternate Currency and then outstanding (for

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this purpose, using the Dollar
Equivalent of the principal amount of each such Alternate Currency Revolving Loan), plus
(ii) the aggregate amount of all Alternate Currency Letter of Credit Outstandings relating to each
Alternate Currency Letter of Credit denominated in such Other Permitted LIBOR-Based Alternate
Currency at such time (for this purpose, using the Dollar Equivalent of all amounts expressed in
such Other Permitted LIBOR-Based Alternate Currency).

          “Aggregate Revolving Credit Exposure” shall mean, at any time, the sum of (i) the
aggregate principal amount or Face Amount, as applicable, of all Revolving Loans then outstanding
(for this purpose, at all times prior to the occurrence of a Sharing Event, using the Dollar
Equivalent of the principal amount or Face Amount, as the case may be, of each Alternate Currency
Revolving Loan then outstanding), plus (ii) the aggregate principal amount of all Swingline
Loans then outstanding plus (iii) the aggregate principal amount of all Competitive Bid
Loans then outstanding (for this purpose, using the Dollar Equivalent of the principal amount of
each Alternate Currency Competitive Bid Loan then outstanding) plus (iv) the aggregate
amount of all Letter of Credit Outstandings at such time.

          “Agreement” shall mean this Credit Agreement, as modified, supplemented or amended
(including any amendment and restatement hereof) from time to time.

          “Alternate Currency” shall mean each of Canadian Dollars, Euros, Pounds Sterling,
Australian Dollars, Yen and any Other Permitted LIBOR-Based Alternate Currency.

          “Alternate Currency Competitive Bid Loan” shall mean each Competitive Bid Loan
denominated in an Alternate Currency.

          “Alternate Currency Equivalent” shall mean the Canadian Dollar Equivalent, Euro
Equivalent or LIBOR-Based Alternate Currency Equivalent, as the case may be.

          “Alternate Currency Letter of Credit” shall mean each Letter of Credit denominated in
an Alternate Currency and issued for the account of an Alternate Currency Revolving Loan Borrower
pursuant to Section 2.01.

          “Alternate Currency Letter of Credit Outstandings” shall mean, at any time, with
respect to any Alternate Currency Letter of Credit, the sum of (i) the aggregate Stated Amount of
such Alternate Currency Letter of Credit at such time plus (ii) the aggregate amount of all
Unpaid Drawings with respect to such Alternate Currency Letter of Credit at such time (for such
purpose, using the Dollar Equivalent of all Unpaid Drawings owing in any Alternate Currency).

          “Alternate Currency LIBOR Rate” shall mean, with respect to any Alternate Currency
(other than Canadian Dollars and Euros), (i) the rate per annum that appears on page 3750 of the
Dow Jones Markets Screen (or any successor page) for such Alternate Currency deposits with
maturities comparable to the Interest Period applicable to the Alternate Currency Revolving Loans
incurred in such Alternate Currency subject to the respective Borrowing commencing two Business
Days thereafter as of 11:00 A.M. (London time) on the date which is two Business Days prior to the
commencement of the respective Interest Period or (ii) if such a rate does not appear on page 3750
of the Dow Jones Markets Screen (or any successor page), the offered quotation to first-class banks
in the London interbank market by DB for such Alternate

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Currency deposits of amounts in immediately
available funds comparable to the outstanding principal amount of the Alternate Currency Revolving
Loan in the relevant Alternate Currency of DB with maturities comparable to the Interest Period
applicable to such Alternate Currency Revolving Loan commencing two Business Days thereafter as of
11:00 A.M. (London time) on the date which is two Business Days prior to the commencement of such
Interest Period; provided that, in the event the Administrative Agent has made any
determination pursuant to Section 1.11(a)(i) in respect of Alternate Currency Revolving Loans
incurred in such Alternate Currency, or in the circumstances described in clause (i) to the proviso
to Section 1.11(b) in respect of such Alternate Currency Revolving Loans, the “Alternate Currency
LIBOR Rate” determined pursuant to this definition shall instead be the rate determined by DB as
the all-in-cost of funds for DB to fund such Alternate Currency Revolving Loan with maturities
comparable to the Interest Period applicable thereto.

          “Alternate Currency Loan” shall mean each Alternate Currency Revolving Loan and each
Alternate Currency Competitive Bid Loan.

          “Alternate Currency Revolving Loan” shall have the meaning provided in Section
1.01(a).

          “Alternate Currency Revolving Loan Borrower” shall mean (i) the Corporation, (ii)
Starwood Canada, and (iii) any other Wholly-Owned Foreign Subsidiary of the Corporation that is
found acceptable to, and approved in writing by, the Administrative Agent which accedes to this
Agreement as contemplated by Section 6.04, unless and until such other Wholly-Owned Foreign
Subsidiary is removed as an “Alternate Currency Revolving Loan Borrower” pursuant to Section
13.12(c); provided that (x) Starwood Canada may only request and incur, and no other
Alternate Currency Borrower may request or incur, extensions of credit under the Alternate Currency
Revolving Loan Sub-Tranche relating to Canadian Dollar Revolving Loan Sub-Commitments, and (y) any
other Alternate Currency Revolving Loan Borrower shall be restricted to extensions of credit under
such Alternate Currency Revolving Loan Sub-Tranches as may be specified by the Administrative Agent
at the time of its approval of such Person as an Alternate Currency Revolving Loan Borrower, in
which case such Person shall constitute an
Alternate Currency Revolving Loan Borrower with respect to only those Alternate Currency
Revolving Loan Sub-Tranches as have been so approved by the Administrative Agent.

          “Alternate Currency Revolving Loan Sub-Commitment” means, as to any Alternate Currency
RL Lender, the Australian Dollar Revolving Loan Sub-Commitment, the Pounds Sterling Revolving Loan
Sub-Commitment, the Canadian Dollar Revolving Loan Sub-Commitment, the Euro I Revolving Loan
Sub-Commitment, the Euro II Revolving Loan Sub-Commitment, Yen Revolving Loan Sub-Commitment and/or
the Other Permitted LIBOR-Based Alternate Currency Revolving Loan Sub-Commitment, as appropriate,
of the respective Alternate Currency RL Lender.

          “Alternate Currency Revolving Loan Sub-Commitment Sub-Limit” shall mean, with respect
to the aggregate amount of Alternate Currency Revolving Loan Sub-Commitments with respect to any
Alternate Currency Revolving Loan Sub-Tranche, the aggregate amount set forth opposite such
Alternate Currency Revolving Loan Sub-Tranche in the table below:

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	Type of Sub-Tranche	 	Amount
	Euro I Revolving Loan Sub-Commitments
	 	$	150,000,000	 
	 
	 	 	 	 
	Euro II Revolving Loan Sub-Commitments
	 	$	350,000,000	 
	 
	 	 	 	 
	Pounds Sterling Revolving Loan Sub-Commitments
	 	$	250,000,000	 
	 
	 	 	 	 
	Australian Dollars Revolving Loan Sub-Commitments
	 	$	100,000,000	 
	 
	 	 	 	 
	Yen Revolving Loan Sub-Commitments
	 	$	100,000,000	 
	 
	 	 	 	 
	Canadian Dollar Revolving Loan Sub-Commitments
	 	$	25,000,000	 
	 
	 	 	 	 
	Other Permitted LIBOR-Based Alternate
Currency Revolving Loan Sub-Commitments
	 	$	100,000,000	 

; provided that the “Alternate Currency Revolving Loan Sub-Commitment Sub-Limit” for a
given Alternate Currency Revolving Loan Sub-Tranche may exceed the amount set forth in the table
above, so long as (i) any such increase over the amount specified in the table above for such
Alternate Currency Revolving Loan Sub-Tranche is notified to the Administrative Agent in writing in
connection with an increase to the respective Alternate Currency Revolving Loan Sub-Commitments
pursuant to Section 1.19 and/or 13.12(e) and (ii) the amount of such excess, when added to the
aggregate excess amounts for all other Alternate Currency Revolving Loan Sub-Tranches theretofore
notified to the Administrative Agent pursuant to preceding clause (i), does not exceed
$150,000,000.

          “Alternate Currency Revolving Loan Sub-Tranche” shall mean the respective
sub-facilities and Sub-Commitments made available by an Alternate Currency RL Lender (or its
Affiliate) and utilized in making Alternate Currency Revolving Loans hereunder, with there being
seven separate Alternate Currency Revolving Loan Sub-Tranches, i.e., the Canadian
Dollar Revolving Loan Sub-Commitment, the Pounds Sterling Revolving Loan Sub-Commitment, the
Euro I Revolving Loan Sub-Commitment, the Euro II Revolving Loan Sub-Commitment, the Australian
Dollar Revolving Loan Sub-Commitment, the Yen Revolving Loan Sub-Commitment and the Other Permitted
LIBOR-Based Alternate Currency Revolving Loan Sub-Commitment.

          “Alternate Currency RL Lender” shall mean (i) each Lender listed on Schedule I-B, and
(ii) each additional Person that becomes an Alternate Currency RL Lender party hereto in accordance
with Section 1.14, 1.19, 13.04(b) or 13.12(e). An Alternate Currency RL Lender shall cease to be
an “Alternate Currency RL Lender” when it has assigned all of its Alternate Currency Revolving Loan
Sub-Commitments in accordance with Section 1.14 and/or 13.04(b) or when it shall have terminated
all of its Alternate Currency Revolving Loan Sub-Commitments and Alternate Currency Letters of
Credit (and all of the Alternate Currency Revolving Loans, Alternate Currency Letter of Credit
Outstandings and related Obligations owing to such Lender shall have been paid in full) in
accordance with the requirements of Section 13.12(f). For purposes of this Agreement, (x) unless
the context otherwise indicates, each reference to an

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Alternate Currency RL Lender which has one or
more affiliates which act as an Alternate Currency RL Lender with respect to one or more other
Alternate Currencies shall include such affiliate or affiliates and (y) the terms “Lender” and “RL
Lender” include each Alternate Currency RL Lender unless the context otherwise requires.

     “Alternate Currency RL Percentage” of any Lender at any time shall mean, with respect
to a given Alternate Currency Revolving Loan Sub-Tranche, a fraction (expressed as a percentage)
the numerator of which is the Alternate Currency Revolving Loan Sub-Commitment of such Alternate
Currency RL Lender with respect to such Alternate Currency Revolving Loan Sub-Tranche at such time
and the denominator of which is the aggregate amount of Alternate Currency Revolving Loan
Sub-Commitments of all Alternate Currency RL Lenders with respect to such Alternate Currency
Revolving Loan Sub-Tranche at such time.

     “Applicable Currency” shall mean, with respect to any Obligations, Dollars or, to the
extent relating to Alternate Currency Loans or Alternate Currency Letters of Credit, the respective
Alternate Currency, in which the respective Alternate Currency Loans, Alternate Currency Letters of
Credit or related amounts were incurred or are denominated; provided that in the event
Loans maintained in, and Unpaid Drawings owed in, an Alternate Currency are converted into Loans
maintained in, or Unpaid Drawings owing in, Dollars under the circumstances contemplated by Section
1.17, the Applicable Currency with respect to such Loans and Unpaid Drawings shall be Dollars.

     “Applicable Margin” shall mean, from and after any Start Date to and including the
corresponding End Date, the respective percentage per annum set forth below under the respective
Type of Loans or Fee and opposite the respective Ratings-Based Level (i.e., 1, 2, 3, 4 or
5, as the case may be) and Leverage-Based Level (i.e., I, II, III, IV or V, as the case may
be) indicated to have been achieved on the applicable Test Date for such Start Date (as adjusted in
accordance with subclauses (A), (B) and (C) of the immediately succeeding proviso and as set forth
in the respective officer’s certificate delivered pursuant to Section 8.01(d)):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	“Applicable	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Margin” for	 	 
	 	 	 	 	 	 	 	 	“Applicable	 	Base Rate	 	 
	Ratings-	 	 	 	 	 	Consolidated	 	Margin” for	 	and Canadian	 	“Applicable
	Based	 	Unsecured	 	Leverage-	 	Leverage	 	Euro Rate	 	Prime Rate	 	Margin” for
	Level	 	Debt Rating	 	Based Level	 	Ratio	 	Loans	 	Loans	 	Facility Fee
	1

	 	BBB+ or higher from
S&P and Baa1 or
higher from Moody’s
	 	I
	 	Less than 2.25:1.0
	 	 	0.400	%	 	 	0.000	%	 	 	0.100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2

	 	Ratings-Based Level
1 is not applicable
and ratings of BBB
or higher from S&P
and Baa2 or higher

from Moody’s
	 	II
	 	Greater than or
equal to 2.25:1.0
and less than
3.00:1.0
	 	 	0.475	%	 	 	0.000	%	 	 	0.125	%
	 

	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

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	 	 	 	 	 	 	 	 	 	 	 	 	“Applicable	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Margin” for	 	 
	 	 	 	 	 	 	 	 	“Applicable	 	Base Rate	 	 
	Ratings-	 	 	 	 	 	Consolidated	 	Margin” for	 	and Canadian	 	“Applicable
	Based	 	Unsecured	 	Leverage-	 	Leverage	 	Euro Rate	 	Prime Rate	 	Margin” for
	Level	 	Debt Rating	 	Based Level	 	Ratio	 	Loans	 	Loans	 	Facility Fee
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3

	 	Ratings-Based
Levels 1 and 2 are
not applicable and
ratings of BBB- or
higher from S&P
and Baa3 or higher
from Moody’s
	 	III
	 	Greater than or
equal to 3.00:1.0
and less than
3.75:1.0
	 	 	0.525	%	 	 	0.000	%	 	 	0.175	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4

	 	Ratings-Based
Levels 1, 2 and 3
are not applicable
and ratings of BB+
or higher from S&P
and Ba1 or higher
from Moody’s
	 	IV
	 	Greater than or
equal to 3.75:1.0
and less than
4.25:1.0
	 	 	0.600	%	 	 	0.0	%	 	 	0.225	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5

	 	Ratings-Based
Levels 1, 2, 3 and
4 are not
applicable
	 	V
	 	Greater than or
equal to 4.25:1.0
	 	 	0.800	%	 	 	0.0	%	 	 	0.250	%

; provided that for purposes of calculations pursuant to the preceding table, (A) subject
to clauses (B) and (C) below, if the Ratings-Based Level and the Leverage-Based Level at a given
time under the foregoing table would result in the determination of different “Applicable Margins”
at such time, then the “Applicable Margin” shall be determined by reference to that Level
(i.e., either the Ratings-Based Level or the Leverage-Based Level) which would then result
in a lower “Applicable Margin”, (B) at any time Ratings-Based Level 4 is in effect, the “Applicable
Margins” determined pursuant to the foregoing table shall be no lower than those applicable when
Leverage-Based Level 3 is in effect and (C) at any time Ratings-Based Level 5 is in effect, the
“Applicable Margins” determined pursuant to the foregoing table shall be no lower than those
applicable when Leverage-Based Level 4 is in effect; provided, further, that
notwithstanding anything to the contrary contained above, (x) if the Corporation fails to deliver
the financial statements required to be delivered pursuant to Section 8.01(a) or (b) (accompanied
by the officer’s certificates required by Section 8.01(d) showing the applicable Consolidated
Leverage Ratio and Unsecured Debt Ratings on the relevant Test Date) on or prior to the respective
date required by such Sections, then Ratings-Based Level 5 and Leveraged-Based Level V pricing
shall apply until such time, if any, as the financial statements required as set forth above and
the accompanying officer’s certificates have been delivered showing that the pricing for the
respective Margin Adjustment Period is at a Level which is less than Ratings-Based Level 5 and
Leveraged-Based Level V (it being understood that, in the case of any late delivery of the
financial statements and officer’s certificates as so required, the reduced

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Applicable Margin, if
any, shall apply only from and after the date of the delivery of the complying financial statements
and officer’s certificates), (y) subject to clause (z) below, for the period from the Effective
Date to but not including the earlier to occur of (i) April 10, 2006 and (ii) the first Start Date
after the Corporation’s fiscal quarter ended December 31, 2005, Ratings-Based Level 3 and
Leveraged-Based Level III pricing shall apply and (z) Ratings-Based Level 5 and Leveraged-Based
Level V pricing shall apply at all times when any Default or any Event of Default exists.

     “Assets” means, with respect to any Person, all assets of such Person that would, in
accordance with GAAP, be classified as assets of a company conducting a business the same as or
similar to that of such Person, including without limitation, all hotels, mortgage loans,
management agreements, franchise agreements, representation agreements, undeveloped land, joint
ventures, hotel construction and available cash balances.

     “Asset Sale” shall mean any sale, transfer or other disposition by any Borrower or any
of its Subsidiaries to any Person other than any Borrower or any Wholly-Owned Subsidiary of any
Borrower of any Asset (including, without limitation, any Capital Stock or other securities of
another Person, but excluding the sale by the Corporation of its own Capital Stock) of such
Borrower or such Subsidiary other than (i) sales, transfers or other dispositions of inventory made
in the ordinary course of business and (ii) any single sale of assets (or series of related sales
of assets) which generates gross sale proceeds of less than $5,000,000.

     “Assigned Starwood Note” shall mean subordinated promissory notes issued by the
Corporation in the aggregate principal amount (as of January 31, 2006) of $2,163,478,261.00, and
held by the Assigned Starwood Note LLC prior to the assignment thereof in connection with the Host
Transaction, which promissory notes shall be in the form delivered to the Agents and the Lenders
prior to the Initial Borrowing Date.

     “Assigned Starwood Note LLC” shall mean WD Investments I, L.L.C. which is a limited
liability company organized under the laws of the State of Delaware (i) the non-member
manager of which is Sheraton and (ii) the 100% member of which is WD Parent, Inc., a Delaware
corporation and a Wholly-Owned Subsidiary of Sheraton.

     “Assignment and Assumption Agreement” shall mean the Assignment and Assumption
Agreement substantially in the form of Exhibit K (appropriately completed).

     “Australian Dollars” and “Aud.” shall mean freely transferable lawful money of
Australia (expressed in Australian Dollars).

     “Australian Dollar Revolving Loans” shall mean each Alternate Currency Revolving Loan
denominated in Australian Dollars at the time of the incurrence thereof.

     “Australian Dollar Revolving Loan Sub-Commitment” shall mean, as to any Alternate
Currency RL Lender, the amount, if any, set forth opposite such Alternate Currency RL Lender’s name
in Schedule I-B directly below the column entitled “Australian Dollar Revolving Loan
Sub-Commitment,” as same may be (x) reduced from time to time pursuant to Sections 1.17, 1.18,
3.02, 3.03, 10 and/or 13.12(f), (y) increased from time to time pursuant to Sections 1.19 and/or
13.12(e) or (z) adjusted from time to time as a result of assignments to or

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from such Lender
pursuant to Section 1.14 or 13.04(b). The Australian Dollar Revolving Loan Sub-Commitment of each
Alternate Currency RL Lender is a sub-limit of the Revolving Loan Commitment of the respective
Alternate Currency RL Lender (or its respective affiliate which is a Lender with the related
Revolving Loan Commitment) and not an additional commitment and, in no event, may exceed at any
time, when added to the sum of all other Sub-Commitments of the respective Alternate Currency RL
Lender (or its respective affiliates) at such time, the Revolving Loan Commitment of such Alternate
Currency RL Lender (or its respective affiliate which is a Lender with the related Revolving Loan
Commitment).

     “Australian Dollar Revolving Notes” shall have the meaning provided in Section
1.06(a).

     “Authorized Officer” of any Credit Party shall mean any of the President, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, any Vice-President, the Secretary or any
Assistant Secretary of such Credit Party or any other officer of such Credit Party which is
designated in writing to the Administrative Agent and each Issuing Bank by any of the foregoing
officers of such Credit Party as being authorized to give such notices under this Agreement.

     “Available Currency” shall mean (i) with respect to Dollar Revolving Loans and Dollar
Letters of Credit, Dollars, (ii) with respect to Alternate Currency Letters of Credit to be issued
under a given Alternate Currency Revolving Loan Sub-Tranche, the relevant Alternate Currency or
Alternate Currencies for such Alternate Currency Revolving Loan Sub-Tranche (e.g., in the
case of the Alternate Currency Revolving Loan Sub-Tranche relating to Australian Dollar Revolving
Loan Sub-Commitments, Australian Dollars), (iii) with respect to Alternate Currency Revolving Loans
to be incurred under a given Alternate Currency Revolving Loan Sub-Tranche, the relevant Alternate
Currency for such Alternate Currency Revolving Loan Sub-Tranche (e.g., in the case of the
Alternate Currency Revolving Loan Sub-Tranche relating to Other Permitted LIBOR-Based Alternate
Currency Revolving Loan Sub-Commitments, any Other Permitted LIBOR-Based Alternate Currency), and (iv) with respect to any Competitive Bid
Loan, Dollars or any Alternate Currency other than Canadian Dollars.

     “BA Discount Proceeds” shall mean, in respect of any Bankers’ Acceptance to be
purchased by an Alternate Currency RL Lender on any date pursuant to Section 1.01 and Schedule III
hereto, an amount rounded to the nearest whole Canadian cent, and with one-half of one Canadian
cent being rounded up, calculated on such day by dividing:

     (a) the Face Amount of such Banker’s Acceptance; by

     (b) the sum of one plus the product of:

     (i) the respective Alternate Currency RL Lender’s Discount Rate (expressed as a
decimal) applicable to such Bankers’ Acceptance; and

     (ii) a fraction, the numerator of which is the number of days in the term of
maturity of such Banker’s Acceptance and the denominator of which is 365;

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with such product being rounded up or down to the fifth decimal place and .000005
being rounded up.

     “Bank Information Memorandum” shall mean the Information Memorandum, dated January
2005, distributed to the Lenders prior to the Effective Date.

     “Bankers’ Acceptance” shall mean a Draft accepted by an Alternate Currency RL Lender
pursuant to Section 1.01(a) and Schedule III hereto.

     “Bankers’ Acceptance Loans” shall mean the creation and discount of Bankers’
Acceptances as contemplated in Section 1.01(a) and Schedule III hereto.

     “Bankruptcy Code” shall have the meaning provided in Section 10.05.

     “Base Rate” at any time shall mean the higher of (i) 1/2 of 1% in excess of the
overnight Federal Funds Rate and (ii) the Prime Lending Rate.

     “Base Rate Loan” shall mean each Dollar Revolving Loan designated or deemed designated
as such by the respective Borrower at the time of the incurrence thereof or conversion thereto.

     “Benefitted Lender” shall have the meaning provided in Section 13.06(b).

     “Bidder RL Lender” shall mean each RL Lender that has informed the Administrative
Agent and the respective Borrower in writing (which has not been retracted) that such RL Lender
desires to participate generally in the bidding arrangements relating to Competitive Bid
Borrowings.

     “Borrowers” shall mean and include (i) each Dollar Revolving Loan Borrower and (ii)
all Alternate Currency Revolving Loan Borrowers.

     “Borrowing” shall mean (i) the borrowing by a Borrower of one Type of Revolving Loan
from all the Lenders having Revolving Loan Commitments (or, in the case of an Alternate Currency
Revolving Loan of a given Type, from all Alternate Currency RL Lenders having Alternate Currency
Revolving Loan Sub-Commitments under the relevant Alternate Currency Revolving Loan Sub-Tranche) on
a given date (or resulting from a conversion or conversions on such date) and having, in the case
of Euro Rate Loans, the same Interest Period, provided that Base Rate Loans incurred
pursuant to Section 1.11(b) shall be considered part of the related Borrowing of Eurodollar Loans,
(ii) the borrowing by the Corporation of Swingline Loans from the Swingline Lender, and (iii) a
Competitive Bid Borrowing.

     “Business Day” shall mean (i) for all purposes other than as covered by clause (ii)
below, any day except Saturday, Sunday and any day which shall be in New York City (or, in the case
of any Issuing Bank not located in New York City, the location of such Issuing Bank) a legal
holiday or a day on which banking institutions are authorized or required by law or other
government action to close and (ii) with respect to all notices and determinations in connection
with, and payments of principal, Unpaid Drawings and interest on or with respect to, Alternate
Currency Loans or any Alternate Currency Letter of Credit, any day which is a Business Day

-88-

 

described in clause (i) above and which is also (A) a day for trading by and between banks in
deposits in such Alternate Currency in the relevant interbank market and a day on which banks are
ordinarily open for the transaction of business in the country in whose Alternate Currency the
respective payment is denominated and (B) in relation to any payment in Euros, a day on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open.

     “Canadian Dollar Equivalent” shall mean, at any time for the determination thereof,
the amount of Canadian Dollars which could be purchased with the amount of Dollars involved in such
computation at the spot rate of exchange therefor as quoted by the Administrative Agent as of 11:00
A.M. (New York time) on the date two Business Days prior to the date of any determination thereof
for purchase on such date (or, in the case of any determination pursuant to Section 1.17 or 13.16
or Section 18 of the Sheraton Guaranty, on the date of determination).

     “Canadian Dollar Revolving Loan Sub-Commitment” shall mean, as to any Alternate
Currency RL Lender, the amount, if any, set forth opposite such Alternate Currency RL Lender’s name
in Schedule I-B directly below the column entitled “Canadian Dollar Revolving Loan Sub-Commitment,”
as same may be (x) reduced from time to time pursuant to Sections 1.17, 1.18, 3.02, 3.03, 10 and/or
13.12(f), (y) increased from time to time pursuant to Sections 1.19 and/or 13.12(e) or (z) adjusted
from time to time as a result of assignments to or from such Lender pursuant to Section 1.14 or
13.04(b). The Canadian Dollar Revolving Loan Sub-Commitment of each Alternate Currency RL Lender
is a sub-limit of the Revolving Loan Commitment of the respective Alternate Currency RL Lender (or
its respective affiliate which is a Lender with the related Revolving Loan Commitment) and not an
additional commitment and, in no event, may exceed at any time, when added to the sum of all other
Sub-Commitments of the respective Alternate Currency RL Lender (or its respective affiliates) at
such time, the Revolving Loan Commitment of such Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment).

     “Canadian Dollar Revolving Loans” shall mean each Alternate Currency Revolving Loan
denominated in Canadian Dollars at the time of the incurrence thereof (including Bankers’
Acceptance Loans).

     “Canadian Dollar Revolving Notes” shall have the meaning provided in Section 1.06(a).

     “Canadian Dollars” and “Cdn.” shall mean freely transferable lawful money of
Canada (expressed in Canadian Dollars).

     “Canadian Prime Rate” means, at any time, the greater of (i) the per annum rate of
interest quoted, published and commonly known as the “prime rate” of Deutsche Bank AG, Canada
Branch which Deutsche Bank AG, Canada Branch establishes at its main office in Toronto, Ontario as
the reference rate of interest in order to determine interest rates for loans in Canadian Dollars
to its Canadian borrowers, adjusted automatically with each quoted or published change in such
rate, all without necessity of any notice to any Borrower or any other Person and (ii) the sum of
(x) the average of the rates per annum for Canadian Dollar bankers’

-89-

 

acceptances having a term of 30
days that appears on the Reuters Screen CDOR Page as of 10:00 a.m. (Toronto time) on the date of
determination, as reported by Deutsche Bank AG, Canada Branch (and if such screen is not available,
any successor or similar services may be selected by Deutsche Bank AG, Canada Branch, and (y)
0.75%.

     “Canadian Prime Rate Loans” shall mean any Canadian Dollar Revolving Loan designated
or deemed designated as such by the respective Alternate Currency Revolving Loan Borrower at the
time of the incurrence thereof or conversion thereto.

     “Capitalized Lease Obligations” of any Person shall mean all rental obligations which
are or will be required to be capitalized on the books of such Person, in each case taken at the
amount thereof accounted for as indebtedness in accordance with GAAP.

     “Capital Stock” of any Person shall mean any and all shares, interests, rights to
purchase, warrants, options, participation or other equivalents of or interests in (however
designated) equity of such Person, including any preferred stock, any limited or general
partnership interest and any limited liability company membership interest.

     “Cash Equivalents” means (i) Dollars and any Alternate Currency, (ii) securities
issued or directly fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (provided that the full faith and credit of the United States is
pledged in support thereof) having maturities of not more than six months from the date of
acquisition, (iii) certificates of deposit and eurodollar time deposits with maturities of six
months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six
months and overnight bank deposits, in each case with any domestic commercial bank or commercial
bank of a foreign country recognized by the United States, in each case having capital and surplus
in excess of $500 million (or the foreign currency equivalent thereof) and has outstanding debt
which is rated “A” (or similar equivalent thereof) or higher by at least one nationally recognized
statistical rating organization (as defined under Rule 436 under the Securities Act) or any
money-market fund sponsored by a registered broker dealer or mutual fund distributor, (iv)
repurchase obligations with a term of not more than seven days for underlying securities of the types
described in clauses (ii) and (iii) above entered into with any financial institution meeting the
qualifications specified in clause (iii) above and (v) commercial paper having one of the two
highest ratings obtainable from Moody’s or S&P and in each case maturing within six months after
the date of acquisition.

     “CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as the same may be amended from time to time, 42 U.S.C. § 9601 et
seq.

     “Change of Control” shall mean the occurrence of any of the following events: (i) any
merger or consolidation of the Corporation 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
Corporation, 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 Section 13 or 14 of the Securities Exchange Act) is or becomes the beneficial owner
(within the meaning of Rule 13d-3 promulgated by the SEC under the Securities 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, (ii) any
Person or group of Persons (within the meaning of Section 13 or 14 of the Securities Exchange Act)
is or becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated by the SEC under
the Securities Exchange Act)

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of the Capital Stock representing a majority of total voting power of
the aggregate outstanding Capital Stock of the Corporation normally entitled to vote in the
election of directors of the Corporation, (iii) during any period of 12 consecutive calendar
months, individuals who were directors of the Corporation on the first day of such period (together
with any new directors whose election by the board of directors of the Corporation or whose
nomination for election by the stockholders of the Corporation 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 reason to
constitute a majority of the board of directors of the Corporation, or (iv) the sale or
disposition, whether directly or indirectly, by the Corporation and/or its Subsidiaries (whether
pursuant to a single transaction or series of related transactions) of all or substantially all of
the assets owned by the Corporation and its Subsidiaries; provided that the consummation of
the Host Transaction shall be deemed not to give rise to a “Change of Control” pursuant to
preceding clause (iv) and shall not be taken account of for purposes of determining compliance with
preceding clause (iv).

     “Class A Exchangeable Preferred Shares” shall mean the Class A Exchangeable Preferred
Shares, $.01 par value per share, of Starwood REIT.

     “Class B Exchangeable Preferred Shares” shall mean Starwood REIT’s Class B
Exchangeable Preferred shares, $.01 par value per share, having a liquidation preference of $38.50
per share.

     “Class B Shares” shall mean the Class B Shares of Starwood REIT, $0.01 par value per
share.

     “CMBS Debt” shall have the meaning provided in Section 7.06(a).

     “CMBS Loan Agreement” shall have the meaning provided in Section 7.06(a).

     “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and
the regulations promulgated and rulings issued thereunder. Section references to the Code are to
the Code, as in effect at the date of this Agreement and any subsequent provisions of the Code,
amendatory thereof, supplemental thereto or substituted therefor.

     “Competitive Bid Borrowing” shall mean each borrowing of any Competitive Bid Loan.

     “Competitive Bid Loan” shall have the meaning provided in Section 1.01(d).

     “Competitive Bid Loan Maturity Date” shall have the meaning provided in Section
1.04(a).

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     “Competitive Bid Notes” shall have the meaning provided in Section 1.06(a).

     “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 and provision for taxes for such period
(excluding, however, consolidated interest expense and taxes attributable to Unconsolidated Joint
Ventures of the Corporation 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
(including in any event (and regardless of any contrary treatment under GAAP) the pro
rata share of depreciation and amortization of Unconsolidated Joint Ventures of the
Corporation and its Subsidiaries), 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 Corporation (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)
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 (I)
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 and (II) to the
extent any calculation pursuant to this Agreement is to be made on a Pro Forma
Basis (for events other than the occurrence of the Transaction), such Consolidated EBITDA shall be
further adjusted as provided in the definition of Pro Forma Basis for transactions
occurring after the Initial Borrowing Date.

     “Consolidated Indebtedness” shall mean, at any time, the sum of (without
duplication) (i) all indebtedness (including principal, interest, fees and charges) of the
Corporation and its Subsidiaries 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), (ii) the aggregate amount of all Capitalized
Lease Obligations of the Corporation and its Subsidiaries, (iii) all Indebtedness of the types
described in clause (i), (ii), (iv), or (v) of this definition secured by any Lien on any property
owned by the Corporation or any of its Subsidiaries, 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 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 Corporation or any of its Subsidiaries with
respect to Indebtedness of the types described in clause (i), (ii), (iii) or (v) of this definition
(regardless of any contrary treatment under GAAP) (it being understood, for avoidance of doubt,
that such Contingent Obligations shall not include Contingent Obligations with respect to any
undrawn portion of any letter of credit, even if there are unpaid and unreimbursed drawings in
respect of a portion of such letter of credit), and (v) the aggregate amount of all unpaid and
unreimbursed drawings in respect of letters of credit issued for the account of the Corporation and
its Subsidiaries; provided that, for purposes of this definition, (w) the aggregate amount
of Contingent Obligations of the Corporation or any of its Subsidiaries which are not included on
the consolidated balance sheet of the Corporation shall be included in

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any calculation of
Consolidated Indebtedness pursuant to preceding clause (iv) only to the extent such Indebtedness
exceeds $250,000,000, (x) any Disqualified Preferred Stock of the Corporation issued after the
Effective Date and any Preferred Stock of any of its Subsidiaries issued after the Effective Date
shall be treated as Indebtedness, with an amount equal to the greater of the liquidation preference
or the maximum mandatory fixed repurchase price of any such outstanding Preferred Stock deemed to
be a component of Consolidated Indebtedness, (y) the maximum amount of Indebtedness at any time
outstanding as described in the last sentence of the definition of Indebtedness contained herein
shall be added to, and form part of, Consolidated Indebtedness (regardless of any contrary
treatment under GAAP) and (z) “Consolidated Indebtedness” (determined as otherwise required above
in this definition) shall be reduced by the lesser of (x) the aggregate amount of all Segregated
Funds at such time (in the case of Segregated Funds constituting Cash Equivalents, taking the fair
market value thereof as reasonably determined by management of the Corporation) and (y) the
aggregate principal amount of all Defeased Debt.

     “Consolidated Interest Coverage Ratio” shall mean, for any period, the ratio of (x)
Consolidated EBITDA for such period to (y) Consolidated Interest Expense for such period.

     “Consolidated Interest Expense” shall mean, for any period, the total
consolidated interest expense of the Corporation and its Subsidiaries for such period (in each case
calculated without regard to any limitations on the payment thereof) plus, without
duplication, (i) that portion of Capitalized Lease Obligations of the Corporation and its
Subsidiaries representing the interest factor for such period plus (ii) the product of (x)
the amount of all cash Dividend requirements (whether or not declared or paid) on Disqualified
Preferred Stock of the Corporation issued after the Effective Date and on any Preferred Stock of
any of its Subsidiaries issued after the Effective Date paid, accrued or scheduled to paid or
accrued during such period multiplied by (y) a fraction, the numerator of which is one and the
denominator of which is one minus the then current effective consolidated Federal, state, local and
foreign tax rate (expressed as a decimal number between one and zero) of the Corporation as
reflected in the audited consolidated financial statements of the Corporation for its most recently
completed Fiscal Year, which amounts described in preceding clause (ii) shall be treated as
interest expense of the Corporation and its Subsidiaries for purposes of this definition regardless of the treatment
of such amounts under GAAP; provided that the amortization of deferred financing costs with
respect to this Agreement and the Senior Notes shall be excluded from Consolidated Interest Expense
to the extent the same would otherwise have been included therein.

     “Consolidated Leverage Ratio” shall mean, at any time, the ratio of Consolidated
Indebtedness at such time to Consolidated EBITDA for the then most recently ended Test Period;
provided that to the extent any Acquisition or any Asset Sale has occurred after the
Initial Borrowing Date and during the relevant Test Period, Consolidated EBITDA shall be determined
for the respective Test Period on a Pro Forma Basis for such occurrences.

     “Consolidated Net Income” shall mean, for any period, the consolidated net income (or
loss) of the Corporation for such period; provided that (without duplication of exclusions)
(i) to the extent that Consolidated Net Income does not reflect net income (or loss) attributable
to minority interests in Consolidated Subsidiaries that are not Wholly-Owned Subsidiaries of the
Corporation, Consolidated Net Income shall (subject to succeeding clause

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(ii) of this proviso) be
increased or decreased, as the case may be, by the amount of net income (or loss) attributable to
such minority interests, (ii) the net income of any Subsidiary of the Corporation and any
Unconsolidated Joint Venture of the Corporation or any of its Subsidiaries (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 Subsidiary or Unconsolidated Joint
Venture, as the case may be, 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 that Subsidiary or Unconsolidated Joint
Venture or their respective equityholders, as applicable, and (iii) except for determinations
expressly required to be made on a Pro Forma Basis, the net income (or loss) of any
Person accrued prior to the date it becomes a Subsidiary or an Unconsolidated Joint Venture of the
Corporation or any of its Subsidiaries, or all or substantially all of the property or assets of
such Person are acquired by a Subsidiary or an Unconsolidated Joint Venture of the Corporation or
any of its Subsidiaries, shall be excluded from such determination.

     “ Consolidated Net Tangible Assets” shall mean, at any time, the total
consolidated assets of the Corporation and its Subsidiaries as same would be shown on a
consolidated balance sheet of the Corporation prepared in accordance with GAAP, provided
that all intangible assets (including good will) shall be excluded in making such determination.

     “Consolidated Subsidiary” shall mean, with respect to any Person, at any date, any
Subsidiary of such Person, whose financial results would be consolidated in the financial
statements of such Person in accordance with GAAP, if such statements were prepared as of such
date.

     “Contingent Obligation” shall mean, as to any Person, any obligation of such Person
guaranteeing or intended to guarantee any Indebtedness, leases, dividends or other obligations
(“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, including, without limitation, any obligation of such Person, whether or not
contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (x) for the purchase
or payment of any such primary obligation or (y) to maintain working capital or equity capital of
the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(iii) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation or (iv) otherwise to assure or hold harmless the holder of such primary
obligation against loss in respect thereof; provided, however, that the term
Contingent Obligation shall not include endorsements of instruments for deposit or collection in
the ordinary course of business. Anything herein to the contrary notwithstanding, no agreement
entered into by the Corporation or any of its Subsidiaries with respect to its acquisition of any
direct or indirect interest in any Hotel (including any Real Property or Leasehold comprising a
facility used in connection with the Timeshare Business), shall prior to the satisfaction in full
of all conditions precedent to the obligations of such Person pursuant to the agreement, be deemed
or construed to constitute a “Contingent Obligation” or “Indebtedness” of such Person hereunder,
provided that pursuant to any such agreement, neither the Corporation nor any of its
Subsidiaries is liable or responsible for and does not assume any development or construction
risks. The amount of any Contingent

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Obligation shall be deemed to be an amount equal to the stated
or determinable amount of the primary obligation in respect of which such Contingent Obligation is
made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof (assuming such Person is required to perform thereunder) as determined by such Person in
good faith.

     “Contractual Obligation” of any Person means any obligation, agreement, undertaking or
similar provision of any security issued by such Person or of any agreement (including, without
limitation, any management or franchise agreement), undertaking, contract, lease, indenture,
mortgage, deed of trust or other instrument (excluding a Credit Document) to which such Person is a
party or by which it or any of its property is bound or to which any of its properties is subject.

     “Corporation” shall have the meaning provided in the first paragraph of this
Agreement.

     “Credit Documents” shall mean this Agreement, each Letter of Credit, each Guaranty
and, after the execution and delivery thereof pursuant to the terms of this Agreement, each Note,
each Bankers’ Acceptance, the Subordination Agreement, each Election to Become an Alternate
Currency Revolving Loan Borrower, each Election to Become a Dollar Revolving Loan Borrower, each
Incremental Revolving Loan Commitment Agreement and each Sub-Commitment Re-Allocation Agreement.

     “Credit Event” shall mean the making of any Loan or the issuance of any Letter of
Credit.

     “Credit Party” shall mean each Borrower and each Guarantor.

     “DB” shall mean Deutsche Bank AG New York Branch in its individual capacity.

     “Defeased Debt” shall mean any Indebtedness of the Corporation or any of its
Subsidiaries which (i) is specifically designated by the Corporation as “Defeased Debt” pursuant
to an officer’s certificate from an Authorized Officer of the Corporation delivered to the
Administrative Agent and (ii) has been properly defeased in accordance with the terms of the
documentation governing such Indebtedness.

     “Default” shall mean any event, act or condition which with notice or lapse of time,
or both, would constitute an Event of Default.

     “Defaulting Lender” shall mean any Lender with respect to which a Lender Default is in
effect.

     “Defaulting RL Lender” shall mean any RL Lender with respect to which a Lender Default
is in effect.

     “Discount Rate” means, in respect of any Bankers’ Acceptances to be purchased by an
Alternate Currency RL Lender pursuant to Section 1.01(a) and Schedule III hereto, the discount rate
(calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with
five-thousandths of 1% being rounded up) quoted by such Alternate Currency RL Lender at

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10:00 A.M.
(Toronto time) as the discount rate at which such Alternate Currency RL Lender would purchase, on
the relevant Drawing Date, its own bankers’ acceptances having an aggregate Face Amount equal to
and with a term to maturity the same as the Bankers’ Acceptances to be acquired by such Alternate
Currency RL Lender on such Drawing Date.

     “Disqualified Preferred Stock” shall mean any Preferred Stock of the Corporation other
than Qualified Preferred Stock.

     “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 or otherwise acquired, directly or indirectly, for a consideration any shares of any
class of its Capital Stock outstanding on or after the Initial Borrowing 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 outstanding
on or after the Initial Borrowing Date (or any options or warrants issued by such Person with
respect to its Capital Stock); provided, however, that a dividend or distribution
by such Person to the holders of one or more classes or series of its Capital Stock, shall not be
deemed to be a dividend, if such dividend or distribution is payable solely in (i) shares of
Capital Stock (which term includes Class B Shares) that is not Preferred Stock (which term does not
include Class B Shares), or in rights, warrants or options to purchase such shares, or (ii) Rights.
Without limiting the foregoing, “dividends” with respect to any Person shall also include (i) all
payments made or required to be made 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 Corporation or Class B Shares or (y) such payments reduced Consolidated EBITDA and (ii) all
payments (other than payments made in common stock of the Corporation or Class B Shares) made at
any time in respect of any Forward Equity Transactions.

     “Documents” shall mean the Credit Documents and the Refinancing Documents.

     “Documentation Agents” shall have the meaning provided in the first paragraph of this
Agreement.

     “Dollar Competitive Bid Loan” shall mean each Competitive Bid Loan denominated in
Dollars.

     “Dollar Equivalent” of an amount denominated in a currency other than Dollars (the
“Other Currency”) shall mean, at any time for the determination thereof, the amount of
Dollars which could be purchased with the amount of Other Currency involved in such computation at
the spot exchange rate therefor as quoted by the Administrative Agent as of 11:00 A.M. (New York
time) on the date two Business Days prior to the date of any determination thereof for purchase on
such date (or, in the case of any determination pursuant to Section 13.16 or Section 18 of the
Sheraton Guaranty, on the date of determination); provided that (1) except as provided in
clause (2) below, for purposes of Section 1.17, the Dollar

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Equivalent of any amount (expressed in a
currency other than Dollars) shall be the amount of Dollars that the Administrative Agent
determines, based upon the actual exchange rates which the Administrative Agent believes can be
obtained on the date of conversion pursuant to Section 1.17, would be required to be paid in
Dollars to purchase such amount of other currency, (2) following the occurrence of a Sharing Event,
the Dollar Equivalent of any Unpaid Drawing or unreimbursed payment under an Alternate Currency
Letter of Credit shall be determined on the later of the time the drawing under the related
Alternate Currency Letter of Credit was paid or disbursed by the respective Issuing Bank or the
date of the occurrence of the Sharing Event, and (3) for purposes of (x) determining compliance
with Sections 1.01, 2.02(a) and 4.02(a) and (y) calculating Fees pursuant to Section 3.01 (except,
during all periods prior to the occurrence of a Sharing Event, Letter of Credit Fees and Facing
Fees with respect to Alternate Currency Letters of Credit), the Dollar Equivalent of any amounts
outstanding in a currency other than Dollars shall be revalued on a quarterly basis using the spot
exchange rate therefor quoted in the Wall Street Journal on the last Business Day of each calendar
quarter, provided that, at any time during a calendar quarter, if the full principal amount
of Alternate Currency Revolving Loans permitted to be incurred pursuant to this Agreement
(i.e., up to the full amount of the respective Alternate Currency Revolving Loan
Sub-Commitments as then in effect) were incurred, and if the Dollar Equivalent as recalculated
based on the exchange rate therefor quoted in the Wall Street Journal on the respective date of
determination pursuant to this exception would result in an increase in the Dollar Equivalent as
then in effect of such amounts of 10% or more, then at the discretion of the Administrative Agent
or at the request of the Required Lenders, the Dollar Equivalent shall be reset based upon the
exchange rates quoted on such date in the Wall Street Journal, which rates shall remain in effect
until the last Business Day of such calendar quarter or such earlier date, if any, as the rate is
reset pursuant to this proviso. Notwithstanding anything to the contrary contained in this
definition, at any time that a Specified Default or an Event of Default then exists, the
Administrative Agent may revalue the Dollar Equivalent of any amounts outstanding under the Credit
Documents in a currency other than Dollars in its sole discretion.

     “Dollar Letter of Credit” shall mean each Letter of Credit denominated in Dollars.

     “Dollar Letter of Credit Outstandings” shall mean, at any time, the sum of (i) the
aggregate Stated Amount of all outstanding Dollar Letters of Credit at such time plus (ii)
the aggregate amount of all Unpaid Drawings with respect to Dollar Letters of Credit at such time.

     “Dollar Loan” shall mean each Dollar Revolving Loan, each Dollar Competitive Bid Loan
and each Swingline Loan.

     “Dollar Percentage” of any RL Lender at any time shall mean a fraction (expressed as a
percentage) the numerator of which is the Non-Alternate Currency Revolving Loan Sub-Commitment of
such RL Lender at such time and the denominator of which is the aggregate amount of Non-Alternate
Currency Revolving Loan Commitments of all RL Lenders at such time, or, in the case of an RL Lender
that is, or whose Affiliate is, an Alternate Currency RL Lender, at any time when (and to the
extent that) the Aggregate Non-Alternate Currency Revolving Exposure equals or exceeds the
aggregate of the Non-Alternate Currency Revolving Loan Sub-Commitments, such RL Lender’s or such
Affiliate’s Unutilized Alternate Currency RL Percentage. Notwithstanding anything to the contrary
contained above, if the Dollar Percentage of any RL Lender is to be determined after the Total
Revolving Loan Commitment has been

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terminated, then the Dollar Percentages of the RL Lenders shall
be determined immediately prior (and without giving effect) to such termination.

     “Dollar Revolving Loan” shall have the meaning provided in Section 1.01(a).

     “Dollar Revolving Loan Borrower” shall mean (i) the Corporation, (ii) Starwood REIT
and (iii) any Wholly-Owned Domestic Subsidiary of the Corporation that is found acceptable to, and
approved in writing by, the Administrative Agent which accedes to this Agreement as contemplated by
Section 6.05, unless and until, in the case of Starwood REIT or any such other Wholly-Owned
Domestic Subsidiary, same is removed as a “Dollar Revolving Loan Borrower” as contemplated by
Section 13.12(d).

     “Dollar Revolving Note” shall have the meaning provided in Section 1.06(a).

     “Dollars” and the sign “$” shall each mean freely transferable lawful money of
the United States.

     “Domestic Subsidiary” shall mean each Subsidiary of the Corporation incorporated or
organized in the United States or any State or territory thereof.

     “Draft” shall mean at any time either (i) a depository bill within the meaning of the
Depository Bills and Notes Act (Canada) or (ii) a blank bill of exchange, within the
meaning of the Bills of Exchange Act (Canada), drawn by any Alternate Currency Revolving
Loan Borrower on an Alternate Currency RL Lender and bearing such distinguishing letters and
numbers as such Alternate Currency RL Lender may determine, but which at such time has not been
completed or accepted by such Alternate Currency RL Lender.

     “Drawing” shall have the meaning provided in Section 2.05(b).

     “Drawing Date” shall mean any Business Day fixed pursuant to Schedule III for the
creation and purchase of Bankers’ Acceptances by an Alternate Currency RL Lender pursuant to
Schedule III.

     “DRLB Guarantor” shall mean each Dollar Revolving Loan Borrower other than Starwood
REIT.

     “DRL Borrower Guaranty” shall mean the guaranty of each DRLB Guarantors pursuant to
Section 14.

     “Effective Date” shall have the meaning provided in Section 13.10.

     “Election to Become an Alternate Currency Revolving Loan Borrower” shall mean an
Election to Become an Alternate Currency Revolving Loan Borrower substantially in the form of
Exhibit I-1, which shall be executed by each Person which becomes an Alternate Currency Revolving
Loan Borrower after the Effective Date.

     “Election to Become a Dollar Revolving Loan Borrower” shall mean an Election to Become
a Dollar Revolving Loan Borrower substantially in the form of Exhibit I-2, which

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shall be executed
by each Person which becomes a Dollar Revolving Loan Borrower after the Effective Date.

     “Eligible Transferee” shall mean and include a commercial bank, financial institution,
any fund or similar entity that regularly invests in bank loans and any other “accredited investor”
(as defined in Regulation D of the Securities Act).

     “EMU Legislation” shall mean the legislation measures of the European Union for the
introduction of, changeover to or operation of the Euro in one or more member states, being in part
legislation measures to implement the third stage of the European Monetary Union.

     “End Date” shall mean, for any Margin Adjustment Period, the last day of such Margin
Adjustment Period.

     “Environmental Claims” means any and all administrative , regulatory or judicial
actions, suits, demands, demand letters, directives, claims, liens, notices of noncompliance or
violation, investigations or proceedings arising under any Environmental Law or any permit issued,
or any approval given, under any such Environmental Law (hereafter, “Claims”), including,
without limitation, (a) 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 (b) any and all Claims by any third party seeking damages,
contribution, indemnification, cost recovery, compensation or injunctive relief in connection with
alleged injury or threat of injury to human health, safety or the environment due to the presence
of Hazardous Materials.

     “Environmental Law” shall mean any Federal, state, foreign or local statute, law,
rule, regulation, ordinance, code, guideline, written policy and rule of common law now or
hereafter in effect and in each case as amended, and any judicial or administrative interpretation
thereof, including any judicial or administrative order, consent decree or judgment, relating to
the environment, employee health and safety or Hazardous Materials, including, without
limitation, CERCLA; RCRA; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et
seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean
Air Act, 42 U.S.C. § 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 3803
et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.;
the Emergency Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 et
seq.; the Hazardous Material Transportation Act, 49 U.S.C. § 1801 et seq;
the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.; and any state and
local or foreign counterparts or equivalents, in each case as amended from time to time.

     “Environmental Matters” shall have the meaning provided in Section 8.01(f).

     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the regulations promulgated and rulings issued thereunder. Section
references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent
provisions of ERISA, amendatory thereof, supplemental thereto or substituted therefor.

     “ERISA Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) which
together with any Borrower or a Subsidiary of any Borrower would be deemed to be a

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“single
employer” within the meaning of Section 414(b) or (c) or for purposes of Section 412 of the Code,
Section 414(m) or (o) of the Code.

     “EURIBOR” shall mean (x) the rate per annum for deposits in Euros for a period
corresponding to the duration of the relevant Interest Period which appears on the Reuters Screen
which displays the rate of the Banking Federation of the European Union for the Euro (being
currently page “EURIBOR01”) at approximately 11:00 A.M. (Brussels time) on the date which is two
Business Days prior to the commencement of such Interest Period (for delivery on the first day of
such Interest Period) or, if such page shall cease to be available, such other page or such other
service for the purpose of displaying an average rate of the Banking Federation of the European
Union as the Administrative Agent, after consultation with Alternate Currency RL Lenders with Euro
I Revolving Loan Sub-Commitments or Euro II Revolving Loan Sub-Commitments and the Corporation,
shall select or (y) if such rate is not available at such time for any reason, and the
Administrative Agent has not selected an alternative service on which a quotation is displayed,
then the “EURIBOR” for the relevant Interest Period shall be the arithmetic mean (rounded upwards
to four decimal places) of the rates (as notified to the Administrative Agent at its request) at
which each Euro Reference Bank was offering to prime banks in the European interbank market
deposits in Euros for the relevant Interest Period at approximately 11:00 a.m., Brussels time, two
(2) Business Days prior to the commencement of such Interest Period; provided,
however, that in the event the Administrative Agent has made any determination pursuant to
Section 1.11(a)(i) in respect of Euro Revolving Loans, or in the circumstances described in clause
(i) to the proviso to Section 1.11(b) in respect of Euro Revolving Loans, EURIBOR determined
pursuant to this definition shall instead be the rate determined by the Administrative Agent as the
all-in-cost of funds for the Administrative Agent (or such other Lender) to fund a Borrowing of
Euro Revolving Loans with maturities comparable to the Interest Period applicable thereto.

     “Eurodollar Loan” shall mean each Dollar Revolving Loan (bearing interest at the
Eurodollar Rate) designated as such by the respective Dollar Revolving Loan Borrower at the time of
the incurrence thereof or conversion thereto.

     “Eurodollar Rate” shall mean the rate per annum that appears on page 3750 of the Dow
Jones Markets Screen/or any successor page for Dollar deposits with maturities comparable to the
Interest Period applicable to the Eurodollar Loans subject to the respective Borrowing commencing
two Business Days thereafter as of 11:00 a.m. (London time) on the date which is two Business Days
prior to the commencement of the respective Interest Period divided (and rounded, if necessary,
upward to the next whole multiple of 1/16 of 1%) by (ii) a percentage equal to 100% minus the then
stated maximum rate of all reserve requirements (including, without limitation, any marginal,
emergency, supplemental, special or other reserves) applicable to any member bank of the Federal
Reserve System in respect of Eurocurrency liabilities as defined in Regulation D (or any successor
category of liabilities under Regulation D); provided that, to the extent that an interest
rate is not ascertainable pursuant to the foregoing provisions of this definition, the rate to be
used for purposes of this definition shall be the interest rate per annum determined by the
Administrative Agent to be the rate per annum at which deposits in Dollars are offered for such
relevant Interest Period to major banks in the London interbank market in London, England by DB at
approximately 11:00 A.M. (London time) on the date which is two Business Days prior to the
beginning of such Interest Period, divided (and

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rounded, if necessary, upward to the nearest whole
multiple of 1/16 of 1%) by a percentage equal to 100% minus the then stated maximum rate of all
reserve requirements (including, without limitation, any marginal, emergency, supplemental, special
or other reserves) applicable to any member bank of the Federal Reserve System in respect of
Eurocurrency liabilities as defined in Regulation D (or any successor category of liabilities under
Regulation D).

          “Euro Equivalent” shall mean, at any time for the determination thereof, the amount of
Euros which could be purchased with the amount of Dollars involved in such computation at the spot
exchange rate therefore as quoted by the Administrative Agent as of 11:00 A.M. (London time) on the
date two Business Days prior to the date of any determination thereof for purchase on such date
(or, in the case of any determination pursuant to Section 1.17 or 13.16 or Section 18 of the
Sheraton Guaranty, on the date of determination).

          “Euro Rate” shall mean and include each of the Eurodollar Rate, EURIBOR and each other
Alternate Currency LIBOR Rate.

          “Euro Rate Loan” shall mean each Eurodollar Loan, each Euro I Revolving Loan, each
Euro II Revolving Loan, each Sterling Revolving Loan, each Australian Dollar Revolving Loan, each
Yen Revolving Loan and each Other Permitted LIBOR-Based Alternate Currency Revolving Loan.

          “Euro Reference Banks” means, as to the Euro Revolving Loans of any Alternate Currency
Revolving Loan Borrower organized in a given jurisdiction, the principal offices in such
jurisdiction of each of DB, JPMorgan Chase Bank, N.A. and/or the relevant affiliate of any
of the foregoing (or any successor to any of the foregoing) and any other bank or financial
institution appointed as such by the Administrative Agent under this Agreement.

          “Euro I Revolving Loan” shall mean each Alternate Currency Revolving Loan denominated
in Euros at the time of the incurrence thereof made by an Alternate Currency RL Lender with a Euro
I Revolving Loan Sub-Commitment.

          “Euro II Revolving Loans” shall mean each Alternative Currency Revolving Loan
denominated in Euros at the time of the incurrence thereof made by an Alternate Currency RL Lender
with a Euro II Revolving Loan Sub-Commitment.

          “Euro I Revolving Loan Sub-Commitment” means, as to any Alternate Currency RL Lender,
the amount, if any, set forth opposite such Alternate Currency RL Lender’s name in Schedule I-B
directly below the column entitled “Euro I Revolving Loan Sub-Commitment,” as same may be (x)
reduced from time to time pursuant to Sections 1.17, 3.02, 3.03, 10 and/or 13.12(f), (y) increased
from time to time pursuant to Sections 1.19 and/or 13.12(e) or (z) adjusted from time to time as a
result of assignments to or from such Lender pursuant to Section 1.14 or 13.04(b). The Euro I
Revolving Loan Sub-Commitment of each Alternate Currency RL Lender is a sub-limit of the Revolving
Loan Commitment of the respective Alternate Currency RL Lender (or its respective affiliate which
is a Lender with the related Revolving Loan Commitment) and not an additional commitment and, in no
event, may exceed at any time, when added to the sum of all other Sub-Commitments of the respective
Alternate Currency RL Lender (or its respective affiliates) at such time, the Revolving Loan
Commitment

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of such Alternate Currency RL Lender (or its respective affiliate which is a Lender with
the related Revolving Loan Commitment).

          “Euro II Revolving Loan Sub-Commitment” shall mean, as to any Alternate RL Currency
Lender, the amount, if any, set forth opposite such Alternate Currency RL Lender’s name in Schedule
I-B directly below the column entitled “Euro II Revolving Loan Sub-Commitment,” as same may be (x)
reduced from time to time pursuant to Sections 1.17, 1.18, 3.02, 3.03, 10 and/or 13.12(f), (y)
increased from time to time pursuant to Sections 1.19 and/or 13.12(e) or (z) adjusted from time to
time as a result of assignments to or from such Lender pursuant to Section 1.14 or 13.04(b). The
Euro II Revolving Loan Sub-Commitment of each Alternate Currency RL Lender is a sub-limit of the
Revolving Loan Commitment of the respective Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment) and not an additional
commitment and, in no event, may exceed at any time, when added to the sum of all other
Sub-Commitments of the respective Alternate Currency RL Lender (or its respective affiliates) at
such time, the Revolving Loan Commitment of such Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment).

          “Euro I Revolving Notes” shall have the meaning provided in Section 1.06(a).

          “Euro II Revolving Notes” shall have the meaning provided in Section 1.06(a).

          “Euro Revolving Loans” shall mean each Euro I Revolving Loan and each Euro II
Revolving Loan.

          “Euros” and the sign “€” shall mean the currency introduced on January 1,
1999 at the start of the third stage of European Economic and Monetary Union pursuant to the
Treaty.

          “Event of Default” shall have the meaning provided in Section 10.

          “Existing Bankers’ Acceptances” shall have the meaning provided in Section 1.15(b).

          “Existing Credit Agreement” shall mean the Credit Agreement, dated as of October 9,
2002, among the Corporation, each Alternate Currency Revolving Loan Borrower (as defined therein)
from time to time party thereto and the lenders from time to time party thereto, as in effect on
the Initial Borrowing Date (immediately prior to giving effect to the Transaction).

          “Existing Letters of Credit” shall have the meaning provided in Section 2.01(c).

          “Existing Liens” shall have the meaning provided in Section 9.01.

          “Existing Senior Notes” shall mean the Senior Notes identified as (i) item 3 on
Schedule 7.17 hereto, (ii) item 2 on Schedule 7.17 hereto and (iii) item 1 on Schedule 7.17 hereto.

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          “Face Amount” shall mean, in respect of a Bankers’ Acceptance, the amount payable to
the holder thereof on its maturity. The Face Amount of any Bankers’ Acceptance Loan shall be equal
to the Face Amounts of the underlying Bankers’ Acceptances.

          “Facility Fee” shall have the meaning provided in Section 3.01(a).

          “Facing Fee” shall have the meaning provided in Section 3.01(c).

          “Federal Funds Rate” shall mean for any period, a fluctuating interest rate equal for
each day during such period to the weighted average of the rates on overnight Federal Funds
transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as
published for such day (or, if such day is not a Business Day, for the next preceding Business Day)
by the Federal Reserve Bank of New York, or, 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
Administrative Agent from three Federal Funds brokers of recognized standing selected by the
Administrative Agent.

          “Fees” shall mean all amounts payable pursuant to or referred to in Section 3.01.

          “Fiscal Year” shall mean each fiscal year of the Corporation, which shall be required
to end on December 31 of each calendar year.

          “Foreign Pension Plan” shall mean any plan, fund (including, without limitation, any
superannuation fund) or other similar program established or maintained outside the United States
by any Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of
such Borrower or such Subsidiaries residing outside the United States of America, which plan, fund
or other similar program provides, or results in, retirement income, a deferral of
income in contemplation of retirement or payments to be made upon termination of employment,
and which plan is not subject to ERISA or the Code and which Plan, fund or similar program could
result in liability or other obligation or lien to any Borrower, any Subsidiary of any Borrower or
ERISA Affiliate.

          “Foreign Subsidiary” shall mean each Subsidiary of the Corporation other than a
Domestic Subsidiary.

          “Forward Equity Transactions” shall mean any arrangement or agreement by the
Corporation or any of its Subsidiaries involving any forward equity sale, including, without
limitation, any agreement pursuant to which funds are advanced to the Corporation or any Subsidiary
thereof and pursuant to which the Corporation or any Subsidiary thereof is contractually obligated
(or permitted) to, at a future date or dates, issue Capital Stock to satisfy its obligations under
such agreement (whether or not said obligation may be satisfied through the delivery of cash in
lieu of such Capital Stock).

          “GAAP” means generally accepted accounting principles in the United States of America
as in effect from time to time set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and the statements and
pronouncements of the Financial Accounting Standards Board, or in such other statements by such
other entity as may be in general use by significant segments of the

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accounting profession, which
are applicable to the circumstances as of the date of determination, except that, for purposes of
Section 9 and all determinations of Applicable Margin, GAAP shall be determined on the basis of
such principles in effect on the date hereof and consistent with those used in the preparation of
the audited consolidated financial statements of the Corporation and its Subsidiaries for the
Fiscal Year ended December 31, 2004 referred to in Section 7.03(a).

          “Governmental Authority” means any nation or government, any state or other political
subdivision thereof and any entity duly exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

          “Guaranteed Creditors” shall mean and include each Agent, each Lender and each party
(other than any Credit Party) party to (or participating in) an Interest Rate Protection Agreement
or Other 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.

          “Guarantors” shall mean and include each DRLB Guarantor and, unless the same has been
released in accordance with the terms of the Sheraton Guaranty, Sheraton.

          “Guaranty” shall mean and include the DRL Borrower Guaranty and, prior to the release
of Sheraton in accordance with the terms hereof, the Sheraton Guaranty.

          “Hazardous Materials” means (a) any petroleum or petroleum products, radioactive
materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation,
transformers or other equipment that contain dielectric fluid containing regulated levels of
polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or
included in the definitions of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous substances,” “restricted hazardous waste,” “toxic
substances,” “toxic pollutants,” “contaminants,” or “pollutants,” or words of similar import, which
are regulated under any applicable Environmental Law; and (c) any other chemical, material or
substance, the Release of which is prohibited, limited or regulated by any applicable Environmental
Law.

          “Host Transaction” shall mean, collectively, the merger and the other transactions
contemplated by the Host Transaction Documents, including the Baseline Restructuring Steps (as
defined in the Host Transaction Documents).

          “Host Transaction Documents” shall mean, collectively, the Master Agreement and Plan
of Merger, dated as of November 14, 2005, among Host Marriott Corporation, Host Marriott, L.P.,
Horizon Supernova Merger Sub, L.L.C., Horizon SLT Merger Sub, L.P., Starwood Hotels & Resorts
Worldwide, Inc. (Starwood), Starwood REIT, Sheraton and SLT Realty Limited Partnership (including
the exhibits and schedules thereto), and the other ancillary agreements contemplated to be entered
into in connection therewith, in each case, as the same may be amended, modified, altered or
otherwise supplemented from time to time in accordance with the terms hereof and thereof.

          “Hotel” means any Real Property or Leasehold comprising an operating facility offering
hotel or other lodging services.

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          “Hotel Business” shall mean (i) the hotel, resort, extended stay lodging, other
hospitality, residential development, restaurant and health spa business (including the Timeshare
Business), and (ii) any and all businesses that in the good faith judgment of the board of
directors of the Corporation are reasonably related to, or may be used in connection with, the
businesses described in preceding clause (i).

          “Incremental Alternate Currency Revolving Loan Sub-Commitment” shall mean, for each
Incremental RL Lender, any incremental commitment by such Incremental RL Lender to make Alternate
Currency Revolving Loans pursuant to a given Alternate Currency Revolving Loan Sub-Tranche pursuant
to Section 1.01(a) as agreed to by such Incremental RL Lender in the respective Incremental
Revolving Loan Commitment Agreement delivered pursuant to Section 1.19; it being understood,
however, that on each date upon which an Incremental Alternate Currency Revolving Loan
Sub-Commitment of any Incremental RL Lender becomes effective, such Incremental Alternate Currency
Revolving Loan Sub-Commitment of such Incremental RL Lender shall be added to (and thereafter
become a part of) the relevant Alternate Currency Revolving Loan Sub-Commitment of such Incremental
RL Lender to which such Incremental Alternate Currency Revolving Loan Sub-Commitment relates for
all purposes of this Agreement as contemplated by Section 1.19.

          “Incremental Revolving Loan Commitment” shall mean, for each Incremental RL Lender,
any commitment by such Incremental RL Lender to make Revolving Loans pursuant to Section 1.01(a) as
agreed to by such Incremental RL Lender in the respective Incremental Revolving Loan Commitment
Agreement delivered pursuant to Section 1.19; it being understood, however, that on each date upon
which an Incremental Revolving Loan Commitment of any Incremental RL Lender becomes effective, such
Incremental Revolving Loan Commitment
of such Incremental RL Lender shall be added to (and thereafter become a part of) the
Revolving Loan Commitment of such Incremental RL Lender for all purposes of this Agreement as
contemplated by Section 1.19.

          “Incremental Revolving Loan Commitment Agreement” shall mean an Incremental Revolving
Loan Commitment Agreement substantially in the form of Exhibit L (appropriately completed).

          “Incremental Revolving Loan Commitment Date” shall mean each date upon which an
Incremental Revolving Loan Commitment under an Incremental Revolving Loan Commitment Agreement
becomes effective as provided in Section 1.19(b)(i).

          “Incremental Revolving Loan Commitment Requirements” shall mean, with respect to any
request for an Incremental Revolving Loan Commitment (and any related Incremental Alternate
Currency Revolving Loan Sub-Commitment) made pursuant to Section 1.19 or any provision of an
Incremental Revolving Loan Commitment (and any related Incremental Alternate Currency Revolving
Loan Sub-Commitment) on a given Incremental Revolving Loan Commitment Date, the satisfaction of
each of the following conditions: (i) no Default or Event of Default then exists or would result
therefrom (for purposes of such determination, assuming the relevant Loans in an aggregate
principal amount equal to the full amount of Incremental Revolving Loan Commitments then requested
or provided had been incurred on such date of request or Incremental Revolving Loan Commitment
Date, as the case

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may be), (ii) the Corporation shall have certified to the Administrative Agent
that the incurrence of Revolving Loans in an aggregate principal amount equal to the full amount of
the Incremental Revolving Loan Commitments then requested or provided is permitted under, and in
accordance with, the Senior Note Documents, all other indentures and all other material debt
agreements to which a Credit Party is a party, (iii) all representations and warranties contained
herein and in the other Credit 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 or Incremental Revolving Loan Commitment Date, as the case may be (after giving effect to
the incurrence of the respective Revolving Loan), 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 (iv) the delivery by the Corporation of an officer’s certificate to
the Administrative Agent certifying as to compliance with preceding clauses (i), (ii) and (iii).

          “Incremental RL Lender” shall have the meaning provided in Section 1.19(b).

          “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 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), (vi) or (vii) 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 in an amount equal to the stated amount of such Indebtedness),
(iv) the aggregate amount required to be capitalized under leases under which such Person is
the lessee, (v) all obligations of such person to pay a specified purchase price for goods or
services, whether or not delivered or accepted, i.e., take-or-pay and similar obligations,
(vi) all Contingent Obligations of such Person and (vii) all obligations under any Interest Rate
Protection Agreement, any Other Hedging Agreement or under any similar type of agreement.
Notwithstanding anything to the contrary contained above, all Forward Equity Transactions shall be
deemed to constitute Indebtedness for purposes of this Agreement, with the amount of such
Indebtedness at any time outstanding to be equal to the maximum amount of cash and/or fair market
value of property which would be required to be delivered by the Corporation and its Subsidiaries
at such time to satisfy in full their obligations under the respective Forward Equity Transactions.

          “Indebtedness to be Refinanced” shall mean all Indebtedness under the Existing Credit
Agreement on the Initial Borrowing Date (prior to giving effect to the Transaction).

          “Indemnified Person” shall have the meaning provided in Section 13.01(a).

          “Individual Alternate Currency Revolving Loan Sub-Commitment Credit Exposure” of any
Alternate Currency RL Lender under a given Alternate Currency Revolving Loan Sub-Tranche shall
mean, at any time, the sum of (i) the aggregate principal amount or Face Amount, as the case may
be, of all Alternate Currency Revolving Loans made pursuant to such Alternate Currency Revolving
Loan Sub-Tranche by such Alternate Currency RL Lender and

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then outstanding (for this purpose, using
the Dollar Equivalent of the principal amount or Face Amount, as the case may be, of each such
Alternate Currency Revolving Loan) and (ii) such Alternate Currency RL Lender’s relevant Alternate
Currency RL Percentage of all Alternate Currency Letter of Credit Outstandings relating to
Alternate Currency Letters of Credit issued under such Alternate Currency Revolving Loan
Sub-Tranche.

          “Individual Revolving Credit Exposure” shall mean, for any RL Lender at any time, the
sum of (i) the aggregate principal amount or Face Amount, as applicable, of all Revolving Loans
made by such RL Lender (and its affiliates, if any, acting as Alternate Currency RL Lenders) (for
this purpose, using the Dollar Equivalent of the principal amount or Face Amount, as the case may
be, of all Alternate Currency Revolving Loans then outstanding from such RL Lender or any affiliate
thereof acting as an Alternate Currency RL Lender), plus (ii) the product of (A) such RL
Lender’s Dollar Percentage and (B) the sum of (x) the aggregate amount of all Dollar Letter of
Credit Outstandings at such time and (y) the aggregate principal amount of all Swingline Loans then
outstanding plus (iii) for each Alternate Currency Letter of Credit issued under each
Alternate Currency Revolving Loan Sub-Tranche for which such RL Lender (and/or its affiliates, if
any, acting as Alternate Currency RL Lenders) has a related Alternate Currency Revolving Loan
Sub-Commitment, such RL Lender’s (and its affiliates’, if any, acting as Alternate Currency RL
Lenders) relevant Alternate Currency RL Percentage of all Alternate Currency Letter of Credit
Outstandings relating to all Alternate Currency Letters of Credit issued under such Alternate
Currency Revolving Loan Sub-Tranche.

          “Initial Borrowing Date” shall mean the date occurring on or after the Effective Date
on which the initial Borrowing of Loans hereunder occurs.

          “Insignificant Subsidiary” shall mean, at any time, any Subsidiary of the Corporation
(excluding any Credit Party) which (x) has (i) assets of not greater than 10% of the consolidated
total assets of the Corporation and its Subsidiaries (determined as of the last day of the most
recent fiscal quarter of the Corporation) and (ii) revenue of less than 10% of the consolidated
revenues of the Corporation and its Subsidiaries for the Test Period then most recently ended and
(y) if aggregated with all other Subsidiaries of the Corporation with respect to which an event
described under Section 10.05 has occurred and is continuing, would have (i) assets of not greater
than 10% of the consolidated total assets of the Corporation and its Subsidiaries (determined as of
the last day of the most recent fiscal quarter of the Corporation) and (ii) revenue of less than
10% of the consolidated revenues of the Corporation and its Subsidiaries for the Test Period then
most recently ended.

          “Intercompany Debt” shall mean any Indebtedness, whether now existing or hereafter
incurred, owed by any Credit Party to any other Credit Party or any other Subsidiary of the
Corporation (including, without limitation, any Intercompany Existing Indebtedness owed by any
Credit Party to any such Person).

          “Intercompany Existing Indebtedness” shall have the meaning provided in Section 7.17.

          “Intercompany Mortgage Note” shall mean the subordinated Intercompany Mortgage Notes
in an aggregate principal amount not to exceed $3,282,000,000 issued by

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Sheraton or the Corporation
to Starwood REIT, and contributed by Starwood REIT to SLT RLP and Starwood Hotels & Resorts
Holdings, Inc.

          “Interest Determination Date” shall mean, with respect to any Euro Rate Loan, the
second Business Day prior to the commencement of any Interest Period relating to such Euro Rate
Loan.

          “Interest Period” shall have the meaning provided in Section 1.10.

          “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.

          “Issuing Bank” shall mean (i) in the case of Dollar Letters of Credit, DB and any
other RL Lender which at the request of the Corporation and with the consent of the Administrative
Agent agrees, in such RL Lender’s sole discretion, to become an Issuing Bank for the purpose of
issuing Dollar Letters of Credit pursuant to Section 2, (ii) in the case of Alternate Currency
Letters of Credit denominated in a given Alternate Currency, any RL Lender with an Alternate
Currency Revolving Loan Sub-Commitment in such Alternate Currency which at the request of the
Corporation and with the consent of the Administrative Agent agrees, in such RL Lender’s sole
discretion, to become an Issuing Bank for the purpose of issuing Alternate Currency Letters of
Credit denominated in such Alternate Currency pursuant to Section 2 and (iii) with respect to the
Existing Letters of Credit, the Lender designated as the issuer thereof on Schedule 2.01(c) shall
be the Issuing Bank thereof.

          “Judgment Currency” shall have the meaning provided in Section 13.16(a).

          “Judgment Currency Conversion Date” shall have the meaning provided in Section
13.16(a).

          “L/C Supportable Obligations” shall mean obligations of the Corporation or any of its
Subsidiaries incurred in the ordinary course of business and which do not violate the applicable
provisions, if any, of this Agreement.

          “Lead Arrangers” shall mean Deutsche Bank Securities, Inc., J.P. Morgan Securities
Inc. and Banc of America Securities LLC, each in their capacities as Lead Arrangers and Book
Running Managers.

          “Leaseholds” of any Person means all the right, title and interest of such Person as
lessee or licensee in, to and under leases or licenses of land, improvements and/or fixtures.

          “Lender” shall mean each financial institution listed on Schedule I-A, as well as any
Person which becomes a “Lender” hereunder pursuant to Section 1.14, 1.19 or 13.04(b). Unless the
context otherwise requires, each reference in this Agreement to a Lender includes each Alternate
Currency RL Lender and, if the reference is to a specific Lender which has a Revolving Loan
Commitment hereunder, shall include references to any Affiliate of any such Lender which is acting
as an Alternate RL Currency Lender.

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          “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 (including any Mandatory
Borrowing) or to fund its portion of any unreimbursed payment under Section 2.04(c) or to purchase
participating interests in Revolving Loans under Section 1.17 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 1.01 or 2 in circumstances where such non-compliance would
constitute a breach of such Lender’s obligations under the respective Section.

          “Letter of Credit” shall have the meaning provided in Section 2.01(a).

          “Letter of Credit Fee” shall have the meaning provided in Section 3.01(b).

          “Letter of Credit Outstandings” shall mean, at any time, the sum of (i) the aggregate
Stated Amount of all outstanding Letters of Credit at such time and (ii) the amount of all Unpaid
Drawings at such time (for this purpose, using the Dollar Equivalent of all amounts payable in an
Alternate Currency at such time).

          “Letter of Credit Request” shall have the meaning provided in Section 2.03(a).

          “LIBOR-Based Alternate Currency Equivalent” shall mean, with respect to any Alternate
Currency (other than Canadian Dollars and Euros), at any time of determination, the amount of such
Alternate Currency which could be purchased with the amount of Dollars involved in such computation
at the spot rate of exchange therefor as quoted by the Administrative Agent as of 11:00 A.M.
(London time) on the date two Business Days prior to the date of determination thereof for purchase
on such date (or, in the case of any determination
pursuant to Section 1.17 or 13.16 or Section 18 of the Sheraton Guaranty, on the date of
determination).

          “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), preference, priority or other security
agreement of any kind or nature whatsoever (including, without limitation, any conditional sale or
other title retention agreement, any financing or similar statement or notice filed under the
Uniform Commercial Code as in effect in any State or any other similar recording or notice statute,
and any lease having substantially the same effect as any of the foregoing).

          “Loan” shall mean each Revolving Loan, each Competitive Bid Loan and each Swingline
Loan.

          “Mandatory Borrowing” shall have the meaning provided in Section 1.01(c).

          “Mandatory Cost” means the cost imputed to a Lender in complying with (i) in the case
of any Obligation owing in Pounds Sterling, the Mandatory Liquid Assets requirements of the Bank of
England during the period in which a Sterling Revolving Loan is outstanding determined in
accordance with Schedule IV, (ii) in the case of any Obligation owing in Euros, any reserve asset
requirements of the European Central Bank, as determined in accordance with Schedule IV and (iii)
in the case of any Obligation owing in any other Alternate Currency, such reserve requirements
established by any foreign court or governmental agency, authority,

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instrumentality or regulatory
body in respect of any such other Alternate Currency or any category of liabilities which includes
deposits by reference to which the interest rate on the Loans denominated in such Alternate
Currency is determined, in any such case as determined in good faith by the Administrative Agent.

          “Margin Adjustment Period” shall mean each period which shall commence on the date
occurring after the Effective Date on which the respective officer’s certificates are delivered
pursuant to Section 8.01(d) and which shall end on the earlier of (i) the date of actual delivery
of the next officer’s certificates pursuant to Section 8.01(d) and (ii) the latest date on which
the next officer’s certificates are required to be delivered.

          “Margin Stock” shall have the meaning provided in Regulation U.

          “Material Adverse Change” means a material adverse change in any of (i) the business,
operations, property, assets, liabilities or condition (financial or otherwise) of the Corporation
and its Subsidiaries taken as a whole, (ii) the legality, validity or enforceability of the Credit
Documents taken as a whole, (iii) the ability of any Borrower to repay its Obligations or to
perform its obligations under any other Credit Document, (iv) the ability of the Guarantors, taken
as a whole, to perform their obligations under their respective Guaranties or (v) the rights and
remedies of the Lenders or the Agents under the Credit Documents; provided however
that the entering into of the Host Transaction Documents and the consummation of the Host
Transaction in accordance with the requirements of clause (4) of the proviso appearing in Section
9.02 shall not be taken account of in connection with any determination of “Material Adverse
Change”.

          “Material Adverse Effect” means an effect that results in or causes, or has a
reasonable likelihood of resulting in or causing, a Material Adverse Change.

          “Maturity Date” shall mean February 10, 2011.

          “Maximum Swingline Amount” shall mean $100,000,000.

          “Minimum Applicable Facing Fee” shall mean (x) in the case of all Letters of Credit
(other than Alternate Currency Letters of Credit), $250 and (y) in the case of Alternate Currency
Letters of Credit denominated in a given Alternate Currency, the Dollar Equivalent of $250.

          “Minimum Borrowing Amount” shall mean, for each Type and Tranche of Loans hereunder,
the respective amount specified below:

     (i) in the case of a Borrowing of Revolving Loans to be maintained as Euro Rate Loans,
$10,000,000 (or the applicable Alternate Currency Equivalent thereof, in the case of a
Borrowing of Alternate Currency Revolving Loans);

     (ii) in the case of a Borrowing of Revolving Loans to be maintained as Base Rate Loans,
$10,000,000;

     (iii) in the case of a Borrowing of Swingline Loans, $1,000,000;

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     (iv) in the case of a Borrowing of Canadian Prime Rate Loans, Cdn. $1,000,000;

     (v) in the case of Bankers’ Acceptance Loans, the amount specified in Schedule III; and

     (vi) in the case of Competitive Bid Loans, $20,000,000 (or the applicable Alternate
Currency Equivalent thereof, in the case of a Borrowing of Alternate Currency Competitive
Bid Loans).

          “Moody’s” shall mean Moody’s Investors Service, Inc.

          “NAIC” shall have the meaning provided in Section 1.11(c).

          “Non-Alternate Currency Revolving Loan Sub-Commitment” means, for any RL Lender at any
time, such RL Lender’s Revolving Loan Commitment minus, in the case of a Lender that is, or
whose Affiliate is, an Alternate Currency RL Lender, the sum of such RL Lender’s and its
Affiliates’ Alternate Currency Revolving Loan Sub-Commitments.

          “Non-Defaulting Lender” shall mean and include each Lender other than a Defaulting
Lender.

          “Non-Defaulting RL Lender” shall mean and include each RL Lender other than a
Defaulting RL Lender.

          “Non-Recourse Indebtedness” of any Person means all Indebtedness of such Person and
its Subsidiaries with respect to which recourse for payment is limited to specific assets
encumbered by a Lien securing such Indebtedness; provided, however, that personal
recourse of a holder of Indebtedness against any obligor with respect thereto for fraud,
misrepresentation, misapplication of cash, waste and other circumstances customarily excluded from
non-recourse provisions in non-recourse secured financing of real estate shall not, by itself,
prevent any Indebtedness from being characterized as Non-Recourse Indebtedness, provided
further that if a personal recourse claim is made in connection therewith, such claim shall
not constitute Non-Recourse Indebtedness for the purpose of this Agreement.

          “Note” shall mean each Revolving Note, each Competitive Bid Note and the Swingline
Note.

          “Notice of Borrowing” shall have the meaning provided in Section 1.03(a).

          “Notice of Competitive Bid Borrowing” shall have the meaning provided in Section
1.04(a).

          “Notice of Conversion” shall have the meaning provided in Section 1.07(a).

          “Notice Office” shall mean the office of the Administrative Agent located at Deutsche
Bank Trust Company Americas, Money Transfer Division, 60 Wall Street, New York,

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New York 10005,
Attention: Juliet Cadiz, or such other office as the Administrative Agent may hereafter designate
in writing as such to the other parties hereto.

          “Obligation Currency” shall have the meaning provided in Section 13.16(a).

          “Obligations” shall mean all amounts owing to any Agent or any Lender pursuant to the
terms of this Agreement or any other Credit Document.

          “Other Hedging Agreement” shall mean 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 Corporation’s and/or its Subsidiaries cash flow and earnings from changes in
financial markets.

          “Other Permitted LIBOR-Based Alternate Currency” shall mean, any currency other than
Dollars, Australian Dollars, Canadian Dollars, Euros, Pounds Sterling and Yen; provided
that, at such time, (i) such currency is dealt with in the London interbank deposit market, (ii)
such currency is freely transferable and convertible into Dollars in the London foreign exchange
market, and (iii) no central bank or other governmental authorization in the country of issue of
such currency is required to permit use of such currency by any RL Lender for making any Revolving
Loan or issuing any Letter of Credit and/or to permit the relevant Borrower to borrow and repay the
principal thereof and/or Unpaid Drawings thereon and/or to pay the interest thereon (unless such
authorization has been obtained and is in full force and effect).

          “Other Permitted LIBOR-Based Alternate Currency Revolving Loan Sub-Commitment” shall
mean, as to any Alternate Currency RL Lender, the amount, if any, set forth opposite such Alternate
Currency RL Lender’s name in Schedule I-B directly below the column entitled “Other Permitted
LIBOR-Based Alternate Currency Revolving Loan Sub-Commitment,” as same may be (x) reduced from time
to time pursuant to Sections 1.17, 1.18, 3.02, 3.03, 10 and/or 13.12(f), (y) increased from time to
time pursuant to Sections 1.19 and/or 13.12(e) or (z) adjusted from time to time as a result of
assignments to or from such Lender pursuant to Section 1.14 or 13.04(b). The Other Permitted
LIBOR-Based Alternate Currency Revolving Loan Sub-Commitment of each Alternate Currency RL Lender
is a sub-limit of the Revolving Loan Commitment of the respective Alternate Currency RL Lender (or
its respective affiliate which is a Lender with the related Revolving Loan Commitment) and not an
additional commitment and, in no event, may exceed at any time, when added to the sum of all other
Sub-Commitments of the respective Alternate Currency RL Lender (or its respective affiliates) at
such time, the Revolving Loan Commitment of such Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment).

          “Other Permitted LIBOR-Based Alternate Currency Revolving Loan” shall mean each
Alternate Currency Revolving Loan denominated in Other Permitted LIBOR-Based Alternate Currency at
the time of the incurrence thereof.

          “Other Permitted LIBOR-Based Alternate Currency Revolving Notes” shall have the
meaning provided in Section 1.06(a).

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          “Participant” shall have the meaning provided in Section 2.04(a).

          “Participating Member State” shall mean, at any time, any member state of the European
Union which has adopted the Euro as its lawful currency at such time.

          “Partnership Units” shall mean (i) the OP Units and Class A RP Units (as defined in
SLT RLP’s partnership agreement) of SLT RLP and (ii) the Class A OP Units and Class B OP Units of
SLC Operating Limited Partnership, a Delaware limited partnership (as defined in the partnership
agreement of such partnership).

          “Payment Office” shall mean (i) in respect of Dollar Revolving Loans, Swingline Loans,
Dollar Letters of Credit, Fees and, except as provided in clause (ii) below, all other amounts
owing under this Agreement and the other Credit Documents, the office of the Administrative Agent
located at Deutsche Bank Trust Company Americas, Money Transfer Division, 60 Wall Street, New York,
New York 10005, ABA Number: 021-001-033, Credit to Deutsche Bank Loan Operations, Reference:
Starwood Hotels & Resorts, Account Number: 60-200-119, Attention: Juliet Cadiz, (ii) in respect of
Canadian Dollar Revolving Loans, to Royal Bank of Canada, Toronto, Ontario, Canada, SWIFT ID:
ROYCCAT2, Account Number: 095912235745, Account Name: Deutsche Bank, NY, Reference: Starwood
Hotels & Resorts, (iii) in respect of Sterling Revolving Loans, to Deutsche Bank AG, London, SWIFT
ID: DEUTGB2L, Account Number: 0400069, Account Name: Deutsche Bank, NY, Local Clearing Code
//SC405081, Reference: Starwood Hotels & Resorts, (iv) in respect of Euro Revolving Loans, to
Deutsche Bank AG, Frankfurt, SWIFT ID: DEUTDEFF, Account Number: 958409510, Account Name:
Deutsche Bank, NY, Reference: Starwood Hotels & Resorts,
Attention: Loans Agency and (v) in the case of Alternate Currency Letters of Credit and any
other Alternate Currency Revolving, such office as the Administrative Agent may hereafter designate
in writing as such to the other parties hereto or, in each case, such other office as the
Administrative Agent may hereafter designate in writing as such to the other parties hereto.

          “PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to
Section 4002 of ERISA, or any successor thereto.

          “Permitted Liens” shall have the meaning provided in Section 9.01.

          “Person” shall mean any individual, partnership, joint venture, limited liability
company, firm, corporation, association, trust or other enterprise or any government or political
subdivision or any agency, department or instrumentality thereof.

          “Plan” shall mean any pension plan as defined in Section 3(2) of ERISA, which is
maintained or contributed to by (or to which there is an obligation to contribute of) any Borrower
or a Subsidiary of any Borrower or an ERISA Affiliate and any pension plan as defined in Section
3(2) of ERISA with respect to which any Borrower, or a Subsidiary of any Borrower or an ERISA
Affiliate could have any liability.

          “Pounds Sterling” and the sign “£” shall mean freely transferable lawful money
of the United Kingdom (expressed in Pounds Sterling).

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          “Pounds Sterling Revolving Loan Sub-Commitment” means, as to any Alternate Currency RL
Lender, the amount, if any, set forth opposite such Alternate Currency RL Lender’s name in Schedule
I-B directly below the column entitled “Pounds Sterling Revolving Loan Sub-Commitment,” as same may
be (x) reduced from time to time pursuant to Sections 1.17, 3.02, 3.03, 10 and/or 13.12(f), (y)
increased from time to time pursuant to Sections 1.19 and/or 13.12(e) or (z) adjusted from time to
time as a result of assignments to or from such Lender pursuant to Section 1.14 or 13.04(b). The
Pounds Sterling Revolving Loan Sub-Commitment of each Alternate Currency RL Lender is a sub-limit
of the Revolving Loan Commitment of the respective Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment) and not an additional
commitment and, in no event, may exceed at any time, when added to the sum of all other
Sub-Commitments of the respective Alternate Currency RL Lender (or its respective affiliates) at
such time, the Revolving Loan Commitment of such Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment).

          “Preferred Stock” as applied to the Capital Stock of any Person, means Capital Stock
of such Person (other than common stock of such Person) of any class or classes (however
designated) that ranks prior, as to the payment of dividends or distributions, or as to the
distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of
such Person, to shares of Capital Stock of any other class of such Person.

          “Prime Lending Rate” shall mean the rate which the Administrative Agent announces from
time to time as its prime lending rate, the Prime Lending Rate to change when and as such prime
lending rate changes. The Prime Lending Rate is a reference rate and does not necessarily
represent the lowest or best rate actually charged to any customer. The
Administrative Agent may make commercial loans or other loans at rates of interest at, above
or below the Prime Lending Rate.

          “Pro Forma Basis” shall mean, as to any Person, for any events which occur subsequent
to the commencement of a period for which the financial effect of such event is being calculated,
and giving effect to the event for which such calculation is being made, such calculation as will
give pro forma effect to such event as if same had occurred at the beginning of
such period of calculation, and

     (i) for purposes of the foregoing calculation, the transaction giving rise to the need
to calculate the pro forma effect to any of the following events shall be
assumed to have occurred on the first day of the four consecutive fiscal quarter period last
ended before the occurrence of the respective event for which such pro forma
effect is being determined (the “Reference Period”),

     (ii) in making any determination with respect to the incurrence or assumption of any
Indebtedness during the Reference Period or subsequent to the Reference Period and on or
prior to the date of the transaction referenced in clause (i) above (the “Transaction
Date”), (x) all Indebtedness (including Indebtedness incurred or assumed and for which
the financial effect is being calculated, whether incurred under this Agreement or
otherwise, but excluding normal fluctuations in revolving indebtedness incurred for working
capital purposes and not to finance any acquisition or the making of

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a Dividend) incurred or
permanently repaid during the Reference Period shall be deemed to have been incurred or
repaid at the beginning of such period, (y) Consolidated Interest Expense of such Person
attributable to interest or dividends on any Indebtedness, as the case may be, bearing
floating interest rates should be computed on a pro forma basis as if the
rate in effect on the Transaction Date had been the applicable rate for the entire period
and (z) Consolidated Interest Expense will be increased or reduced by the net cost
(including amortization of discount) or benefit (after giving effect to amortization of
discount) associated with the Interest Rate Protection Agreements, which will remain in
effect for the twelve-month period after the Transaction Date and which shall have the
effect of fixing the interest rate on the date of computation; and

     (iii) in making any determination of Consolidated EBITDA, pro forma
effect shall be given to any Acquisition and any Asset Sale, in each case which occurred
during the Reference Period or subsequent to the Reference Period and prior to the
Transaction Date, as if such Acquisition or Asset Sale, as the case may be, occurred on the
first day of the Reference Period.

All pro forma determinations required above shall be determined in accordance with
GAAP. For purposes of this definition, whenever pro forma effect is to be given to
any occurrence or event, the pro forma calculation shall be determined in good
faith by a responsible financial or accounting officer of the Corporation.

          “Projections” shall have the meaning provided in Section 5.10(i).

          “Qualified Preferred Stock” shall mean any preferred stock of the Corporation so long
as the terms of any such preferred stock (i) do not provide any collateral security, (ii) do not
provide any guaranty or other support by the Corporation or any Subsidiaries of the Corporation,
(iii) do not contain any mandatory put, redemption, repayment, sinking fund or other similar
provision occurring before December 31, 2011, (iv) do not contain any covenants other than periodic
reporting requirements, (v) do not grant the holders thereof any voting rights except for (x)
voting rights required to be granted to such holders under applicable law and (y) limited customary
voting rights on fundamental matters such as mergers, consolidations, sales of all or substantially
all of the assets of the Corporation or liquidations involving the Corporation, and (vi) do not
provide for the conversion into, or the exchange for (unless at the sole discretion of the issuer
thereof), debt securities.

          “Quarterly Payment Date” shall mean the last Business Day of each April, July, October
and January occurring after the Effective Date.

          “Rating Agencies” shall mean both S&P and Moody’s.

          “RCRA” shall mean the Resource Conservation and Recovery Act, as the same may be
amended from time to time, 42 U.S.C. § 6901 et seq.

          “Real Property” of any Person shall mean all the right, title and interest of such
Person in and to land, improvements and fixtures, including Leaseholds.

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          “Reference Period” shall have the meaning provided in the definition of Pro
Forma Basis.

          “Refinancing” shall mean and include (i) the refinancing and repayment in full of all
amounts outstanding under, and the termination in full of all commitments and letters of credit in
respect of, the Indebtedness to be Refinanced (or (x) in the case of Existing Letters of Credit,
the incorporation thereof hereunder as Letters of Credit pursuant to Section 2.01(c) and (y) in the
case of Existing Bankers’ Acceptances, the roll-over and continuation thereof as Bankers’
Acceptances hereunder pursuant to Section 1.15(b)) and (ii) the consummation of the related
transactions described in Section 5.05.

          “Refinancing Documents” shall mean each of the agreements, documents and instruments
entered into in connection with the Refinancing.

          “Register” shall have the meaning provided in Section 13.15.

          “Regulation D” shall mean Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a portion thereof
establishing reserve requirements.

          “Regulation T” shall mean Regulation T of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a portion thereof.

          “Regulation U” shall mean Regulation U of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a portion thereof.

          “Regulation X” shall mean Regulation X of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor to all or a portion thereof.

          “Release” means disposing, discharging, injecting, spilling, pumping, leaking,
leaching, dumping, emitting, escaping, emptying, pouring or migrating, into or upon any land or
water or air, or otherwise entering into the environment.

          “Relevant Guaranteed Obligations” shall mean, as to any DRLB Guarantor, (i) the
principal (or Face Amount, as the case may be) of and interest on all Loans made to each Borrower
(other than such DRLB Guarantor) under this Agreement, and each Note evidencing each Loan (other
than Loans owing by such DRLB Guarantor) issued to each Lender, together with all the other
obligations (including obligations which, but for the automatic stay under Section 362(a) of the
Bankruptcy Code, would become due) and liabilities (including, without limitation, indemnities,
fees and interest thereon) of the Borrowers (other than such DRLB Guarantor) (or any of them) to
each Lender and each Agent, now existing or hereafter incurred under, arising out of or in
connection with this Agreement and each other Credit Document and the due performance and
compliance by each Borrower (other than such DRLB Guarantor) with all the terms, conditions and
agreements contained in this Agreement and each other Credit Document to which it is a party and
(ii) all obligations (including obligations which, but for the automatic stay under Section 362(a)
of the Bankruptcy Code, would become due) and liabilities

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of each Subsidiary of the Corporation
(other than, if such DRLB Guarantor is not the Corporation, such DRLB Guarantor), whether now in
existence or hereunder arising, owing under any Interest Rate Protection Agreement or Other Hedging
Agreement entered into by such Subsidiary with any Lender or any affiliate thereof (even if such
Lender subsequently ceases to be a Lender under this Agreement for any reason), so long as such
Lender or affiliate participates in such Interest Rate Protection Agreement or Other Hedging
Agreement, and their subsequent assigns, if any, and the due performance and compliance with all
terms, conditions and agreements contained therein.

          “Relevant Guaranteed Party” shall mean, as to any DRLB Guarantor, each Borrower (other
than such DRLB Guarantor) and each Subsidiary of the Corporation (other than, if such DRLB
Guarantor is not the Corporation, such DRLB Guarantor) party to any Interest Rate Protection
Agreement or Other Hedging Agreement with any Guaranteed Creditor.

          “Replaced Lender” shall have the meaning provided in Section 1.14.

          “Replacement” shall have the meaning provided in Section 1.14.

          “Replacement Lender” shall have the meaning provided in Section 1.14.

          “Reply Date” shall have the meaning provided in Section 1.04(b).

          “Reportable Event” shall mean an event described in Section 4043(c) of ERISA with
respect to a Plan that is subject to Title IV of ERISA other than those events as to which the
30-day notice period is waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation
Section 4043.

          “Required Lenders” shall mean, at any time, Non-Defaulting Lenders the sum of whose
Revolving Loan Commitments at such time (or, after the termination thereof, outstanding Revolving
Loans and Competitive Bid Loans and participations in Letter of Credit Outstandings and outstanding
Swingline Loans) represent an amount greater than 50% of the sum of (x) the Total Revolving Loan
Commitment at such time less (y) the Revolving Loan Commitments of Defaulting Lenders at
such time (or, after the termination of the Total Revolving Loan Commitment, the sum of the then
total outstanding Revolving Loans and Competitive Bid Loans of Non-Defaulting Lenders, and the
aggregate participations of all Non-Defaulting Lenders of Letter of Credit Outstandings and
outstanding Swingline Loans at such time). For purposes of determining Required Lenders, all
outstanding Loans and Commitments, as the case may be, that are denominated in Dollars will be
calculated in Dollars and all Loans denominated in an Alternate Currency will be calculated
according to the Dollar Equivalent thereof.

          “Requirements of Law” means, as to any Person, the certificate of incorporation or
formation and by-laws or other organizational or governing documents of such Person, and all
foreign federal, state and local laws, rules and regulations, including, without limitation,
foreign federal, state or local securities, antitrust and licensing laws, all food, health and
safety laws, and all applicable trade laws and requirements, including, without limitation, all
disclosure requirements of Environmental Laws, ERISA and all orders, judgments, decrees or other
determinations of any Governmental Authority or arbitrator, applicable to or binding upon such

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Person, its business or any of its property or to which such Person, its business or any of its
property is subject.

          “Revolving Credit Period” shall mean (i) with respect to any extension of Dollar
Revolving Loans to Starwood REIT, the period from and including the Initial Borrowing Date to but
not including the Starwood REIT Maturity Date and (ii) with respect to any extension of Revolving
Loans to any Borrower (other than Starwood REIT), the period from and including the Initial
Borrowing Date to but not including the Maturity Date.

          “Revolving Loan” shall have the meaning provided in Section 1.01(a).

          “Revolving Loan Commitment” shall mean, for each Lender, the amount set forth opposite
such Lender’s name in Schedule I A directly below the column entitled “Revolving Loan Commitment,”
as the same may be (x) reduced from time to time pursuant to Sections 3.02, 3.03 and/or 10, (y)
adjusted from time to time as a result of assignments to or from such Lender pursuant to Section
1.14 or 13.04(b), or (z) increased from time to time pursuant to Section 1.19.

          “Revolving Notes” shall mean each Dollar Revolving Note, each Canadian Dollar
Revolving Note, each Euro I Revolving Note, each Euro II Revolving Note, each Australian Dollar
Revolving Note, each Yen Revolving Note, each Other Permitted LIBOR-Based Alternate Currency
Revolving Note and each Sterling Revolving Note.

          “RL Lender” shall mean, at any time, each Lender with a Revolving Loan Commitment or
with outstanding Revolving Loans at such time.

          “RL Percentage” of any RL Lender at any time shall mean a fraction (expressed as a
percentage) the numerator of which is the Revolving Loan Commitment of such RL Lender at such time
the denominator of which is the Total Revolving Loan Commitment at such time. Notwithstanding
anything to the contrary contained above, if the RL Percentage of any RL Lender is to be determined
after the Total Revolving Loan Commitment has been terminated, then the RL Percentages of the RL
Lenders shall be determined immediately prior (and without giving effect) to such termination.

          “S&P” shall mean Standard & Poor’s Ratings Services.

          “Scheduled Existing Indebtedness” shall have the meaning provided in Section 7.17.

          “SEC” shall mean the Securities and Exchange Commission and any successor thereto.

          “Section 4.04(b)(ii) Certificate” shall have the meaning provided in Section
4.04(b)(ii).

          “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

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          “Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder.

          “Senior Note Documents” shall mean the Senior Notes and the other instruments,
indentures, documents and agreements entered into in connection with the issuance of the Senior
Notes, as the same may be amended, modified and or supplemented from time to time in accordance
with the terms thereof.

          “Senior Notes” shall mean shall mean any senior notes of the Corporation evidencing
senior Indebtedness incurred or issued by the Corporation.

          “Segregated Funds” shall mean cash and Cash Equivalents of the Corporation and/or its
Subsidiaries which (i) are specifically designated by the Corporation for use solely to repay
Defeased Debt pursuant to an officer’s certificate from an Authorized Officer of the Corporation
delivered to the Administrative Agent and identifying the initial amount of the cash and Cash
Equivalents to be so designated as “Segregated Funds” and (ii) if cash, are at all times held in
one or more segregated accounts or trusts (and are not commingled with any other funds of the
Corporation or its Subsidiaries) until utilized to repay in full the respective Defeased Debt for
which such funds were so designated.

          “Sharing Event” shall mean (i) the occurrence of any Event of Default with respect to
any Borrower pursuant to Section 10.05, (ii) the declaration of the Total Commitment terminated, or
the acceleration of the maturity of any Loans, in each case pursuant to the last
paragraph of Section 10 or (iii) the failure of any Borrower to pay any principal of, Face
Amount of, or interest on, Loans or any Letter of Credit Outstandings on the Maturity Date.

          “Sheraton” shall mean Sheraton Holding Corporation, a Nevada corporation formerly
known as ITT Corporation.

          “Sheraton Guaranty” shall have the meaning provided in Section 5.09.

          “Significant Acquisition” shall mean shall mean any Acquisition by the Corporation or
any of its Subsidiaries involving aggregate consideration (including cash, Indebtedness assumed or
incurred in connection therewith and the fair market value of all other consideration (determined
in good faith by senior management of the Corporation) payable in connection therewith) of
$250,000,000 or more.

          “Significant Disposition” shall mean shall mean any Asset Sale which generates gross
cash proceeds of at least $250,000,000.

          “SLT RLP” shall mean SLT Realty Limited Partnership, a Delaware limited partnership.

          “Specified Default” shall mean any Default existing pursuant to any of Sections 10.01,
10.05 or 10.09 of this Agreement.

          “Standby Letter of Credit” shall have the meaning provided in Section 2.01(a).

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          “Start Date” shall mean, with respect to any Margin Adjustment Period, the first day
of such Margin Adjustment Period.

          “Starwood Canada” shall mean Starwood Canada Corp., a Canadian corporation.

          “Starwood REIT” shall have the meaning provided in the first paragraph of this
Agreement.

          “Starwood REIT Dollar Revolving Loan Sub-Limit” shall mean $400,000,000.

          “Starwood REIT Maturity Date” shall mean the earlier to occur of (x) the date
occurring one year after the Initial Borrowing Date and (y) the date on which Starwood REIT ceases
to constitute a Subsidiary of the Corporation as a result of the consummation of the Host
Transaction.

          “Starwood Vacation” shall mean Starwood Vacation Ownership, Inc., a Florida
corporation previously known as Vistana, Inc.

          “Stated Amount” of each Letter of Credit shall, at any time, mean the maximum amount
available to be drawn thereunder (expressed in the currency in which such Letter of Credit is
denominated) (in each case determined without regard to whether any conditions to drawing could
then be met, but after giving effect to all previous drawings made thereunder); provided,
however, that except in the case of an Alternate Currency Letter of Credit for purposes
of Sections 3.01(b) and (c) for periods prior to the occurrence of a Sharing Event, the
“Stated Amount” of each Alternate Letter of Credit shall be, on any date of calculation,
the Dollar Equivalent of the maximum amount available to be drawn in such Alternate Currency
thereunder (determined without regard to whether any conditions to drawing could then be met).

          “Sterling Revolving Loan” shall mean each Alternate Currency Revolving Loan
denominated in Pounds Sterling at the time of the incurrence thereof.

          “Sterling Revolving Notes” shall have the meaning provided in Section 1.06(a).

          “Stop Issue Notice” shall have the meaning provided in Section 2.03(b).

          “Sub-Commitment Re-Allocation Agreement” shall have the meaning provided in Section
13.12(e).

          “Sub-Commitments” shall mean, with respect to any RL Lender, the Non-Alternate
Currency Revolving Loan Sub-Commitment, if any, of such RL Lender, the Canadian Dollar Revolving
Loan Sub-Commitment, if any, of such RL Lender (or its Affiliate which is acting as an Alternate
Currency RL Lender), the Pounds Sterling Revolving Loan Sub-Commitment, if any, of such RL Lender
(or its Affiliate which is acting as an Alternate Currency RL Lender), the Euro I Revolving Loan
Sub-Commitment, if any, of such RL Lender (or its Affiliate which is acting as an Alternate
Currency RL Lender), the Euro II Revolving Loan Sub-Commitment, if any, of such RL Lender (or its
Affiliate which is acting as an Alternate Currency RL Lender), the Australian Dollar Revolving Loan
Sub-Commitment, if any, of such RL Lender (or its Affiliate which is acting as an Alternate
Currency RL Lender), the

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           Other Permitted LIBOR-Based Alternate Currency Revolving Loan
Sub-Commitment, if any, of such RL Lender (or its Affiliate which is acting as an Alternate
Currency RL Lender) and the Yen Revolving Loan Sub-Commitment, if any, of such RL Lender (or its
Affiliate which is acting as an Alternate Currency RL Lender).

          “Subordination Agreement” shall have the meaning provided in Section 5.06(b).

          “Subsidiary” shall mean, as to any Person, (i) any corporation more than 50% of whose
stock of any class or classes having by the terms thereof ordinary voting power to elect a majority
of the directors of such corporation (irrespective of whether or not at the time stock of any class
or classes of such corporation shall have or might have voting power by reason of the happening of
any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person
and (ii) any partnership, limited liability company, association, joint venture or other entity in
which such Person and/or one or more Subsidiaries of such Person has more than a 50% equity
interest at the time.

          “Swingline Expiry Date” shall mean the date which is five (5) Business Days prior to
the Maturity Date.

          “Swingline Lender” shall mean DB.

          “Swingline Loan” shall have the meaning provided in Section 1.01(b).

          “Swingline Note” shall have the meaning provided in Section 1.06(a).

          “Syndication Agents” shall have the meaning provided in the first paragraph of this
Agreement.

          “Tax Affiliate” means, as to any Person, (i) any Subsidiary of such Person and (ii)
any Affiliate of such Person with which such Person files or is eligible to file consolidated,
combined or unitary tax returns.

          “Tax Returns” shall have the meaning provided in Section 7.07.

          “Taxes” shall have the meaning provided in Section 4.04(a).

          “Test Date” shall mean the last day of each fiscal quarter ended after the Initial
Borrowing Date.

          “Test Period” shall mean each period of four consecutive fiscal quarters of the
Corporation then last ended (in each case taken as one accounting period).

          “Third Party Existing Indebtedness” shall have the meaning provided in Section 7.17.

          “Timeshare Business” shall mean (i) the acquisition, development, operation,
management and sale of Vacation Resorts, including, without limitation, VOIs and (ii) providing
customers who purchase VOIs at Vacation Resorts financing for such purposes (collectively,

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together
with any and all business that in the good faith judgment of the board of directors of the
Corporation or Starwood Vacation are materially related to the foregoing).

          “Total Alternate Currency Revolving Loan Sub-Commitment” at any time shall mean the
sum of the Alternate Currency Revolving Loan Sub-Commitments of all the Alternate Currency RL
Lenders; provided that at no time shall the Total Alternate Currency Revolving Loan
Sub-Commitment exceed the Total Revolving Loan Commitment as then in effect.

          “Total Canadian Dollar Revolving Loan Sub-Commitment” means, at any time, (x) the sum
of the Canadian Dollar Revolving Loan Sub-Commitments of all Alternate Currency RL Lenders at such
time or, if less, (y) the Total Canadian Dollar Revolving Loan Sub-Commitment as then in effect
pursuant to Section 1.18.

          “Total Commitment” shall mean, at any time, the sum of the Commitments of each of the
Lenders.

          “Total Non-Alternate Currency Revolving Loan Sub-Commitment” at any time shall mean
the sum of the Non-Alternate Currency Revolving Loan Sub-Commitments of all the Lenders;
provided that at no time shall the Total Non-Alternate Currency Revolving Loan
Sub-Commitment exceed the Total Revolving Loan Commitment as then in effect.

          “Total Non-Alternate Currency Revolving Loan Sub-Commitment Excess” shall have the
meaning provided in Section 4.01.

          “Total Revolving Loan Commitment” shall mean, at any time, the sum of the Revolving
Loan Commitments of each of the Lenders.

          “Total Unutilized Revolving Loan Commitment” shall mean, at any time, an amount equal
to the remainder of (x) the Total Revolving Loan Commitment then in effect, less (y) the
sum of (I) the aggregate principal amount of Revolving Loans then outstanding (for this purpose,
taking the Dollar Equivalent thereof in the case of Alternate Currency Revolving Loans then
outstanding) plus (II) the aggregate principal amount of Swingline Loans then outstanding
plus (III) the then aggregate amount of Letter of Credit Outstandings plus (IV) the
aggregate principal amount of all Competitive Bid Loans then outstanding (for this purpose, taking
the Dollar Equivalent thereof in the case of Alternate Currency Competitive Bid Loans then
outstanding).

          “Trade Letter of Credit” shall have the meaning provided in Section 2.01(a).

          “Tranche” shall mean the respective facility and commitments utilized in making Loans
hereunder, with there being two separate Tranches, i.e., Revolving Loans and Swingline
Loans.

          “Transaction” shall mean, collectively, (i) the Refinancing, (ii) the entering into of
the Credit Documents and the incurrence of Loans on the Initial Borrowing Date and (iii) the
payment of fees and expenses owing in connection with the foregoing.

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          “Treaty” means the Treaty establishing the European Community being the Treaty of Rome
of March 25, 1957, as amended by the Single European Act 1986, the Maastricht Treaty (which was
signed at Maastricht on February 7, 1992) and the Treaty of Amsterdam (which was signed in
Amsterdam on October 2, 1997).

          “Type” shall mean the type of Loan determined with regard to the interest option
applicable thereto, i.e., whether a Base Rate Loan, a Eurodollar Loan, a Canadian Prime
Rate Loan, a Bankers’ Acceptance Loan, a Sterling Revolving Loan, a Euro Revolving Loan, an
Australian Dollar Revolving Loan, a Yen Revolving Loan or an Other Permitted LIBOR-Based Alternate
Currency Revolving Loan.

          “Unconsolidated Joint Venture” means, with respect to any Person, at any date, any
other Person in whom such Person holds Capital Stock but does not hold a majority of voting
securities or otherwise hold a controlling stake, and such other Person accounted for in the
financial statements of such Person on either an equity or cost basis of accounting and whose
financial results would not be consolidated in the financial statements of such Person, if such
statements were prepared in accordance with GAAP as of such date.

          “Unfunded Current Liability” of any Plan shall mean the amount, if any, by which the
actuarial present value of the accumulated plan benefits under the Plan as of the close of its most
recent plan year, determined in accordance with actuarial assumptions at such time consistent with
Statement of Financial Accounting Standards No. 87, exceeds the market value of the assets
allocable thereto.

          “United States” and “U.S.” shall each mean the United States of America.

          “Unpaid Drawing” shall have the meaning provided for in Section 2.05(a).

          “Unsecured Debt Rating” means the rating assigned by a Rating Agency to the
Corporation’s long-term senior unsecured Indebtedness (which Indebtedness may be guaranteed, but
only by Sheraton).

          “Unsecured Indebtedness” of any Person means any Indebtedness of such Person and its
Subsidiaries for which the obligations thereunder are not secured or collateralized by a pledge of
or other Lien on any Assets of such Person or its Subsidiaries.

          “Unutilized Alternate Currency Revolving Loan Sub-Commitment” means, as to any
Alternate Currency RL Lender (including any of its affiliates which acts as an Alternate Currency
RL Lender with respect to one or more other Alternate Currencies), at any time, the sum of (x) the
Alternate Currency Revolving Loan Sub-Commitments of such Alternate Currency RL Lender and its
affiliates at such time minus (y) the Dollar Equivalent of the aggregate principal amount
or Face Amount, as the case may be, of all Alternate Currency Revolving Loans of such Alternate
Currency RL Lender (and its respective affiliates) then outstanding minus (z) the sum of
the relevant Alternate Currency Revolving Loan Percentages of such Alternate Currency RL Lender (or
its respective affiliate) in all Alternate Currency Letter of Credit Outstandings relating to each
Alternate Currency Letter of Credit issued under a given Alternate Currency Revolving Loan
Sub-Tranche in which such Alternate Currency RL Lender (or its affiliates) participate(s) at such
time.

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          “Unutilized Alternate Currency RL Percentage” of any Lender, at any time, shall mean a
fraction (expressed as a percentage) the numerator of which is the Unutilized Alternate Currency
Revolving Loan Sub-Commitment of such Lender (and its respective affiliates which act as Alternate
Currency RL Lenders) at such time and the denominator of which is the aggregate amount of
Unutilized Alternate Currency Revolving Loan Sub-Commitments of all Alternate Currency RL Lenders
at such time.

          “Vacation Resorts” shall mean the vacation ownership resorts acquired, developed,
operated, managed and sold by Starwood Vacation and its Subsidiaries.

          “VOIs” shall mean resorts having vacation ownership interests, interval ownership
interests, timeshare estates, timeshare licenses, vacation clubs, right-to-use programs or other
forms of vacation ownership programs.

          “Wholly-Owned Domestic Subsidiary” of any Person shall mean any Subsidiary of such
Person which is both a Domestic Subsidiary and a Wholly-Owned Subsidiary of such Person.

          “Wholly-Owned Foreign Subsidiary” of any Person shall mean any Subsidiary of such
Person which is both a Foreign Subsidiary and a Wholly-Owned Subsidiary of such Person.

          “Wholly-Owned Subsidiary” shall mean, as to any Person, (i) any corporation 100% of
whose Capital Stock is at the time owned by such Person and/or one or more Wholly-Owned
Subsidiaries of such Person and (ii) any partnership, limited liability company,
association, joint venture or other entity in which such Person and/or one or more
Wholly-Owned Subsidiaries of such Person has a 100% equity interest at such time.

          “Yen” and the sign “¥” shall mean freely transferable lawful money of Japan
(expressed in Yen).

          “Yen Revolving Loans” shall mean each Alternate Currency Revolving Loan denominated in
Yen at the time of the incurrence thereof.

          “Yen Revolving Loan Sub-Commitment” shall mean, as to any Alternate Currency RL
Lender, the amount, if any, set forth opposite such Alternate Currency RL Lender’s name in Schedule
I-B directly below the column entitled “Yen Revolving Loan Sub-Commitment,” as same may be (x)
reduced from time to time pursuant to Sections 1.17, 1.18, 3.02, 3.03, 10 and/or 13.12(f), (y)
increased from time to time pursuant to Sections 1.19 and/or 13.12(e) or (z) adjusted from time to
time as a result of assignments to or from such Lender pursuant to Section 1.14 or 13.04(b). The
Yen Revolving Loan Sub-Commitment of each Alternate Currency RL Lender is a sub-limit of the
Revolving Loan Commitment of the respective Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment) and not an additional
commitment and, in no event, may exceed at any time, when added to the sum of all other
Sub-Commitments of the respective Alternate Currency RL Lender (or its respective affiliates) at
such time, the Revolving Loan Commitment of such Alternate Currency RL Lender (or its respective
affiliate which is a Lender with the related Revolving Loan Commitment).

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          “Yen Revolving Notes” shall have the meaning provided in Section 1.06(a).

          SECTION 12. The Agents.

          12.01 Appointment. The Lenders hereby designate (x) DB as Administrative Agent, (y)
JPMorgan Chase Bank, N.A. and Societe Generale as Syndication Agents and (z) Bank of America, N.A.
and Calyon New York Branch as Documentation Agents, in each case to act as specified herein and in
the other Credit Documents. Each Lender hereby irrevocably authorizes, and each holder of any Note
by the acceptance of such Note shall be deemed irrevocably to authorize, any Agent to take such
action on its behalf under the provisions of this Agreement, the other Credit 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 such
Agent by the terms hereof and thereof and such other powers as are reasonably incidental thereto.
Each Agent may perform any of its duties hereunder by or through its respective officers,
directors, agents, employees or affiliates.

          12.02 Nature of Duties. (a) No Agent shall have any duties or responsibilities except
those expressly set forth in this Agreement and in the other Credit Documents. No Agent nor any of
its respective
officers, directors, agents, employees or affiliates shall be liable for any action taken or
omitted by it or them hereunder or under any other Credit Document or in connection herewith or
therewith, unless caused by its or their gross negligence or willful misconduct. The duties of the
Agents shall be mechanical and administrative in nature; no Agent shall have by reason of this
Agreement or any other Credit Document a fiduciary relationship in respect of any Lender or the
holder of any Note; and nothing in this Agreement or any other Credit Document, expressed or
implied, is intended to or shall be so construed as to impose on any Agent any obligations in
respect of this Agreement or any other Credit Document except as expressly set forth herein or
therein.

          (b) Notwithstanding any other provision of this Agreement or any provision of any other Credit
Document, each of the Lead Arrangers, Societe Generale in its capacity as Syndication Agent and the
Documentation Agents are named as such for recognition purposes only, and in their respective
capacities as such shall have no powers, duties, responsibilities or liabilities with respect to
this Agreement or the other Credit Documents or the transactions contemplated hereby and thereby;
it being understood and agreed that the Lead Arrangers, Societe Generale in its capacity as
Syndication Agent and the Documentation Agents shall be entitled to all indemnification and
reimbursement rights in favor of “Agents” as, and to the extent, provided for under Sections 12.06
and 13.01. Without limitation of the foregoing, none of the Lead Arrangers, Societe Generale in
its capacity as Syndication Agent or the Documentation Agents shall, solely by reason of this
Agreement or any other Credit Documents, have any fiduciary relationship in respect of any Lender
or any other Person.

          12.03 Lack of Reliance on the Agents. Independently and without reliance upon any
Agent (for purposes of this Section 12.03, the term “Agent” shall include all officers, directors,
agents, employees and affiliates of the respective 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 Borrowers and their

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Subsidiaries in connection with the making and the continuance of the Loans and the
taking or not taking of any action in connection herewith and (ii) its own appraisal of the
creditworthiness of the Borrowers and their Subsidiaries and, except as expressly provided in this
Agreement, no Agent shall 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 the Loans or at any time
or times thereafter. No Agent shall be responsible to any Lender or the holder of any Note for any
recitals, statements, information, representations or warranties herein or in any document,
certificate or other writing delivered in connection herewith or for the execution, effectiveness,
genuineness, validity, enforceability, perfection, collectibility, priority or sufficiency of this
Agreement or any other Credit Document or the financial condition of any Borrower or any of its
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 Credit Document, or the
financial condition of any Borrower or any of its Subsidiaries or the existence or possible
existence of any Default or Event of Default.

          12.04 Certain Rights of the Agents. If any Agent shall request instructions from the
Required Lenders with respect to any act or action (including failure to act) in connection with
this Agreement or any other Credit Document, such Agent shall be entitled to refrain from such act
or taking such action unless and until such Agent shall have received instructions from the
Required Lenders; and such Agent shall not incur liability to any Person by reason of so
refraining. Without limiting the foregoing, no Lender and no holder of any Note shall have any
right of action whatsoever against any Agent as a result of such Agent acting or refraining from
acting hereunder or under any other Credit Document in accordance with the instructions of the
Required Lenders.

          12.05 Reliance. Each Agent shall be entitled to rely, and shall be fully protected in
relying, upon any note, writing, resolution, notice, statement, certificate, telex, teletype or
telecopier message, cablegram, radiogram, order or other document or telephone message signed, sent
or made by any Person that such Agent believed to be the proper Person, and, with respect to all
legal matters pertaining to this Agreement and any other Credit Document and its duties hereunder
and thereunder, upon advice of counsel selected by such Agent.

          12.06 Indemnification. To the extent any Agent is not reimbursed and indemnified by
the Credit Parties, the Lenders will reimburse and indemnify such Agent, its affiliates, and their
respective officers, directors, agents and employees, in proportion to their respective
“percentages” as used in determining the Required Lenders (for this purpose, determined as if there
were no Defaulting Lenders at such time), 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 such Agent in
performing its respective duties hereunder or under any other Credit Document, in any way relating
to or arising out of this Agreement or any other Credit Document; provided that no Lender
shall be liable for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements to the extent resulting from the such
Agent’s gross negligence or willful misconduct.

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          12.07 Each Agent in its Individual Capacity. With respect to its obligation to make
Loans, or issue or participate in Letters of Credit, under this Agreement, each 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 term “Lenders,” “RL Lenders”,
“Required Lenders,” “holders of Notes” or any similar terms shall, unless the context clearly
otherwise indicates, include each Agent in its individual capacity. Each Agent may accept deposits
from, lend money to, and generally engage in any kind of banking, investment banking, trust or
other business with any Credit Party or any Affiliate of any Credit Party as if it were not
performing the duties specified herein, and may accept fees and other consideration from any Credit
Party for services in connection with this Agreement and otherwise without having to account for
the same to the Lenders.

          12.08 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 indorsee, as the case may be, of such Note or of any
Note or Notes issued in exchange therefor.

          12.09 Resignation by, or Removal of, the Agents. (a) Any Agent (including, without
limitation, the Administrative Agent) may resign from the performance of all its functions and
duties hereunder and/or under the other Credit Documents at any time by giving 30 days’ prior
written notice to the Lenders and the Borrowers. Any such resignation by an Agent hereunder shall
also constitute its resignation (if applicable) as an Issuing Bank and Swingline Lender, in which
case the resigning Agent (x) shall not be required to issue any further Letters of Credit or make
any additional Swingline Loans hereunder and (y) shall maintain all of its rights as Issuing Bank
or Swingline Lender, as the case may be, with respect to any Letters of Credit issued by it, or
Swingline Loans made by it, prior to the date of such resignation. Such resignation shall take
effect upon the appointment of a successor Agent pursuant to clauses (b) and (c) below or as
otherwise provided below; provided that either Syndication Agent may resign from the
performance of its functions and duties hereunder at any time by giving notice to the Borrowers,
the Administrative Agent and the Lenders, which resignation shall take effect upon delivery of such
notice. Furthermore, any Agent may be removed by the Required Lenders in the event that such Agent
committed a willful breach of, or was grossly negligent in the performance of, its material
obligations hereunder (as determined by a court of competent jurisdiction in a final,
non-appealable decision).

          (a) Except in the case of a resignation as provided in the proviso appearing in the first
sentence of Section 12.09(a), upon any notice of resignation by, or the removal of, any Agent, the
Required Lenders shall appoint a successor Agent hereunder who shall be a commercial bank or trust
company reasonably acceptable to the Corporation; provided that if the Administrative Agent
is resigning, or is removed, and JPMorgan Chase Bank is an Agent at such time, then JPMorgan Chase
Bank shall first be offered the opportunity to act as successor Administrative Agent.

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          (b) If a successor Agent shall not have been so appointed within such 30 day period, the
resigning Agent, with the consent of the Corporation (which consent shall not be unreasonably
withheld or delayed), shall then appoint a successor Agent who shall serve as Agent hereunder or
thereunder until such time, if any, as the Required Lenders appoint a successor Agent as provided
above.

          (c) If no successor Agent has been appointed pursuant to clause (b) or (c) above by the 40th
day after the date such notice of resignation was given by the resigning Agent, the resigning
Agent’s resignation shall become effective and the Required Lenders shall thereafter perform all
the duties of such Agent hereunder and/or under any other Credit Document until such time, if any,
as the Required Lenders appoint a successor Agent as provided above.

          (d) Upon a resignation or removal of any Agent pursuant to this Section 12.09, such Agent
shall remain indemnified to the extent provided in this Agreement and the other Credit Documents
and the provisions of this Section 12 shall continue in effect for the benefit of such Agent for
all of its actions and inactions while serving as an Agent.

          SECTION 13. Miscellaneous.

          13.01 Payment of Expenses, etc. (a) The Borrowers jointly and severally agree that
they shall: (i) whether or not the transactions herein contemplated are consummated, pay all
reasonable out-of-pocket costs and expenses of the Agents (including, without limitation, the
reasonable fees and disbursements of White & Case LLP and the Agents’ local and foreign counsel and
consultants) in connection with the preparation, execution and delivery of this Agreement and the
other Credit Documents and the documents and instruments referred to herein and therein and any
amendment, waiver or consent relating hereto or thereto, of the Agents in connection with their
syndication efforts with respect to this Agreement and of the Agents (and, after the occurrence of
an Event of Default, each of the Lenders) in connection with the enforcement of this Agreement and
the other Credit Documents and the documents and instruments referred to herein and therein
(including, without limitation, the reasonable fees and disbursements of counsel for each Agent and
each Lender); (ii) pay and hold each of the Lenders 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 each of the Lenders harmless from and against any and all liabilities, obligations,
losses, damages, penalties and claims with respect to or resulting from any delay or omission
(other than to the extent attributable to such Lender) to pay such taxes; and (iii) indemnify each
Lender (including in its capacity as Agent, Swingline Lender and/or Issuing Bank) and its
affiliates, and each officer, director, trustee, employee, representative, advisor and agent
thereof (each, an “Indemnified Person”) from and hold each of them harmless against any and
all liabilities, obligations (including removal or remedial actions), losses, damages, penalties,
claims, actions, judgments and suits, and all reasonable 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 any Agent or any
Lender is a party thereto) related to the entering into and/or performance of this Agreement or any
other Credit Document or the use of any Letter of Credit or the proceeds of any Loans hereunder or
the consummation of any transactions contemplated herein or in any other Credit Document or the
exercise of any of their

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rights or remedies provided herein or in the other Credit 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 or operated by any Borrower or any of its
Subsidiaries, the generation, storage, transportation, handling, disposal or Release of Hazardous
Materials at any Real Property, whether or not owned or operated by any Borrower or any of its
Subsidiaries, the non-compliance of any Real Property with foreign, federal, state and local laws,
regulations, and ordinances (including applicable permits thereunder) applicable to any Real
Property, or any Environmental Claim asserted against, in connection with or arising from, any
Borrower, any of its Subsidiaries or any Real Property at any time owned or operated by any
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 such losses, liabilities, claims,
damages or expenses of an Indemnified Person, to the extent incurred by reason of the gross
negligence or willful misconduct of such Indemnified Person 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 any Agent or any Lender set forth in the preceding sentence may be
unenforceable because it is violative of any law or public policy, the Borrowers shall make the
maximum contribution to the payment and satisfaction of each of the indemnified liabilities which
is permissible under applicable law.

          (b) To the full extent permitted by applicable law, no Borrower shall assert, and hereby
waives, any claim against any Indemnified Person, on any theory of liability, for special,
indirect, consequential or incidental damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnified Person shall be liable for any damages arising
from the use by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with
this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby,
except to the extent the liability of such Indemnified Person results from such Indemnified
Person’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction
in a final and non-appealable decision) .

          13.02 Right of Setoff. In addition to any rights now or hereafter granted under
applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence
of an Event of Default, each Lender is hereby authorized (to the extent not prohibited by
applicable law) at any time or from time to time, without presentment, demand, protest or other
notice of any kind to any Credit Party or to any other Person, any such notice being hereby
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 Lender (including, without limitation,
by branches and agencies of such Lender wherever located) to or for the credit or the account of
any Credit Party against and on account of the Obligations and liabilities of such Credit Party to
such Lender under this Agreement or under any of the other Credit Documents, including, without
limitation, all interests in Obligations purchased by such Lender pursuant to Section 13.06(b), and
all other claims of any nature or description arising out of or connected with this Agreement or
any other Credit Document, irrespective of whether or not such Lender

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shall have made any demand hereunder and although said Obligations, liabilities or claims, or
any of them, shall be contingent or unmatured.

          13.03 Notices. Except as otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including telegraphic, telex, telecopier
or cable communication) and mailed, telegraphed, telexed, telecopied, cabled or delivered: if to
any Credit Party, at c/o Starwood Hotels & Resorts Worldwide, Inc., 2231 E. Camelback Rd., Suite
400, Phoenix, Arizona 85016, Attention: Treasurer and c/o Starwood Hotels and Resorts Worldwide,
Inc., 1111 Westchester Avenue, White Plains, New York 10604, Attention: General Counsel; if to any
Lender, at its address specified on Schedule II; and if to the Administrative Agent, at its Notice
Office; or, as to any Credit Party or any Agent, at such other address as shall be designated by
such party in a written notice to the other parties hereto and, as to each Lender, at such other
address as shall be designated by such Lender in a written notice to the Corporation and the
Administrative Agent. All such notices and communications shall, when mailed, telegraphed,
telexed, telecopied, or cabled or sent by overnight courier, be effective (x) three Business Days
after deposited in the mails, (y) one Business Day after delivered to the telegraph company, cable
company or a recognized overnight courier, as the case may be, or (z) when sent by telex or
telecopier, except that notices and communications to the Agents shall not be effective until
received by the Agents.

          13.04 Benefit of Agreement; Assignments; Participations. (a) This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the respective successors and
assigns of the parties hereto; provided, however, that no Borrower may assign or
transfer any of its rights, obligations or interest hereunder or under any Credit Document without
the prior written consent of the Agents and all the Lenders (except that, with the consent of the
Required Lenders, the Corporation and any other Dollar Revolving Loan Borrower may assign or
transfer its rights hereunder and under the other Credit Documents to which it is a party in
connection with a merger or consolidation with or into another Person as contemplated by (and in
accordance with the requirements of) Section 9.02) and, provided further, that, although
any Lender may transfer or grant participations in its rights hereunder to any Eligible Transferee,
such Lender shall remain a “Lender” for all purposes hereunder (and may not transfer or assign all
or any portion of its Revolving Loan Commitments and/or outstanding Loans hereunder except as
provided in Section 13.04(b)) and the participant shall not constitute a “Lender” hereunder and,
provided further, that no Lender shall transfer or grant any participation under which the
participant shall have rights to approve any amendment to or waiver of this Agreement or any other
Credit Document except to the extent such amendment or waiver would (i) extend the final scheduled
maturity of any Loan or Note, or the scheduled expiration date of any Letter of Credit in which
such participant is participating, 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) (it being understood that any amendment or modification to the financial
definitions in this Agreement or to Section 13.07(a) or (b) 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), or increase the amount of the participant’s participation over the
amount thereof then in effect (it being understood that a waiver of any Default or Event of Default
or of a mandatory reduction in any Commitment shall not constitute

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a change in the terms of such participation, and that an increase in any Commitment or Loan
shall be permitted without the consent of any participant if the participant’s participation is not
increased as a result thereof), (ii) consent to the assignment or transfer by any Borrower of any
of its rights and obligations under this Agreement (except that, with the consent of the Required
Lenders, the Corporation and any other Dollar Revolving Loan Borrower may assign or transfer its
rights hereunder in connection with a merger or consolidation with or into another Person as
contemplated by (and in accordance with the requirements of) Section 9.02) and (iii) release any
DRLB Guarantor from its Guaranty (unless such DRLB Guarantor ceases to be a Dollar Revolving Loan
Borrower in accordance with Section 13.12(d)) or, except in accordance with the terms of the
Sheraton Guaranty, release Sheraton from the Sheraton Guaranty (it being understood, however, that
the assumption by another Person of any DLRB Guarantor’s or Sheraton’s obligations under the
relevant Guaranty in connection with a merger or consolidation of such DLRB Guarantor or Sheraton,
as the case may be, with such other Person as contemplated by (and in accordance with the
requirements of) Section 9.02 shall not be construed to be a release of such DRLB Guarantor or
Sheraton, as the case may be, from its Guaranty). In the case of any such participation, the
participant shall not have any rights under this Agreement or any of the other Credit 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
the Borrowers shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement and the other Credit Documents and all amounts
payable by the Borrowers hereunder shall be determined as if such Lender had not sold such
participation.

          (b) Notwithstanding the foregoing, any Lender (or any Lender together with one or more other
Lenders) may (x) assign all or a portion of its Commitments and related outstanding Obligations
(or, if the Commitments with respect to the relevant Tranche have terminated, outstanding
Obligations) hereunder to an Eligible Transferee which is (i) (a) its parent company and/or any
affiliate of such Lender which is at least 50% owned by such Lender or its parent company or (b) to
one or more Lenders or (ii) in the case of any Lender that is a fund that invests in bank loans,
any other fund that invests in bank loans and is managed or advised by the same investment advisor
of such Lender or by an Affiliate of such investment advisor, provided that in respect of
any assignment pursuant to preceding clauses (i) and (ii) of less than $5,000,000 in the aggregate
of such Lender’s Commitments and related outstanding Obligations, at the time of any such
assignment the Lender shall provide the Administrative Agent with the name of a single entity to
receive all notices under this Agreement on behalf of such assigning Lender and its affiliates, or
(y) assign all, or if less than all, a portion equal to at least $5,000,000 in the aggregate for
the assigning Lender or assigning Lenders, of such Commitments and related outstanding Obligations
(or, if the Commitments with respect to the relevant Tranche have terminated, outstanding
Obligations) hereunder to one or more Eligible Transferees, each of which assignees shall become a
party to this Agreement as a Lender by execution of an Assignment and Assumption Agreement,
provided that, (i) the assignment by any Lender of its Alternate Currency Revolving Loan
Sub-Commitments (or any portion thereof) shall constitute the assignment of a like amount of such
Lender’s (or its respective Affiliate’s) Revolving Loan Commitment, (ii) any assignment of all or
any portion of the Revolving Loan Commitment of any Lender shall be required to be accompanied by
the assignment of all or such portions of the Alternate Currency Revolving Loan Sub-Commitments
and/or Non-Alternate Currency Revolving Loan Sub-Commitment of such Lender (or its respective
Affiliate) as is equal, in the

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aggregate, to the amount of the Revolving Loan Commitment being so assigned, (iii) any
assignment of all or any portion of the Revolving Loan Commitment and related outstanding
Obligations (or, if the Revolving Loan Commitment has terminated, any assignment of Obligations
originally extended pursuant to the Revolving Loan Commitments) shall be made on a basis such that
the respective assignee participates in Revolving Loans, and in Letter of Credit Outstandings, in
accordance with the Revolving Loan Commitment (and Sub-Commitments described above) so assigned (or
if the Revolving Loan Commitment has terminated, on the same basis as participated in by the
Lenders with Revolving Loan Commitments (and Sub-Commitments described above) prior to the
termination thereof), (iv) at such time Schedules I-A and, if applicable, I-B shall be deemed
modified to reflect the Commitments and, if applicable, Alternate Currency Revolving Loan
Sub-Commitments of such new Lender and of the existing Lenders, (v) upon the surrender of the
relevant Notes by the assigning Lender (or, upon such assigning Lender’s indemnifying the
respective Borrower for any lost Note pursuant to a customary indemnification agreement) new Notes
will be issued, at the Borrowers’ expense, to such new Lender and to the assigning Lender upon the
request of such new Lender or assigning Lender, such new Notes to be in conformity with the
requirements of Section 1.06 (with appropriate modifications) to the extent needed to reflect the
revised Commitments (and Sub-Commitments), (vi) the consent of the Administrative Agent (not to be
unreasonably withheld or delayed) shall be required in connection with any assignment to an
Eligible Transferee pursuant to clause (y) above, (vii) any assignment of all or any portion of the
Revolving Loan Commitment of any Lender (or, if the Revolving Loan Commitment has terminated, any
assignment which would include participations in outstanding Letters of Credit and/or obligations
to fund Mandatory Borrowings) shall require the consent of the Swingline Lender and each Issuing
Bank (which consent will not be unreasonably withheld or delayed), (viii) at any time when no
Specified Default or Event of Default is in existence, the approval of the Corporation shall be
required (except with respect to assignments pursuant to clause (x) above), which approval shall
not be unreasonably withheld or delayed, (ix) the Administrative Agent shall receive at the time of
each such assignment, from the assigning or assignee Lender, the payment of a non-refundable
assignment fee of $3,500, and (x) promptly after such assignment, the Borrowers shall have received
from the Administrative Agent notice of any such assignment and of the identity, nationality and
applicable lending office of any such Eligible Transferee that is not a United States Person (as
defined in Section 7701(a)(30) of the Code), together with the copy of the Assignment and
Assumption Agreement relating thereto and, provided further, that such transfer or
assignment will not be effective until recorded by the Administrative Agent on the Register
pursuant to Section 13.15 hereof. To the extent of any assignment pursuant to this Section
13.04(b), the assigning Lender shall be relieved of its obligations hereunder with respect to its
assigned Commitments and related Obligations. At the time of each assignment pursuant to this
Section 13.04(b) to a Person which is not already a Lender hereunder and which is not a United
States Person (as such term is defined in Section 7701(a)(30) of the Code) for Federal income tax
purposes, the respective assignee Lender shall, to the extent legally entitled to do so, provide to
the Corporation the U.S. Internal Revenue Forms (and, if applicable a Section 4.04(b)(ii)
Certificate) described Section 4.04
(b). To the extent that an assignment of all or any portion of
a Lender’s Commitments and related outstanding Obligations pursuant to Section 1.14 or this Section
13.04(b) would, at the time of such assignment, result in increased costs under Section 1.11,
1.16(b), 2.06 or 4.04 in excess of those being charged by the respective assigning Lender prior to
such assignment, then the Borrowers shall not be obligated to pay such excess increased costs
(although the Borrowers, in

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accordance with and pursuant to the other provisions of this Agreement, shall be obligated to
pay the costs which are not in excess of those being charged by the respective assigning Lender
prior to such assignment and any subsequent increased costs of the type described above resulting
from changes after the date of the respective assignment).

          (c) Nothing in this Agreement shall prevent or prohibit any Lender from pledging its Loans and
Notes hereunder to a Federal Reserve Bank in support of borrowings made by such Lender from such
Federal Reserve Bank and, with the consent of the Administrative Agent, any Lender which is a fund
may pledge all or any portion of its Notes or Loans to a trustee in support of its obligations to
such trustee and others. No pledge pursuant to this clause (c) shall release the transferor Lender
from any of its obligations hereunder.

          13.05 No Waiver; Remedies Cumulative. No failure or delay on the part of any Agent or
any Lender in exercising any right, power or privilege hereunder or under any other Credit Document
and no course of dealing between any Borrower or any other Credit Party and any Agent or any Lender
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or
privilege hereunder or under any other Credit Document preclude any other or further exercise
thereof or the exercise of any other right, power or privilege hereunder or thereunder. The
rights, powers and remedies herein or in any other Credit Document expressly provided are
cumulative and not exclusive of any rights, powers or remedies which any Agent or any Lender would
otherwise have. No notice to or demand on any Credit Party in any case shall entitle any Credit
Party to any other or further notice or demand in similar or other circumstances or constitute a
waiver of the rights of any Agent or any Lender to any other or further action in any circumstances
without notice or demand.

          13.06 Payments Pro Rata. (a) Except as otherwise provided in this Agreement, the
Administrative Agent agrees that promptly after its receipt of each payment from or on behalf of
any Borrower in respect of any Obligations hereunder, it shall distribute such payment to the
Lenders (other than any Lender that has consented in writing to waive its pro rata
share of any such payment) pro rata based upon their respective shares, if any, of
the Obligations with respect to which such payment was received.

          (b) Except to the extent that this Agreement provides for payments to be allocated to the
Lenders under a particular Tranche or with particular Obligations, if any Lender (a “Benefitted
Lender”) shall at any time receive any payment of all or part of its Loans or the other
Obligations owing to it, or interest thereon, or receive any collateral in respect thereof (whether
voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred
to in Section 10.05, or otherwise), in a greater proportion than any such payment to or collateral
received by any other Lender, if any, in respect of such other Lender’s Loans or the other
Obligations owing to such other Lender, or interest thereon, such Benefitted Lender shall purchase
for cash from the other Lender a participating interest in such portion of each such other Lender’s
Loans and/or other Obligations owing to each such other Lender, or shall provide such other Lenders
with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause
such Benefitted Lender to share the excess payment or benefits of such collateral or proceeds
ratably with each of the Lenders; provided, however, that if all or any portion of
such excess payment or benefits is thereafter recovered from such Benefitted Lender,

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such purchase shall be rescinded, and the purchase price and benefits returned, to the extent
of such recovery, but without interest.

          (c) Notwithstanding anything to the contrary contained herein, the provisions of preceding
Sections 13.06(a) and (b) shall be subject to the express provisions of this Agreement which (x)
require differing payments to be made with respect to the various Tranches of Loans or (y) prohibit
payments in respect of any Tranche of Loans.

          13.07 Calculations; Computations. (a) The financial statements to be furnished to the
Lenders pursuant hereto shall be made and prepared in accordance with GAAP, consistently applied
throughout the periods involved (except as set forth in the notes thereto or as otherwise disclosed
in writing by the Borrowers to the Lenders).

          (b) Notwithstanding anything to the contrary contained in clause (a) of this Section 13.07,
except as expressly otherwise provided herein, all calculations determining the “Applicable
Margins”, compliance with Section 9 and the financial terms as used herein shall be made in
accordance with GAAP.

          (c) All computations of interest, Facility Fees and other Fees hereunder shall be made on the
basis of a year of 360 days (or 365 or 366 days, as the case may be, in the case of interest on
Base Rate Loans and Canadian Prime Rate Loans) for the actual number of days (including the first
day but excluding the last day) occurring in the period for which such interest, Facility Fees or
other Fees are payable.

          (d) For purposes of the Interest Act (Canada), (i) whenever any interest or fee under this
Agreement is calculated using a rate based on a year of 360 days or 365 days, as the case may be,
the rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent
to (x) the applicable rate based on a year of 360 days or 365 days, as the case may be, (y)
multiplied by the actual number of days in the calendar year in which the period for which such
interest or fee is payable (or compounded) ends, and (z) divided by 360 or 365, as the case may be;
(ii) the principle of deemed reinvestment of interest does not apply to any interest calculation
under this Agreement; and (iii) the rates of interest stipulated in this Agreement are intended to
be nominal rates and not effective rates or yields.

          13.08 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a)
THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS (EXCEPT, IN THE CASE OF OTHER CREDIT DOCUMENTS, AS
SPECIFICALLY OTHERWISE PROVIDED THEREIN) AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
AND THEREUNDER 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 CREDIT 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, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH BORROWER HEREBY
IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS. EACH BORROWER HEREBY FURTHER IRREVOCABLY

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WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH BORROWER, AND
AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR
ANY OTHER CREDIT DOCUMENTS BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK
PERSONAL JURISDICTION OVER SUCH BORROWER. EACH BORROWER 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 SUCH BORROWER AT ITS
ADDRESS SET FORTH OPPOSITE ITS SIGNATURE BELOW, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH
MAILING. EACH BORROWER 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 CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR
INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY AGENT, ANY LENDER OR THE HOLDER OF ANY
NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR
OTHERWISE PROCEED AGAINST ANY BORROWER IN ANY OTHER JURISDICTION.

          (b) EACH BORROWER 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 CREDIT 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 CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          13.09 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
Corporation and the Administrative Agent.

          13.10 Effectiveness. This Agreement shall become effective on the date (the
“Effective Date”) on which each Borrower, each Agent and each of the Lenders shall have
signed a counterpart hereof (whether the same or different counterparts) and shall have delivered
the same to the Administrative Agent at the Notice Office or, in the case of the Lenders, shall
have given to the Administrative Agent telephonic (confirmed in writing), written or telex notice
(actually received) at such office that the same has been signed and mailed to it. The

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Administrative Agent shall give the Corporation and each Lender prompt written notice of the
occurrence of the Effective Date.

          13.11 Headings Descriptive. The headings of the several sections and subsections 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.

          13.12 Amendment or Waiver; etc. (a) Subject to the provisions of following clauses
(c), (d), (e) and (f), neither this Agreement nor any other Credit 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 Credit Parties party 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 Loan or Note or extend the stated
expiration 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) (it being understood that any amendment or modification to
the financial definitions in this Agreement or to Section 13.07(a) or (b) 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 13.12 (except for technical amendments with respect to additional extensions of credit
pursuant to this Agreement which afford the protections set forth in the proviso below to such
additional extensions of credit), (iii) reduce the percentage specified in the definition of
Required Lenders (it being understood that, with the consent of the Required Lenders, additional
extensions of credit pursuant to this Agreement may be included in the determination of the
Required Lenders on substantially the same basis as the extensions of Revolving Loan Commitments
are included on the Effective Date), (iv) consent to the assignment or transfer by any Borrower of
any of its rights and obligations under this Agreement (except that, with the consent of the
Required Lenders, the Corporation and any other Dollar Revolving Loan Borrower may assign or
transfer its rights hereunder in connection with a merger or consolidation with or into another
Person as contemplated by (and in accordance with the requirements of) Section 9.02) or (v) release
any DRLB Guarantor from its Guaranty (unless such DLRB Guarantor ceases to be a Dollar Revolving
Loan Borrower in accordance with Section 13.12(d)) or, except in accordance with the terms thereof,
Sheraton from the Sheraton Guaranty (it being understood, however, that the assumption by another
Person of any DLRB Guarantor’s or Sheraton’s obligations under the relevant Guaranty in connection
with a merger or consolidation of such DLRB Guarantor or Sheraton, as the case may be, with such
other Person as contemplated by (and in accordance with the requirements of) Section 9.02 shall not
be construed to be a release of such DRLB Guarantor or Sheraton, as the case may be, from its
Guaranty); provided further, that, in addition to the consent of the Required Lenders
required above, no such change, waiver, discharge or termination shall (u) in the case of any such
change, waiver, discharge or termination to or of any Incremental Revolving Loan Agreement, without
the consent of each Lender (other than a Defaulting Lender) party thereto, amend, modify, waive or
terminate such Incremental Revolving Loan Agreement, (v) increase the Commitments (or
Sub-Commitments) of any Lender over the amount thereof then in effect without the consent of

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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 Total Commitment shall
not constitute an increase of the Commitment (or Sub-Commitment) of any Lender, and that an
increase in the available portion of any Commitment (or sub-commitment) of any Lender shall not
constitute an increase of the Commitment (or Sub-Commitment) of such Lender), (w) without the
consent of each Issuing Bank, amend, modify or waive any provision of Section 2 or alter its rights
or obligations with respect to Letters of Credit, (x) without the consent of each Swingline Lender,
alter its rights or obligations with respect to Swingline Loans, or (y) without the consent of the
respective Agent, amend, modify or waive any provision of Section 12 or any other provision as same
relates to the rights or obligations of such Agent.

          (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 13.12(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 Corporation shall
have the right, so long as all non-consenting Lenders whose individual consent is required are
treated as described below, to replace each such non-consenting Lender or Lenders with one or more
Replacement Lenders pursuant to Section 1.14 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 Corporation 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 13.12(a).

          (c) At any time and from time to time after the Effective Date, one or more Persons may become
Alternate Currency Revolving Loan Borrowers in accordance with the provisions of Section 6.04 and
the definition of Alternate Currency Revolving Loan Borrower contained herein. Upon the
satisfaction of such provisions, such Person shall constitute an Alternate Currency Revolving Loan
Borrower and a Borrower party to this Agreement, without any further actions taken by any Persons.
Furthermore, the Corporation may, at any time and from time to time, by written notice to the
Administrative Agent, remove any Alternate Currency Revolving Loan Borrower as such an Alternate
Currency Revolving Loan Borrower on a prospective basis; provided that at the time of such
removal there are no outstanding Alternate Currency Revolving Loans owing to such Alternate
Currency Revolving Loan Borrower, and all other amounts then due and payable by such Alternate
Currency Revolving Loan Borrower have been paid in full. Any removal of a Person as an Alternate
Currency Revolving Loan Borrower shall have no effect on any obligations of such Person as an
Alternate Currency Revolving Loan Borrower hereunder in respect of Obligations previously incurred
by it hereunder or with respect to any of the indemnities set forth herein (including, without
limitation, in Sections 1.11, 1.12, 1.16(b), 2.06, 4.04, 12.06 and 13.01), which shall survive the
removal of such Person as an Alternate Currency Revolving Loan Borrower.

          (d) At any time and from time to time after the Effective Date, one or more Persons may become
Dollar Revolving Loan Borrowers in accordance with the provisions of Section 6.05 and the
definition of Dollar Revolving Loan Borrower contained herein. Upon the satisfaction of such
provisions, such Person shall constitute a Dollar Revolving Loan Borrower and a Borrower party to
this Agreement, without any further actions taken by any Persons.

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Furthermore, the Corporation may, at any time and from time to time, by written notice to the
Administrative Agent, remove any Dollar Revolving Loan Borrower (other than itself) as a Dollar
Revolving Loan Borrower on a prospective basis; provided that at the time of such removal
there are no outstanding Dollar Revolving Loans owing to such Dollar Revolving Loan Borrower, and
all other amounts then due and payable by such Dollar Revolving Loan Borrower have been paid in
full. Any removal of a Person as a Dollar Revolving Loan Borrower shall have no effect on any
obligations of such Person as a Dollar Revolving Loan Borrower hereunder in respect of Obligations
previously incurred by it hereunder or with respect to any of the indemnities set forth herein
(including, without limitation, in Sections 1.11, 1.12, 1.16(b), 2.06, 4.04, 12.06 and 13.01),
which shall survive the removal of such Person as a Dollar Revolving Loan Borrower;
provided, however, that, in the case of the removal of Starwood REIT as a Dollar
Revolving Loan Borrower as provided above at the time of the consummation of the Host Transaction
(and the repayment in full of all Dollar Revolving Loans, and the payment of all accrued interest
thereon, by Starwood REIT), Starwood REIT shall be released and discharged from all of its
Obligations under this Agreement.

          (e) From time to time after the Effective Date, with the consent of the Corporation and the
Administrative Agent, any RL Lender may agree (in its sole discretion) to re-allocate all or a
portion of the Non-Alternate Currency Revolving Loan Sub-Commitment of such RL Lender as an
Alternate Currency Revolving Loan Sub-Commitment of such RL Lender relating to a given Alternate
Currency Revolving Loan Sub-Tranche, in any such case pursuant to a written agreement entered into,
and executed by, the respective RL Lender, the Administrative Agent, the Corporation and each other
relevant Borrower in form and substance satisfactory to such parties (each, an “Sub-Commitment
Re-Allocation Agreement”); provided that (x) the Non-Alternate Currency Revolving Loan
Sub-Commitment of the respective Lender shall be decreased by the amount of any increase in an
Alternate Currency Revolving Loan Sub-Commitment effected pursuant to the respective Sub-Commitment
Re-Allocation Agreement, (y) arrangements satisfactory to the Administrative Agent shall be made so
that, after giving effect to the adjustment to the respective Lender’s Alternate Currency Revolving
Loan Sub-Commitment, such Lender participates in all then outstanding extensions of credit on the
same basis as it would otherwise have so participated if it had originally had Alternate Currency
Revolving Loan Sub-Commitments and a related Non-Alternate Currency Revolving Loan Sub-Commitment
as same will be in effect after giving effect to the changes contemplated by this clause (e)
(including arrangements of the type described in the second sentence of Section 13.12(f) below) and
(z) without the prior written consent of the Required Lenders, no increase to any Alternate
Currency Revolving Loan Sub-Commitment of any Lender relating to a given Alternate Currency
Revolving Loan Sub-Tranche shall be made pursuant to this clause (e) if, immediately after giving
effect thereto, (1) the aggregate amount of Alternate Currency Revolving Loan Sub-Commitments of
all RL Lenders relating to such Alternate Currency Revolving Loan Sub-Tranche would exceed the
relevant Alternate Currency Revolving Loan Sub-Commitment Sub-Limit for such Alternate Currency
Revolving Loan Sub-Tranche or (2) the Total Alternate Currency Revolving Loan Sub-Commitment would
exceed the lesser of (I) $1,225,000,000 and (II) the Total Revolving Loan Commitment as then in
effect.

          (f) From time to time after the Effective Date, if one or more Alternate Currency RL Lenders
desires to reduce the amount of its Alternate Currency Revolving Loan Sub-Commitment with respect
to one or more Alternate Currencies, then the respective Alternate

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Currency RL Lender shall provide 30 days’ prior written notice thereof to the Corporation and
the Administrative Agent, specifying the relevant Alternate Currency Revolving Loan Sub-Commitment
to be so reduced and the amount of such reduction; provided however, that no more
than one such notice may be delivered by any Alternate Currency RL Lender in any 3 month period.
Any such reduction to an Alternate Currency Revolving Loan Sub-Commitment of any Alternate Currency
RL Lender shall be effective on the 30th day following delivery of the foregoing notice
(or, if such 30th day is not a Business Day, the next succeeding Business Day after such
30th day), with the following to occur concurrently therewith: (i) the Non-Alternate
Currency Revolving Loan Sub-Commitment of the respective Lender shall be increased by the amount of
the reduction to the Alternate Currency Revolving Loan Sub-Commitment of such Lender, (ii) the
relevant Borrowers shall, in coordination with the Administrative Agent, (x) repay outstanding
Dollar Revolving Loans and/or Alternate Currency Revolving Loans in a given Alternate Currency of
certain of the RL Lenders, and incur additional Dollar Revolving Loans and/or Alternate Currency
Revolving Loans in a given Alternate Currency from certain other RL Lenders (including the
Incremental RL Lenders) or (y) take such other actions as may be required by the Administrative
Agent (including by requiring new Dollar Revolving Loans or Alternate Currency Revolving Loans in a
given Alternate Currency to be incurred and added to then outstanding Borrowings of the respective
such Loans, even though as a result thereof such new Loans (to the extent required to be maintained
as Euro Rate 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 (I) all of the RL Lenders
effectively participate in each outstanding Borrowing of Dollar Revolving Loans pro
rata on the basis of their Dollar Percentages (determined after giving effect to the
decrease in the Alternate Currency Revolving Loan Commitment or Commitments of such Lender (and the
increase in the Non-Alternate Currency Revolving Loan Sub-Commitment of such Lender) pursuant to
this Section 13.12(f)) and (II) all Alternate Currency RL Lenders with an Alternate Currency
Revolving Loan Sub-Commitment in a given Alternate Currency effectively participate in each
outstanding Borrowing of Alternate Currency Revolving Loans in such Alternate Currency pro
rata on the basis of their Alternate Currency RL Percentages as the same relate to such
Alternate Currency (determined after giving effect to the decrease in the Alternate Currency
Revolving Loan Commitment or Commitments of such Lender (and the increase in the Non-Alternate
Currency Revolving Loan Sub-Commitment of such Lender) pursuant to this Section 13.12(f)), (iii)
the Corporation shall pay to the respective RL Lenders any costs of the type referred to in Section
1.12 in connection with any repayment and/or Borrowing required pursuant to preceding clause (ii)
and (iv) to the extent Dollar Revolving Loans or Alternate Currency Revolving Loans in a given
Alternate Currency are to be so incurred or added to the then outstanding Borrowings of the
respective such Loans which are maintained as Euro Rate Loans, the Lenders that have made such
Loans shall be entitled to receive from the Borrowers 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 clause (iv) of the
immediately preceding sentence shall, absent manifest error, be final and conclusive and binding on
all parties hereto.

          (g) Notwithstanding anything to the contrary contained in clauses (a) through (f) above of
this Section 13.12, (i) the Corporation, any other relevant Borrower, the Administrative Agent and
each Incremental RL Lender may, in accordance with the provisions

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of Section 1.19, enter into an Incremental Revolving Loan Commitment Agreement,
provided that after the execution and delivery by the Corporation, any other relevant
Borrower, the Administrative Agent and each such Incremental RL Lender of such Incremental
Revolving Loan Commitment Agreement, such Incremental Revolving Loan Commitment Agreement may
thereafter only be modified in accordance with the requirements of clause (a) through (f) above of
this Section 13.12 and (ii) the Corporation, any other relevant Borrower, the Administrative Agent
and any Alternate Currency RL Lender may, in accordance with the provisions of Section 13.12(e),
enter into a Sub-Commitment Re-Allocation Agreement, provided that after the execution and
delivery thereof, such Sub-Commitment Re-Allocation Agreement may thereafter only be modified in
accordance with the requirements of clause (a) through (f) above of this Section 13.12.

          13.13 Survival. All indemnities set forth herein including, without limitation, in
Sections 1.11, 1.12, 1.16(b), 2.06, 4.04, 12.06 and 13.01 shall survive the execution, delivery and
termination of this Agreement, the Notes and the other Credit Documents and the making and
repayment of the Obligations (it being understood and agreed that all such indemnities shall also
survive as to any Lender that has assigned all of its obligations hereunder pursuant to Section
13.04(b) with respect to the period of time in which such Lender was a “Lender” hereunder).

          13.14 Domicile of Loans. Each Lender may transfer and carry its Loans at, to or for
the account of any office, Subsidiary or Affiliate of such Lender. Notwithstanding anything to the
contrary contained herein, to the extent that a transfer of Loans pursuant to this Section 13.14
would, at the time of such transfer, result in increased costs under Section 1.11, 1.12, 1.16(b),
2.06 or 4.04 in excess of those being charged by the respective Lender prior to such transfer, then
the Borrowers shall not be obligated to pay such excess increased costs (although the Borrowers, in
accordance with and pursuant to the other provisions of this Agreement, shall be obligated to pay
the costs which would apply in the absence of such designation and any subsequent increased costs
of the type described above resulting from changes after the date of the respective transfer).

          13.15 Register. Each Borrower hereby designates the Administrative Agent to serve as
such Borrower’s agent, solely for purposes of this Section 13.15, to maintain a register (the
“Register”) on which it will record the Commitments from time to time of each of the
Lenders, the Loans made by each of the Lenders and each repayment in respect of the principal
amount of the Loans of each Lender. Failure to make any such recordation, or any error in such
recordation, shall not affect the respective Borrower’s obligations in respect of such Loans. With
respect to any Lender, the transfer of the Commitments of such Lender and the rights to the
principal of, and interest on, any Loan made pursuant to such Commitments shall not be effective
until such transfer is recorded on the Register maintained by the Administrative Agent with respect
to ownership of such Commitments and Loans and prior to such recordation all amounts owing to the
transferor with respect to such Commitments and Loans shall remain owing to the transferor. The
registration of assignment or transfer of all or part of any Commitments and Loans shall be
recorded by the Administrative Agent on the Register only upon the acceptance by the Administrative
Agent of a properly executed and delivered Assignment and Assumption Agreement pursuant to Section
13.04(b). Coincident with the delivery of such an Assignment and Assumption Agreement to the
Administrative Agent for acceptance and registration of

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assignment or transfer of all or part of a Loan, or as soon thereafter as practicable, the
assigning or transferor Lender shall surrender the Note, if any, evidencing such Loan, and
thereupon one or more new Notes in the same aggregate principal amount shall, if requested, be
issued to the assigning or transferor Lender and/or the new Lender. The registration of any
provision of Incremental Revolving Loan Commitments pursuant to Section 1.19 shall be recorded by
the Administrative Agent on the Register only upon the acceptance of the Administrative Agent of a
properly executed and delivered Incremental Revolving Loan Commitment Agreement. Coincident with
the delivery of such Incremental Revolving Loan Commitment Agreement for acceptance and
registration of the provision of an Incremental Revolving Loan Commitment, or as soon thereafter as
practicable, new Revolving Notes shall be issued to the respective Incremental RL Lender at the
request of such Incremental RL Lender. Each Borrower jointly and severally agrees to indemnify the
Administrative Agent from and against any and all losses, claims, damages and liabilities of
whatsoever nature which may be imposed on, asserted against or incurred by the Administrative Agent
in performing its duties under this Section 13.15.

          13.16 Judgment Currency. (a) The Credit Parties’ obligations hereunder and under the
other Credit Documents to make payments in the respective Applicable Currency (the “Obligation
Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any
judgment expressed in or converted into any currency other than the Obligation Currency, except to
the extent that such tender or recovery results in the effective receipt by the Administrative
Agent or the respective Lender of the full amount of the Obligation Currency expressed to be
payable to the Administrative Agent or such Lender under this Agreement or the other Credit
Documents. If for the purpose of obtaining or enforcing judgment against any Credit Party in any
court or in any jurisdiction, it becomes necessary to convert into or from any currency other than
the Obligation Currency (such other currency being hereinafter referred to as the “Judgment
Currency”) an amount due in the Obligation Currency, the conversion shall be made, at the
Alternate Currency Equivalent or the Dollar Equivalent thereof, as the case may be, and, in the
case of other currencies, the rate of exchange (as quoted by the Administrative Agent or if the
Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such
currency designated by the Administrative Agent) determined, in each case, as of the day on which
the judgment is given (such Business Day being hereinafter referred to as the “Judgment
Currency Conversion Date”).

          (b) If there is a change in the rate of exchange prevailing between the Judgment Currency
Conversion Date and the date of actual payment of the amount due, the Borrowers covenant and agree
to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount)
as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the
rate of exchange prevailing on the date of payment, will produce the amount of the Obligation
Currency which could have been purchased with the amount of Judgment Currency stipulated in the
judgment or judicial award at the rate or exchange prevailing on the Judgment Currency Conversion
Date.

          (c) For purposes of determining the Alternate Currency Equivalent or the Dollar Equivalent or
any other rate of exchange for this Section, such amounts shall include any premium and costs
payable in connection with the purchase of the Obligation Currency.

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          13.17 Confidentiality. (a) Subject to the provisions of clause (b) of this Section
13.17, each Lender agrees that it will use its reasonable best efforts not to disclose without the
prior consent of the Corporation (other than to its employees, officers, directors, auditors,
advisors or counsel or to another Lender if the Lender or such Lender’s holding or parent company
in its sole discretion determines that any such party should have access to such information,
provided such Persons shall be subject to the provisions of this Section 13.17 to the same extent
as such Lender) any information with respect to the Corporation or any of its Subsidiaries which is
now or in the future furnished pursuant to this Agreement or any other Credit Document,
provided that any Lender may disclose any such information (a) as has become generally
available to the public other than by virtue of a breach of this Section by such Lender, (b) to the
extent such information was legally in possession of such Lender prior to its receipt from or on
behalf of the Corporation or any of its Subsidiaries and was from a source not known to such Lender
to be (x) bound by a confidentiality agreement with the Corporation or (y) otherwise prohibited
from transmitting such information to such Lender by a contractual, legal or fiduciary obligation,
(c) such information becomes available to such Lender from a source other than the Corporation or
any of its Subsidiaries and such source is not known to such Lender to be (x) bound by a
confidentiality agreement with the Corporation or (y) otherwise prohibited from transmitting such
information to such Lender by a contractual, legal or fiduciary obligation, (d) as may be required
or reasonably appropriate in any report, statement or testimony submitted to, or in response to a
request from, any municipal, state or Federal governmental or regulatory body having or claiming to
have jurisdiction over such Lender or to the Federal Reserve Board, the Federal Deposit Insurance
Corporation, the NAIC or similar organizations (whether in the United States or elsewhere) or their
successors, (e) as may be required or reasonably appropriate in response to any summons or subpoena
or in connection with any litigation, (f) in order to comply with any Requirement of Law applicable
to such Lender, (g) to any Agent or any other Lender, (h) to any direct or indirect contractual
counterparties in swap agreements or such contractual counterparties’ professional advisors;
provided that such contractual counterparty or professional advisor to such contractual
counterparty agrees in writing to keep such information confidential to the same extent required of
the Lenders thereunder, and (i) to any prospective or actual transferee or participant in
connection with any contemplated transfer or participation of any of the Notes or Commitments or
any interest therein by such Lender, provided that such prospective transferee shall have
agreed to be subject to the provisions of this Section 13.17(a).

          (b) Each of the Borrowers hereby acknowledge and agree that each Lender may, in connection
with the Transaction or the participation of such Lender pursuant to this Agreement and the other
Credit Documents, share with any of its affiliates any information related to the Corporation or
any of its Subsidiaries (including, without limitation, any nonpublic customer information
regarding the creditworthiness of the Corporation and its Subsidiaries, provided such Persons shall
be subject to the provisions of this Section 13.17 to the same extent as such Lender).

          13.18 Patriot Act Each Lender subject to the USA PATRIOT ACT (Title 111 of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies each Borrower that
pursuant to the requirements of the Act, it is required to obtain, verify and record information
that identifies each Borrower and the other Credit Parties and other information that

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will allow such Lender to identify each Borrower and the other Credit Parties in accordance
with the Act.

          13.19 Post-Closing Matters Notwithstanding anything to the contrary contained in this
Agreement or the other Credit Documents, the parties hereto acknowledge and agree that Foreign
Subsidiaries of the Corporation (other than Starwood Canada) which are obligees with respect to
Intercompany Debt shall not be required to execute and deliver the Subordination Agreement as
otherwise required by Section 5.06(b) until the date occurring 45 days after the Initial Borrowing
Date (or such later date as may be agreed to by the Administrative Agent in its sole discretion).
All provisions of this Credit Agreement and the other Credit Documents (including, without
limitation, all conditions precedent, representations, warranties, covenants, events of default and
other agreements herein and therein) shall be deemed modified to the extent necessary to effect the
foregoing (and to permit the taking of the actions described above within the time period required
above, rather than as otherwise provided in the Credit Documents); provided that to the
extent any representation and warranty would not be true because the foregoing actions were not
taken on the Initial Borrowing Date, the respective representation and warranty shall be required
to be true and correct in all material respects at the time the respective action is taken (or was
required to be taken) in accordance with the foregoing provisions of this Section 13.19. The
acceptance of the benefits of each Credit Event shall constitute a covenant and agreement by each
Credit Agreement Party to each of the Lenders that the actions required pursuant to this Section
13.19 will be, or have been, taken within the relevant time period referred to above in this
Section 13.19 and that, at such time, all representations and warranties contained in this Credit
Agreement and the other Credit Documents shall then be true and correct without any modification
pursuant to this Section 13.19. The parties hereto acknowledge and agree that the failure to take
any of the actions required above, within the relevant time period required above, shall give rise
to an immediate Event of Default pursuant to this Agreement.

          SECTION 14. DRL Borrower Guaranty.

          14.01 The Guaranty. In order to induce the Lenders to enter into this Agreement and to
extend credit hereunder and to induce the Lenders or any of their respective Affiliates to enter
into Interest Rate Protection Agreements or Other Hedging Agreements, and in recognition of the
direct benefits to be received by each DRLB Guarantor from the proceeds of the Loans, the issuance
of the Letters of Credit and the entering into of Interest Rate Protection Agreements or Other
Hedging Agreements, each DRLB Guarantor hereby agrees with the Lenders as follows: each DRLB
Guarantor hereby unconditionally and irrevocably guarantees, as primary obligor and not merely as
surety the full and prompt payment when due, whether upon maturity, acceleration or otherwise, of
any and all of its Relevant Guaranteed Obligations to the Guaranteed Creditors. If any or all of
the Relevant Guaranteed Obligations of any DRLB Guarantor to the Guaranteed Creditors becomes due
and payable hereunder, each DRLB Guarantor unconditionally promises to pay such indebtedness to the
Guaranteed Creditors, or order, on demand, together with any and all expenses which may be incurred
by the Guaranteed Creditors in collecting any of the Relevant Guaranteed Obligations. This DRL
Borrower Guaranty is a guaranty of payment and not of collection. This DRL Borrower 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. If claim is ever made upon any

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Guaranteed Creditor for repayment or recovery of any amount or amounts received in payment or
on account of any of the Relevant Guaranteed Obligations and any of the aforesaid payees repays all
or part of said amount by reason of (i) any judgment, decree or order of any court or
administrative body having jurisdiction over such payee or any of its property or (ii) any
settlement or compromise of any such claim effected by such payee with any such claimant (including
any Relevant Guaranteed Party), then and in such event the respective DRLB Guarantor agrees that
any such judgment, decree, order, settlement or compromise shall be binding upon such DRLB
Guarantor, notwithstanding any revocation of this DRL Borrower Guaranty or any other instrument
evidencing any liability of any Relevant Guaranteed Party, and each DRLB Guarantor shall be and
remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same
extent as if such amount had never originally been received by any such payee.

          14.02 Bankruptcy. Additionally, each DRLB Guarantor unconditionally and irrevocably
guarantees the payment of any and all of the Relevant Guaranteed Obligations to the Guaranteed
Creditors whether or not due or payable by any Relevant Guaranteed Party upon the occurrence of any
of the events specified in Section 10.05, and unconditionally promises to pay such indebtedness to
the Guaranteed Creditors, or order, on demand.

          14.03 Nature of Liability. The liability of each DRLB Guarantor hereunder is exclusive
and independent of any guaranty of the Relevant Guaranteed Obligations whether executed by such
DRLB Guarantor, any other guarantor or by any other party, and the liability of each DRLB Guarantor
hereunder is not affected or impaired by (a) any direction as to application of payment by any
Relevant Guaranteed Party or any other party, or (b) any other continuing or other guaranty,
undertaking or maximum liability of a guarantor or of any other party as to the Relevant Guaranteed
Obligations, or (c) any payment on or in reduction of any such other guaranty or undertaking, or
(d) any dissolution, termination or increase, decrease or change in personnel by any Relevant
Guaranteed Party, or (e) any payment made to the Guaranteed Creditors on the Relevant Guaranteed
Obligations which any such Guaranteed Creditor repays to any Relevant Guaranteed Party pursuant to
court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief
proceeding, and each DRLB Guarantor waives any right to the deferral or modification of its
obligations hereunder by reason of any such proceeding, or (f) any action or inaction of the type
described in Section 14.05, or (g) the lack of validity or enforceability of any Credit Document or
any other instrument relating thereto.

          14.04 Independent Obligation. No invalidity, irregularity or unenforceability of all
or any part of the Relevant Guaranteed Obligations shall affect, impair or be a defense to this DRL
Borrower Guaranty, and this DRL Borrower 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, or a defense available to, a surety or guarantor
except indefeasible payment in full in cash of the Relevant Guaranteed Obligations. The
obligations of each DRLB Guarantor hereunder are independent of the obligations of any Relevant
Guaranteed Party, any other guarantor or any other party and a separate action or actions may be
brought and prosecuted against any DRLB Guarantor whether or not action is brought against any
Relevant Guaranteed Party, any other guarantor or any other party and whether or not any Relevant
Guaranteed Party, any other guarantor or any other party

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be joined in any such action or actions. Each DRLB Guarantor waives, to the full extent
permitted by law, the benefit of any statute of limitations affecting its liability hereunder or
the enforcement thereof. Any payment by any Relevant Guaranteed Party or other circumstance that
operates to toll any statute of limitations as to such Relevant Guaranteed Party shall operate to
toll the statute of limitations as to the relevant DRLB Guarantor.

          14.05 Authorization. Each DRLB Guarantor authorizes the Guaranteed Creditors without
notice or demand (except as shall be required by applicable statute and cannot be waived), and
without affecting or impairing its liability hereunder, from time to time to:

     (a) change the manner, place or terms of payment of, and/or change or extend the time
of payment of, renew, increase, accelerate or alter, any of the Relevant Guaranteed
Obligations (including any increase or decrease in the rate of interest thereon), any
security therefor, or any liability incurred directly or indirectly in respect thereof, and
this DRLB Guarantor Guaranty shall apply to the Relevant Guaranteed Obligations as so
changed, extended, renewed, increased or altered;

     (b) take and hold security for the payment of the Relevant Guaranteed Obligations and
sell, exchange, release, impair, 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 Relevant Guaranteed Obligations or any liabilities
(including any of those hereunder) incurred directly or indirectly in respect thereof or
hereof, and/or any offset thereagainst;

     (c) exercise or refrain from exercising any rights against any Relevant Guaranteed
Party or others or otherwise act or refrain from acting;

     (d) release or substitute any one or more endorsers, guarantors, any Relevant
Guaranteed Party or other obligors;

     (e) settle or compromise any of the Relevant 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 any Relevant Guaranteed Party to their
respective creditors other than the Guaranteed Creditors;

     (f) apply any sums by whomsoever paid or howsoever realized to any liability or
liabilities of any Relevant Guaranteed Party to the Guaranteed Creditors regardless of what
liability or liabilities of such Relevant Guaranteed Party remain unpaid;

     (g) consent to or waive any breach of, or any act, omission or default under, this
Agreement, any other Credit Document, any Interest Rate Protection Agreement or Other
Hedging Agreement or any of the instruments or agreements referred to herein or therein, or
otherwise amend, modify or supplement this Agreement, any other Credit Document, any
Interest Rate Protection Agreement or Other Hedging Agreement or any of such other
instruments or agreements; and/or

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     (h) take any other action that would, under otherwise applicable principles of common
law, give rise to a legal or equitable discharge of, or a defense available to, such DRLB
Guarantor from its liabilities under this DRL Borrower Guaranty.

          14.06 Reliance. It is not necessary for the Guaranteed Creditors to inquire into the
capacity or powers of any Relevant Guaranteed Party or the officers, directors, partners or agents
acting or purporting to act on their behalf, and any Relevant Guaranteed Obligations made or
created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

          14.07 Subordination. Any of the indebtedness of any Relevant Guaranteed Party now or
hereafter owing to any DRLB Guarantor is hereby subordinated to the Relevant Guaranteed Obligations
of such Relevant Guaranteed Party owing to the Guaranteed Creditors; and if the Administrative
Agent so requests at a time when an Event of Default exists, all such indebtedness of such Relevant
Guaranteed Party to such DRLB Guarantor shall be collected, enforced and received by such DRLB
Guarantor in trust for the benefit of the Guaranteed Creditors and be paid over to the
Administrative Agent on behalf of the Guaranteed Creditors on account of the Relevant Guaranteed
Obligations of such Relevant Guaranteed Party to the Guaranteed Creditors, but without affecting or
impairing in any manner the liability of any DRLB Guarantor under the other provisions of this DRL
Borrower Guaranty. Prior to the transfer by any DRLB Guarantor of any note or negotiable
instrument evidencing any of the indebtedness of any Relevant Guaranteed Party to such DRLB
Guarantor, such DRLB Guarantor shall mark such note or negotiable instrument with a legend that the
same is subject to this subordination. Without limiting the generality of the foregoing, each DRLB
Guarantor hereby agrees with the Guaranteed Creditors that it will not exercise any right of
subrogation which it may at any time otherwise have as a result of this DRL Borrower Guaranty
(whether contractual, under Section 509 of the Bankruptcy Code or otherwise) until all Relevant
Guaranteed Obligations have been irrevocably paid in full in cash.

          14.08 Waiver. (a) Each DRLB Guarantor waives any right (except as shall be required
by applicable statute and cannot be waived) to require any Guaranteed Creditor to (i) proceed
against any other Relevant Guaranteed Party, any other guarantor or any other party, (ii) proceed
against or exhaust any security held from any Relevant Guaranteed Party, any other guarantor or any
other party or (iii) pursue any other remedy in any Guaranteed Creditor’s power whatsoever. Each
DRLB Guarantor waives any defense based on or arising out of any defense of any Relevant Guaranteed
Party, any other guarantor or any other party, other than indefeasible payment in full in cash of
the Relevant Guaranteed Obligations, based on or arising out of the disability of any Relevant
Guaranteed Party, any other guarantor or any other party, or the unenforceability of the Relevant
Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the
liability of any Relevant Guaranteed Party other than indefeasible payment in full in cash of the
Relevant Guaranteed Obligations. The Guaranteed Creditors may, at their election, foreclose on any
security held by the Administrative Agent or any other Guaranteed Creditor 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
Guaranteed Creditors may have against any Relevant Guaranteed Party or any other party, or any
security, without affecting or impairing in any way the liability of any DRLB Guarantor hereunder
except to the extent the Relevant Guaranteed Obligations have been indefeasibly paid in full in
cash. Each DRLB Guarantor

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waives any defense arising out of any such election by the Guaranteed Creditors, even though
such election operates to impair or extinguish any right of reimbursement or subrogation or other
right or remedy of such DRLB Guarantor against any Relevant Guaranteed Party or any other party or
any security.

          (b) Each DRLB Guarantor waives all presentments, demands for performance, protests and
notices, including, without limitation, notices of nonperformance, notices of protest, notices of
dishonor, notices of acceptance of this DRL Borrower Guaranty, and notices of the existence,
creation or incurring of new or additional Relevant Guaranteed Obligations. Each DRLB Guarantor
assumes all responsibility for being and keeping itself informed of each Relevant Guaranteed
Party’s financial condition and assets, and of all other circumstances bearing upon the risk of
nonpayment of the Relevant Guaranteed Obligations and the nature, scope and extent of the risks
which such DRLB Guarantor assumes and incurs hereunder, and agrees that the Guaranteed Creditors
shall have no duty to advise any DRLB Guarantor of information known to them regarding such
circumstances or risks.

          (c) Until such time as the Relevant Guaranteed Obligations have been paid in full in cash,
each DRLB Guarantor hereby waives all rights of subrogation which it may at any time otherwise have
as a result of this DRL Borrower Guaranty (whether contractual, under Section 509 of the Bankruptcy
Code, or otherwise) to the claims of the Guaranteed Creditors against any Relevant Guaranteed Party
or any other guarantor of the Relevant Guaranteed Obligations and all contractual, statutory or
common law rights of reimbursement, contribution or indemnity from any Relevant Guaranteed Party or
any other guarantor which it may at any time otherwise have as a result of this DRL Borrower
Guaranty.

          (d) Each DRLB Guarantor warrants and agrees that each of the waivers set forth above is made
with full knowledge of its significance and consequences and that if any of such waivers are
determined to be contrary to any applicable law or public policy, such waivers shall be effective
only to the maximum extent permitted by law.

          14.09 Payments. All payments made by a DRLB Guarantor pursuant to this Section 14
shall be made in the respective Applicable Currency in which the Relevant Guaranteed Obligations
are then due and payable (giving effect, in the circumstances contemplated by Section 1.17, to any
conversion occurring pursuant thereto). All payments made by a DRLB Guarantor pursuant to this
Section 14 will be made without setoff, counterclaim or other defense, and shall be subject to the
provisions of Sections 4.03, 4.04 and 13.16.

          14.10 Consent to Additional Obligations. Each DLRB Guarantor hereby acknowledges and
agrees that (i) pursuant to the terms of the Credit Agreement various Dollar Revolving Loan
Borrowers and Alternate Currency Revolving Loan Borrowers may become party to the Credit Agreement
from time to time and incur Loans and other Obligations thereunder and (ii) all Obligations of each
Dollar Revolving Loan Borrower and each Alternate Currency Revolving Loan Borrower under the Credit
Agreement shall be fully guaranteed hereunder (and constitute Relevant Guaranteed Obligations of
such DLRB Guarantor) and no consent of such DLRB Guarantor shall be required to effect the same.

-147-

 

          14.11 Fraudulent Conveyance Limitation. Each DLRB Guarantor (other than the
Corporation) hereby confirms that it is its intention that this DRL Borrower Guaranty not
constitute a fraudulent transfer or conveyance for purposes of any bankruptcy, insolvency or
similar law, the Uniform Fraudulent Conveyance Act or any similar Federal, state or foreign law.
To effectuate the foregoing intention, each DLRB Guarantor (other than the Corporation) hereby
irrevocably agrees that its Relevant Guaranteed Obligations shall be limited to the maximum amount
as will, after giving effect to such maximum amount and all other (contingent or otherwise)
liabilities of such DLRB Guarantor that are relevant under such laws, result in its Relevant
Guaranteed Obligations in respect of such maximum amount not constituting a fraudulent transfer or
conveyance; it being understood that in no event shall the Relevant Guaranteed Obligations of the
Corporation be limited pursuant to the provisions of this Section 14.10 as the Corporation is the
direct or indirect parent of each of the other DRLB Guarantors and, accordingly, is obtaining
direct benefits from all extensions of credit to the DLRB Guarantors. Any limitation on the
Relevant Guaranteed Obligations of any DLRB Guarantor resulting from the application of the
provisions of this Section 14.10 shall have no effect on the Relevant Guaranteed Obligations of any
other DLRB Guarantor or the Obligations of any other Credit Party (under its Guaranty), which (in
each case) shall be determined as if there were no such limitation, to the maximum extent permitted
by applicable law.

-148-

 

          IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Agreement as of the date first above written.

	 	 	 	 	 
	 	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.,
 as a Borrower and Guarantor

	 
	 
	 	By:  	/s/ Jeff S. Drew
 	 
	 	 	Name:  	Jeff S. Drew 	 
	 	 	Title:  	Senior Vice President & Treasurer 	 
	 
	 	STARWOOD HOTELS & RESORTS, a Maryland real estate investment trust, as a Borrower
	 
	 
	 	By:  	/s/ Jeff S. Drew
 	 
	 	 	Name:  	Jeff S. Drew 	 
	 	 	Title:  	Vice President & Treasurer 	 
	 
	 	STARWOOD CANADA CORP., as a Borrower

 	 
	 	By:  	/s/ Jeff S. Drew
 	 
	 	 	Name:  	Jeff S. Drew 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH,

     Individually and as Administrative Agent

 	 
	 	By:  	/s/ George R. Reynolds
 	 
	 	 	Name:  	George R. Reynolds 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	/s/ Brenda Casey
 	 
	 	 	Name:  	Brenda Casey 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

     Individually and as Syndication Agent

 	 
	 	By:  	/s/ Donald S. Shokrian
 	 
	 	 	Name:  	Donald S. Shokrian 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SOCIETE GENERALE,

     Individually and as a Syndication Agent

 	 
	 	By:  	/s/ Michael P. Sassos
 	 
	 	 	Name:  	Michael P. Sassos 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

     Individually and as a Documentation Agent

 	 
	 	By:  	/s/ Roger C. Davis
 	 
	 	 	Name:  	Roger C. Davis 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH,

     Individually and as a Documentation Agent

 	 
	 	By:  	/s/ Jan Hazoiton
 	 
	 	 	Name:  	Jan Hazoiton 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	/s/ Joseph A. Asciolla
 	 
	 	 	Name:  	Joseph A. Asciolla 	 
	 	 	Title:  	Managing Director 	 
	 

 

 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	The Bank of Nova Scotia	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Rob Boese
 	 
	 	 	Name:  	Rob Boese 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	Citicorp North America, Inc.	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Malav Kakad
 	 
	 	 	Name:  	Malav Kakad 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	The Royal Bank of Scotland, plc	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Timothy J. McNaught
 	 
	 	 	Name:  	Timothy J. McNaught 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	Mizuho Corporate Bank, Ltd.	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Raymond Ventura
 	 
	 	 	Name:  	Raymond Ventura 	 
	 	 	Title:  	Deputy General Manager 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	BARCLAYS BANK PLC	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Alison A. McGuigan
 	 
	 	 	Name:  	Alison A. McGuigan 	 
	 	 	Title:  	Associate Director 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 
	 

	 	NAME OF INSTITUTION:
	 
	 	 
	 

	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Giampaolo Consigliere
 	 
	 	 	Name:  	Giampaolo Consigliere 	 
	 	 	Title:  	Vice President
Global Trade Finance 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Hector O. Villegas
 	 
	 	 	Name:  	Hector O. Villegas 	 
	 	 	Title:  	Vice President
Global Corporate Banking 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	HSBC BANK USA, NATIONAL ASSOCIATION	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ James P. Kelly
 	 
	 	 	Name:  	James P. Kelly 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	Sovereign Bank	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ T. Gregory Donohue
 	 
	 	 	Name:  	T. Gregory Donohue 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	UNICREDITO ITALIANO	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Maurizio Brentegani
 	 
	 	 	Name:  	Maurizio Brentegani 	 
	 	 	Title:  	SVP & General Manager 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Charles Michael
 	 
	 	 	Name:  	Charles Michael 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	THE BANK OF TOKYO-MITSUBISHI UFJ. LTD., NEW YORK BRANCH	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Cosmas Bonaparte
 	 
	 	 	Name:  	Cosmas Bonaparte 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	BANK OF HAWAII	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Andrew Chang
 	 
	 	 	Name:  	Andrew Chang 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	FIRST HAWAIIAN BANK	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Charles L. Jenkins
 	 
	 	 	Name:  	Charles L. Jenkins 	 
	 	 	Title:  	Senior Vice President, Manager 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	BANK OF MONTREAL	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Virginia Neale
 	 
	 	 	Name:  	Virginia Neale 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	SANPAOLO IMI S.p.A.	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Cathy R. Lesse
 	 
	 	 	Name:  	Cathy R. Lesse 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Renato Carducci
 	 
	 	 	Name:  	Renato Carducci 	 
	 	 	Title:  	General Manager 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	BANCA INTESA	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ John J. Michalisin
 	 
	 	 	Name:  	John J. Michalisin 	 
	 	 	Title:  	First Vice President 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Anthony F. Giobbi
 	 
	 	 	Name:  	Anthony F. Giobbi 	 
	 	 	Title:  	First Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	Banca Nazionale del Lavoro SpA, New York Branch	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Francesco Ingargiola
 	 
	 	 	Name:  	Francesco Ingargiola 	 
	 	 	Title:  	Relationship Manager 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Francesco Di Mario
 	 
	 	 	Name:  	Francesco Di Mario 	 
	 	 	Title:  	Senior Manager 	 
	 

 

 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	BANK HAPOALIM B.M	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Marc Bosc
 	 
	 	 	Name:  	Marc Bosc 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Lenroy Hackett
 	 
	 	 	Name:  	Lenroy Hackett 	 
	 	 	Title:  	First Vice President 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	Hua Nan Commercial Bank, LTD. New York Agency	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Daniel Huang
 	 
	 	 	Name:  	Daniel Huang 	 
	 	 	Title:  	General Manager 	 

 

 

	 	 	 	 	 

SIGNATURE PAGE TO THE CREDIT AGREEMENT, DATED AS OF
FEBRUARY 10, 2006, AMONG STARWOOD HOTELS & RESORTS
WORLDWIDE, INC., STARWOOD HOTELS & RESORTS, CERTAIN
ADDITIONAL DOLLAR REVOLVING LOAN BORROWERS, CERTAIN
ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWERS,
THE LENDERS FROM TIME TO TIME PARTY THERETO AND DEUTSCHE
BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT

	 	 	 	 	 
	 

	 	NAME OF INSTITUTION:
	 	 
	 
	 	 	 	 
	 

	 	Bank of Communications, New York Branch	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                          /s/ Yuning Liu
 	 
	 	 	Name:  	Yuning Liu 	 
	 	 	Title:  	Deputy General Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]