Document:

Second-Lien Credit Agreement

 Exhibit 10.2 

  
 

 
  
 SECOND-LIEN CREDIT AGREEMENT

  
 dated as of 
  
 May 10, 2005 
  
 among 
  
 WYNDHAM INTERNATIONAL, INC., 
  
 The Lenders Party Hereto, 
  
 JPMORGAN CHASE BANK, N.A., 
 as Administrative
Agent, 
  
 and 
  
 BEAR STEARNS CORPORATE LENDING INC., 
 as Syndication Agent 
  
 $140,000,000 
  

  
 

 
  
 J.P. MORGAN SECURITIES INC.,

 as Joint Lead Arranger and Joint Book Runner 
  
 

 
  
 BEAR, STEARNS & CO., INC.,

 as Joint Lead Arranger and Joint Book Runner 

 Table of Contents 
  

					
	 	  	 	  	Page

	ARTICLE I Definitions	  	1
			
	 SECTION 1.01
	  	 Defined Terms
	  	1
	 SECTION 1.02
	  	 Classification of Loans and Borrowings
	  	33
	 SECTION 1.03
	  	 Terms Generally
	  	33
		
	 ARTICLE II The Credits
	  	34
			
	 SECTION 2.01
	  	 Commitments
	  	34
	 SECTION 2.02
	  	 Loans and Borrowings
	  	34
	 SECTION 2.03
	  	 Requests for Borrowings
	  	34
	 SECTION 2.04
	  	 Funding of Borrowings
	  	35
	 SECTION 2.05
	  	 Interest Elections
	  	35
	 SECTION 2.06
	  	 Repayment of Loans; Evidence of Debt
	  	37
	 SECTION 2.07
	  	 Termination of Commitments
	  	37
	 SECTION 2.08
	  	 Voluntary Prepayment of Loans
	  	37
	 SECTION 2.09
	  	 Mandatory Applications and Prepayments.
	  	38
	 SECTION 2.10
	  	 Fees
	  	41
	 SECTION 2.11
	  	 Interest
	  	42
	 SECTION 2.12
	  	 Alternate Interest
	  	42
	 SECTION 2.13
	  	 Increased Costs
	  	43
	 SECTION 2.14
	  	 Break Funding Payments
	  	44
	 SECTION 2.15
	  	 Taxes
	  	45
	 SECTION 2.16
	  	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	45
	 SECTION 2.17
	  	 Mitigation Obligations, Replacement of Lenders
	  	47
		
	 ARTICLE III Representations and Warranties
	  	48
			
	 SECTION 3.01
	  	 Financial Condition
	  	48
	 SECTION 3.02
	  	 No Change
	  	48
	 SECTION 3.03
	  	 Company Existence; Compliance with Law
	  	48
	 SECTION 3.04
	  	 Company Power; Authorization; Enforceable Obligations
	  	49
	 SECTION 3.05
	  	 No Violation
	  	49
	 SECTION 3.06
	  	 Litigation
	  	49
	 SECTION 3.07
	  	 No Default
	  	50
	 SECTION 3.08
	  	 Intellectual Property
	  	50
	 SECTION 3.09
	  	 Taxes
	  	50
	 SECTION 3.10
	  	 Federal Regulations
	  	50
	 SECTION 3.11
	  	 Labor Matters
	  	50
	 SECTION 3.12
	  	 ERISA
	  	51
	 SECTION 3.13
	  	 Investment Company Act; Other Regulations
	  	51
	 SECTION 3.14
	  	 Public Utility Holding Company Act
	  	51
	 SECTION 3.15
	  	 Subsidiaries; Joint Ventures
	  	51
	 SECTION 3.16
	  	 Use of Proceeds; Margin Regulations
	  	52
	 SECTION 3.17
	  	 Hotels
	  	52
	 SECTION 3.18
	  	 Environmental Matters
	  	53

  

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 Table of Contents 
  

					
	 	  	 	  	Page

	 SECTION 3.19
	  	 Accuracy of Information, etc.
	  	54
	 SECTION 3.20
	  	 Security Documents
	  	54
	 SECTION 3.21
	  	 Solvency
	  	55
	 SECTION 3.22
	  	 Existing Indebtedness
	  	55
	 SECTION 3.23
	  	 Transaction
	  	55
		
	 ARTICLE IV Conditions Precedent
	  	56
			
	 SECTION 4.01
	  	 Conditions to Initial Extension of Credit
	  	56
	 SECTION 4.02
	  	 Conditions to Each Extension of Credit
	  	62
		
	 ARTICLE V Affirmative Covenants
	  	62
			
	 SECTION 5.01
	  	 Financial Statements
	  	62
	 SECTION 5.02
	  	 Certificates; Other Information
	  	63
	 SECTION 5.03
	  	 Payment of Obligations
	  	65
	 SECTION 5.04
	  	 Maintenance of Existence; Compliance
	  	65
	 SECTION 5.05
	  	 Maintenance of Property; Insurance
	  	65
	 SECTION 5.06
	  	 Inspection of Property; Books and Records; Discussions
	  	66
	 SECTION 5.07
	  	 Notices
	  	66
	 SECTION 5.08
	  	 Environmental Laws
	  	67
	 SECTION 5.09
	  	 Further Assurances; Additional Collateral; New Subsidiaries, etc.
	  	67
	 SECTION 5.10
	  	 Maintenance of Separateness
	  	70
	 SECTION 5.11
	  	 Ratings
	  	70
		
	 ARTICLE VI Negative Covenants
	  	70
			
	 SECTION 6.01
	  	 [RESERVED]
	  	70
	 SECTION 6.02
	  	 Indebtedness
	  	70
	 SECTION 6.03
	  	 Liens
	  	72
	 SECTION 6.04
	  	 Fundamental Changes
	  	74
	 SECTION 6.05
	  	 Disposition of Assets or Equity Ownership Interests
	  	75
	 SECTION 6.06
	  	 Investments
	  	75
	 SECTION 6.07
	  	 Dividends
	  	77
	 SECTION 6.08
	  	 Payments and Modifications of Certain Debt Instruments, Preferred Stock and Company Documents
	  	78
	 SECTION 6.09
	  	 Transactions with Affiliates
	  	78
	 SECTION 6.10
	  	 Clauses Restricting Subsidiary Distributions
	  	79
	 SECTION 6.11
	  	 Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s
method of determining Fiscal Quarters.
	  	79
	 SECTION 6.12
	  	 Negative Pledge Clauses
	  	79
	 SECTION 6.13
	  	 Lines of Business
	  	80
	 SECTION 6.14
	  	 Subsidiary Stock
	  	80
	 SECTION 6.15
	  	 Derivatives Obligations
	  	80
	 SECTION 6.16
	  	 Capital Expenditures
	  	80

  

 -ii- 

 Table of Contents 
  

					
	 	  	 	  	Page

	 ARTICLE VII Events of Default
	  	81
			
	 SECTION 7.01
	  	 Payments
	  	81
	 SECTION 7.02
	  	 Representations, etc.
	  	81
	 SECTION 7.03
	  	 Covenants
	  	81
	 SECTION 7.04
	  	 Default/Acceleration Under Other Agreements
	  	81
	 SECTION 7.05
	  	 Bankruptcy, etc.
	  	82
	 SECTION 7.06
	  	 ERISA
	  	82
	 SECTION 7.07
	  	 Judgments
	  	83
	 SECTION 7.08
	  	 Security Documents
	  	83
		
	 ARTICLE VIII The Administrative Agent
	  	83
			
	 SECTION 8.01
	  	 Appointment
	  	83
	 SECTION 8.02
	  	 The Administrative Agent in its Individual Capacity
	  	84
	 SECTION 8.03
	  	 Nature of Duties
	  	84
	 SECTION 8.04
	  	 Reliance
	  	84
	 SECTION 8.05
	  	 Resignation or Removal of the Administrative Agent
	  	85
	 SECTION 8.06
	  	 Lack of Reliance on the Administrative Agent
	  	85
	 SECTION 8.07
	  	 Certain Rights of the Administrative Agent
	  	86
	 SECTION 8.08
	  	 Indemnification
	  	86
	 SECTION 8.09
	  	 Other Agents
	  	86
		
	 ARTICLE IX Miscellaneous
	  	86
			
	 SECTION 9.01
	  	 Notices
	  	86
	 SECTION 9.02
	  	 Waivers; Amendments
	  	87
	 SECTION 9.03
	  	 Expenses; Indemnity; Damage Waiver
	  	88
	 SECTION 9.04
	  	 Successors and Assigns
	  	89
	 SECTION 9.05
	  	 Survival
	  	91
	 SECTION 9.06
	  	 Counterparts
	  	91
	 SECTION 9.07
	  	 Severability
	  	91
	 SECTION 9.08
	  	 Right of Setoff
	  	91
	 SECTION 9.09
	  	 Governing Law, Jurisdiction; Consent to Service of Process
	  	92
	 SECTION 9.10
	  	 WAIVER OF JURY TRIAL
	  	92
	 SECTION 9.11
	  	 Headings
	  	93
	 SECTION 9.12
	  	 Confidentiality
	  	93
	 SECTION 9.13
	  	 Effectiveness
	  	93
	 SECTION 9.14
	  	 Domicile of Loans
	  	93
	 SECTION 9.15
	  	 Calculations; Computations
	  	94
	 SECTION 9.16
	  	 The Patriot Act
	  	94
	 SECTION 9.17
	  	 OTHER LIENS ON COLLATERAL; TERMS OF INTERCREDITOR AGREEMENT; ETC.
	  	94

  

 -iii- 

			
	 ANNEX I
	  	Lenders/Commitments
		
	 SCHEDULE 1.01(i)
	  	CMBS Collateral
	 SCHEDULE 1.01(ii)
	  	Mezzanine Collateral
	 SCHEDULE 1.01(iii)
	  	Mortgaged Property
	 SCHEDULE 1.01(iv)
	  	Subsidiary Guarantors/Non-Guarantor Subsidiaries
	 SCHEDULE 1.01(v)
	  	Portfolio Assets
	 SCHEDULE 1.01(vi)
	  	Certain Litigation
	 SCHEDULE 1.01(vii)
	  	Investments mark pursuant to Buy/Sell Arrangements
	 SCHEDULE 3.04
	  	Filings/Notices
	 SCHEDULE 3.06
	  	Litigation
	 SCHEDULE 3.15
	  	Subsidiaries/Joint Ventures
	 SCHEDULE 3.17
	  	Hotels
	 SCHEDULE 3.22
	  	Existing Indebtedness
	 SCHEDULE 6.06(a)
	  	Existing Investments
	 SCHEDULE 6.09
	  	Certain Indemnities
	 SCHEDULE 6.10
	  	Restrictive Agreements
	 SCHEDULE 6.15
	  	Existing Interest Rate Protection Agreements
		
	 EXHIBIT A
	  	Form of Assignment and Acceptance
	 EXHIBIT B
	  	Form of Compliance Certificate
	 EXHIBIT C
	  	Form of Guaranty and Collateral Agreement
	 EXHIBIT D
	  	Form of Closing Certificate
	 EXHIBIT E-1
	  	Matters to be covered by Opinions of (i) Akin Gump Strauss Hauer & Feld LLP and (ii) Skadden, Arps, Slate, Meagher & Flom LLP
	 EXHIBIT F
	  	Form of Solvency Certificate
	 EXHIBIT G
	  	[Reserved]
	 EXHIBIT H
	  	Form of Intercreditor Agreement

  

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 SECOND-LIEN CREDIT AGREEMENT dated as of May 10, 2005 among WYNDHAM INTERNATIONAL, INC., a Delaware
corporation (the “Borrower”), the Lenders party hereto from time to time, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and BEAR STEARNS CORPORATE LENDING INC., as Syndication Agent. All capitalized terms used herein and
defined in Section 1 are used herein as therein defined. 
  
 The
parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01 Defined Terms. As used in this Agreement, the following
terms have the meanings specified below: 
  
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
  
 “Acquired Business” has the meaning as provided in the term
“Permitted Acquisition.” 
  
 “Act” has the meaning provided in Section 9.16. 
  
 “AD Holdback Amount” means for a fiscal year of the Borrower, (i) the aggregate amount of the Borrower’s Percentage of each Asset Disposition and Exchange made during such year plus (ii) the
aggregate Net Cash Proceeds, if any, retained by the Borrower from Asset Dispositions and Exchanges during such year pursuant to clause (B) of the proviso in Section 2.11(f) of the First-Lien Credit Agreement, other than PPH Proceeds. 
  
 “Additional Amount” means, for any fiscal year, (i) the
Purchase Price of Permitted Acquisitions, (ii) the value (as determined pursuant to the definition of Permitted Expenditures) of Permitted Expenditures and (iii) the amount of Capital Expenditures made during such fiscal year pursuant to Section
6.06(x). 
  
 “Additional Mortgage” means each
Mortgage executed and delivered pursuant to Section 5.09(a). 
  
 “Additional Mortgaged Property” has the meaning provided in Section 5.09(a). 
  
 “Adjusted Consolidated Net Income” means, for any Person for any period, the Consolidated Net Income of such Person for such period plus
the amount of all non-cash charges (including non-cash taxes) and losses from sales of assets that were deducted in determining such Consolidated Net Income minus the amount of all non-cash gains and gains from sales of assets that were added at
arriving at such Consolidated Net Income. 
  
 “Adjusted
Consolidated Working Capital” means, at any time, Consolidated Current Assets (but excluding therefrom all cash and Cash Equivalents) less Consolidated Current Liabilities at such time. 
  

 “Adjusted Holdback” means for any fiscal year, the sum of (i) the AD Holdback Amount for
such fiscal year plus (ii) the portion of the Rollover Amount for such fiscal year attributable to the unused AD Holdback Amount for the previous fiscal year. 
  

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
  
 “Administrative Agent” means JP Morgan Chase, in its capacity as administrative agent for the Lenders hereunder, and shall include any
successor to the Administrative Agent appointed pursuant to Section 8.05. 
  
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affected Eurodollar Loans” has the meaning provided in Section 2.16. 
  
 “Affected Loans” has the meaning provided in Section
2.11(j). 
  
 “Affiliate” means, with respect to
any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly,
either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person,
whether by contract or otherwise. 
  
 “Aggregate CE/PE
Expenditures” means for any fiscal year of the Borrower, the sum of (x) the aggregate amount of Capital Expenditures made in such fiscal year plus (y) the aggregate Purchase Price of all Permitted Acquisitions made in such fiscal year plus
(z) the aggregate Permitted Expenditures (valued as provided in the definition of Permitted Expenditures) other than Permitted Acquisitions made in such fiscal year. 
  
 “Agreed Additional Permitted Expenditures” means Permitted Expenditures made at any time when the Leverage
Ratio as of the last day of the fiscal quarter then last ended was less than 6.00 to 1.00 provided that the sum of (i) the aggregate Purchase Price of all Permitted Acquisitions included in such Agreed Additional Permitted Expenditures plus
(ii) the value (as determined in the definition of Permitted Expenditures) of all Permitted Expenditures other than Permitted Acquisitions included in such Agreed Additional Permitted Expenditures shall not exceed in the aggregate $25,000,000 in any
fiscal year, it being agreed that the references to Permitted Acquisitions and Permitted Expenditures in Section 6.16 shall not include any Agreed Additional Permitted Expenditures. 
  
 “Agreement” means this Second-Lien Credit Agreement, as amended, restated, modified and/or supplemented
from time to time. 
  
 “Alternate Base Rate”
means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime
Rate or the 

  

 -2- 

 
Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate,
respectively. 
  
 “Apollo/THL Affiliate” means
(i) Apollo Management, L.P., (ii) Thomas H. Lee Partners, L.P. and (iii) any Person that, directly or indirectly, is in control of, is controlled by, or is under common control with either of the Persons identified in clauses (i) and/or (ii).

  
 “Applicable Margin” means 8.00% per annum if
Eurodollar Loans and 7.00% per annum if ABR Loans. 
  
 “Applicable Prepayment Amount” means at any time with respect to any Loan being prepaid in whole or in part pursuant to Section 2.08 or Section 2.17(b), an amount equal to (i) for any prepayments made during the period
beginning on the first year anniversary of the Effective Date to, and including the second year anniversary thereof, 103% of the aggregate principal amount of the Loans being prepaid at such time, (ii) for any such prepayments made during the period
beginning on the date occurring immediately after the second year anniversary of the Effective Date to, and including the third year anniversary of the Effective Date, an amount equal to 102% of the aggregate principal amount of the Loans being
prepaid at such time, (iii) for any such prepayments made during the period beginning on the date occurring immediately after the third year anniversary of the Effective Date to, and including the fourth year anniversary of the Effective Date, an
amount equal to 101% of the aggregate principal amount of the Loans being prepaid at such time and (iv) at any time after the fourth year anniversary of the Effective Date, an amount equal to 100.0% of the aggregate principal amount of the Loans
being prepaid at such time. 
  
 “Appraised Value”
of a Mortgaged Property means the MAI appraised value of such Mortgaged Property as set forth in the appraisals delivered pursuant to Section 4.01(j) hereof. 
  
 “Asset Disposition” means any Disposition (including, without limitation, by merger or consolidation but excluding Dispositions arising
out of, or in connection with, a Recovery Event) by the Borrower, or any of its Subsidiaries or Joint Ventures to any Person (other than to the Borrower or any Subsidiary Guarantor) of any Equity Ownership Interest of any of its Subsidiaries or
Joint Ventures or any Hotel or any other properties and assets, or group of related properties and assets of any kind whatsoever, whether real, personal, or mixed, in each case other than (i) Dispositions in the ordinary course of business of
inventory, obsolete, damaged or worn out assets and fixtures, furniture and equipment, terminations of franchise and management agreements, leases and licenses (and subleases and sublicenses), licenses and sublicenses, Dispositions constituting
Investments permitted by Sections 6.06(h) and Liens permitted by Section 6.03 and (ii) other Dispositions of assets other than Hotels and/or all or substantially all of the seller’s interest in a Subsidiary or Joint Venture (but including in
any event for purposes of Section 2.11(f) the repayment of any Tempus Note as a result of the sale of timeshare unit(s)) which generate net proceeds and/or other consideration the fair market value of which is less than $5,000,000 in the aggregate
in any fiscal year of the Borrower. 
  
 “Assignment and
Acceptance” means an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by 

  

 -3- 

 
Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 
  
 “Assumed Indebtedness” means Indebtedness assumed after the
Effective Date in connection with a Permitted Acquisition or with an Exchange, provided that (a) such Indebtedness is outstanding at the time of such acquisition and was not incurred in connection therewith or in contemplation thereof and (b)
in the event that such Permitted Acquisition constitutes an acquisition of assets other than Equity Ownership Interest, such Indebtedness was incurred in order to acquire or improve such asset (or refinancing of such Indebtedness whether in
connection with the original acquisition or improvement or the Permitted Acquisition). 
  
 “Attributable Indebtedness” means, in respect of a sale-leaseback transaction, as at the time of determination, the present value (discounted at the interest rate borne at such time (or if after the
First -Lien Termination Date borne on the First-Lien Termination Date) by “Revolving Loans” maintained as “Eurodollar Loans” (in each case and as defined in the First-Lien Credit Agreement) compounded annually) of the total
obligations of the lessee for rental/lease payments during the remaining term of the lease included in such sale-leaseback transaction (including any period for which such lease has been extended), provided, however, that if such
sale-leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby shall be determined in accordance with the definition of Capital Lease Obligations. 
  
 “Base Amount” means for (i) the fiscal year of the Borrower
ending December 31, 2005, $150,000,000, (ii) the fiscal year of the Borrower ending December 31, 2006, $100,000,000 and (iii) each subsequent fiscal year of the Borrower, $75,000,000. 
  
 “Board” means the Board of Governors of the Federal Reserve System of the United States of America (or any
successor). 
  
 “Borrower” has the meaning
provided in the first paragraph of this Agreement. 
  
 “Borrower’s Percentage” means with respect to any Asset Disposition or Exchange, a percentage equal to 100% less the Designated Percentage for such event. 
  
 “Borrower’s Preferred Stock” means the shares of the Borrower’s Series A Convertible Preferred
Stock and Series B Convertible Preferred Stock. 
  
 “Borrowing” means Loans of the same Type made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 
  
 “Borrowing Request” means a request by the Borrower for a
Borrowing of Loans in accordance with Section 2.03. 
  
 “Business” has the meaning provided in Section 3.18(b). 
  
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed, provided that, with
respect to notices and determinations in connection with and payments of 

  

 -4- 

 
principal and interest on, Eurodollar Loans, such day is also a day for trading by and between banks in dollar deposits in the interbank London Eurodollar
market. 
  
 “Buy/Sell Arrangement” means an
agreement among owners of Equity Ownership Interests in another Person pursuant to which an owner has the option to sell his Equity Ownership Interest or to buy the Equity Ownership Interests of other owners, and in response to which offer, the
offerees in turn have the option to accept such offer, or to require the initial offeror in the case of an initial offer to sell, to instead buy the Equity Ownership Interests of the offerees, or in the case of an initial offer to buy, to instead
sell the Equity Ownership Interest of the offeror to the offerees. 
  
 “Calculation Period” means the Test Period during which occurs the respective event or incurrence which requires calculations to be made on a Pro Forma Basis. 
  
 “Capital Expenditures” means for any period, with respect to any Person, the aggregate of all expenditures
(including with funds that constituted Prepaid Capital Expenditures but other than Management Agreement Investments and those made pursuant to Permitted Expenditures or in connection with a Recovery Event) by such Person and its Subsidiaries for the
acquisition or leasing (other than pursuant to a lease giving rise to Capital Lease Obligations) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period but excluding
merchandise inventory acquired during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person and its Subsidiaries, provided that any such expenditure required to be paid or reimbursed by a tenant,
licensee, concessionaire or other third party shall not constitute a Capital Expenditure to the extent so paid or reimbursed by such third party. 
  
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and for the purposes of
this Agreement, the amount of such obligations, shall be the capitalized amount thereof, at such time determined in accordance with GAAP. 
  
 “Cash Consideration” means, with respect to any Asset Disposition, cash, Cash Equivalents or the assumption or retirement of Indebtedness
with respect to the asset or property subject to such Asset Disposition, or any combination of the foregoing. 
  
 “Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or
issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank
deposits having maturities of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States or any state thereof having combined capital and surplus of not less than
$500,000,000; (c) commercial paper of an issuer rated at least A1 by S&P or P1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of
commercial paper issuers generally, and maturing within six months from the date of 

  

 -5- 

 
acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of clause (b) of this definition, having a term
of not more than 30 days, with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state,
commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by standby letters of credit
issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; or (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f)
of this definition. 
  
 “CERCLA” means the
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as the same has been amended and may hereafter be amended from time to time, 42 U.S.C. § 9601 et seq. 
  
 “Change in Law” means (a) the adoption of any law, rule or
regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for
purposes of Section 2.13(b), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after
the date of this Agreement. 
  
 “Change of
Control” means (i) the acquisition, directly or indirectly, by any one “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) (other than the Apollo/THL Affiliates, whether collectively or individually) of
beneficial ownership of more than 30% of the Common Stock of the Borrower on a fully diluted basis) provided, that beneficial ownership of 30% of such Common Stock by any Person (x) who is deemed to be included in a single “person”
(as so defined) that also includes Apollo/THL Affiliates and (y) who would not hold the beneficial ownership of more than 30% of such Common Stock if such Person were not deemed to be included in a single “person” (as so defined) with
Apollo/THL Affiliates shall not constitute a Change of Control under this clause (i); (ii) during any period of 24 consecutive calendar months after the Effective Date, individuals who at the beginning of such period constituted the Board of
Directors of the Borrower (together with any new directors whose election by such Board of Directors or whose nomination for election by the stockholders or members, as the case may be, of the Borrower 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 such Board of Directors then in
office; or (iii) any “Change of Control” or similar event shall occur under the First-Lien Loan Documents (or any other Indebtedness of the Borrower or any of its Subsidiaries in an aggregate principal amount in excess of $25,000,000 other
than the Existing Mortgage Debt secured by the Wyndham Palace Resort & Spa and/or the Wyndham Condado Plaza Hotel & Casino) or the Borrower’s Preferred Stock. In no event shall the consummation of the Recap constitute a Change of
Control. 
  

 -6- 

 “Change of Control Date” has the meaning provided in Section 2.09(b). 
  
 “Change of Control Offer” has the meaning provided in
Section 2.09(b). 
  
 “Class A Common Stock” means
the Class A Common Stock of the Borrower. 
  
 “Class B
Stock” means, collectively, the Class B Common Stock of the Borrower and the Series B Convertible Preferred Stock of the Borrower. 
  
 “Closing Projections” has the meaning provided in Section 4.01(c). 
  
 “CMBS” means the commercial mortgage backed securities and any mezzanine debt and/or preferred equity
(other than any thereof issued pursuant to the Mezzanine Facility) issued in connection with the CMBS Facility. 
  
 “CMBS Documents” means the agreements evidencing and/or governing the CMBS Facility. 
  
 “CMBS Escrows” means one or more escrow arrangements with
respect to a portion of the Prepaid Capital Expenditures that directly support the CMBS Facility and are created pursuant to, and governed by, CMBS Documents. 
  

“CMBS Facility” shall mean a facility providing for the issuance of CMBS for gross cash proceeds of at least $675,000,000, which
facility will have the benefit of Liens solely on those properties listed on Schedule 1.01(i). 
  
 “C of C Payment Date” has the meaning provided in Section 2.09(b). 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collateral” means all assets of the Loan Parties, now owned
or hereafter acquired, upon which a Lien is purported to be created by any Security Document. 
  
 “Collateral Agent” means JPMorgan Chase, in its capacity as Collateral Agent for the Secured Parties under the Loan Documents, and shall include any successor as the Collateral Agent. 
  
 “Commitment” means, with respect to any Lender, the
obligation of such Lender to make Loans in an aggregate principal amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule I. 
  
 “Common Stock” means, with respect to the Borrower, (a) for
so long as the Class A Common Stock remains a separate class of the Borrower’s common stock and the special voting provisions available to the Class B Stock apply, the shares of Class A Common Stock then outstanding, on a fully diluted basis,
including, without limitation, any shares of Class A Common Stock issuable upon the conversion of any securities (including the Series A Convertible Preferred Stock of the Borrower and the Class B Stock) then outstanding which are or may be
convertible, directly or indirectly, into Class A Common Stock, and (b) thereafter, all 

  

 -7- 

 
securities of any class of common stock, on a fully diluted basis, entitling the holders thereof (whether at all times or by reason of the happening of any
contingency) to vote in the election of the members of the board of directors of the Borrower. 
  
 “Commonly Controlled Entity” means an entity, whether or not incorporated, that is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group that
includes the Borrower and that is treated as a single employer under Section 414 of the Code. 
  
 “Company” means any corporation, limited liability company, partnership or other business entity (or the adjectival form thereof, where appropriate). 
  
 “Company Document” means the operative organizational
documents of a Company, such as the certificate of incorporation, by-laws, partnership agreement, certificate of partnership and limited liability company agreement and shall include, with respect to the Borrower, the Recap Agreement. 
  
 “Compliance Certificate” means a certificate duly executed
by the Responsible Officer substantially in the form of Exhibit B. 
  
 “Consolidated Current Assets” means, at any time, the consolidated current assets of the Borrower and its Subsidiaries at such time. 
  

“Consolidated Current Liabilities” means, at any time, the consolidated current liabilities of the Borrower and its Subsidiaries at
such time, but excluding the current portion of any Indebtedness under this Agreement and the current portion of any other long-term Indebtedness which would otherwise be included therein. 
  
 “Consolidated Net Income” means, for any period, the net
income (or loss) of the Borrower and its Subsidiaries for such period, determined on a consolidated basis (after any deduction for minority interests), provided that (i) in determining Consolidated Net Income, the net income of any other
Person which is not a Subsidiary of the Borrower or is accounted for by the Borrower by the equity method of accounting shall be included only to the extent of the payment of cash dividends or cash distributions by such other Person to the Borrower
or a Subsidiary thereof during such period and (ii) the net income of any Subsidiary of the Borrower shall be excluded to the extent that the declaration or payment of cash dividends or similar cash distributions by that Subsidiary of that net
income is not at the date of determination permitted by operation of its charter or any agreement, instrument or law applicable to such Subsidiary. 
  
 “Contractual Obligation” means, as to any Person, any material provision of any material security issued by such Person or of any
material agreement, instrument or other undertaking to which such Person is a party or by which it or any of its assets are bound. 
  
 “Default” means any of the events specified in Article VII, whether or not any requirement for the giving of notice, the lapse of time,
or both, has been satisfied. 
  
 “Defaulting
Lender” means any Lender with respect to which a Lender Default is in effect. 
  

 -8- 

 “Delayed Sale Assets” means the Marriott Atlanta Century Center hotel and the Wyndham
Toledo hotel. 
  
 “Derivatives Counterparty” has
the meaning provided in Section 6.07. 
  
 “Derivatives
Obligations” of any Person means all Interest Rate Protection Agreements and all other obligations of such Person in respect of any interest rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option,
equity or equity index swap, forward equity transaction, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions. 
  
 “Designated Disposition” means a Disposition where (i) an
MAI appraisal of the assets being disposed of has been completed by a firm selected by the Administrative Agent in its reasonable discretion and (ii) the sales price is at least equal to 100% of the value of such assets as determined by such MAI
appraisal. 
  
 “Designated Percentage” means with
respect to any Asset Disposition, Exchange or Recovery Event (a) with respect to assets which neither constitute Collateral, Negative Pledge Assets nor Delayed Sale Assets, (i) 100% if (x) the Leverage Ratio as of the last day of the most recent
fiscal quarter of the Borrower is greater than or equal to 6.00 to 1.00 or (y) an Event of Default then exists, (ii) 75% if the Leverage Ratio as of the last day of the most recent fiscal quarter of the Borrower is less than 6.00 to 1.00 but greater
than or equal to 5.00:1.00 and (iii) 50% if the Leverage Ratio as of the last day of the most recent fiscal quarter of the Borrower is less than 5.00 to 1.00 and (b) with respect to any other assets not described in clause (a) above, 100%.

  
 “Disposition” means with respect to any
asset, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 
  
 “Dividends” has the meaning provided in Section 6.07.

  
 “Documents” means the Transaction Documents
and the Loan Documents. 
  
 “Dollars” or
“$” refers to lawful money of the United States of America. 
  
 “Domestic Subsidiary” means any Subsidiary of the Borrower that is incorporated or organized under the laws of the United States of America or any State thereof. 
  
 “EBITDA” means for any Person for any period, the
Consolidated Net Income of such Person for such period, plus (a) the sum of the following amounts of such Person for such period determined in conformity with GAAP to the extent included in the determination of such Consolidated Net Income:
(i) depreciation expense, (ii) amortization expense, (iii) cash interest expense, (iv) income tax expense, (v) extraordinary losses (and other losses on sales or other dispositions of assets not incurred in the ordinary course of business and not
otherwise included 

  

 -9- 

 
in extraordinary losses determined in conformity with GAAP), (vi) all other non-cash expenses and charges, (vii) cash costs of implementing (x) the 2004
restructuring of the Borrower (including severance costs) incurred in 2004 and not exceeding $10,000,000 and (y) restructurings after the Effective Date and incurred after the Effective Date and not exceeding (A) $5,000,000 for any fiscal year and
(B) $10,000,000 in the aggregate, (viii) fees and expenses incurred in connection with the Refinancing to the extent not capitalized, (ix) expenses up to $2,500,000 in the aggregate incurred during 2004 relating to repairs and maintenance costs
resulting from hurricanes to the extent such expenses are not capitalized and not reimbursed by insurance, (x) the cash settlement payments associated with Interest Rate Protection Agreements, and (xi) up to $1,500,000 of accruals in 2004 relating
to certain litigation and up to $1,000,000 of legal fees for other litigation specified on Schedule 1.01(vi) plus (b) proceeds actually paid during such period to the Borrower or any Subsidiary from business interruption insurance,
less (c) to the extent included in determining such Consolidated Net Income, extraordinary gains of such Person determined in conformity with GAAP to the extent included in the determination of such net income (and other gains on sales or
other dispositions of assets not received in the ordinary course of business and not otherwise included in extraordinary gains determined in conformity with GAAP), plus (d) an amount equal to any Cure Equity (as defined in the First-Lien
Credit Agreement) contributed to, or issued by, the Borrower, plus (e) an addition to each of the three consecutive fiscal quarters of the Borrower ending September 30, 2004, December 31, 2004 and March 31, 2005 in an amount equal to $3,300,000
(less for the period ending March 31, 2005 the actual SG&A cost reductions realized during such period relating to the Portfolio Sale) representing projected annual SG&A cost reductions resulting from the Portfolio Sale. 
  
 “Effective Date” has the meaning provided in Section 9.13.

  
 “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 relating in any way to any Environmental Law or any permit issued, or any
approval given, under any such Environmental Law (hereafter, “Claims”), including, without limitation, (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 health, safety or the environment due to the presence of Materials of Environmental Concern. 
  
 “Environmental Laws” means any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes,
ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the
environment, as now or may at any time hereafter be in effect. 
  
 “Equity Issuance” means (i) the issuance after the Effective Date of equity by the Borrower (other than (w) issuances of Equity Ownership Interests by the Borrower that constitutes an Investment permitted by Section 6.06,
(x) to directors, officers and employees pursuant to stock option plans and/or as compensation or as bonuses, (y) of the Borrower’s 

  

 -10- 

 
common stock, upon any exchange or conversion of preferred stock of the Borrower outstanding on the date hereof and (z) to any Apollo/THL Affiliate and, so
long as the aggregate equity ownership percentage of the Apollo/THL Affiliates is not reduced, to any other then existing shareholder) and (ii) the issuance after the Effective Date by any Subsidiary Guarantor of its equity to any Person other than
the Borrower and/or a Subsidiary Guarantor. 
  
 “Equity
Ownership Interest” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation),
including partnership interest and limited liability company membership interest, and any and all warrants, rights or options to purchase any of the foregoing (excluding Buy/Sell Arrangements so long as the obligations to purchase the interests in
respect thereof are contingent), provided, that for purposes of the definition “Subsidiary” only, preferred or similar equity or ownership interests in a Person shall not constitute Equity Ownership Interests to the extent such
interests (A) do not have voting power with respect to such Person, (B) whether by law, contract or otherwise, do not permit the creditors of such Person to have recourse against the holders of such interests with respect to the obligations and
liabilities of such Person, (C) does not provide for redemption either (i) at the option of the holder, whether contingent or otherwise, (ii) at the option of the issuer, whether contingent or otherwise, or (iii) upon the occurrence of a certain
event or condition (including, without limitation, the passage of time) and (D) are not exchangeable for or convertible into other equity interests except those which also satisfy the criteria set forth in clauses (A), (B) and (C) above. 

 
 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended from time to time. 
  
 “Eurodollar” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

  
 “Event of Default” means any of the events
specified in Article VII, provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
  
 “Excess Cash Flow” means, for any Excess Cash Payment Period, the amount obtained from (a) the sum of, without duplication, (i) Adjusted
Consolidated Net Income for such period and (ii) the decrease, if any, in Adjusted Consolidated Working Capital from the first day to the last day of such period, minus (b) the sum of, without duplication, (i) the amount of all Capital Expenditures
and Permitted Expenditures made by the Borrower and its Subsidiaries during such period (other than (A) to the extent financed as permitted by Section 6.02(e), (B) to the extent made with Net Cash Proceeds from Asset Dispositions or from Net
Insurance/Condemnation Proceeds and (C) Capital Expenditures made with funds that constituted Prepaid Capital Expenditures) to the extent permitted pursuant to Section 6.16, (ii) the aggregate scheduled repayments of Indebtedness due during such
Excess Cash Payment Period (to the extent made and not refinanced) and repayments of Loans and “Term Loans” (if any) under, and as defined in, the First-Lien Credit Agreement, in each case, made as a voluntary prepayment with internally
generated funds, (iii) the increase, if any, in Adjusted Consolidated Working Capital from the first day to the last day of such period (iv) cash payments made by the Borrower and/or any 

  

 -11- 

 
Subsidiary to any Joint Venture to the extent (x) such payment is permitted by Section 6.06(y)(h) and (y) the amount so paid does not exceed the amount of
cash payments previously made by such Joint Venture to the Borrower or a Subsidiary and included in Adjusted Consolidated Net Income used in determining Excess Cash Flow. 
  
 “Excess Cash Payment Date” means the date occurring 90 days after the last day of each fiscal year of the
Borrower ended on or after December 31, 2006. 
  
 “Excess
Cash Payment Period” means with respect to prepayments and/or commitment reductions required on each Excess Cash Payment Date, the fiscal year of the Borrower immediately preceding such Excess Cash Payment Date. 
  
 “Exchange Act” means the Securities Exchange Act of 1934,
and the regulations promulgated thereunder. 
  
 “Exchanges” has the meaning provided in Section 6.05(b). 
  
 “Excluded Foreign Subsidiary” means any Foreign Subsidiary in respect of which either the pledge of more than 65% of the capital stock of such Subsidiary as Collateral or the guaranteeing by such
Subsidiary of the Obligations, would, in the good faith judgment of the Borrower, result in adverse tax consequences to the Borrower. 
  
 “Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on
account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its
principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the
Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign
Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure to comply with Section 2.15(f), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.15(a). 
  
 “Existing Credit Agreement” means that certain Credit
Agreement, dated as of June 30, 1999, as amended through the Effective Date, among the Borrower, JPMorgan Chase, as administrative agent, and others. 
  
 “Existing Indebtedness” has the meaning provided in Section 6.02(y)(h). 
  
 “Existing Mortgage Debt” means (i) any Indebtedness outstanding (including incurred on such date in the
case of the CMBS Facility) on the Effective Date secured by a Lien on Real Property and (ii) Indebtedness under the Mezzanine Facility. 
  
 “Existing Mortgage Refinancing” means the refinancing of any Existing Mortgage Debt. 
  

 -12- 

 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “First-Lien Administrative Agent” means the “Administrative Agent” under and as defined in the First-Lien Credit Agreement. 
  
 “First-Lien Collateral Agent” means the “Collateral Agent” under and as defined in the First-Lien
Loan Documents. 
  
 “First-Lien Credit Agreement”
means that certain First-Lien Credit Agreement, dated as of the date hereof, among the Borrower, the First-Lien Administrative Agent and various lenders from time to time party thereto, as the same may be amended, modified, supplemented and/or
replaced (it being agreed that for any replacement to qualify as the First-Lien Credit Agreement any such replacement must be designated as the First-Lien Credit Agreement by the Borrower to the Administrative Agent at the time of such replacement)
from time to time in accordance with the terms hereof and thereof. 
  
 “First-Lien Loan Documents” means the Loan Documents as defined in the First-Lien Credit Agreement. 
  
 “First-Lien Security Documents” means the Security Documents under, and as defined in, the First-Lien Credit Agreement. 
  
 “First-Lien Termination Date” means the date upon which all
“Obligations” under, and as defined in, the First-Lien Credit Agreement have been paid in full (other than with respect to contingent reimbursement and indemnification obligations for which no claim has been made) and all Liens granted
pursuant to the First-Lien Security Documents have been released in accordance with the terms thereof. 
  
 “Fiscal Quarters” means the fiscal quarters of the Borrower ending March 31, June 30, September 30 and December 31. 
  
 “FIRREA” means the Financial Institutions Reform, Recovery
and Enforcement Act of 1989, as amended. 
  
 “Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction other than that the United States of America, each State thereof and the District of Columbia. 
  
 “Foreign Subsidiary” means any Subsidiary of the Borrower that is not a Domestic Subsidiary. 
  

 -13- 

 “GAAP” means generally accepted accounting principles in the United States of America
consistently applied throughout the periods involved. 
  
 “GDB Loan” means that certain loan outstanding on the Effective Date made by the Government Development Bank of Puerto Rico and secured by a mortgage on the real property owned by ESJ Hotel Corporation and located adjacent
to the Wyndham El Conquisador Resort and Golden Door Spa. 
  
 “GDB Loan Real Property” means the real property securing the GDB Loan. 
  
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory
organization (including the National Association of Insurance Commissioners). 
  
 “Guarantee Obligation” means as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of
credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the
“primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase
any such primary obligation or any asset constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) 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 asset, 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 owner of any such primary obligation against loss in respect thereof, provided, however, that the term Guarantee Obligation shall not
include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable
amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless
such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or then determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good faith. 
  
 “Guaranty and Collateral Agreement” means the Guaranty and Collateral Agreement substantially in the form of Exhibit C, as the same may be amended, supplemented or otherwise modified from time to
time. 
  

 -14- 

 “Holdback Amount” means for any fiscal year of the Borrower the sum of (i) the Adjusted
Holdback for such fiscal year plus (ii) the Unutilized PPH Proceeds for such fiscal year. 
  
 “Hospitality/Leisure-Related Business” means the hotel, resort (whether or not incorporating hospitality), extended stay lodging, other hospitality, vacation or timeshare business (whether or not
through the use of condominiums) or any casino (but only if part of a Hotel and not as a stand-alone or primary business), leisure or recreational business and other businesses incidental to, or in support of such business, including without
limitation, (i) developing, managing, operating, improving or acquiring lodging facilities, restaurants and other food-service facilities, golf facilities or other leisure or entertainment facilities or club, convention or meeting facilities and
marketing services or reservation systems related thereto, and (ii) acquiring, developing, managing or improving any real estate ancillary or connected to any hotel, resort, extended stay lodging, other hospitality-related business, casino (but only
if a part of a Hotel and not as a stand-alone or primary business), leisure or recreational business or reservation system constructed, leased, owned, managed or operated (or proposed to be constructed, leased, owned, managed or operated) by the
Borrower or any of its Subsidiaries at any time. 
  
 “Hotel” means any Real Property (including Improvements thereon and any retail, golf, tennis, spa or other resort amenities appurtenant thereto) comprising an operating facility offering hotel or lodging services.

  
 “Incur” has the meaning provided in Section
6.02(a). 
  
 “Improvements” means all buildings,
structures, fixtures, tenant improvements and other improvements of every kind and description now or hereafter located in or on or attached to any Real Property, including all building materials, water, sanitary and storm sewers, drainage,
electricity, steam, gas, telephone and other utility facilities, parking areas, roads, driveways, walks and other site improvements; and all additions and betterments thereto and all renewals, substitutions and replacements thereof. 
  
 “Indebtedness” means 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 any asset or services; (ii) (A) the aggregate amount of all unreimbursed drawings under letters of credit
issued for the account of such Person and (B) the maximum amount available to be drawn under all outstanding letters of credit issued for the account of such Person, (iii) all Indebtedness of the types described in clauses (i), (ii)(A), (iv), (v),
(vi) or (vii) of this definition secured by any Lien on any asset owned by such Person, whether or not such Indebtedness has been assumed by such Person (it being understood and agreed that the amount of such Indebtedness under this clause (iii)
shall be deemed to be the lesser of the fair market value (as determined in the reasonable judgment of the Borrower) of such asset and the principal amount of such Indebtedness), (iv) Capital Lease Obligations, (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 Guarantee Obligations of such Person in respect of Indebtedness and (vii) solely for purposes of
Sections 6.03 and 7.04(a), all net exposure of Derivative Obligations, including obligations under any Interest Rate 

  

 -15- 

 
Protection Agreement, Other Hedging Agreements or under any similar type of agreement or arrangement calculated in accordance with GAAP, provided,
that Indebtedness shall not include (a) trade payables incurred in the ordinary course of business, (b) operating lease obligations (including, without limitation, the lessee’s obligations under any operating lease pursuant to which the
Borrower or any of its Subsidiaries, as lessee, leases all or any portion of a Hotel from the holder of an ownership or leasehold interest in such Hotel, as lessor), (c) short term notes evidencing earnest money deposits until delivered to the payee
and (d) Indebtedness of variable interest entities consolidated with the Borrower solely pursuant to FIN 46 to the extent such Indebtedness is Non-Recourse Indebtedness. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Indemnitee” has the meaning as provided in Section 9.03(b).

  
 “Information” has the meaning as provided in
Section 9.12. 
  
 “Initial Mortgage” means each
Mortgage executed and delivered pursuant to Section 4.01(i). 
  
 “Insolvency” means, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA. 
  
 “Insurance/Condemnation Proceeds” means an amount equal to: (i) any cash payments or proceeds received by
the Borrower or any of its Subsidiaries or Joint Ventures (a) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Borrower or any of its Subsidiaries or Joint Ventures under
any policy of insurance required to be maintained under Section 5.05 (other than liability or business interruption insurance) in respect of a covered loss thereunder or (b) as a result of any non-temporary condemnation, taking, seizing or similar
event with respect to any properties or assets of the Borrower or any of its Subsidiaries or Joint Ventures by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser
with such power under threat of such a taking, minus (ii) (a) any actual and reasonable documented costs incurred by the Borrower or any of its Subsidiaries or Joint Ventures in connection with the adjustment or settlement of any claims of the
Borrower or such Subsidiary or Joint Venture in respect thereof, (b) any bona fide direct costs incurred in connection with any disposition of such assets as referred to in clause (i)(b) of this definition, including income taxes reasonably
estimated to be actually payable by the Borrower’s consolidated group as a result of any gain recognized in connection therewith and (c) any payment of the outstanding principal amount of, premium or penalty, if any, and interest on any
Indebtedness (other than the Obligations) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as a result of such disposition of assets or as a result of a covered loss (and any
other amount required by the agreement governing Indebtedness secured by such assets to be utilized to repair, restore or otherwise replace, the assets subject to the insurance event or condemnation event generating such proceeds). 
  
 “Intellectual Property” means the collective reference to
all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or 

  

 -16- 

 
foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and
processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 
  
 “Intercreditor Agreement” has the meaning provided in Section 4.01(k). 
  
 “Interest Coverage Ratio” means, for any Test Period, the
ratio of EBITDA to Total Cash Interest Expense for such Test Period, provided that for the purposes of determining the Interest Coverage Ratio (x) for the Test Periods ending June 30, 2005 through March 31, 2006, EBITDA will be determined on
a pro forma basis as if all Portfolio Assets other than the Delayed Sale Assets were sold prior to the beginning of each such period and (y) (i) Total Cash Interest Expense for the Test Period ending on June 30, 2005, shall be the
actual Total Cash Interest Expense for the three month period ending on June 30, 2005 multiplied by 4, (ii) Total Cash Interest Expense for the Test Period ending on September 30, 2005 shall be the actual Total Cash Interest Expense for the six
month period ending September 30, 2005 multiplied by 2 and (iii) Total Cash Interest Expense for the Test Period ending on December 31, 2005 shall be the actual Consolidated Interest Expense for the nine month period ending December 31, 2005
multiplied by 4/3. 
  
 “Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07. 
  
 “Interest Payment Date” means (a) with respect to any ABR Loan the tenth day of each calendar month (for payment monthly in arrears) and
(b) with respect to any Eurodollar Loan, the tenth day of each calendar month. 
  
 “Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one,
two, three, six months or, if available (and expressly agreed) from each Lender required to make Loans under such Borrowing, nine or twelve months thereafter, as the Borrower may elect, provided that (i) if any Interest Period would end on a
day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such
Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing. 
  
 “Interest Rate Protection Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement (including costless collars), interest rate hedging agreement, interest rate floor
agreement or other similar agreement or arrangement. 
  

 -17- 

 “Investment” has the meaning provided in Section 6.06(a). In the event the Borrower or
any of its Subsidiaries creates or forms a Subsidiary (“New Entity”) and contemporaneously sells or issues Equity Ownership Interests in the New Entity to any Person other than to the Borrower and its Subsidiaries such that after
giving effect to such sale or issuance, such New Entity constitutes a Joint Venture, the Borrower or such Subsidiary shall be deemed to have made an Investment in the New Entity valued at an amount equal to the lesser of (x) the fair market value
(as determined in good faith by the Borrower) of the Equity Ownership Interest retained by the Borrower or such Subsidiary in the New Entity and (y) the aggregate amount of all Investments made by the Borrower and its Subsidiaries in such New Entity
prior to such sale or issuances of Equity Ownership Interests. 
  
 “Joint Lead Arrangers” means each of J.P. Morgan Securities Inc. and Bear Stearns & Co., Inc. 
  
 “Joint Venture” means with respect to any Person, at any date, any other Person in whom such Person directly or indirectly holds an
Investment to the extent not a Subsidiary of such first Person. 
  
 “JPMorgan Chase” means JPMorgan Chase Bank, N.A. 
  
 “Leasehold” means, as to any Person, all of the right, title and interest of such Person as lessee or licensee in, to and under any lease or license of land, improvements and/or fixture. 

 
 “Lenders” means on the Effective Date the Persons listed
on Annex I and thereafter any other Person that shall have become a party hereto pursuant to a fully executed Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

  
 “Leverage Ratio” means, at any time, the
ratio of Total Net Debt at such time to EBITDA for the Test Period then ended, provided that EBITDA shall be determined on a Pro Forma Basis. 
  
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on
Page 3750 of the Telerate Service (or on any successor or substitute page of such Service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as
determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to
such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately
available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
  
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other) or other
security agreement or any preferential arrangement 

  

 -18- 

 
in the nature of the foregoing (including, without limitation, any conditional sale or other title retention agreement, any financing or similar statement or
notice filed under the UCC or any other similar recording or notice statute in respect of an existing obligation, and any capital lease having substantially the same effect as any of the foregoing and excluding any equipment operating leases and any
precautionary filings related thereto). 
  
 “Loan” has the meaning provided in Section 2.01. 
  
 “Loan Documents” means this Agreement, any Notes, the Security Documents and the Intercreditor Agreement. 
  
 “Loan Parties” means the Borrower and each Subsidiary Guarantor. 
  
 “Management Agreement” shall mean an agreement pursuant to which a Subsidiary Guarantor agrees to manage a
Hotel (including related facilities) not owned by the Borrower or any of its Subsidiaries (except for an ownership interest not greater than 20%). 
  
 “Management Agreement Guarantees” means guarantees by the Borrower or a Subsidiary Guarantor under any Management Agreement of obtaining
certain economic performance metrics. 
  
 “Management
Agreement Investments” means all Investments (including Management Agreement Guarantees) and all other expenditures to acquire assets from third parties (contracts, real property and other tangible assets) made in connection with entering
into, or pursuant to, Management Agreements, provided that no amounts expended pursuant to the Tempus Timeshare shall constitute a Management Agreement Investment. 
  
 “Margin Stock” has the meaning provided in Regulation U. 
  
 “Material Adverse Effect” means a material adverse effect on
(a) the business, property, operations or condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents taken as a whole or the
rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder, taken as a whole. 
  
 “Materials” means (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable,
urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition 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, under any applicable Environmental Law; and (c) any other chemical, material or substance, the exposure to, or Release of which is prohibited or regulated by any governmental authority. 

 
 “Materials of Environmental Concern” means any gasoline
or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials 

  

 -19- 

 
or wastes, defined or regulated as such in or under any Environmental Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

  
 “Maturity Date” means December 10, 2011.

  
 “Maximum CE Amount” means for any fiscal year
of the Borrower the sum of (i) the Base Amount for such fiscal year, (ii) the Rollover Amount for such fiscal year and (iii) the AD Holdback Amount for such fiscal year. 
  
 “Mezzanine Documents” means the documents governing and evidencing the Mezzanine Facility and the loans
made thereunder. 
  
 “Mezzanine Facility” shall
mean the facility to make a loan or loans for $100,000,000 that are secured by the collateral described on Schedule 1.01(ii). 
  
 “Minimum Borrowing Amount” means $5,000,000. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Mortgage” means a mortgage, deed of trust, deed to secure debt or other customary applicable real property
lien instrument (including, as appropriate, a security agreement, assignment of rents and leases and fixture filing) in a form reasonably acceptable to the Administrative Agent, with any changes to such form as may be necessary or appropriate to
comply with the laws of applicable jurisdictions in which such Mortgage is to be filed (or in the case covering a property located in Puerto Rico, utilized), as it may be amended, supplemented or otherwise modified from time to time. 
  
 “Mortgage Policy” has the meaning provided in Section
4.01(i)(iv). 
  
 “Mortgaged Property” means (i)
the Real Property Assets listed on Schedule 1.01(iii) to this Agreement and (ii) each Additional Mortgaged Property. 
  
 “Multiemployer Plan” means a plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  
 “Negative Pledge Assets” means each of the properties known
as (i) “Wyndham Rose Hall Resort & Country Club”, (ii) “Park Shore Waikiki”, (iii) “The Wyndham New York”, (iv) “Wyndham Hotels - Denver Tech Center” and (v) “Wyndham Billerica”. 
  
 “Net Cash Proceeds” means (a) for any Asset Disposition or
Exchange, the gross cash proceeds (including any cash received by way of deferred payment pursuant to a promissory note, receivable or otherwise, but only as and when received) received by Borrower or any of its Subsidiaries or Joint Ventures from
any Asset Disposition or Exchange, net of (i) reasonable transaction costs (including, without limitation, any underwriting, brokerage or other customary selling commissions and reasonable legal, advisory, professional and other fees and expenses,
including title and recording expenses, surveys, insurance premiums, Taxes and similar costs associated therewith) and payments of unassumed liabilities relating to the assets sold at the time of, or within 90 days after, the date of such sale, (ii)
the amount of such gross cash proceeds 

  

 -20- 

 
required to be used to repay any Indebtedness (other than Indebtedness pursuant to this Agreement) which is secured by any of the respective assets which
were the subject of such Asset Disposition or Exchange, including any premium, make-whole or breakage amount related thereto, (iii) the estimated marginal increase in income taxes which will be payable by the Borrower’s consolidated group with
respect to the fiscal year in which the sale occurs or deferred payment is received as a result of such sale and (iv) all contractually required distributions and other payments made to other interest holders of any of the Borrower’s
Subsidiaries in connection with such Asset Disposition or Exchange, provided, however, that (x) with respect to any Asset Disposition or Exchange relating to the assets of a Joint Venture, such Net Cash Proceeds shall only include the
portion of such Net Cash Proceeds received by the Borrower or any of its Subsidiaries and (y) with respect to any Exchange, Net Cash Proceeds shall be deemed to not have been received by the Borrower or any of its Subsidiaries while held by a
Qualified Intermediary; (b) in connection with any incurrence or issuance of Indebtedness, the cash proceeds received by the Borrower or any of its Subsidiaries from such issuance or incurrence (with any proceeds of such Indebtedness required to be
deposited in a reserve, escrow or other similar account not to be deemed received until released therefrom and paid to the issuer of such Indebtedness), net of (i) if such Indebtedness is incurred to refinance, renew or extend other Indebtedness
permitted under Section 6.02 (other than the incurrence of Indebtedness pursuant to this Agreement), the amount necessary to repay such other Indebtedness, including, without limitation, accrued but unpaid interest, any breakage costs, penalties,
premium, and any other reasonable fees and expenses incurred in connection therewith, (ii) attorneys’ fees, indemnification payments, filing and recording taxes, investment banking fees, accountants’ fees, underwriting discounts and
commissions, and (iii) other customary fees and expenses actually incurred in connection therewith; and (c) in connection with any Equity Issuance, the cash proceeds received by the Borrower or any of its Subsidiaries from such Equity Issuance net
of (i) attorneys’ fees, filing and recording taxes, investment banking fees, accountants’ fees, underwriting discounts and commissions and (ii) other customary fees and expenses actually incurred in connection therewith. 
  
 “Net Cash Proceeds Notice” means a written notice executed
by a Responsible Officer stating that (i) no Event of Default has occurred and is continuing and (ii) the Borrower intends to use the Designated Percentage or 100%, as the case may be, of the Net Cash Proceeds of an Asset Disposition or an Exchange
to repay outstanding Indebtedness in accordance with the priorities set forth in Sections 2.11(f) and (h), and providing reasonable detail for computing such Net Cash Proceeds. 
  
 “Net Insurance/Condemnation Proceeds” means with respect to any event or series of events an amount equal
to: (i) Insurance/Condemnation Proceeds for such event less (ii) the amount of any Reinvestments made with such proceeds to the extent permitted pursuant to Section 2.11(e), provided that (x) with respect to any Net Insurance/Condemnation
Proceeds relating to the assets of a Joint Venture, such Net Insurance/Condemnation Proceeds shall only include the portion of such Net Insurance/Condemnation Proceeds received by the Borrower or any of its Subsidiaries and (y) Net
Insurance/Condemnation Proceeds received by any Subsidiary shall be reduced by all contractually required distributions and other payments made to other interest holders of such Subsidiary in connection with the receipt thereof. 
  
 “New Asset Acquisition” has the meaning provided in Section
2.11(f). 
  

 -21- 

 “No-Call Period” means the period beginning on the Effective Date to, but excluding the
date occurring on the first year anniversary thereof. 
  
 “Non-Defaulting Lenders” means all Lenders other than Defaulting Lenders. 
  
 “Non-Guarantor Subsidiary” means (i) each Subsidiary existing on the Effective Date that (x) is not a Subsidiary Guarantor and (y) is
listed on Schedule 1.01(iv) and (ii) each Subsidiary created after the Effective Date and not required by Section 5.09(b) to become a Subsidiary Guarantor. 
  
 “Non-Recourse Indebtedness” means Indebtedness with respect to which no portion is guaranteed by, and no recourse claim (other than
claims in respect of customary indemnities and non-recourse carveouts) can be made against, the Borrower or any of its Subsidiaries (other than Special Purpose Subsidiaries). 
  
 “Note” has the meaning provided in Section 2.08(e). 
  
 “Obligations” means all amounts owing by any Loan Party to
the Administrative Agent, the Collateral Agent, the Lead Arranger and Book Manager or any Lender pursuant to the terms of this Agreement or any other Loan Document. 
  
 “OP Units” means Patriot OP Units and Wyndham Partnership OP Units. 
  
 “Other Hedging Agreement” means foreign exchange contracts,
currency swap agreements, commodity agreements or other similar agreements or arrangements designed to protect against the fluctuations in currency values. 
  
 “Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 
  
 “Participant” has the meaning provided in Section 9.04(e). 
  
 “Patriot OP” means Patriot American Hospitality Partnership, L.P., a Virginia limited partnership.

  
 “Patriot OP Units” means the partnership
units of Patriot OP which remain outstanding immediately after the consummation of the Transaction. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

  
 “PCE Escrow” means an escrow account
established and maintained with the First-Lien Administrative Agent which is governed by the PCE Escrow Agreement and into which shall be deposited on the Effective Date the full $100,000,000 of Prepaid Capital Expenditures less the portion
thereof (which portion shall not exceed $50,000,000) required by the CMBS Documents to be deposited in the CMBS Escrows (provided that any amounts so deposited in the CMBS 

  

 -22- 

 
Escrows and not used to fund Capital Expenditures shall, upon the termination of any such escrows, be deposited in the PCE Escrow), with the amounts
deposited in the PCE Escrow to be released as provided in the PCE Escrow Agreement to fund Capital Expenditures with respect to or used in connection with all owned or leased properties, provided that (i) an amount not less than $17,292,798,
in the aggregate (less any amount in the CMBS Escrow that is to fund such deferred Capital Expenditures), can only be released to fund deferred Capital Expenditures as specified in the engineer reports delivered to the Administrative Agent prior to
the Effective Date, (ii) the amounts released to fund Capital Expenditures with respect to properties subject to commercial mortgage backed securities facilities, when added to the aggregate amount of Prepaid Capital Expenditures deposited in the
CMBS Escrows (and not subsequently deposited in the PCE Escrow) shall not exceed $50,000,000 and (iii) other amounts in the PCE Escrow may be used to, along with other proceeds, to prepay in full the Obligations and the “Obligations” under
and as defined in the Second-Lien Credit Agreement. 
  
 “PCE Escrow Agreement” means the Escrow Agreement substantially in the form of Exhibit G to the First-Lien Credit Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
  
 “Permitted Acquisition” means any acquisition, consisting of
a single transaction or a series of related transactions, by the Borrower or any one or more of its Subsidiaries of all of the Equity Ownership Interests of, or all or part of the assets of, or of a business, unit or division of, any Person
organized under the laws of the United States or any state thereof (such business, unit or division, the “Acquired Business”), provided that (a) the consideration paid by the Borrower or such Subsidiary or Subsidiaries
pursuant to such acquisition shall be solely in a form referred to in clause (a), (b), (c) or (d) of the definition of “Purchase Price” set forth in this Section 1.01 (or some combination thereof), (b) no Default or Event of Default shall
have occurred and be continuing, or would occur after giving effect to such acquisition, (c) all actions required to be taken with respect to any acquired or newly formed Subsidiary or otherwise with respect to the Acquired Business in such
acquisition under this Agreement shall have been taken and (d) if prior to the First-Lien Termination Date, all of the requirements of the definition of Permitted Acquisition contained in the First-Lien Credit Agreement shall have been satisfied in
respect of such acquisition. 
  
 “Permitted
Encumbrances” means (i) those liens, encumbrances and other matters affecting title to any Real Property and found reasonably acceptable by the Administrative Agent, (ii) as to any particular Real Property at any time, such easements,
encroachments, covenants, restrictions, rights of way, minor defects, irregularities or other encumbrances that do not materially impair such Real Property, (iii) zoning and other municipal ordinances which are not violated in any material respect
by the existing improvements and the present use made by the mortgagor thereof of the premises, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to (such consent not
to be unreasonably withheld). 
  
 “Permitted
Expenditures” means, without duplication, (x) Permitted Acquisitions (other than New Asset Acquisitions) and (y) Investments (other than New Asset Acquisitions and which investments may not be made with assets at the time constituting
Mortgaged Properties (except Released Land) or other Collateral) in (i) a Non-Guarantor Subsidiary, (ii) a Permitted 

  

 -23- 

 
Mezzanine Investment Entity and/or (iii) a Joint Venture, with (A) any guaranty of Indebtedness and/or lease payments included in such Investments valued at
the amount of obligations so guaranteed and any other guaranty included in such Investments to be valued at zero unless and until a payment is made thereunder (with any such payment to be valued in the amount thereof in determining Permitted
Expenditures) and (B) the amount of a Permitted Expenditure made with assets other than cash or Cash Equivalents to be the fair market value thereof as determined in good faith by the Borrower, provided that in determining the aggregate
amount of Permitted Expenditures for purposes of complying with Section 6.06(y)(h), (a) the value of property contributed by the Borrower or any Subsidiary to a Wholly-Owned Special Purpose Subsidiary of such Person in connection with its incurrence
of Existing Mortgage Refinancing or Wrap Refinancing secured by such property, (b) a guaranty by a Special Purpose Subsidiary of the Indebtedness or other obligations of one or more other Special Purpose Subsidiaries (c) Investments by the Borrower
and its Subsidiaries permitted by Section 6.06(y)(i), (y)(j) and (y)(k), (d) Investments in Non-Guarantor Subsidiaries to the extent the proceeds are promptly utilized to make Capital Expenditures, (e) Investments made pursuant to the Buy/Sell
Arrangements listed on Schedule 1.01(vii) provided that (x) the aggregate amount of Investments covered by this clause (e) shall not exceed $10,000,000 and (y) any equity interests or other assets acquired pursuant to such Investments shall be
pledged (or otherwise subject to a Lien) to the Collateral Agent for the benefit of the Lenders and (f) Investments in ESJ Hotel Corporation, Conquistador Holdings, Inc. and/or WHG El Con Corp to the extent utilized to repay the GDB Loan when due
shall, in each case covered by clauses (a) through (f), be deemed to constitute a zero amount of Permitted Expenditures. 
  
 “Permitted Investments” has the meaning provided in Section 6.06(y). 
  
 “Permitted Liens” has the meaning as provided in Section 6.03. 
  
 “Permitted Mezzanine Investment Entity” shall mean any
Person in which the Borrower or any of its Subsidiaries makes an Investment in the form of a loan, so long as the Borrower or its Subsidiary is (or will be immediately after the making of such Investment) party to a management agreement or franchise
agreement with respect to an asset owned by such entity on market terms as reasonably determined by the Borrower. 
  
 “Person” means any individual, partnership, limited liability company, joint venture, firm, corporation, association, trust or other
enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 
  
 “Plan” means at a particular time any employee benefit plan that is covered by ERISA and in respect of which the Borrower or a Commonly
Controlled Entity is (or if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Pledged Notes” and “Pledged Stock” each has the meaning provided in the Guaranty and
Collateral Agreement. 
  
 “Portfolio Assets”
means the assets described on Schedule 1.01(v). 
  

 -24- 

 “Portfolio Sale” means the sale consummated prior to the Effective Date of the Portfolio
Assets for an aggregate purchase price of $350,059,083. 
  
 “PPH Proceeds” means the Net Cash Proceeds from an Asset Disposition or Exchange of the Park Plaza Hotel New Orleans permitted to be retained by the Borrower pursuant to clause (B) of the proviso in Section 2.11(f) of the
First-Lien Credit Agreement, provided that in a case where the Net Cash Proceeds so permitted to be retained are less than the lesser of (x) $25,000,000 and (y) the total Net Cash Proceeds of such Asset Disposition or Exchange (the amount by
which less, a “Deficiency”), the PPH Proceeds shall be increased by an amount equal to (I) all those Net Cash Proceeds not in excess in the aggregate of an amount equal to the Deficiency retained by the Borrower pursuant to such
clause (B) from prior Asset Dispositions and Exchanges occurring in the same fiscal year of the Borrower in which occurred the Asset Disposition or Exchange of the Park Plaza Hotel New Orleans (with such Net Cash Proceeds reducing the Deficiency and
to constitute PPH Proceeds) and (II) if after giving effect to clause (I), there still exists a Deficiency, the excess of (1) the aggregate amount included in the AD Holdback Amounts for all prior fiscal years pursuant to clause (ii) of the
definition thereof and (2) the portion of the aggregate amount described in the preceding clause (1) actually utilized to make Permitted Expenditures and/or Capital Expenditures in such prior fiscal years (and such amounts being added to the PPH
Proceeds to cease to be included in any determination of the AD Holdback Amount). 
  
 “PPH Proceeds Usage” means, for any fiscal year of the Borrower, the excess of the Aggregate CE/PE Expenditures for such fiscal year over the Maximum CE Amount for such fiscal year plus the Additional
Amount for such fiscal year. 
  
 “Prepaid Capital
Expenditures” means the $100,000,000 deposited into the PCE Escrow and the CMBS Escrows on the Effective Date to be used to fund Capital Expenditures. 
  

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase as its prime rate in effect
at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 
  
 “Pro Forma Basis” means with respect to any incurrence of Indebtedness by the Borrower or any of its
Subsidiaries or any issuance of Cure Equity or the acquisition or Disposition of a Hotel or other Real Property or the consummation of a Permitted Acquisition (or acquisition of the Equity Ownership Interest of the Person or Persons owning such
Hotel or business which is the subject of a Permitted Acquisition) during any Calculation Period (including on the last day thereof), the calculation of the consolidated results of the Borrower and its Subsidiaries otherwise determined in accordance
with this Agreement as if the respective incurrence of Indebtedness, issuance of Cure Equity, acquisition or Permitted Acquisition or Disposition had been effected on the first day of such Calculation Period, provided that in connection with
any such acquisitions or Dispositions, pro forma effect (for periods prior to such acquisition) shall be given to the management and franchisee fees if any payable pursuant to the respective management and franchisee agreements as if
such management and franchisee fees had been payable throughout the Calculation Period. 
  

 -25- 

 “Pro Forma Financial Statements” has the meaning as provided in Section 3.01(a).

  
 “Projections” has the meaning as provided in
Section 5.02(c). 
  
 “Properties” has the meaning
provided in Section 3.18(a). 
  
 “Purchase Price”
means with respect to any Permitted Acquisition, the sum (without duplication) of (a) the amount of cash paid by the Borrower and its Subsidiaries in connection with such acquisition, (b) the value (as determined for purposes of such acquisition in
accordance with the applicable acquisition agreement) of all capital stock or other equity interests of the Borrower or Subsidiaries or Joint Ventures issued or given as consideration in connection with such acquisition, (c) the Net Cash Proceeds of
any equity issuance applied to finance such acquisition and (d) the principal amount (or, if less, the accreted value) at the time of such acquisition of all Assumed Indebtedness or other Indebtedness permitted under Sections 6.02(y)(d) or (y)(g)
with respect thereto. 
  
 “Qualified
Intermediary” means a “qualified intermediary” under Section 1031 of the Code. 
  
 “Real Property” means for any Person, all the right, title and interest of such Person in and to land, improvements and fixtures,
including Leaseholds. 
  
 “Real Property Asset”
means, at any time of determination, any real property interest (whether leasehold, fee or otherwise) owned by a Loan Party (or a Person that is then required to become a Loan Party under Section 5.09(b)) in any domestic U.S. or (to the extent the
mortgaging of same to secure the Obligations would not result in a deemed dividend) Canadian Real Property which may be encumbered by a Mortgage without any violation of, incurrence of material sanctions under, or requirement to obtain a consent
from, or make a payment (other than a nominal one) to, the counterparty (other than the Borrower or its Subsidiaries) under, any lease, ground lease, management agreement, franchise agreement, purchase money mortgage or other pre-existing
contractual arrangement (including the organizational documents of a Special Purpose Subsidiary (but of no other Person)), in each case binding upon such Loan Party in respect of such Real Property. 
  
 “Recap” means the recapitalization of the Borrower and the
related transactions contemplated by the Recapitalization and Merger Agreement dated as of April 14, 2005, by and among Wyndham International, Inc., WI Merger Sub, Inc., Apollo Investment Fund IV, L.P., AIF/THL PAH LLC, BCP Voting Trust, as Trustee
for the Beacon Capital Partners Voting Trust, Thomas H. Lee Equity Fund IV, L.P., Thomas H. Lee Foreign Fund IV, L.P. and Thomas H. Lee Foreign Fund IV-B, L.P., (the “Recap Agreement”) in the execution form thereof delivered to the
Administrative Agent prior to the Effective Date and as the same may be amended, restated, supplemented or otherwise modified from time to time as permitted by Section 6.08. 
  
 “Recap Agreement” has the meaning provided in the definition of Recap. 
  
 “Recovery Event” means the actual receipt by the Borrower,
any of its Subsidiaries or any of their Joint Ventures of any Insurance/Condemnation Proceeds. 
  

 -26- 

 “Reduction Amount” has the meaning set forth in Section 2.11(h). 
  
 “Refinancing” means (i) the entering into of the Loan
Documents and the incurrence of Loans on the Effective Date and (ii) the termination of the Existing Credit Agreement and the repayment of all obligations owing thereunder. 
  
 “Register” has the meaning set forth in Section 9.04(c). 
  
 “Regulation D” means Regulation D of the Board as in effect
from time to time. 
  
 “Regulation T” means
Regulation T of the Board as in effect from time to time. 
  
 “Regulation U” means Regulation U of the Board as in effect from time to time. 
  
 “Regulation X” means Regulation X of the Board as in effect from time to time. 
  
 “Reinvestment” has the meaning provided in Section 2.11(e).

  
 “Related Fund” means, with respect to any
Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is advised or managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
  
 “Related Parties” means, with respect to any specified
Person, such Person’s Affiliates and the respective directors, officers, employees, agents, trustees and advisors of such Person and such Person’s Affiliates. 
  
 “Released Land” means non-income generating undeveloped land neighboring a Hotel subject to a Mortgage,
which land is included in such Mortgaged Property subject to such Mortgage, to the extent such land is ancillary to, and not required by, the operation of such Hotel, which land has, at the request of the Borrower, been released by the First-Lien
Collateral Agent (with respect to any mortgages under the First-Lien Security Documents) and the Collateral Agent from the Lien of such Mortgage (and which land is hereby authorized to be so released, provided that such land shall,
concurrently with such release, be contributed or transferred to a Joint Venture, and the ownership interests of such Joint Venture held by the Borrower and its Subsidiaries shall be subjected to the Lien of the Security Documents). 
  
 “Reorganization” means, with respect to any Multiemployer
Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA. 
  
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day
notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or. 35 of PBGC Reg. § 4043. 
  
 “Required Lenders” means, at any time, Lenders having Commitments (or after the termination thereof, outstanding Loans) representing more
than 50% of the amount of all Commitments (or after the termination thereof, the outstanding principal amount of all Loans). 
  

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 “Requirement of Law” means, with respect to any Person, any law, treaty, rule or
regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its assets or to which such Person or any of its assets are subject. 
  
 “Responsible Officer” means the chief executive officer,
president, chief financial officer, chief investment officer or treasurer of the Borrower, but in any event, with respect to financial matters, the chief financial officer, chief investment officer, president or the treasurer of the Borrower.

  
 “Rollover Amount” means for (i) the fiscal
year of the Borrower ending December 31, 2005, zero, (ii) the fiscal year of the Borrower ending December 31, 2006, the amount (if positive) equal to (x) the Base Amount and the AD Holdback Amount, in each case for the fiscal year ending December
31, 2005 less (y) the aggregate amount of Capital Expenditures made by the Borrower and its Subsidiaries in such fiscal year and (iii) for each subsequent fiscal year of the Borrower, 50% of the amount (if positive) equal to (x) the Base Amount and
the AD Holdback Amount, in each case for the previous fiscal year less (y) the aggregate amount of Capital Expenditures made by the Borrower and its Subsidiaries in such previous fiscal year. 
  
 “S&P” means Standard & Poor’s Ratings Service.

  
 “Scheduled Repayment” has the meaning
provided in Section 2.11(i). 
  
 “SEC” means the
Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 
  
 “Secured Parties” has the meaning provided in the Guarantee and Collateral Agreement. 
  
 “Security Documents” means the collective reference to the
Guaranty and Collateral Agreement, the Mortgages, the PCE Escrow Agreement and all other security documents hereafter delivered to the Collateral Agent granting a Lien on any asset of any Person to secure the obligations and liabilities of any Loan
Party under any Loan Document. 
  
 “Single Employer
Plan” means any Plan that is covered by Title IV of ERISA, but that is not a Multiemployer Plan. 
  
 “Solvent” when used with respect to any Person, means that, as of any date of determination, (a) the amount of the “present fair
saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable
federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such
Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person will be able to pay its debts as they
mature. For purposes of this definition, (i) ”debt” means liability on a “claim”, and (ii) ”claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed,
contingent, matured, unmatured, disputed, undisputed, legal, equitable, 

  

 -28- 

 
secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right
to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. It is understood that the representation and warranty contained in Section 3.21 is made (a) without reliance upon, or
the benefit of, the services, analyses, opinions or conclusions of any appraiser or valuation experts; (b) without investigation or inquiry other than (i) review of the Borrower’s consolidated financial statements and business plans, and (ii)
inquiry of the officers of the Borrower who have responsibility for financial reporting and accounting matters as to the existence or any events or conditions that, as of the Effective Date, would cause the representation and warranty contained in
Section 3.21 to be incorrect and (c) without inquiry as to the legal meanings of the foregoing terms under any laws other than the laws of the State of New York or federal laws. 
  
 “Special Purpose Subsidiary” means any Subsidiary of the Borrower which is a special purpose entity in
connection with, or related to, any securitization or similar financing in respect of Indebtedness permitted by Section 6.02(y) and whose assets consist primarily of properties and assets subject to such securitization or financing or the Equity
Ownership Interest in any other Special Purpose Subsidiary. 
  
 “Specified Property” means any hotel property named as a “Specified Property” in a writing from the Borrower to the Administrative Agent at the time of, or prior to, an Asset Disposition of said hotel property,
provided that (i) no more than four hotel properties can be so named and (ii) in no event shall any of the properties known as (1) “Wyndham Condado Plaza Hotel and Casino”, (2) “Palace Resort & Spa”, (3) ”Wyndham
New Orleans at Canal Place”, (4) ”The Boulders Resort and Golden Door Spa”, (5) ”Wyndham Washington, D.C.,” (6) “Wyndham Rose Hall & Country Club” or (7) “Chicago Downtown” be named as a Specified
Property. 
  
 “Statutory Reserve Rate” means a
fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the
Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in
any reserve percentage. 
  
 “Subsidiary” means 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, (ii) any partnership, limited liability
company, association, joint venture or other entity in 

  

 -29- 

 
which such Person and/or one or more Subsidiaries of such Person has more than a 50% Equity Ownership Interest at the time and (iii) any other Person not
included in clauses (i) or (ii) (an “Other Person”) in which such first Person owns equity to the extent that at the time by contract or otherwise such first Person controls the management of the Other Person to such extent that the
Other Person is consolidated under GAAP with such first Person. 
  
 “Subsidiary Guarantor” means each Subsidiary of the Borrower on the Effective Date that is set forth on Schedule 1.01(iv) and designated as a “Subsidiary Guarantor” or which becomes a Subsidiary Guarantor as
required under Section 5.09(b) hereof. 
  
 “Super-Majority
Lenders” means the Lenders who would constitute the Required Lenders, if the reference to “50%” contained in the definition thereof were a reference to 66-2/3%. 
  
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority. 
  
 “Tempus Note” has the meaning provided in the definition of Tempus Timeshare. 
  
 “Tempus Timeshare” means the Timeshare Development Transaction in respect of the GDB Loan Real Property pursuant to which, inter
alia, the Borrower or a Subsidiary Guarantor will receive one or more notes (the “Tempus Notes”). 
  
 “Test Period” means, for any determination, the four consecutive Fiscal Quarters then last ended, in each case taken as one accounting
period. 
  
 “Timeshare Development Transaction”
means any sale, or issuance of an option to buy, by the Borrower or any of its Subsidiaries or Joint Ventures of Unimproved Land which will be developed by the purchaser thereof (in which the Borrower may have or make an Investment, to the extent
permitted hereunder) as a timeshare or similar interval or fractional ownership project. 
  
 “Title Company” has the meaning provided in Section 4.01(j)(iv). 
  
 “Total Cash Interest Expense” means, for any period, without duplication, the (a) sum of the total consolidated interest expense
(including, without limitation, the portion attributable to Capital Lease Obligations in accordance with GAAP) of the Borrower and its Subsidiaries for such period determined in accordance with GAAP plus (b) cash losses or minus cash gains
during such period resulting from Interest Rate Protection Agreements to which the Borrower and/or any of its Subsidiaries is party less (c) to the extent included in such consolidated interest expense, (i) interest capitalized in accordance
with GAAP, (ii) amortization of deferred financing costs and (iii) other non-cash charges and expenses), less (d) cash interest income. 
  
 “Total Net Debt” means, as of any date of determination, (a) without duplication, the sum of (i) the aggregate stated balance sheet
amount of all Indebtedness of the Borrower and its Subsidiaries on a consolidated basis as determined in accordance with GAAP, (ii) all Guaranteed Obligations of the Borrower and its Subsidiaries (other than Guarantee Obligations of the Borrower and
its Subsidiaries in respect of the lease obligations of the properties known as “Wyndham Billerica” and “Wyndham Hotels – Denver Tech Center” to the extent such 

  

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underlying leases constitute “operating leases” under GAAP and any other Guaranteed Obligations that do not constitute Indebtedness, (iii) the
aggregate amount of Indebtedness of the Borrower and its Subsidiaries described in clauses (iii) and (iv) of the definition of Indebtedness and (iv) the aggregate amount of all unreimbursed drawings under letters of credit issued for the account of
the Borrower or any of its Subsidiaries, less (b) unrestricted cash and Cash Equivalents (including Prepaid Capital Expenditures to the extent held as cash and Cash Equivalents in the PCE Escrow) held by the Loan Parties, provided that
the maximum amount subtracted pursuant to this clause (b)(ii) shall not exceed $35,000,000. 
  
 “Total Commitment” means, at any time, the aggregate amount of the Commitments then in effect. The original amount of the Total Commitment is $140,000,000. 
  
 “Transaction” means, collectively, (i) the consummation of
the Portfolio Sale, (ii) the entering into of the CMBS Documents and issuance of the CMBS thereunder on the Effective Date, (iii) the entering into of the Loan Documents and the incurrence of all Loans thereunder on the Effective Date, (iv) the
entering into of the Mezzanine Documents and the incurrence of all loans thereunder on the Effective Date, (v) the consummation of the Refinancing and (vi) the payment of fees and expenses in connection with the foregoing. 
  
 “Transaction Documents” means, collectively, (i) the
First-Lien Loan Documents, (ii) CMBS Documents and (iii) the Mezzanine Documents. 
  
 “Transitional Subsidiary” means any Subsidiary formed after the Effective Date solely for the purpose of implementing a Disposition or a structured transaction permitted by this Agreement and which
will cease to be a Subsidiary after the consummation of such Disposition or transaction (which will, in no event, be more than 90 days after the date of formation of such Subsidiary). 
  
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such
Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “UCC” means the Uniform Commercial Code as from time to time in effect on the relevant jurisdiction. 
  
 “Unencumbered” means with respect to any Hotel, management
agreements, franchise agreements or time share agreements, at any date of determination, the circumstance that such Hotel or such agreement, as the case may be, on such date: 
  
 (a) is not subject to any Liens (including restrictions on transferability or assignability, other than commercially
reasonable restrictions in the Company Documents of any Subsidiary of the Borrower which do not prohibit such Subsidiary from disposing or realizing the value of, any Hotel owned by it, or the Equity Ownership Interest in such Subsidiary (including
any such Lien or restriction imposed by (i) any agreement governing Indebtedness, and (ii) the Company Documents of the Borrower or any of its Subsidiaries)) other than Permitted Liens, and, in the case of any ground lease (to the extent permitted
by the definition thereof), restrictions on transferability or assignability in respect of such ground lease; 
  

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 (b) (x) is not subject to any agreement (including (i) any agreement governing Indebtedness, and (ii) if
applicable, the Company Documents of the Borrower or any of its Subsidiaries) which prohibits or limits the ability of such Person to create, incur, assume or suffer to exist any Lien upon such Hotel or such agreement, as the case may be, other than
Permitted Liens (excluding any agreement or organizational document (x) which limits generally the amount of Indebtedness which may be incurred by such Person or (y) which limits the amount of obligations secured by Liens upon such Hotel in a manner
which would not prohibit a Lien securing Obligations in an amount equal to such Person’s pro rata share of the value of such Hotel); and 
  
 (c) is not subject to any agreement (including any agreement governing Indebtedness) which entitles any Person to the benefit of any Lien, other than
Permitted Liens, on such Hotel or such agreement, as the case may be, or would entitle any Person to the benefit of any such Lien upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable”
clause). 
  
 For the purposes of this Agreement, any Hotel owned
by a Subsidiary of the Borrower shall not be deemed to be Unencumbered unless both (i) such Hotel and (ii) all Equity Ownership Interest owned directly or indirectly by the Borrower in such Subsidiary is Unencumbered. 
  
 “Unimproved Land” means any land which does not contain any
improvements other than infrastructure improvements. 
  
 “United States” and “U.S.” each mean the United States of America. 
  
 “Unutilized PPH Proceeds” means (x) for any fiscal year prior to the fiscal year in which an Asset Disposition or Exchange of the Park
Plaza Hotel New Orleans occurs, zero, (y) for the fiscal year in which such Asset Disposition or Exchange occurs, the entire amount of PPH Proceeds and (z) for any subsequent fiscal year, an amount equal to (I) the entire amount of PPH Proceeds less
(II) the aggregate of the PPH Proceeds Usages for all prior fiscal years. 
  
 “Wholly-Owned Special Purpose Subsidiary” means, with respect to any Person, any Wholly-Owned Subsidiary of such Person which is a Special Purpose Subsidiary. 
  
 “Wholly-Owned Subsidiary” means, as to any Person, (i) any
corporation 100% of whose capital stock (other than director’s qualifying shares) is at the time owned by such Person and/or one or more Wholly-Owned Subsidiaries of such Person (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 Ownership Interest, at such time, and (iii) any Subsidiary of the Borrower shall also be considered a Wholly-Owned
Subsidiary of each such Person if (x) 100% of such Subsidiary’s capital stock (other than director’s qualifying shares) is at the time owned by both such Persons and/or one or more Wholly-Owned Subsidiaries of such Persons and (y) if such
Subsidiary is a partnership, limited liability company, association, joint venture or any other non-corporate entity, both such Persons and/or one or more Wholly-Owned Subsidiaries of such Persons hold 100% of the Equity Ownership Interests in such
Subsidiary at such time, provided that notwithstanding the foregoing, each of 

  

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Patriot OP and Wyndham Partnership shall be deemed to be a Wholly-Owned Subsidiary except to the extent that Patriot OP Units or Wyndham Partnership OP
Units, as the case may be, are issued after the Effective Date to Persons other than the Borrower and its Wholly-Owned Subsidiaries (giving effect to this provision). 
  
 “Wholly-Owned Subsidiary Guarantor” means any Subsidiary Guarantor that is a Wholly Owned Subsidiary of the
Borrower. 
  
 “Wrap Refinancing” means a
financing that refinances two or more properties subject to Existing Mortgage Debt and/or Assumed Indebtedness, which financing is secured by, and only by, one or more of the properties securing all or a portion of the Existing Mortgage Debt and/or
Assumed Indebtedness being refinanced and such other immaterial assets permitted by Section 6.02(y)(h). 
  
 “Wyndham Partnership” means Wyndham International Operating Partnership, L.P., a Delaware limited partnership. 
  
 “Wyndham Partnership OP Units” means the partnership units
of Wyndham Partnership. 
  
 SECTION 1.02 Classification of
Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g., “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar
Borrowing”). 
  
 SECTION 1.03 Terms Generally. The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The word “will”
shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to
such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herewith), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement,
and (d) all reference herein to “assets” of any Person shall be construed to mean the assets and properties of such Person. 
  

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 ARTICLE II 
  
 The Credits 
  
 SECTION 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make a term loan or term loans (each, a
“Loan” and collectively, the “Loans”) to the Borrower on the Effective Date in an aggregate principal amount not to exceed such Lender’s Commitment. Once repaid, Loans may not be reborrowed. 
  
 SECTION 2.02 Loans and Borrowings. 
  
 (a) Each Loan shall be made as part of a Borrowing consisting of Loans made
by the Lenders ratably in accordance with their respective Commitments in effect on the Effective Date. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder,
provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
  
 (b) Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan, provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
  
 (c) The aggregate principal amount of each Borrowing shall not be less than the Minimum Borrowing Amount. Borrowings of more than one Type may be outstanding at the same time, provided that there shall not at
any time be more than a total of five Eurodollar Borrowings outstanding. 
  
 (d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing of Eurodollar Loans if the Interest Period requested with
respect thereto would end after the Maturity Date. 
  
 SECTION
2.03 Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business
Days before the date of the proposed Borrowing and (b) in the case of an ABR Borrowing, not later than noon, New York City time, one Business Day before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable
and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request
shall specify the following information in compliance with Section 2.02: 
  
 (i) the aggregate amount of the requested Borrowing; 
  
 (ii) the date of such Borrowing, which shall be a Business Day; 
  

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 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

  
 (iv) in the case of a Eurodollar Borrowing,
the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 
  
 (v) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.06. 
  
 If no election as to the Type of Borrowing is specified, then
the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

  
 SECTION 2.04 Funding of Borrowings. 
  
 (a) Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent
will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable
Borrowing Request. 
  
 (b) Unless the Administrative Agent shall
have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not made its share of the
applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and
including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount
shall constitute such Lender’s Loan included in such Borrowing. 
  
 SECTION 2.05 Interest Elections. 
  
 (a) Each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to
convert 

  

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such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as
provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such
Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 
  
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 
  
 (c) Each telephonic and written Interest Election Request shall specify the
following information in compliance with Section 2.03: 
  
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the
information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
  
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 
  
 (iii) whether the resulting Borrowing is to be an ABR
Borrowing or a Eurodollar Borrowing; and 
  
 (iv)
if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”.

  
 If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 
  
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing. 
  
 (e) If the
Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the
Borrower, then, so long as an Event of Default is continuing 

  

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(i) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted
to an ABR Borrowing at the end of the Interest Period applicable thereto. 
  
 SECTION 2.06 Repayment of Loans; Evidence of Debt. 
  
 (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the Scheduled Repayments as provided in Section 2.09(i). 
  
 (b) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (c) The Administrative Agent shall maintain accounts in which it shall record
(i) the amount of each Loan made hereunder, the Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder
and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and
amounts of the obligations recorded therein, provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans
in accordance with the terms of this Agreement. 
  
 (e) Any Lender
may request that all Loans made by it be evidenced by a promissory note (each, a “Note”). In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested
by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to
Section 9.04(b)) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  
 SECTION 2.07 Termination of Commitments. Unless previously terminated,
the Total Commitment shall terminate on the Effective Date after giving effect to the Borrowing of Loans on such date. 
  
 SECTION 2.08 Voluntary Prepayment of Loans. At any time after the No-Call Period, the Borrower shall have the right to prepay the Loans, except as
provided below, without premium or penalty, on the following terms and conditions: (i) the Borrower shall give the Administrative Agent (x) not later than 12:00 Noon, New York City time at least one Business Day before the date of prepayment of such
Borrower’s intent to prepay ABR Loans and (y) not later than 12:00 Noon, New York City time at least three Business Days before the date of prepayment of such Borrower’s intent to prepay Eurodollar Loans, notice of the amount of such
prepayment and the Types of Loans to be prepaid and, in the case of Eurodollar Loans, the 

  

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specific Borrowing or Borrowings pursuant to which made, which notice the Administrative Agent shall promptly transmit to each of the Lenders; (ii) each
prepayment of Loans shall be the lesser of (x) the total amount outstanding for each Loan and (y) the Minimum Borrowing Amount, provided that if any partial prepayment of Eurodollar Loans made pursuant to any Borrowing shall reduce the
outstanding Eurodollar Loans made pursuant to such Borrowing to an amount less than the Minimum Borrowing Amount, then such Borrowing may not be continued as a Borrowing of Eurodollar Loans and any election of an Interest Period with respect thereto
given by the relevant Borrower shall have no force or effect; (iii) each prepayment in respect of any Loans made pursuant to a Borrowing, shall be applied pro rata among the Lenders which made such Loans; (iv) optional prepayments of
Loans shall be applied to such installments of the Scheduled Repayments as the Borrower shall direct, and (v) all prepayments made pursuant to this Section 2.08 shall be made in the Applicable Prepayment Amount plus accrued and unpaid interest
thereon, provided that notwithstanding the foregoing, if a Change of Control shall occur at any time during the No-Call Period, the Borrower may, no later than 30 days after the applicable Change of Control Date and on the same notice
provision as set forth above (provided that any notice of prepayment given prior to the Change of Control Date may be conditioned upon the Change of Control Date occurring), prepay all (but not less than all) outstanding Loans at such time in an
amount equal to 105% of the aggregate principal amount of such Loans plus accrued and unpaid interest thereon. 
  
 SECTION 2.09 Mandatory Applications and Prepayments. 
  
 (a) Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document all then outstanding Loans shall be repaid in full
on the Maturity Date. 
  
 (b) Unless the Borrower has previously
exercised its rights under the proviso to clause (v) of Section 2.08 during the No-Call Period, no later than 30 days following the date (such date, the “Change of Control Date”) of the consummation of any transaction resulting in a
Change of Control, the Borrower shall make an irrevocable written offer (which, if the Change of Control Offer is made prior to the Change of Control Date may be conditioned upon the Change of Control Date occurring), which offer shall specify the
Change of Control Date (each, a “Change of Control Offer”) to each Lender holding outstanding Loans to prepay all of such Lender’s outstanding Loans at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest
thereon, if any, to the date (which may not be later than the 45th day following the Change of Control Date)
specified for payment (the “C of C Payment Date”). All prepayments under this Section 2.11(b) (together with any accrued and unpaid interest thereon and premiums in respect thereof) shall be paid on the C of C Payment Date to all
Lenders electing to accept such Change of Control Offer. Each Lender may reject or accept in whole or in part (in a principal amount of at least $1,000,000) any Change of Control Offer, with the decision to so reject or accept any Change of Control
Offer to be in the sole discretion of each Lender and shall be conveyed to the Borrower within 10 days of the date of the giving by the Borrower of the relevant Change of Control Offer. 
  
 (c) After the First-Lien Termination Date, promptly following the receipt by the Borrower or any of its Subsidiaries, of any
Net Cash Proceeds from the issuance or incurrence after the Effective Date of any Indebtedness of the Borrower or any of its Subsidiaries (other than Indebtedness permitted by Sections 6.02(y) other than Section 6.02(y)(g) or 

  

 -38- 

 
Section 6.02(y)(h) (to the extent the refinancing Indebtedness exceeds the refinanced Indebtedness)), the Borrower shall apply 100% of such Net Cash Proceeds
to effect mandatory repayments in accordance with Section 2.09(h). 
  
 (d) After the First-Lien Termination Date, promptly following the receipt by the Borrower or any of its Subsidiaries of any Net Cash Proceeds from any Equity Issuance, the Borrower shall apply 50% of such Net Cash Proceeds to effect
mandatory repayments in accordance with Section 2.09(h). 
  
 (e)
After the First-Lien Termination Date, within five Business Days following the receipt by the Borrower or any of its Subsidiaries of any Net Insurance/Condemnation Proceeds, the Borrower shall apply the Designated Percentage of such Net
Insurance/Condemnation Proceeds to effect mandatory repayments and/or commitment reductions in accordance with Section 2.09(h), provided, however, that so long as no Event of Default then exists all of the Designated Percentage of such
Net Insurance/Condemnation Proceeds shall not be required to be applied as set forth above to the extent that (i) the Borrower has delivered an officers’ certificate (which certificate shall set forth the estimates of the Net
Insurance/Condemnation Proceeds to be so expended) to the Administrative Agent within such five Business Day period stating that the portion (which may be 100%) of such Designated Percentage of such Net Insurance/Condemnation Proceeds not being
applied pursuant to Section 2.09(h) shall be used to replace or restore any of the properties or assets in respect of which such Net Insurance/Condemnation Proceeds were paid (each such replacement or restoration, a “Reinvestment”)
within 360 days of such receipt and (ii) such portion is deposited with the Administrative Agent to be held in a cash collateral account as security for the Obligations pursuant to a cash collateral agreement (which shall permit certain investments
in Cash Equivalents reasonably satisfactory to the Administrative Agent) to be entered into in form and substance reasonably satisfactory to the Administrative Agent, with such cash collateral to be released from such cash collateral account and
applied to make Reinvestments within such 360 day period, with all such applications to be described in a certificate of an officer of the Borrower delivered to the Administrative Agent promptly after any such application (it being understood and
agreed that if the portion of Net Insurance/Condemnation Proceeds so deposited is not used in full to make Reinvestments within such 360 day period, the remaining portion shall be applied no later than the last day of such 360 day period to effect
mandatory repayments in accordance with Section 2.09(h)). 
  
 (f)
After the First-Lien Termination Date, within five Business Days following each date upon which the Borrower or any of its Subsidiaries receives the Net Cash Proceeds from any Asset Disposition, the Borrower shall apply the Designated Percentage of
such Net Cash Proceeds to effect mandatory repayments and/or commitment reductions in accordance with Section 2.09(h), provided, however, that so long as no Event of Default then exists all of the Designated Percentage of the Net Cash
Proceeds from any Asset Disposition shall not be required to be so applied as set forth above to the extent that (i) the Borrower delivers a certificate from a Responsible Officer (which certificate shall set forth the estimates of the Net Cash
Proceeds to be so expended) to the Administrative Agent within such five Business Day period stating that a portion (which may be 100%) of such Designated Percentage of Net Cash Proceeds shall be used to purchase similar assets used or to be used in
the businesses permitted pursuant to Section 6.13 (each such purchase, a “New Asset Acquisition”) within 360 days of the 

  

 -39- 

 
receipt of such Net Cash Proceeds and (ii) such portion is deposited with the Administrative Agent to be held in a collateral account as security for the
Obligations pursuant to a cash collateral agreement (which shall permit certain investments in Cash Equivalents reasonably satisfactory to the Administrative Agent) to be entered into in form and substance reasonably satisfactory to the
Administrative Agent, with such cash collateral to be released from such cash collateral account and applied to make New Asset Acquisitions within such 360 day period, with all such applications to be described in a certificate of an officer of the
Borrower to the Administrative Agent promptly after any such application (it being understood and agreed that if the portion of such Net Cash Proceeds so deposited is not used in full to make New Asset Acquisitions within such 360 day period, any
remaining portion shall be applied no later than the last day of such 360 day period as mandatory repayments in accordance with Section 2.09(h). 
  
 (g) After the First-Lien Termination Date, on each Excess Cash Payment Date, the Borrower shall apply an amount equal to 50% of Excess Cash Flow for the
relevant Excess Cash Payment Period to effect mandatory repayments in accordance with the requirements of Section 2.09(h). 
  
 (h) Each amount required to be applied pursuant to Sections 2.09(c), (d), (e), (f) and (g) in accordance with this Section 2.09(h) shall be applied (1)
first, to repay the then next four Scheduled Repayments of Loans in direct order of maturity, and (2) second, to reduce the then remaining Scheduled Repayments of Loans on a pro rata basis (based upon the then remaining
Scheduled Repayments after giving effect to all prior reductions thereto). 
  
 (i) On each date set forth below, the Borrower shall be required to repay that principal amount of Loans, to the extent then outstanding, as is set forth opposite such date (each such repayment, as the same may be
reduced as provided in Section 2.08, a “Scheduled Repayment”): 
  

				
	 Scheduled Repayment Date

	  	Principal Amount

	 June 30, 2005
	  	$	350,000
	 September 30, 2005
	  	$	350,000
	 December 31, 2005
	  	$	350,000
	 March 31, 2006
	  	$	350,000
	 June 30, 2006
	  	$	350,000
	 September 30, 2006
	  	$	350,000
	 December 31, 2006
	  	$	350,000
	 March 31, 2007
	  	$	350,000
	 June 30, 2007
	  	$	350,000
	 September 30, 2007
	  	$	350,000
	 December 31, 2007
	  	$	350,000
	 March 31, 2008
	  	$	350,000
	 June 30, 2008
	  	$	350,000
	 September 30, 2008
	  	$	350,000
	 December 31, 2008
	  	$	350,000
	 March 31, 2009
	  	$	350,000
	 June 30, 2009
	  	$	350,000
	 September 30, 2009
	  	$	350,000
	 December 31, 2009
	  	$	350,000
	 March 31, 2010
	  	$	350,000
	 June 30, 2010
	  	$	350,000
	 September 30, 2010
	  	$	350,000
	 December 31, 2010
	  	$	350,000
	 March 31, 2011
	  	$	350,000
	 June 30, 2011
	  	$	350,000
	 September 30, 2011
	  	$	350,000
	 Maturity Date
	  	$	130,900,000

  

 -40- 

 (j) If the Borrower is required by this Section 2.09 (other than Sections 2.09 (b) or (i)) to repay any
Eurodollar Loans and such prepayment will result in the Borrower being required to pay breakage costs under Section 2.14 (any such Eurodollar Loans, “Affected Loans”), the Borrower may elect, by notice to the Administrative Agent,
to have the provisions of the following sentence be applicable. At the time any Affected Loans are otherwise required to be repaid, the Borrower may elect to deposit 100% (or such lesser percentage elected by the Borrower) of the aggregate principal
amount that otherwise would have been repaid in respect of the Affected Loans with the Administrative Agent to be held as security for the Obligations pursuant to a cash collateral agreement to be entered into in form and substance satisfactory to
the Administrative Agent, with such cash collateral to be released from such cash collateral account (and applied to repay the principal amount of such Loans) upon each occurrence thereafter of the last day of an Interest Period applicable to the
relevant Loans (or, such earlier date or dates as shall be requested by the Borrower), with the amount to be so released and applied on the last day of each Interest Period to be the amount of the Loans to which such Interest Period applies (or, if
less, the amount remaining in such cash collateral account). 
  
 SECTION 2.10 Fees. 
  
 (a) The Borrower agrees to
pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
  

 -41- 

 (b) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent on its own behalf or for distribution to the Lenders entitled thereto (as applicable). Fees paid shall not be refundable under any circumstances. 
  
 SECTION 2.11 Interest. 
  
 (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin for ABR Loans. 
  
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest at the
Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin for Eurodollar Loans. 
  
 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid
when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate
otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) to the extent permitted by applicable law in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of
this Section. 
  
 (d) Accrued interest on each Loan shall be
payable in arrears on each Interest Payment Date for such Loan, provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment of any Loan, accrued interest on the
principal amount repaid shall be payable on the date of such repayment and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the
effective date of such conversion. 
  
 (e) All interest hereunder
shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366
days a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error. 
  
 SECTION 2.12 Alternate Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
  
 (a) the Administrative Agent determines in good faith (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans
included in such Borrowing, for such Interest Period; 
  

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 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as
promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any
Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
  
 SECTION 2.13 Increased Costs. 
  
 (a) If any Change in Law shall: 
  
 (i) impose, modify or deem applicable any reserve, special
deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
  
 (ii) impose on any Lender or the London interbank market any
other condition affecting this Agreement or Eurodollar Loans made by such Lender; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or to reduce
the amount of any sum received or receivable by such Lender (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender, for such additional costs
incurred or reduction suffered. 
  
 (b) If any Lender determines
in good faith that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this
Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s and the policies of such
Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such
reduction suffered. 
  
 (c) A certificate of a Lender setting
forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section including the calculation thereof in reasonable detail shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
  
 (d) Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or
reductions incurred more than 270 days prior to the date that such 

  

 -43- 

 
Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation
therefor, provided further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.

  
 SECTION 2.14 Break Funding Payments. In the event of
(a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the
Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.08 and is revoked in
accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.17, then, in any such event, the Borrower shall
compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of
(i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate (in the case of a Eurodollar Loan) that would have been applicable to such Loan, for the period from the
date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest
which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar
market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
Lender the amount shown as due on any such certificate within 10 days after receipt thereof. Notwithstanding the foregoing provisions of this Section 2.14, if at any time the Borrower incurs breakage costs under this Section 2.14 as a result of
Eurodollar Loans being prepaid other than on the last day of an Interest Period applicable thereto (the “Affected Eurodollar Loans”), then the Borrower may in its sole discretion initially deposit a portion (up to 100%) of the
amounts that otherwise would have been paid in respect of the Affected Eurodollar Loans with the Administrative Agent (which deposit must be equal in amount to the amount of the Affected Eurodollar Loans not immediately prepaid) to be held as
security for the obligations of the Borrower hereunder pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Administrative Agent and shall provide for investments satisfactory to the
Administrative Agent and the Borrower, with such cash collateral to be directly applied upon the first occurrence (or occurrences) thereafter of the last day of an Interest Period applicable to the relevant Loans that are Eurodollar Loans (or such
earlier date or dates as shall be requested by the Borrower), to repay an aggregate principal amount of such Loans equal to the Affected Eurodollar Loans not initially prepaid pursuant to this sentence. Notwithstanding anything to the contrary
contained in the immediately preceding sentence, all amounts deposited as cash collateral pursuant to the immediately preceding sentence shall be held for the sole benefit of the Lenders whose Loans would otherwise have been immediately prepaid with
the amounts deposited upon the taking of any action by the Administrative Agent or the Lenders pursuant to the remedial provisions of Article VIII and 

  

 -44- 

 
amounts held as cash collateral pursuant to this Section 2.14 shall, subject to the requirements of applicable law, be immediately applied to the Loans.

  
 SECTION 2.15 Taxes. 
  
 (a) Any and all payments by or on account of any obligation of the Borrower
or any other Loan Party hereunder shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes, provided that if the Borrower or any other Loan Party shall be required to deduct any Indemnified Taxes or Other
Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent or Lender (as
the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or such other Loan Party shall make such deductions and (iii) the Borrower or such other Loan Party shall pay the full
amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for
the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes
or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error. 
  
 (d) As soon
as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
  
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the
jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law and reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. 
  
 SECTION 2.16 Payments Generally; Pro Rata Treatment; Sharing of
Set-offs. 
  
 (a) The Borrower shall make each payment
required to be made by it hereunder (whether of principal, premium, interest, fees, or of amounts payable under Section 2.13, 2.14 or 

  

 -45- 

 
2.15, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent at its offices at 270 Park Avenue, New York, New York, except payments made pursuant to Sections 2.13, 2.14, 2.15 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any
such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to
the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars. 
  
 (b) If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such
parties. 
  
 (c) If any Lender shall, by exercising any right of
set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon
than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments
shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans, provided that (i) if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made
by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other
than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation. 
  
 (d) Unless the Administrative Agent
shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the 

  

 -46- 

 
Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
  
 (e) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(a) or 2.16(c), then the Administrative Agent may, in
its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid. 
  
 SECTION 2.17 Mitigation
Obligations, Replacement of Lenders. 
  
 (a) If any Lender
requests compensation under Section 2.13, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall use reasonable efforts
to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
  

(b) If any Lender requests compensation under Section 2.13, or if the Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.15, in each case in an amount greater than that generally charged by the other Lenders, or if any Lender becomes a Defaulting Lender, or if any Lender refuses to consent to
certain proposed changes, waivers, discharges or terminations with respect to this Agreement or the other Loan Documents which have been approved by the Super-Majority Lenders as provided in Section 9.02(b), then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and
obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that (i) the Borrower shall have received the prior written consent of
the Administrative Agent, which consent shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the Applicable Prepayment Amount of its Loans, accrued interest thereon, accrued fees and all
other amounts payable to it hereunder, from the assignee (to the extent of the outstanding principal of its Loans and accrued interest and fees) or the Borrower (in the case of premiums (i.e. the difference between the Applicable Prepayment
Amount and such outstanding principal amount) and all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments required to be made pursuant to Section 2.15, such assignment
will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment 

  

 -47- 

 
and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment
and delegation cease to apply. 
  
 ARTICLE III 
  
 Representations and Warranties 
  
 To induce the Administrative Agent and the Lenders to enter into this
Agreement and to make the Loans, the Borrower makes the following representations and warranties, to the Administrative Agent and each Lender, all of which shall survive the execution and delivery of this Agreement and the making of the Loans:

  
 SECTION 3.01 Financial Condition. 
  
 (a) The unaudited pro forma consolidated balance sheet and statement of
operations of the Borrower and its consolidated Subsidiaries as at March 31, 2005, or for the period of four consecutive fiscal quarters ended March 31, 2005 (the “Pro Forma Financial Statements”), copies of which have heretofore
been furnished to each Lender, have been prepared giving effect (as if such events had occurred on such date or at the beginning of such period, as the case may be) to (i) the consummation of the Transaction and (ii) the payment of fees and expenses
in connection therewith. The Pro Forma Financial Statements have been prepared based on the best information available to the Borrower as of the date of delivery thereof, and present a good faith estimate on a pro forma basis of the
financial position of Borrower and its consolidated Subsidiaries as at, or for the period of four consecutive fiscal quarters ended, March 31, 2005 assuming that the events specified in the preceding sentence had actually occurred at such date or at
the beginning of such period, as the case may be. 
  
 (b) The
audited consolidated balance sheets of the Borrower as at December 31, 2002, December 31, 2003 and December 31, 2004, and the related consolidated statements of operations, stockholder’s equity and cash flows for the fiscal years ended on such
dates, present fairly the consolidated financial condition of the Borrower as at such date, and the consolidated results of its operations and its consolidated cash flows for the respective fiscal years then ended. All such financial statements
above have been prepared in accordance with GAAP applied consistently throughout the periods involved. The Borrower and its Subsidiaries do not have any material contingent liabilities and liabilities for taxes, or any long-term leases or unusual
forward or long-term commitments, including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, all as determined in accordance with GAAP, that are not reflected in the most recent
financial statements referred to in this paragraph. During the period from December 31, 2004 to and including the date hereof there has been no Disposition by the Borrower or any of its Subsidiaries of any material part of its business or assets,
other than has been disclosed to the Lenders prior to the Effective Date. 
  
 SECTION 3.02 No Change. Since December 31, 2004 there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.03 Company Existence; Compliance with Law. Each of the
Borrower and its Subsidiaries (a) is duly organized, validly existing under the laws of the jurisdiction of its 

  

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organization, (b) has the Company power and authority, and the legal right, to own and operate its assets, to lease the assets it operates as lessee and to
conduct the business in which it is currently engaged, (c) is duly qualified as a foreign Company under the laws of each jurisdiction where its ownership, lease or operation of assets or the conduct of its business requires such qualification,
except to the extent that the failure to be so qualified could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, and (d) is in compliance with all Requirements of Law except to the extent that the failure to comply
therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.04 Company Power; Authorization; Enforceable Obligations. Each Loan Party has the Company power and authority, and the legal right to
make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to borrow hereunder. Each Loan Party has taken all necessary Company action to authorize the execution, delivery and performance of the Loan
Documents to which it is a party and, in the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement. All consents or authorizations of, filings with, notices to or other act by or in respect of, any
Governmental Authority or any other Person required in connection with the Transaction and the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan Documents have been
obtained and are in full force and effect, except consents, authorizations, filings and notices described in Schedule 3.04. Each Loan Document has been duly executed and delivered on behalf of each Loan Party thereto. This Agreement constitutes, and
each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party thereto, enforceable against each such Loan Party in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
  
 SECTION 3.05 No Violation. The execution, delivery and performance of
this Agreement and the other Loan Documents, the borrowings hereunder and the use of the proceeds thereof (i) will not violate any Requirement of Law or any material Contractual Obligation of the Borrower or any of its Subsidiaries, (ii) will not
conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (other than pursuant to the
Security Documents) upon any of the properties or assets of the Borrower or any of its Subsidiaries, pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or
instrument, to which the Borrower or any of its Subsidiaries, is a party or by which it or any of its property or assets is bound or to which it may be subject, except to the extent that such conflict or default could not reasonably be expected to
have a Material Adverse Effect or (iii) will not violate any provision of any Company Document of the Borrower or any of its Subsidiaries. No Requirement of Law or Contractual Obligation applicable to the Borrower or any of its Subsidiaries could
reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.06 Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Borrower or any of its
Subsidiaries or against any of their respective 

  

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properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby or (b) except as set forth on
Schedule 3.06, that could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.07 No Default. Neither the Borrower nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a
Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
  
 SECTION 3.08 Intellectual Property. The Borrower and each of its Subsidiaries owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted. No claim
has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of any Intellectual Property which could reasonably be expected to have a Material Adverse Effect, nor
does the Borrower know of any valid basis for any such claim. The use of Intellectual Property by the Borrower and its Subsidiaries does not infringe on the rights of any Person in any material respect, except to the extent that such infringements
would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. 
  
 SECTION 3.09 Taxes. Each of the Borrower and each of its Subsidiaries has filed or caused to be filed all Federal, state and other material tax returns that are required to be filed and has paid all taxes shown
to be due and payable on said returns or on any assessments made against it or any of its assets and all other taxes, fees or other charges imposed on it or any of its assets by any Governmental Authority to the extent due and payable (other than
any amounts or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower or its Subsidiaries, as the case may
be or which could not reasonably be expected to have a Material Adverse Effect); no material tax Lien has been filed, and, to the knowledge of the Borrower, no claim is being asserted, with respect to any such tax, fee or other charge, which claim
would reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.10 Federal Regulations. No part of the proceeds of any Loans will be used for “buying” or “carrying” any “Margin Stock” within the respective meanings of each of the quoted terms under
Regulation U as now and from time to time hereafter in effect or for any purpose that violates or is inconsistent with the provisions of the Regulations T, U or X of the Board. 
  
 SECTION 3.11 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse
Effect: (a) there are no strikes or other labor disputes against the Borrower or any of its Subsidiaries pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment made to employees of the Borrower and its Subsidiaries
have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from the Borrower or any of its Subsidiaries on account of employee health and welfare
insurance have been paid or accrued as a liability on the books of the Borrower or the relevant Subsidiary. 
  

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 SECTION 3.12 ERISA. Neither a Reportable Event nor an “accumulated funding deficiency”
(within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Single Employer Plan which could reasonably be
likely to have a Material Adverse Effect, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code, except to the extent that the failure to so comply could not, in the aggregate, be reasonably likely
to have a Material Adverse Effect. No termination of a Single Employer Plan has occurred, and no Lien against the Borrower or any Commonly Controlled Entity and in favor of the PBGC or a Single Employer Plan has arisen, during such five-year period
which would reasonably be likely to have a Material Adverse Effect. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to
the date on which this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial
withdrawal from any Multiemployer Plan, and based on such information provided to the Borrower by the sponsors of the Multiemployer Plans, the Borrower believes that neither the Borrower nor any Commonly Controlled Entity would become subject to any
material liability under ERISA which could reasonably be likely to have a Material Adverse Effect if the Borrower or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely
preceding the date on which this representation is made or deemed made. To the knowledge of, the Borrower no such Multiemployer Plan is in Reorganization or in a state of Insolvency. 
  
 SECTION 3.13 Investment Company Act; Other Regulations. No Loan Party is an “investment company”, or a
company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Loan Party is subject to regulation under any Requirement of Law that limits its ability to incur
Indebtedness. 
  
 SECTION 3.14 Public Utility Holding Company
Act. Neither Borrower nor 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. 
  
 SECTION 3.15 Subsidiaries; Joint Ventures. 
  
 (a) Schedule 3.15 sets forth the name and jurisdiction of formation of each Subsidiary and Joint Venture owned directly or indirectly by the Borrower on
the Effective Date and, as to each such Subsidiary or Joint Venture, the percentage of each class of Equity Ownership Interest therein owned by the Borrower or any of its Subsidiaries. None of the Equity Ownership Interests in any Subsidiary
Guarantor is owned by a Non-Guarantor Subsidiary. 
  
 (b) On the
Effective Date there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other than (i) stock options granted to employees or directors and directors’ qualifying shares and (ii) those Buy/Sell
Arrangements listed on Schedule 3.15) of any nature relating to any Equity Ownership Interests of the 

  

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Borrower or any Equity Ownership Interest in any Subsidiary, except as set forth on Schedule 3.15. 
  
 SECTION 3.16 Use of Proceeds; Margin Regulations. 
  
 (a) The proceeds of the Loans shall be used by the Borrower, subject to the
other restrictions set forth in this Agreement, to fund, in part, the Transaction (and to fund the PCE Escrow) and to pay related fees and expenses in connection therewith. 
  
 (b) Neither the making of any Loan nor the use of the proceeds thereof nor the occurrence of any other extension of credit
under the Loan Documents will violate or be inconsistent with the provisions of Regulation T, U or X of the Board. At the time of the making of each Loan, and after giving effect thereto and the use of the proceeds thereof, no more than 25% of the
value (as defined in Regulation U of the Board) of the assets of the Borrower, and of the Borrower and its Subsidiaries on a consolidated basis, subject to the restrictions in Section 6.03, 6.04 and 6.05 shall constitute Margin Stock. If requested
by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U 1 or FR Form G 3, as applicable, referred to in
Regulation U. 
  
 SECTION 3.17 Hotels. 
  
 (a) The Borrower and each of its Subsidiaries, and to the best knowledge of
the Borrower, its Joint Ventures, has good and marketable fee simple absolute title to all material Real Property purported to be owned by them, and has good and marketable title to, or valid leasehold interests in, all other material Real Property
specified on Schedule 3.17 as leased by them, free and clear of all Liens, other than Permitted Liens, provided that with respect to Mortgaged Properties, free and clear of all Liens, other than Permitted Encumbrances. Schedule 3.17 contains
a true and complete list of each Hotel owned or leased by the Borrower, any of its Subsidiaries, or any of its Joint Ventures on the Effective Date, and the type of interest therein held by the Borrower or any of its Subsidiaries. 
  
 (b) All material Real Property leased on the Effective Date by the Borrower
or any of its Subsidiaries as tenant, or any of their Joint Ventures is listed on Schedule 3.17. To the best knowledge of the Borrower, each of such leases is valid and enforceable in accordance with its terms and is in full force and effect in all
material respects. None of the Borrower, nor its Subsidiaries, nor, to the best knowledge of the Borrower, any of its Joint Ventures, or any other party to any such lease is in default of its obligations thereunder or has delivered or received any
notice of default under any such lease, nor has any event occurred which, with the giving of notice, the passage of time or both, would constitute a default under any such lease, except for defaults which could not reasonably be expected to have a
Material Adverse Effect. 
  
 (c) Each ground lease with respect to
any Hotel which is located on a Leasehold is in full force and effect and no party thereto has denied or disaffirmed any of its material obligations thereunder or has defaulted (beyond applicable cure and notice periods) in the due performance or
observance of any material term, covenant or agreement on its part to be performed or 

  

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observed pursuant thereto, except in the case of any ground leases such denials, disaffirmations and defaults as could not reasonably be expected to have a
Material Adverse Effect. 
  
 (d) Each Hotel complies in all
material respects with (i) all Requirements of Law, (ii) all material consents, licenses (including liquor licenses), certificates and permits required by all Requirements of Law for the operation of each Hotel have been obtained and are in full
force and effect and (iii) all utility services and facilities necessary for the operation of each Hotel are available at such Hotel, except in the case of clauses (i), (ii) and (iii) such non-compliances or failures to comply, obtain or have in
full force and effect and available as could not reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 3.18 Environmental Matters. Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 
  
 (a) to the best knowledge of the Borrower, the facilities and properties
owned, leased or operated by the Borrower or any of its Subsidiaries (the “Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations or under circumstances
that constitute or constituted a violation of, or could give rise to liability under, any Environmental Law; 
  
 (b) neither the Borrower nor any of its Subsidiaries has received or is aware of any notice of violation, alleged violation, non-compliance, liability or
potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the business operated by the Borrower or any of its Subsidiaries (the “Business”), nor does the Borrower have
knowledge or reason to believe that any such notice will be received or is being threatened; 
  
 (c) to the best knowledge of the Borrower, Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could give rise to
liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any
applicable Environmental Law; 
  
 (d) no judicial proceeding or
governmental or administrative action is pending or, to the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower or any Subsidiary is or will be named as a party with respect to the Properties or the Business, nor
are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business;

  
 (e) to the best knowledge of the Borrower, there has been no
release or threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of the Borrower or any Subsidiary in connection with the Properties or otherwise in connection with the
Business, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws; 
  

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 (f) the Properties and all operations at the Properties are in compliance, and have in the last five
years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or the Business; and 
  
 (g) neither the Borrower nor any of its Subsidiaries has assumed any
liability of any other Person under Environmental Laws. 
  
 SECTION 3.19 Accuracy of Information, etc. To the knowledge of the Borrower, no statement or information contained in this Agreement, any other Loan Document, or any other document, certificate or statement furnished by or on behalf
of any Loan Party (other than the Projections, the Closing Projections, pro forma financial information and forecasts) to the Administrative Agent or the Lenders, or any of them, for use in connection with the transactions contemplated by this
Agreement or the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements
contained herein or therein not materially misleading in light of the circumstances in which such statements are made, which statement or omission, if corrected, could contain any fact that could reasonably be expected to have a Material Adverse
Effect. To the knowledge of the Borrower, the Projections, the Closing Projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the
Borrower to be reasonable at the time made, it being recognized by the Lenders that the Projections, the Closing Projections and financial information as they relate to future events are not to be viewed as fact, that the Projections, the Closing
Projections and financial information are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and its Subsidiaries and that actual results during the period or periods covered by such
financial information may differ from the projected or estimated results set forth therein by a material amount. As of the date hereof, there is no fact known to any Loan Party that would reasonably be expected to have a Material Adverse Effect that
has not been expressly disclosed herein, in the other Loan Documents, or in any other documents, certificates and statements furnished to the Administrative Agent and the Lenders for use in connection with the transactions contemplated hereby and by
the other Loan Documents. 
  
 SECTION 3.20 Security
Documents. 
  
 (a) The Guaranty and Collateral Agreement is,
and after the execution and delivery thereof, each other Security Document will be, effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral
described therein subject to the third sentence of this paragraph. In the case of any certificated Equity Ownership Interests pledged under the Guaranty and Collateral Agreement, when stock certificates representing such certificated Equity
Ownership Interests are delivered to the First-Lien Administrative Agent or the Administrative Agent (as applicable), in the case of Pledged Notes described in the Guaranty and Collateral Agreement, when the intercompany promissory notes
representing such Pledged Notes and in the case of the other Collateral described in the Guaranty and Collateral Agreement, when financing statements and other filings specified in the opinion delivered pursuant to Section 4.01(g) (or otherwise
notified to the Administrative Agent) in appropriate form are filed in the offices specified on Annex B to the 

  

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Guaranty and Collateral Agreement (or otherwise notified to the Administrative Agent), the Guaranty and Collateral Agreement shall constitute a fully
perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guaranty and Collateral Agreement), subject to no other
Liens other than the Liens created by the First-Lien Security Documents and other Permitted Liens and in each case prior to and superior in right to any other Person except for (i) such Liens created by the First-Lien Security Documents and (ii)
such other Permitted Liens as have priority under applicable law. The recordation of (x) the Grant of Security Interest in U.S. Patents and (y) the Grant of Security Interest in U.S. Trademarks in the respective form attached to the Guaranty and
Collateral Agreement, in each case in the United States Patent and Trademark Office, together with filings on Form UCC-1 made pursuant to the Guaranty and Collateral Agreement, will create, as may be perfected by such filings and recordation, a
perfected security interest in the United States trademarks and patents covered by the Guaranty and Collateral Agreement, and the recordation of the Grant of Security Interest in U.S. Copyrights in the form attached to the Guaranty and Collateral
Agreement with the United States Copyright Office, together with filings on Form UCC-1 made pursuant to the Guaranty and Collateral Agreement, will create, as may be perfected by such filings and recordation, a perfected security interest in the
United States copyrights covered by the Guaranty and Collateral Agreement. 
  
 (b) Each Initial Mortgage is, and after the execution and delivery thereof each Additional Mortgage will be, effective to create a legal, valid and enforceable perfected security interest in and mortgage lien on the
respective Mortgaged Property covered thereby in favor of the Collateral Agent (or such other trustee as may be required or desired under local law) for the benefit of the Secured Parties. Upon the recording of any such Mortgage in the recording
office or offices specified therein for the recording thereof, each Mortgage shall constitute a fully perfected Lien on, and security interest in, all rights, title and interest of the Loan Parties in the Mortgaged Property covered thereby as
security for the obligations purported to the secured thereby, subject to no Liens other than the Liens created by the First-Lien Security Documents and Permitted Encumbrances, prior and superior in right to any other Persons (other than the
“Secured Parties” under, and as defined in, the First-Lien Security Documents). 
  
 SECTION 3.21 Solvency. The Loan Parties (taken as a whole) are, and after giving effect to the Transaction and the incurrence of all Indebtedness and obligations being incurred in connection herewith and
therewith will be and will continue to be, Solvent. 
  
 SECTION
3.22 Existing Indebtedness. Schedule 3.22 sets forth a true and complete list of all Existing Indebtedness constituting borrowed money and guarantees of same of the Borrower and its Subsidiaries in excess of $1,000,000 as of the Effective
Date (excluding the Loans and the Indebtedness incurred pursuant to the First-Lien Loan Documents) and intended to remain outstanding after such date, in each case showing the aggregate principal amount thereof and the name of the respective
borrower and any other entity which directly or indirectly guaranteed such debt. 
  
 SECTION 3.23 Transaction. As of the Effective Date, (i) the Transaction has been consummated in all material respects in accordance with the terms of the respective Transaction Documents (except as approved by
the Administrative Agent, such approval not to be 

  

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unreasonably withheld) and all applicable laws, (ii) all consents and approvals of, and filings and registrations with, and all other actions in respect of,
all governmental agencies, authorities or instrumentalities required in order to make or consummate the Transaction will have been obtained, given, filed or taken and are or will be in full force and effect (or effective judicial relief with respect
thereto has been obtained), except where the failure to so obtain, give, file or take would not be reasonably expected to have a Material Adverse Effect, (iii) all applicable waiting periods with respect thereto have or, prior to the time when
required, will have, expired without, in all such cases, any action being taken by any competent authority which restrains, prevents, or imposes material adverse conditions upon the Transaction, (iv) there does not exist any judgment, order or
injunction prohibiting or imposing material adverse conditions upon the Transaction, or any Loan or the performance by any Loan Party of its obligations under the respective Documents, (v) all actions taken by each Loan Party pursuant to or in
furtherance of the Transaction have been taken in material compliance with the respective Documents (except for modifications and waivers consented to by the Administrative Agent pursuant to Section 4.01(b)) and all applicable laws and (vi) all
representations and warranties made (or deemed made) by Loan Parties pursuant to the Transaction Documents shall be true and correct in all material respects on the date made (or deemed made). 
  
 ARTICLE IV 
  
 Conditions Precedent 
  
 SECTION 4.01 Conditions to Initial Extension of Credit. The agreement of each Lender to make Loans is subject to the satisfaction or waiver, prior
to or concurrently with the making of such Loans, of the following conditions precedent: 
  
 (a) Effective Date; Notes. (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 that has requested same, the
appropriate Note executed by the Borrower, in each case, in the amount, maturity and as otherwise provided herein. 
  
 (b) Transaction, etc. (i) On or prior to the Effective Date, there shall have been delivered to the Lenders copies of all Transaction Documents,
all of which shall be certified by a Responsible Officer of the Borrower as true and correct, and each such Transaction Document shall be in full force and effect and shall be in form and substance reasonably satisfactory to the Administrative
Agent. 
  
 (ii) In connection therewith, the transactions
described below (and to the extent any of the other transactions described on the Sources and Uses Table attached to the Commitment Letter dated as of March 24, 2005, among the Borrower, JPMorgan Chase, Bear Stearns Corporate Lending and the Joint
Lead Arrangers (and updated through the Effective Date) are to be consummated with such transactions) shall have been consummated prior to or concurrently with the funding of the initial Loans hereunder: 
  
 (A) the Borrower shall have received $350,059,083 in gross
cash proceeds from the Portfolio Sale and the net cash proceeds thereof have been used to permanently 

  

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repay outstandings under the Existing Credit Agreement in accordance with the terms thereof; 
  
 (B) the Borrower shall have received at least $675,000,000 in gross cash proceeds from the issuance of the
CMBS and the net cash proceeds thereof have been used to permanently repay outstandings under the Existing Credit Agreement in accordance with the terms thereof; 
  
 (C) the Borrower shall have received at least $555,000,000 in gross cash proceeds from the initial loans
made under the First-Lien Credit Agreement on the Effective Date and the net cash proceeds thereof have been used to permanently repay outstandings under the Existing Credit Agreement in accordance with the terms thereof and/or to fund the PCE
Escrow; 
  
 (D) the Borrower shall have received
at least $100,000,000 in gross cash proceeds from the loans under the Mezzanine Documents and the Net Cash Proceeds thereof have been used to permanently repay outstandings under the Existing Credit Agreement in accordance with the terms thereof;
and 
  
 (E) (x) the Administrative Agent shall
have received evidence reasonably satisfactory to it that the Existing Credit Agreement (including, all commitments thereunder) shall have been terminated and all “Obligations” (as defined in the Existing Credit Agreement) shall have been
paid in full (other than contingent reimbursement and indemnification obligations for which no claim has been made or with respect to “Existing Letters of Credit” (as defined in the First-Lien Credit Agreement)) and (y) arrangements
reasonably satisfactory to the Administrative Agent shall have been made for the termination of all Liens and guaranties granted or made in connection therewith. 
  
 (c) Pro Forma Financial Statements; Closing Projections. The Lenders shall have received (i) the Pro Forma Financial
Statements and (ii) detailed projected consolidated financial statements, certified by the Chief Financial Officer of the Borrower, of the Borrower and its Subsidiaries for the period from the Effective Date through 2011 (the “Closing
Projections”), which Closing Projections (x) shall reflect the forecasted consolidated financial conditions and income and expenses of the Borrower and its Subsidiaries after giving effect to the Transaction and the related financings in
connection therewith and the other transactions contemplated hereby and (y) shall be reasonably satisfactory in form and substance to the Administrative Agent. 
  

(d) Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid by the Borrower, and all expenses for which
invoices have been presented (including the reasonable fees and expenses of legal counsel to the Administrative Agent), on or before the Effective Date. All such amounts may be paid with proceeds of Loans made on the Effective Date and, to the
extent paid in such manner, will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Effective Date. 
  

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 (e) Closing Certificate. The Administrative Agent shall have received, a certificate of each Loan
Party, dated the Effective Date, substantially in the form of Exhibit D with appropriate insertions and attachments. 
  
 (f) Legal Opinions. The Administrative Agent shall have received (i) (x) from Akin Gump Strauss Hauer & Feld LLP, special counsel to the Loan
Parties and (y) from Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to the Loan Parties, opinions addressed to the Administrative Agent, the Collateral Agent and each of the Lenders and dated the Effective Date covering the matters
set forth in Exhibit E and (ii) from local counsel in each State where any Mortgaged Property is located or any Loan Party is organized (to the extent not covered by the opinions set forth in clauses (i)(y) or (ii)(x) above), an opinion in form and
substance reasonably satisfactory to the Administrative Agent and addressed to the Administrative Agent, the Collateral Agent and each of the Lenders and dated the Effective Date covering such matters incident to the transactions contemplated herein
as the Administrative Agent may reasonably request. 
  
 (g)
Guaranty and Collateral Agreement. On the Effective Date, each Loan Party shall have duly authorized, executed and delivered the Guaranty and Collateral Agreement, together with: 
  
 (i) Financing Statements (Form UCC-1 or the equivalent) in proper form for filing under the UCC or other
appropriate filing offices of each jurisdiction as may be necessary or, in the reasonable opinion of the Collateral Agent, desirable, to perfect the security interests purported to be created by the Guaranty and Collateral Agreement, with
arrangements having been made by the Borrower which are reasonably satisfactory to the Collateral Agent to ensure that such financing statements are filed after any financing statements are filed in connection with the First-Lien Loan Documents;

  
 (ii) certified copies of Requests for
Information or Copies (Form UCC-11), or equivalent reports as of a recent date, listing all effective financing statements that name the Borrower or any of its Subsidiaries as debtor and that are filed in the jurisdictions referred to in clause (i)
above or where any Mortgaged Property is located, together with copies of such other financing statements that name the Borrower or any Subsidiary Guarantor as debtor (none of which shall cover any of the Collateral except (x) to the extent
evidencing Liens created by the First-Lien Security Documents and other Permitted Liens or (y) those in respect of which the Collateral Agent shall have received termination statements (Form UCC-3) or such other termination statements as shall be
required by local law fully executed for filing); 
  
 (iii) evidence of the completion or performance, as the case may be, of all other recordings and filings of, or with respect to, the Guaranty and Collateral Agreement as may be necessary or, in the reasonable opinion of the Collateral
Agent, desirable, to perfect the security interests intended to be created by the Guaranty and Collateral Agreement; and 
  

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 (iv) evidence that all other actions necessary or, in the reasonable opinion of the
Collateral Agent, desirable to perfect and protect the security interests purported to be created by the Guaranty and Collateral Agreement have been or are being taken, and the Guaranty and Collateral Agreement shall be in full force and effect.

  
 (h) Solvency Certificate; Insurance Certificates. On
the Effective Date, the Administrative Agent shall have received: 
  
 (i) a solvency certificate from the chief financial officer of the Borrower in the form of Exhibit F; and 
  
 (ii) certificates of insurance complying with the requirements of Section 5.05 for the business and properties of the Borrower and its
Subsidiaries, in form and substance reasonably satisfactory to the Administrative Agent. 
  
 (i) Mortgages; Title Insurance; Appraisals; Surveys. On the Effective Date, the Collateral Agent shall have received: 
  
 (i) fully executed counterparts of Mortgages, each in form and substance reasonably satisfactory to the Administrative Agent, which
Mortgages shall cover such of the Real Property owned by the Borrower or any Subsidiary Guarantor and designated as “Mortgaged Property” on Schedule 1.01(iii), together with evidence that counterparts of such Mortgages have been delivered
to the title insurance company insuring the Lien of Mortgages for recording in all places to the extent necessary or, in the reasonable opinion of the Collateral Agent desirable, to effectively create a valid and enforceable second priority mortgage
lien, subject only to the Liens created by the First-Lien Security Documents and Permitted Encumbrances, on the Mortgaged Property covered thereby in favor of the Collateral Agent (or such other trustee as may be required or desired under local law)
for the benefit of the Secured Parties; 
  
 (ii)
UCC-1 Fixture Filings covering each Mortgaged Property; 
  
 (iii) such consents, approvals, and estoppels (but only to the extent required by the Title Company to issue the respective Mortgage Policy), as shall be reasonably deemed necessary by the Administrative Agent in
order for the owner or holder of any fee interest constituting such Mortgaged Property to grant the Lien contemplated by the Mortgage with respect to such Mortgaged Property; 
  
 (iv) a Mortgage Policy relating to each Mortgage issued by Land America Insurance Corporation (the
“Title Company”) (each a “Mortgage Policy”) reasonably satisfactory to the Collateral Agent, in an insured amount at least equal to the Appraised Value thereof and insuring the Collateral Agent that each Mortgage
creates a valid and enforceable second priority mortgage lien on the respective Mortgaged Property subject thereto, free and clear of all defects and encumbrances except the Liens created by the First-Lien Security Documents and Permitted
Encumbrances. Each Mortgage Policy (1) shall be in form and 

  

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substance reasonably satisfactory to the Collateral Agent, (2) shall include, to the extent available on a commercially reasonable basis in the applicable
jurisdiction, supplemental endorsements (including, without limitation, endorsements relating to future advances under this Agreement and the Notes, usury, first loss, last dollar, tax parcel, subdivision, zoning (which can be omitted if the
Administrative Agent has received all relevant zoning reports), contiguity, variable rate, doing business, public road access, survey, environmental lien, mortgage tax and so-called comprehensive coverage over covenants and restrictions and for any
other matters that the Collateral Agent in its discretion may reasonably request), (3) shall not include the “standard” title exceptions, the “standard” survey exception (other than for the Golden Door Spa, the Boulders Resort
and the Carmel Valley Resort which may contain the “standard” survey exception unless a modified survey exception can be given by the title company) or an exception for mechanics’ liens, and (4) shall provide for affirmative insurance
and such reinsurance as the Collateral Agent in its discretion may reasonably request; 
  
 (v) such affidavits, certificates, information (including financial data) and instruments of indemnification (including, without
limitation, a so-called “gap” indemnification) as shall be required to induce the title company to issue the Mortgage Policies referred to in subsection (iv) above; 
  
 (vi) (A) a copy of the existing survey of the properties known as “The Golden Door Spa”, “The
Boulders Resort” and the “Carmel Valley Resort”, together with a survey affidavit as reasonably required by the Collateral Agent, acceptable to the Title Company referred to in preceding clause (iv) and sufficient for the Title
Company to modify all standard survey exceptions to the Mortgage Policy relating to such Mortgaged Property and issue modified endorsements required pursuant to the provisions of preceding clause (iv) and (B) a survey for each other Mortgaged
Property (and all improvements thereon) (a) prepared by a surveyor or engineer licensed to perform surveys in the state, commonwealth or applicable jurisdiction where such Mortgaged Property is located, (b) dated not earlier than 90 days prior to
the date of delivery thereof unless there shall have occurred within 90 days prior to such date of delivery any exterior construction affecting the footprint of the improvements on the site of such Mortgaged Property, in which event such survey
shall be dated after the completion of such construction or if such construction shall not have been completed as of such date of delivery, not earlier than twenty days prior to such date of delivery, (c) certified by the surveyor (in a manner
reasonably acceptable to the Collateral Agent) to the Collateral Agent in its capacity as such, White & Case LLP and the Title Company, (d) complying in all respects with the minimum detail requirements of the American Land Title Association as
such requirements are in effect on the date or preparation of such survey, and (e) sufficient for the Title Company to remove all standard survey exceptions from the Mortgage Policy relating to such Mortgaged Property and issue the endorsements
required pursuant to the provisions of preceding clause (iv); 
  

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 (vii) to the extent reasonably requested by the Collateral Agent, copies of all leases in
which the Borrower or any of its Subsidiaries holds the lessor’s interest or other agreements relating to possessory interests, if any, provided that, to the extent any of the foregoing that constitute operating leases affect such
Mortgaged Property, such agreements shall, if reasonably requested by the Administrative Agent, be subordinate to the Liens of the Mortgage to be recorded against such Mortgaged Property, either expressly by its terms or pursuant to a subordination,
non-disturbance and attornment agreement (with any such agreement being reasonably acceptable to the Administrative Agent); and 
  
 (viii) flood certificates covering each Mortgaged Property in form and substance reasonably acceptable to the Administrative Agent,
certified to the Collateral Agent in its capacity as such and certifying whether or not each such Mortgaged Property is located in a flood hazard zone by reference to the applicable FEMA map. 
  
 (j) Appraisals conducted in accordance with MAI and FIRREA standards and
consistent with the scope of work outlined in the engagement letters entered into prior to March 10, 2005 (copies of which have been provided to the Administrative Agent), or otherwise in form and substance reasonably satisfactory to the
Administrative Agent from Cushman & Wakefield (or such other Person satisfactory to the Administrative Agent) for each Hotel owned by the Borrower and/or any of its Subsidiaries (other than the properties known as “The Wyndham New
York”, “Wyndham Hotels – Denver Tech Center”, “Wyndham – Billerica” and such other Hotels (if any) agreed to by the Administrative Agent) which MAI appraisals shall satisfy the applicable requirements of the Real
Estate Appraisal Reform Amendments of FIRREA, and which appraisals shall otherwise be reasonably satisfactory to the Administrative Agent. 
  
 (k) Intercreditor Agreement. The Borrower (on behalf of each Loan Party), the Administrative Agent, the First-Lien Administrative Agent, the
Collateral Agent and the First-Lien Collateral Agent shall have duly authorized, executed and delivered the Intercreditor Agreement substantially in the form of Exhibit H hereto (as amended, modified, restated and/or supplemented from time to time,
the “Intercreditor Agreement”), and the Intercreditor Agreement shall be in full force and effect. 
  
 (l) Pro Forma Leverage Ratio. The Leverage Ratio for the last four fiscal quarters of the Borrower ending closest to the Effective Date shall not
exceed 9.25 to 1.00 determined on a Pro Forma Basis after giving effect to (i) the Transaction and (ii) the Loans to be made, on the Effective Date and the use of the proceeds thereof and the payment of fees and expenses in connection
therewith. 
  
 (m) Ratings Requirement. The Borrower shall
have received senior secured financing ratings from S&P and from Moody’s with respect to the Loans which ratings shall remain in effect on the Effective Date. 
  
 (n) Existing Indebtedness. The consummation of the Transaction shall not have caused any material breach, any
required repayment, any required offer to purchase, any event of 

  

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default or termination rights under Existing Indebtedness and shall not have required any amendments or modifications to the documents governing any such
Indebtedness that are adverse to the interests of the Lenders (other than as approved by the Administrative Agent). 
  
 (o) Certain Conditions Regarding Non-Collateral Property. On or prior to the Effective Date, the Borrower shall or shall have caused, Mortgages
(and all other documents reasonably requested in connection therewith), in form and substance reasonably satisfactory to the Collateral Agent to have been fully prepared (but not recorded) in respect of the property known as Park Plaza Hotel New
Orleans and each Delayed Sale Asset and shall have taken all other actions (other than the actual recording of such Mortgage) with respect to such properties including, without limitation, obtaining title commitments, in form and substance
reasonably satisfactory to the Collateral Agent, from the Title Company in respect of such properties. 
  
 (p) PCE Escrow Agreement. The PCE Escrow Agreement shall have been executed and delivered, the PCE Escrow shall have been created and the Borrower
shall have funded (or caused to be funded) same in the amount specified in the definition thereof. 
  
 SECTION 4.02 Conditions to Each Extension of Credit. The agreement of each Lender to make any extension of credit requested to be made by it on any
date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 
  
 (a) Representations and Warranties. Each of the representations and warranties of the Borrower contained in this Agreement shall be true and
correct in all material respects on and as of such date as if made on and as of such date (unless such representations expressly relate to an earlier date, in which case they shall be true and correct in all material respects on and as of such
earlier date). 
  
 (b) No Default. No Default or Event of
Default shall have occurred and be continuing on such date and after giving effect to the extensions of credit requested to be made on such date and the use of the proceeds thereof. 
  
 Each borrowing by the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of
such extension of credit that the conditions contained in this Section 4.02 have been satisfied. 
  
 ARTICLE V 
  
 Affirmative Covenants 
  
 The Borrower hereby
agrees that, so long as any Commitment remains in effect or any Loan or other amount is owing to any Lender or the Administrative Agent hereunder, the Borrower shall and shall cause each of its Subsidiaries to: 
  
 SECTION 5.01 Financial Statements. Furnish to the Administrative Agent
with sufficient copies for the Administrative Agent to furnish to each Lender (and the Administrative Agent shall promptly furnish to the Lenders): 
  
 (a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a copy of the audited consolidated balance
sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth in each case in comparative form the figures for the previous
year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by PriceWaterhouseCoopers LLP or other independent certified public accountants of nationally
recognized standing; and 
  

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 (b) as soon as available, but in any event not later than 45 days after the end of each of the first
three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of
cash flows for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, certified by a Responsible Officer as being fairly stated in all
material respects (subject to normal year-end audit adjustments and the notes thereto). 
  
 All such financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods
(except as approved by such accountants or officer, as the case may be, and disclosed therein). 
  
 SECTION 5.02 Certificates; Other Information. Furnish to the Administrative Agent with sufficient copies for each Lender (or, in the case of clause
(k), to the relevant Lender) and the Administrative Agent shall promptly furnish to the Lenders: 
  
 (a) concurrently with the delivery of the financial statements referred to in Section 5.01(a), a certificate of the independent certified public
accountants reporting on such financial statements stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default, except as specified in such certificate; 
  
 (b) as soon as available, but in any event not later than 55 days after the
end of each of the first three quarterly periods of each fiscal year of the Borrower and 90 days after the end of each fiscal year of the Borrower, (i) a certificate of a Responsible Officer of the Borrower stating that, to the best of each such
Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan Documents to which it is a
party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate and (ii) in the case of quarterly or annual financial
statements, (x) beginning with the Compliance Certificate for the Fiscal Quarter ending June 30, 2005, a Compliance Certificate containing all information and calculations necessary for determining compliance by Borrower and its Subsidiaries with
the provisions of this Agreement as of the last day of such Fiscal Quarter or fiscal year, as the case may be, and (y) to the extent not previously disclosed to the Administrative Agent pursuant to this clause (b), a listing of each new Subsidiary
(and (if a Loan Party) its jurisdiction of incorporation and any changes to the jurisdiction of incorporation of any Loan Party from that in effect on the Effective Date and not otherwise notified to the 

  

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Administrative Agent) acquired or created by any Loan Party since the date of the most recent list delivered pursuant to this clause (b) (or in the case of
the first such list, since the Effective Date) and then still existing as a Subsidiary. 
  
 (c) as soon as available, and in any event no later than 60 days after the end of each fiscal year of the Borrower, a detailed consolidated budget for the following fiscal year (including a projected consolidated
balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year, the related consolidated statements of projected cash flow, projected changes in financial position and projected income and a description of the
underlying assumptions applicable thereto), and, as soon as available, significant revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the “Projections”), which Projections shall in each
case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on estimates, information and assumptions believed by such Responsible Officer to be reasonable; 
  
 (d) within 45 days after the end of each of the first three fiscal quarters
of each fiscal year of the Borrower, a narrative discussion and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for such fiscal quarter and for the period from the beginning of the then current
fiscal year to the end of such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the previous year, provided that delivery of such narrative discussion and analysis on Form
10-Q filed with the SEC with respect to such fiscal quarter shall be deemed to satisfy the foregoing requirement; 
  
 (e) within 10 days after the receipt thereof by the Borrower, a copy of any “management letter” addressed to the board of directors of the
Borrower or any of its Subsidiaries from its certified public accountants and any internal control memoranda relating thereto; 
  
 (f) at the time of the delivery of the financial statements described in Section 5.01, a certificate of the chief financial officer of the Borrower,
identifying all Asset Dispositions and Exchanges made during the fiscal quarter of the Borrower, and the proceeds thereof, and, except as previously disclosed as having been reinvested or otherwise applied as required by this Agreement, pursuant to
this Section (f), the information tracking all Asset Dispositions and Exchanges made prior such fiscal quarter as to the status of the proceeds, thereof, including whether such proceeds were reinvested or otherwise used as required under this
Agreement; 
  
 (g) no later than five Business Days prior to the
effectiveness thereof, copies of substantially final drafts of any proposed amendment, supplement, waiver or other modification with respect to the First-Lien Loan Documents, in each case, as to which any such document requires the approval of any
percentage of the holders of Indebtedness thereunder or hereunder; 
  
 (h) (A) within five Business Days after the same are sent, copies of all financial statements and reports that the Borrower sends to the holders of any class of its debt securities, public equity securities (to the extent not covered by
clause (h)(B)) and (B), within five Business Days after the same are filed or posted on the SEC Website or Intralinks or a link on Intralinks, copies of all financial statements and reports that the Borrower may make to, or file with, the 

  

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SEC (or notify the Administrative Agent as to the website on which such statements and reports are posted); 
  
 (i) as soon as available, and in any event no later than the last day of the
following month after the end of every fiscal month, liquidity, cash flow and summary operating information for such fiscal month prepared by the Borrower in a form reasonably satisfactory to the Administrative Agent; 
  
 (j) promptly after the Borrower’s Board of Directors has approved same,
a copy of each annual budget, which shall include property by property information; and 
  
 (k) promptly, such additional financial and other information as any Lender may from time to time reasonably request. 
  
 SECTION 5.03 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may
be, all its material obligations of whatever nature, except (i) where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided
on the books of the Borrower or its Subsidiaries, as the case may be or (ii) where the failure to pay, discharge or satisfy would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. 
  
 SECTION 5.04 Maintenance of Existence; Compliance. (a) (i) Preserve,
renew and keep in full force and effect its corporate existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except, in each case, as otherwise
permitted by Section 6.04 and except, in the case of clause (ii) above, to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (b) comply with all Contractual Obligations and Requirements of Law,
except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 5.05 Maintenance of Property; Insurance. (a) Keep all property useful and necessary in its business in good working order and condition,
ordinary wear and tear excepted in accordance with industry standards and (b) maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts, with such deductibles, and against at least such
risks (but including in any event public liability, casualty product liability and business interruption expense coverage) as are usually insured against in the same general area by companies engaged in the same or a similar business other than, in
each case, with respect to properties which have been abandoned, surrendered, foreclosed upon or quitclaimed by any Special Purpose Subsidiary to the extent such abandonment, surrender, foreclosure or quitclaim could not individually or in the
aggregate be reasonably expected to have a Material Adverse Effect. Each such policy of insurance pertaining to the Mortgaged Properties (i) shall name the Administrative Agent as an additional insured and/or loss payee thereunder with regard to the
liability and other similar types of insurance and (ii) shall provide for at least 30 days prior written notice to Administrative Agent of any materially adverse modification or cancellation of such liability policies. 
  

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 SECTION 5.06 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of
records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (b) permit representatives of any Lender,
upon reasonable prior notice, to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations,
properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its independent certified public accountants. 
  
 SECTION 5.07 Notices. Promptly after the Borrower has knowledge
thereof give notice to the Administrative Agent with sufficient copies for each Lender of 
  
 (a) the occurrence of any Default or Event of Default; 
  
 (b) any (i) default or event of default under any Contractual Obligation of the Borrower or any of its Subsidiaries or (ii) litigation, investigation or proceeding that may exist at any time between the Borrower or
any of its Subsidiaries and any Governmental Authority, that in either case could reasonably be expected to have a Material Adverse Effect; 
  
 (c) any litigation or proceeding affecting the Borrower or any of its Subsidiaries in which the amount claimed is $15,000,000 or more and not covered by
insurance or in which injunctive or similar relief is sought which could reasonably be expected to have a Material Adverse Effect; 
  
 (d) the following events, as soon as possible and in any event within 30 days after the Borrower knows or has reason to know thereof, to the extent such
events, in the aggregate, would be reasonably likely to have a Material Adverse Effect: (i) the occurrence of any Reportable Event with respect to any Plan, a failure to make any required contribution to a Plan, the creation of any Lien in favor of
the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any Commonly Controlled
Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Single Employer Plan or Multiemployer Plan; 
  
 (e) promptly after any officer of the Borrower or any of its Subsidiaries obtains knowledge thereof, notice of one or more
of the following environmental matters to the extent that such environmental matters, either individually or when aggregated with all other such environmental matters, could reasonably be expected to have a Material Adverse Effect: (1) any pending
or threatened Environmental Claim against the Borrower or any of its Subsidiaries or any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries, (2) any condition or occurrence on or arising from any Real Property owned,
leased or operated by the Borrower or any of its Subsidiaries that (a) results in noncompliance by the Borrower or any of its Subsidiaries with any applicable Environmental Law or (b) could reasonably be expected to form the basis of an
Environmental Claim against the Borrower or any of its Subsidiaries or any such Real Property, (3) any condition or occurrence on any Real Property owned, leased or operated by the Borrower or any of its Subsidiaries that could reasonably be
expected to cause 

  

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such Real Property to be subject to any restrictions on the ownership, lease, occupancy, use or transferability by the Borrower or any of its Subsidiaries of
such Real Property under any Environmental Law, and (4) the taking of any removal or remedial action in response to the actual or alleged presence of any Hazardous Material on any Real Property owned, leased or operated by the Borrower or any of its
Subsidiaries as required by any Environmental Law or any governmental or other administrative agency, provided that in any event the Borrower shall deliver to each Lender all notices received by the Borrower or any of its Subsidiaries from
any government or governmental agency under, or pursuant to, CERCLA which identify the Borrower or any of its Subsidiaries as potentially responsible parties for remediation costs or which otherwise notify the Borrower or any of its Subsidiaries of
potential liability under CERCLA; and 
  
 (f) any other
development or event that has had or could reasonably be expected to have a Material Adverse Effect. 
  
 Each notice pursuant to this Section 5.07 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Borrower or the relevant
Subsidiary proposes to take with respect thereto. 
  
 SECTION 5.08
Environmental Laws. Except as would not reasonably be expected to have a Material Adverse Effect: 
  
 (a) Comply with, and contractually require compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and
comply with and maintain, and contractually require that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws. 

 
 (b) Conduct and complete all investigations, studies, sampling and
testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws. 
  
 SECTION 5.09 Further Assurances; Additional Collateral; New Subsidiaries,
etc.. (a) At the expense of the Borrower, (i) make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such customary vouchers, invoices, schedules, confirmatory assignments, conveyances, financing
statements, transfer endorsements, powers of attorney, certificates, reports and other assurances or instruments and take such further steps relating to the Collateral covered by the Security Documents as the Collateral Agent may reasonably require
and (ii) in the event that (w) any Loan Party (or any Person then required to become a Loan Party under Section 5.09(b)) acquires a Real Property Asset (including pursuant to any Exchange but other than any Real Property acquired with, or subject
to, Indebtedness permitted by Section 6.02(e) or (g)) and such interest has not otherwise been made subject to the Lien of the Security Documents in favor of the Collateral Agent, (x) any Delayed Sale Asset or the property known as Wyndham New
Orleans Park Plaza is not sold by September 30, 2005, (y) any of the properties known as “Wyndham Rose Hall & Country Club”, “Park Shore Waikiki” and “The Wyndham New York” become subject to a Lien (other than any
Lien permitted by 

  

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Sections 6.03(a), (b), (e), (g), (i), (l), (m) or (n)) in favor of any Person other than the First-Lien Collateral Agent or the Collateral Agent or all of
the equity interests of the Subsidiary or Subsidiaries owning any such property is not pledged under the Guaranty and Collateral Agreement or (z) any Real Property subject to a Lien securing Existing Mortgage Debt (other than the GDB Loan) becomes
Unencumbered (other than temporarily with respect to Exchanges and Existing Mortgage Refinancings), then the Person (which if not theretofore a Loan Party shall become a Loan Party as otherwise provided for in Section 5.09(b)) acquiring such Real
Property Asset or owning such affected property described in clause (x) or (y) or such newly Unencumbered Real Property shall promptly (and in any event (I) within 60 days of the date of the occurrence of the respective event described in clause
(ii)(w), (ii)(y) or (ii)(z) above (or if the Real Property Asset being acquired is under development, the date of the completion of construction on or development of such Real Property Asset) or (II) within 10 Business Days of the date of the
occurrence of the respective event described in clause (ii)(x) (unless, in a situation not involving receiving Real Property upon an Exchange of a Mortgaged Property, the Administrative Agent otherwise consents, in its reasonable discretion, based
on the economic or other burdens (including without limitation high mortgage or other filing taxes) of effecting the following): execute and deliver to the Administrative Agent (1) a Mortgage (or to the extent the property is located in Puerto Rico,
deliver a Mortgage note) and other customary documents ancillary thereto (each such Real Property Asset mortgaged pursuant hereto, an “Additional Mortgaged Property”), (2) an opinion of counsel (which counsel shall be reasonably
satisfactory to the Administrative Agent) in the state or other jurisdiction in which such Additional Mortgaged Property is located with respect only as to the enforceability of the Mortgage to be recorded in such state or other jurisdiction and
otherwise in form and substance reasonably satisfactory to the Administrative Agent, subject to customary assumptions, qualifications and exceptions, (3) such financing statements, instruments and other customary ancillary documents to be filed as a
matter of record in connection with the granting and perfection of the Liens and security interests of the Mortgages in the jurisdiction of such Additional Mortgaged Property, (4) if the respective Loan Party is receiving a buyer’s title
insurance policy in respect of such Additional Mortgaged Property, a Mortgage Policy with respect to such Additional Mortgaged Property and (5) such other documents as the Administrative Agent deems reasonably necessary or advisable to create in
favor of the Collateral Agent, for the benefit of the Lenders a valid and enforceable, second-priority perfected security interest in and Lien on such Additional Mortgaged Property superior to and prior to the rights of all third Persons (other than
the “Secured Parties” under, and as defined in, the First-Lien Security Documents) and subject to no other Liens (except for the Liens created by the First-Lien Security Documents and other Permitted Liens), in each case in form and
substance reasonably satisfactory to the Administrative Agent and consistent with customary practice in the applicable jurisdiction. 
  
 (b) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Effective Date by the Borrower or any
Subsidiary Guarantor (which, for the purposes of this paragraph (b), shall include any existing Subsidiary that ceases to be an Excluded Foreign Subsidiary), shall promptly (and in any event within 45 days) (unless the Administrative Agent otherwise
consents, in its reasonable discretion, based on the economic or other burdens of effecting the following) (i) execute and deliver to the Administrative Agent such amendments to the Security Documents as the Administrative Agent deems necessary or
advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected second priority security interest in the Equity Ownership Interest of such new Subsidiary (subject only to 

  

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the Liens created by the First-Lien Security Documents) that is owned by the Borrower or any Subsidiary Guarantor, (ii) after the First-Lien Termination
Date, to the extent such ownership interest is evidenced by certificated capital stock, deliver to the Administrative Agent the certificates representing such together with undated stock powers, in blank, executed and delivered by a duly authorized
officer of the Borrower or such Subsidiary, as the case may be and (iii) cause such new Subsidiary (A) to become a party to the Guaranty and Collateral Agreement, (B) to take such actions necessary or advisable to grant to the Administrative Agent
for the benefit of the Lenders a perfected first priority security interest in the Collateral described in the Guaranty and Collateral Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing
statements in such jurisdictions as may be required by the Guaranty and Collateral Agreement or by law or as may be requested by the Administrative Agent and (C) to deliver to the Collateral Agent a perfection certificate for such Subsidiary,
substantially in the form of Exhibit II to the Guaranty and Collateral Agreement, with appropriate insertions and attachments. With respect to any new Joint Venture created or acquired after the Effective Date by the Borrower or any Subsidiary
Guarantor, the actions described in clauses (i) and (ii) above shall be taken as if such Joint Venture were a Subsidiary and none of the actions described in clause (iii) above shall be required to be taken. Notwithstanding the foregoing provisions
of this paragraph (b), none of the actions described in clauses (i), (ii) and (iii) above shall be required to be taken with respect to any Special Purpose Subsidiary or Transitional Subsidiary. 
  
 (c) With respect to any new Excluded Foreign Subsidiary created or acquired
after the Effective Date by the Borrower or any of its Subsidiaries, promptly (unless the Administrative Agent otherwise consents, in its reasonable discretion, based on the economic or other burdens of effecting the following) (i) execute and
deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Lenders, a perfected second priority
security interest in the Equity Ownership Interest of such new Subsidiary (subject only to the Liens created by the First-Lien Security Documents) that is owned by the Borrower or any of its Subsidiaries (provided that in no event shall more
than 65% of the total outstanding voting Equity Ownership Interests of any such new Subsidiary be required to be so pledged) and (ii) and after the First-Lien Termination Date, in the case such Equity Ownership Interest is evidenced by certificated
capital stock, deliver to the Administrative Agent the certificates representing such certificated capital stock, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary,
as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Administrative Agent’s security interest therein. 
  
 (d) Notwithstanding anything to the contrary contained in this Section 5.09
or elsewhere in this Agreement, unless the First-Lien Termination Date has occurred, at no time shall (i) the Borrower or any of its Subsidiaries grant a Lien in favor of the Collateral Agent or the Lenders over any property or assets of the
Borrower or its Subsidiaries unless and to the extent a Lien has been granted over such property or assets to the First-Lien Collateral Agent for the benefit of the “Secured Creditors” under, and as defined in, the First-Lien Security
Documents and such Lien is subject to the subordination provisions of the Intercreditor Agreement and (ii) any Person provide guaranties or other credit support in respect of the 

  

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Obligations, unless and to the extent substantially similar guaranties or other credit support has been provided in respect of the “Obligations”
under, and as defined in, the First-Lien Credit Agreement. 
  
 SECTION 5.10 Maintenance of Separateness. Satisfy customary corporate formalities including the holding of regular board of directors’ and shareholders’ meetings and the maintenance of corporate offices and records. None of
the Borrower nor any of its Subsidiaries shall make any payment to a creditor of any Joint Venture in respect of any liability of any Joint Venture which is not a liability of the Borrower or such Subsidiary (other than Guarantee Obligations by the
Borrower or any Subsidiary of the obligations of Joint Ventures permitted hereunder), and no bank account of any Joint Venture shall be commingled with any bank account of the Borrower or any of its Subsidiaries. Any financial statements distributed
to any creditors of any Joint Venture shall, to the extent permitted by GAAP, clearly establish the corporate separateness of such Joint Venture from the Borrower and its Subsidiaries. Finally, neither the Borrower nor any of its Subsidiaries shall
take any action, or conduct its affairs in a manner, which could result in the assets and liabilities of the Borrower or any of its Subsidiaries being substantively consolidated with those of any Joint Venture in a bankruptcy, reorganization or
other insolvency proceeding. 
  
 SECTION 5.11 Ratings. The
Borrower shall take all actions within its power to cause S&P and Moody’s to continue to at all times rate the long-term secured indebtedness outstanding hereunder. 
  
 ARTICLE VI 
  
 Negative Covenants 
  
 The Borrower hereby agrees that, so long as any Commitment remains in effect or any Loan or other amount is owing to any Lender or the Administrative
Agent hereunder, the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly: 
  
 SECTION 6.01 [RESERVED]. 
  
 SECTION 6.02 Indebtedness. (x) Create, issue, assume or otherwise become liable in respect of (collectively “Incur”) any
Indebtedness, provided that the Borrower and/or any Subsidiary may Incur Indebtedness at any time when no Default or Event of Default exits if the Interest Coverage Ratio for the Borrower’s most recently ended four full fiscal quarters
for which internal financial statements are available preceding the date on which such additional Indebtedness is Incurred would have been at least 1.25 to 1.00, determined on a Pro Forma basis (including a pro forma
application of the net proceeds therefrom), provided that, at any time prior the First-Lien Termination Date, no Incurrence of Indebtedness shall be permitted under this Section 6.02(x) if such Incurrence is not at the time permitted under
the First-Lien Credit Agreement. 
  

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 (y) The limitations set forth in Section 6.02(x) shall not prohibit the Incurrence of the following:

  
 (a) Indebtedness of the Borrower, and guarantees thereof by
the Subsidiary Guarantors, under the First-Lien Credit Agreement and the other First-Lien Loan Documents and as permitted pursuant to Section 6.02(i) of the First-Lien Credit Agreement in an aggregate principal amount (including refinancings,
renewals, increases, extensions and replacements thereof) not to exceed $830,500,000 less the amount of all mandatory principal payments actually made by the Borrower in respect of any such Indebtedness with the Net Cash Proceeds from Asset
Dispositions; 
  
 (b) Unsecured intercompany Indebtedness of the
Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary, provided that (i) if the obligor under any such Indebtedness is a Loan Party, such intercompany Indebtedness shall be subordinated to the Obligations of
such Loan Party and (ii) if the obligor thereunder is not a Loan Party and the holder of such Indebtedness is a Loan Party, such holder shall receive an intercompany note as evidence thereof and pledge the same pursuant to the Security Documents;

  
 (c) Guarantee Obligations (i) by the Borrower in respect of
obligations of Subsidiary Guarantors or other Subsidiaries and/or Joint Ventures (but, as to Guarantee Obligations with respect to Indebtedness and lease payments, only to the extent permitted by Section 6.06(y)(h)), (ii) by any Subsidiary Guarantor
of any obligations of the Borrower or any other Subsidiary Guarantor, (iii) by any Subsidiary of any obligations of any Person acquired by it which Person becomes a Subsidiary after giving effect to such acquisition so long as such acquisition is
permitted under this Agreement and if the guaranteeing Subsidiary is a Subsidiary Guarantor then the guaranteed Subsidiary must also be a Subsidiary Guarantor, (iv) by any Special Purpose Subsidiary of any obligations of any other Special Purpose
Subsidiary and (v) Management Agreement Guarantees permitted by Section 6.06(y)(j); 
  
 (d) Indebtedness incurred after the Effective Date (excluding refinancings, refundings, renewals and extensions permitted by clause (h) below, but, including Capital Lease Obligations incurred after the Effective Date
to the extent not included pursuant to the preceding and refinancings of such Indebtedness) (i) secured by Liens permitted by Section 6.03(g) on equipment in an aggregate principal amount not in excess of $15,000,000 at any time outstanding and (ii)
secured by Liens permitted by Section 6.03(g) on assets other than equipment, which when added to the then outstanding principal amount of the Assumed Indebtedness permitted by clause (y)(e) below, will not exceed $25,000,000 at any time
outstanding, provided that (i) such Indebtedness shall be incurred without recourse to any Subsidiary of the Borrower other than the Subsidiary incurring such Indebtedness and (ii) such Indebtedness may be incurred with recourse to the
Borrower (or supported by an unsecured guaranty by the Borrower); 
  
 (e) Assumed Indebtedness (including refinancings, refundings, renewals or extensions thereof, all on the basis provided for Existing Indebtedness in Section 6.02(y)(d) with references therein to Existing Mortgage Debt being deemed to be
references to Assumed Indebtedness) incurred after the Effective Date pursuant to Permitted Acquisitions or Exchanges in an aggregate principal amount which, when added to the then outstanding principal amount of the Indebtedness permitted by clause
(y)(d)(ii) above, will not exceed $25,000,000 at any time outstanding, provided that (i) such Indebtedness shall be incurred without recourse to any Subsidiary of the Borrower other than the Subsidiary making such Permitted Acquisition or
Exchange and any Person that becomes a Subsidiary as a result of such Permitted Acquisition or 

  

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Exchange and (ii) such Indebtedness may be incurred with recourse to the Borrower (or supported by an unsecured guarantee by the Borrower); 
  
 (f) Indebtedness (i) in an aggregate principal amount not to exceed at any
time outstanding $50,000,000 with respect to construction loans, completion guarantees, performance bonds, surety bonds or customs bonds required in the ordinary course of business or (ii) in an aggregate principal amount not to exceed at any time
outstanding $15,000,000 in connection with appeal bonds or the enforcement of rights or claims of any Borrower or any of its Subsidiaries or in connection with judgments that do not result in a Default under Section 7.07 or an Event of Default;

  
 (g) additional unsecured Indebtedness of the Borrower and its
Subsidiaries not to exceed $25,000,000 at any time outstanding, provided that such Indebtedness is not of the type described in any other clause of this Section 6.02(y); and 
  
 (h) any refinancings, refundings, renewals or extensions of (A) Indebtedness incurred pursuant to Section 6.02(x) and/or (B)
Indebtedness outstanding on the Effective Date, including incurred on such date in the case of the CMBS Facility and the Mezzanine Facility, (the “Existing Indebtedness”) and to the extent constituting borrowed money and guarantees
of same of the Borrower and its Subsidiaries in excess of $1,000,000 as of the Effective Date and intended to remain outstanding after such date (excluding the Loans and intercompany Indebtedness between or among the Borrower and the Subsidiary
Guarantors) listed on Schedule 3.22, provided that any such refinancings, refundings, renewals and extensions shall not (i) shorten the maturity of such Indebtedness, (ii) (other than in the case of Existing Mortgage Debt) increase the
principal amount thereof and/or (iii) be secured by any Liens on assets not otherwise securing such Indebtedness on the Effective Date (other than pursuant to a Wrap Refinancing and/or on immaterial unencumbered assets neighboring, located on or
utilized in connection with the properties being refinanced. 
  
 SECTION 6.03 Liens. Create, incur, assume or suffer to exist any Lien upon any of its assets, whether now owned or hereafter acquired, except (“Permitted Liens”): 
  
 (a) Liens for taxes, assessments or governmental charges or levies not yet
due or that are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP;

  
 (b) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that do not in the aggregate materially detract from the value of the assets of the Borrower and its Subsidiaries taken as a whole or materially
impair the use thereof in the operation of the business of the Borrower or such Subsidiary or that are being contested in good faith by appropriate proceedings; 
  

(c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation; 
  
 (d) deposits to secure the performance of bids, trade contracts (other than
for borrowed money), leases, purchase contracts, construction contracts, statutory obligations, surety 

  

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and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
  
 (e) easements, rights-of-way, restrictions and other similar encumbrances
incurred in the ordinary course of business that do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

  
 (f) Liens in existence on the date of this Agreement securing
Existing Indebtedness (including refinancings, refundings, renewals or extensions thereof permitted under Section 6.02 (d), provided that, except in the case of Wrap Refinancings, no such Lien is spread to cover any additional assets after
the Effective Date (other than “products” and “proceeds” thereof or customary after acquired property, as each such term is defined in the Uniform Commercial Code of the State of New York); 
  
 (g) Liens securing Indebtedness (including refinancings of such Indebtedness)
of the Borrower or any other Subsidiary incurred pursuant to Section 6.02 (e) to finance the acquisition of or improvement to fixed or capital assets (including equipment) or the acquisition or creation after the Effective Date of Equity Ownership
Interest in Subsidiaries and/or Joint Ventures, provided that (i) such Liens shall be created substantially simultaneously with (or within 90 days after) the acquisition or creation of or improvement to such fixed or capital assets or such
Equity Ownership Interests (or refinancings thereof subject to clauses (ii) and (iii) below), (ii) such Liens do not at any time encumber any assets other than the assets or such Equity Ownership Interests financed or improved by such Indebtedness
(including the “products” and “proceeds” thereof or customary after acquired property, as each such term is defined in the Uniform Commercial Code of the State of New York) and (iii) with respect to refinancings thereof, the
amount of Indebtedness secured thereby is not increased; 
  
 (h)
Liens created pursuant to (i) the Security Documents and (ii) the First-Lien Loan Documents; 
  
 (i) any interest or title of a lessor or licensor under any lease or license (including subleases or sublicenses) entered into by the Borrower or any other Subsidiary in the ordinary course of its business and
covering only the assets so leased; 
  
 (j) Liens securing Assumed
Indebtedness (or refinancings thereof) permitted by Section 6.02(g), provided that such Liens (i) were not incurred in contemplation of the Permitted Acquisition or Exchange consummated in conjunction with the assumption of such Assumed
Indebtedness (or refinancing thereof) and (ii) do not encumber any assets other than the assets acquired pursuant to such acquisition; 
  
 (k) Liens on assets constituting neither Collateral nor Negative Pledge Assets (or on Collateral and/or Negative Pledge Assets if solely as a result of
operation of law) securing Indebtedness of the Borrower or any Subsidiary incurred pursuant to Section 6.02(h)(i); 
  
 (l) Liens arising from judgments, decrees or attachments or securing appeal bonds in circumstances not constituting a Default under Section 7.07 or an
Event of Default, provided that the amount of cash and assets (determined on a fair market value basis) deposited or delivered to 

  

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secure the respective judgment or decree or subject to attachment or appeal bond shall not exceed $15,000,000 at any time outstanding; 
  
 (m) (i) Liens to secure the performance by the Borrower and its Subsidiaries
of leases of Real Property or personal property, to the extent incurred or made in the ordinary course of business, (ii) licenses, sublicenses, leases or subleases entered into the ordinary course of business not interfering in any material respect
with the business of the Borrower and its Subsidiaries, (iii) Liens arising from precautionary Uniform Commercial Code financing statements regarding operating leases, and (iv) statutory and common law landlords’ liens under leases to which any
of the Borrower and its Subsidiaries is a party; 
  
 (n) Permitted
Encumbrances; 
  
 (o) Liens in favor of the Borrower or any
Subsidiary Guarantor granted by any Subsidiary; 
  
 (p) customary
Liens encumbering the Equity Ownership Interests owned by the Borrower or any of its Subsidiaries (which Equity Ownership Interests are not required to be pledged pursuant to the Security Documents) granted in favor of any non-Affiliate partners or
members in any Joint Venture or non-Wholly Owned Subsidiary owned by Borrower or any Subsidiary and for failure of such Person to perform its obligations under the relevant Company Documents; and 
  
 (q) options to purchase the land to be sold in connection with Timeshare
Development Transactions. 
  
 SECTION 6.04 Fundamental
Changes. Enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of, all or substantially all of its assets, or business, except for transactions
permitted by Section 6.05, and except that: 
  
 (a) any Subsidiary
of the Borrower may be merged or consolidated with or into the Borrower (provided that the Borrower shall be the sole continuing or surviving corporation) or with or into any Subsidiary (provided that if any such Subsidiary is a
Subsidiary Guarantor or Wholly-Owned Subsidiary Guarantor, such Subsidiary Guarantor or Wholly-Owned Subsidiary Guarantor, as the case may be, shall be the sole continuing or surviving corporation); 
  
 (b) any Subsidiary of the Borrower may Dispose of any or all of its assets
(upon voluntary liquidation or otherwise) to the Borrower or any Subsidiary Guarantor and any Non-Guarantor Subsidiary may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to any other Non-Guarantor Subsidiary; and

  
 (c) any Permitted Acquisition or Exchange may be structured as
a merger with or into the Borrower (provided that the Borrower shall be the sole continuing or surviving corporation) or with or into any Subsidiary (provided that if any such Subsidiary is a Subsidiary Guarantor or Wholly-Owned
Subsidiary Guarantor, such Subsidiary Guarantor or Wholly-Owned Subsidiary Guarantor, as the case may be, shall be the sole continuing or surviving corporation). 
  

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 SECTION 6.05 Disposition of Assets or Equity Ownership Interests. Consummate any Asset Disposition
except: 
  
 (a) Asset Dispositions (including pursuant to Buy/Sell
Arrangements but other than Exchanges) which in each case shall be for an amount equal to at least the fair market value thereof (as determined by the senior management of the Borrower and certified in writing by the Borrower to the Administrative
Agent, which certification shall also confirm that, after giving effect to such Asset Disposition, the Borrower shall remain in pro forma compliance with all of its covenants herein) for at least 75% Cash Consideration (other than (x) the issuance
of Equity Ownership Interests (of Persons not Subsidiary Guarantors) to any other Person which, after giving effect to such issuance and to any Investment made by the other Person in the affected Subsidiary or Joint Venture, the value of the
Investments as reasonably determined by the Borrower) retained by the Borrower or such Subsidiary has not been reduced and (y) in connection with a Timeshare Development Transaction, the Disposition of which shall not be subject to such 75% Cash
Consideration requirement), provided that within five Business Days following the date of consummation of any such Asset Disposition, the Borrower shall deliver a Net Cash Proceeds Notice and any Net Cash Proceeds thereof shall be applied as
required under Section 2.11(f) and if such Asset Disposition constitutes a sale-leaseback transaction, (x) such sale-leaseback may not be in respect of a Mortgaged Property, (y) the Attributable Indebtedness associated with such sale-leaseback does
not exceed the fair market value of the assets sold pursuant to such sale-leaseback and (z) any Indebtedness of the Borrower and its Subsidiaries arising from any such sale-leaseback transaction shall be permitted pursuant to Section 6.02(y)(d); and

  
 (b) a transaction involving a like-kind exchange under,
pursuant to and in compliance with Section 1031 of the Code (“Exchanges”), provided that (x) the property transferred may not be a Mortgaged Property or a Negative Pledge Asset (unless consented to by the First-Lien Administrative
Agent) and if a Mortgaged Property or a Negative Pledge Asset, the property received by the Borrower or its Subsidiary upon such an Exchange must be a Real Property Asset and (y) within five Business Days following the date of consummation of any
Exchange, the Borrower shall deliver a Net Cash Proceeds Notice with respect thereto and any Net Cash Proceeds in respect thereof shall applied in accordance with, and to the extent required by, Section 2.09(f). 
  
 SECTION 6.06 Investments. (x) Make any advance, loan, extension of
credit (by way of an advance, guaranty or otherwise) or capital contribution to, or purchase any Equity Ownership Interest, bonds, notes, debentures or other debt securities of, or any assets constituting a business unit of, or make any other
investment in, any other Person (all of the foregoing, “Investments”) or make any Capital Expenditure unless at the time of and after giving effect to such Investment or Capital Expenditure: 
  
 (1) no Default or Event of Default shall have occurred and
be continuing or would occur as a consequence of such Investment or Capital Expenditure; and 
  
 (2) the Borrower would, at the time of such Investment or Capital Expenditure and after giving pro forma effect thereto as if such
Investment or 

  

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Capital Expenditure had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Interest Coverage Ratio test set forth in Section 6.02(x); and 
  
 (3) such Investment or Capital Expenditure, together with the aggregate amount of all other Investments and Capital Expenditures made
pursuant to this Section 6.06(x) during same fiscal year of the Borrower does not exceed $25,000,000, provided that, at any time prior to the First-Lien Termination Date, no Investment or Capital Expenditure shall be permitted to be made
under this Section 6.06(x) if such Investment or Capital Expenditure is not at the time permitted to be made under the First-Lien Credit Agreement. 
  
 (y) The provisions of Section 6.06(x) shall not prohibit (i) Capital Expenditures permitted to be made pursuant to Section 6.16 and/or (ii) the following
(“Permitted Investments”): 
  
 (a) Investments by
the Borrower and its Subsidiaries received as non-cash consideration for, or remaining after giving effect to, any Disposition permitted by Section 6.05, provided that such assets constituting such non-cash consideration shall be pledged to
the First-Lien Collateral Agent; 
  
 (b) (i) extensions of trade
credit in the ordinary course of business or (ii) extensions of credit resulting from advances by the Borrower and its Subsidiaries as a manager of a Hotel which will be reimbursed by the owner thereof in the ordinary course of the business;

  
 (c) Investments in Cash Equivalents; 
  
 (d) Guarantee Obligations permitted by Section 6.02(c); 
  
 (e) loans and advances to and guaranties for the benefit of employees of the
Borrower or any Subsidiary of the Borrower (i) in the ordinary course of business for travel, entertainment, relocation expenses and similar purposes or (ii) to enable such employee to exercise employee stock options or stock grants or for other
purposes in an aggregate amount not to exceed $5,000,000; 
  
 (f)
Investments by the Borrower or any of its Subsidiaries in a transaction not constituting a Permitted Expenditure in the Borrower or any Subsidiary Guarantor; 
  
 (g) Investments constituting Exchanges to the extent permitted pursuant to Section 6.05(b); 
  
 (h) Investments constituting Permitted Expenditures not exceeding in the aggregate in any fiscal year (i) $75,000,000 plus
(ii) the Holdback Amount for such fiscal year, provided that (x) the aggregate Purchase Price expended for all Permitted Acquisitions during any fiscal year of the Borrower shall not exceed $25,000,000 and (y) the aggregate Permitted
Expenditures (valued as provided in the definition of Permitted Expenditures) made during any fiscal year other than Permitted Acquisitions shall not exceed $50,000,000 plus, in both cases, an aggregate amount equal to the unutilized Holdback
Amount, provided further that Permitted Expenditures 

  

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in any fiscal year shall not exceed such maximum amount that would result in a default under Section 6.16; 
  
 (i) Agreed Additional Permitted Expenditures; 
  
 (j) Management Agreement Investments not exceeding $15,000,000 in any year,
provided that the $15,000,000 amount shall be increased to $30,000,000 at any time when the Leverage Ratio as of the last day of the fiscal quarter then last ended is less than 6.00 to 1.00 (with any amount expended as a result of, but in
compliance with, such increased amount not to cause a default under this Section 6.06(y)(j) if the permitted amount is subsequently reduced to $15,000,000 because this proviso is inapplicable); 
  
 (k) Investments made pursuant to the Tempus Timeshare; 
  
 (l) Investments constituting New Asset Acquisitions; and 
  
 (m) Investments by the Borrower and its Subsidiaries received as non-cash
consideration for, or remaining after giving effect to, any Asset Disposition permitted by Section 6.05(a). 
  
 SECTION 6.07 Dividends. Declare or pay any dividend (other than dividends payable solely in (i) common stock of the Person making such dividend or
(ii) the same class of Equity Ownership Interest of the Person making such dividend on which such dividend is being declared or paid) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase,
redemption, defeasance, retirement or other acquisition of, any Equity Ownership Interest of the Borrower or any Subsidiary, whether now or hereafter outstanding (but not including any conversion or exchange of preferred equity directly or
indirectly into common stock), or make any other distribution in respect thereof, either directly or indirectly, whether in cash or assets (excluding any common stock but, including any debt obligation of the Borrower or any Subsidiary) or enter
into or incur any Derivatives Obligations or other transaction with any financial institution, commodities or stock exchange (a “Derivatives Counterparty”) obligating it to make payments to such Derivatives Counterparty as a result
of any change in market value of its Equity Ownership Interests (collectively, “Dividends”), except that: 
  
 (a) any Subsidiary may pay Dividends to the Borrower or any Subsidiary Guarantor or in the case of a Wholly-Owned Subsidiary, to any Subsidiary that owns
its Equity Ownership Interests; 
  
 (b) any non-Wholly-Owned
Subsidiary of the Borrower may pay cash Dividends to the holders of its Equity Ownership Interests generally, so long as the Borrower or its respective Subsidiary which owns the Equity Ownership Interest in the Subsidiary paying such Dividends
receives at least its proportionate share thereof (based upon its relative economic holdings of equity interest in the Subsidiary paying such Dividends and taking into account the relative preferences, if any, of the various classes of equity
interests in such Subsidiary or the terms of any agreements applicable thereto); 
  

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 (c) so long as no Default or Event of Default shall have occurred and be continuing, the Borrower may
purchase the Borrower’s common stock or common stock options from present or former officers or employees of the Borrower or any Subsidiary upon the death, disability or termination of employment of such officer or employee, provided
that the aggregate amount of payments under this paragraph (c) after the Effective Date (net of any proceeds received by the Borrower after the date hereof in connection with resales of any common stock or common stock options so purchased) shall
not exceed $1,000,000; 
  
 (d) Patriot OP and Wyndham Partnership
may redeem outstanding OP Units, provided that any such redemptions to be made in cash may only be made so long as no Default under Sections 7.01 or 7.05 or Event of Default exists or would result therefrom; 
  
 (e) any Subsidiary may pay Dividends in the form of cash or Equity Ownership
Interests in a Subsidiary of such Subsidiary that is a Transitional Subsidiary to holders of its minority Equity Ownership Interests in connection with redeeming in full such Equity Ownership Interests that are not otherwise permitted by clause (b)
above provided that if the Subsidiary paying such Dividend is not a Subsidiary Guarantor then such Dividend shall be deemed to be an Investment and the parties must be able to paid under Section 6.06(y)(h); and 
  
 (f) Dividends satisfying appraisal rights under Delaware law in respect of
the consummation of the Recap, provided that the aggregate amount of such Dividends shall not exceed an amount set forth in a letter agreement, dated the date hereof, between the Administrative Agent and the Borrower. 
  
 SECTION 6.08 Payments and Modifications of Certain Debt Instruments,
Preferred Stock and Company Documents. Amend, modify, waive or otherwise change, or consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Company Documents of any Loan Party (except pursuant to the
Recap Agreement, it being understood that any amendment or modification to the execution form of the Recap Agreement delivered to the Administrative Agent prior to the Effective Date may only be made to the extent permitted by this Section 6.08
without giving effect to this proviso) in a manner which (x) (other than as a result of any change (direct or indirect) in conversion or exchange ratios under the Recap Agreement) would increase the amount of Dividends payable on the Borrower’s
Preferred Stock or shorten the time of payments thereon, shorten the time for any scheduled redemption thereof, or increase the amount thereof, or add any additional rights to the holders thereof to receive mandatory redemptions or add covenants
under the Borrower’s Preferred Stock restricting the operations of the Borrower and its Subsidiaries (other than Special Purpose Subsidiaries) or (y) could be reasonably expected to be materially adverse to the Lenders (it being agreed that any
change in the conversion and/or exchange ratios under the Recap Agreement is not materially adverse to the Lenders). 
  
 SECTION 6.09 Transactions with Affiliates. Enter into any transaction (other than the Recap), including any purchase, sale, lease or exchange of
assets, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than the Borrower or any Subsidiary) unless such transaction is (a) otherwise permitted under this Agreement, (b) in the
ordinary course of business of the Borrower or such Subsidiary, as the case may be, and (c) upon fair and reasonable terms no less favorable to the Borrower or such 

  

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Subsidiary, as the case may be, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate, provided
that the following shall in any event be permitted: (i) the Transaction; (ii) intercompany transactions among the Borrower and its Wholly-Owned Subsidiaries, and its other Subsidiaries, and loans and advances to current and former employees, to the
extent expressly permitted by Sections 6.06 and 6.07, shall be permitted; (iii) the Borrower and its Subsidiaries may enter into employment arrangements with respect to the procurement of services with their respective officers and employees in the
ordinary course of business; (iv) the payment of consulting or other fees to the Borrower by any of its Subsidiaries in the ordinary course of business; (v) the Tempus Timeshare; and (vi) the conversion or exchange of Series A Preferred Stock or
Series B Preferred Stock into the Borrower common stock through one or more series of transactions; and (vii) the Borrower making payment of the indemnity obligations and other similar payment obligations, if any, as specified on Schedule 6.09. In
no event shall any management, consulting or similar fee be paid or payable by the Borrower or any of its Subsidiaries to any Affiliate except as specifically provided in this Section 6.09 other than pursuant to employment and severance agreements
approved by the compensation committee of Borrower’s Board of Directors, provided, however, that in no event shall any management, consulting or similar fees be paid or payable to any Apollo/THL Affiliate. In addition to the
foregoing, without the consent of the Required Lenders, neither the Borrower nor any Subsidiary shall enter into any transaction in respect of the Disposition (other than a Designated Disposition) of any asset with any Apollo/THL Affiliate involving
an amount in cash and/or the fair value of assets in excess of $500,000. 
  
 SECTION 6.10 Clauses Restricting Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary of the Borrower to (a) pay
Dividends in respect of any Equity Ownership Interest of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Subsidiary of the Borrower, (b) make loans or advances to, or other Investments in, the Borrower or any
other Subsidiary of the Borrower or (c) transfer any of its assets to the Borrower or any other Subsidiary of the Borrower, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan
Documents or applicable law, (ii) restrictions in (A) the First-Lien Loan Documents and (B) other restrictions in effect on the Effective Date and listed on Schedule 6.10, (iii) in the case of clause (c) above, customary non-assignment clauses in
leases and other contracts entered into in the ordinary course of business, and restrictions in the Company Documents of non-Wholly-Owned Subsidiaries and Joint Ventures imposing restrictions on the transfers of the Equity Ownership Interests
therein, (iv) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Equity Ownership Interest or assets of such Subsidiary and
(v) any restrictions with respect to a Special Purpose Subsidiary imposed pursuant to the documents governing the related securitization or financing. 
  
 SECTION 6.11 Changes in Fiscal Periods. Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s
method of determining Fiscal Quarters. 
  
 SECTION 6.12
Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of the Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its
assets or 

  

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revenues, whether now owned or hereafter acquired, other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any secured
Indebtedness (including in connection with securitizations and similar financings) permitted hereby (in which case, any prohibition or limitation shall only be effective against the Equity Ownership Interests or assets financed or leased thereby) or
leasing obligations, (c) Loan restrictions in the First-Lien Loan Documents and any other documents evidencing Indebtedness expressly permitted hereunder, (d) customary negative pledge and assignment provisions in agreements entered into in the
ordinary course of business, including, without limitation, agreements relating to joint venture interests (whether conducted as a corporation, partnership, limited liability company or other legal entity or through other legal or contractual
arrangements), (e) any restrictions with respect to assets imposed pursuant to an agreement that has been entered into in connection with the Disposition of such assets and (f) any restrictions with respect to (I) a Special Purpose Subsidiary (or to
a holder of any such Special Purpose Subsidiary’s Equity Ownership Interest to the extent applicable only thereto) imposed pursuant to the documents governing the related securitization or financing and (II) the lessee or tenant under operating
leases existing on the Effective Date. 
  
 SECTION 6.13 Lines
of Business. Enter into any business, either directly or through any Subsidiary, except for the Hospitality/Leisure-Related Business. 
  
 SECTION 6.14 Subsidiary Stock. Permit any of its Subsidiaries to issue any capital stock (including by way of sales of treasury stock) or any
options or warrants to purchase, or securities convertible into, capital stock, except (i) for transfers and replacements of then outstanding shares of capital stock, (ii) for stock splits, stock dividends and additional issuances which do not
decrease the percentage ownership of the Borrower or any of its Subsidiaries in any class of the capital stock of such Subsidiaries, (iii) to qualified directors to the extent required by applicable law and (iv) Subsidiaries formed after the
Effective Date may issue capital stock or other Equity Ownership Interests to any Person so long as the Investments by the Borrower and its Subsidiaries in such Subsidiaries are in accordance with the requirements of Section 6.06(f) or (h).

  
 SECTION 6.15 Derivatives Obligations. Contract, create,
incur, assume or suffer to exist any Derivatives Obligations, except: 
  
 (i) The Interest Rate Protection Agreements existing on the Effective Date and listed on Schedule 6.15 shall be permitted and the Borrower may enter into such other non-speculative Interest Rate Protection Agreements
from time to time; and 
  
 (ii) Other Hedging
Agreements may be entered into by the Borrower and its Subsidiaries, so long as such Other Hedging Agreements are for bona fide foreign exchange currency hedging purposes and are not speculative in nature. 
  
 SECTION 6.16 Capital Expenditures. Make any Capital Expenditure,
provided that the Borrower and its Subsidiaries may make Capital Expenditures, so long as the Aggregate CE/PE Expenditures made in any fiscal year of the Borrower does not exceed the sum of (x) the Maximum CE Amount for such fiscal year plus
(y) the Unutilized PPH Proceeds for such fiscal year plus (z) the Additional Amount for such fiscal year. 
  

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 ARTICLE VII 
  
 Events of Default 
  
 If any of the following events shall occur and be continuing: 
  
 SECTION 7.01 Payments. The Borrower shall fail to pay any principal of, or premium on, any Loan when due in accordance with the terms hereof
(including on any C of C Payment Date); or the Borrower shall fail to pay any interest on any Loan, or any other amount payable hereunder or under any other Loan Document, within five Business Days after any such interest or other amount becomes due
in accordance with the terms hereof; or 
  
 SECTION 7.02
Representations, etc. Any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time
under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed made; or 
  
 SECTION 7.03 Covenants. The Borrower shall default in the observance or due performance of any term, covenant or
agreement contained in Section 5.09, Section 9.18 or Article VI of this Agreement or (ii) any Loan Party shall default in the observance or due performance of any term, covenant or agreement contained in this Agreement or any other Loan Document
(other than as provided in Sections 7.01, 7.02), and such default shall continue unremedied for a period of 30 days after notice to the Borrower from the Administrative Agent or the Required Lenders; 
  
 SECTION 7.04 Default/Acceleration Under Other Agreements. (a) The
Borrower or any of its Subsidiaries shall (i) default in making any payment of (x) any principal of any Indebtedness (including any Guarantee Obligation in respect of Indebtedness but excluding the Loans and Indebtedness under the First-Lien Credit
Agreement) on the scheduled or original due date with respect thereto beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created or otherwise given in writing by the holder or beneficiary or
counterparty of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary); or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or
agreement under which such Indebtedness was created or otherwise given in writing by the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary); or (iii) default in the observance or performance of
any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, and any grace period applicable thereto shall
have expired; the effect of which default or other event or condition described in clauses (i), (ii) or (iii) above is to cause, or permit the holder or beneficiary or counterparty (or a trustee or agent on behalf of such holder or beneficiary) of
such Indebtedness with the giving of notice to cause, such Indebtedness to become due prior to its stated maturity or termination date or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable, provided
that a default, event or condition described in clause (i), (ii) or (iii) of this Section 7.04(a) shall not at any time constitute a Default or an Event of Default unless, at such time, one or more 

  

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defaults, events or conditions of the type described in clauses (i), (ii) and (iii) above shall have occurred and be continuing with respect to such
Indebtedness, the outstanding principal amount of which exceeds in the aggregate $25,000,000; or 
  
 (b) The Indebtedness under the First-Lien Credit Agreement shall have been accelerated or shall otherwise have become due and payable prior to its
scheduled final maturity; or 
  
 SECTION 7.05 Bankruptcy,
etc. (i) The Borrower or any of its Subsidiaries shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of
debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with
respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower or any of its Subsidiaries shall make a general
assignment for the benefit of its creditors; or (ii) there shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order
for relief or any such adjudication or appointment which is not vacated, dismissed or stayed pending appeal within 60 days or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the
Borrower or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for
any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof, or (iv) the Borrower or any of its Subsidiaries shall take any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or 
  
 SECTION 7.06 ERISA. Any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 and 408 of ERISA or
Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Single Employer Plan or any Lien in favor of the PBGC or a
Plan shall arise on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence under Title IV of ERISA to have a trustee appointed, or a trustee shall be
appointed under Title IV of ERISA, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, likely to result in the termination of such Plan for purposes of Title
IV of ERISA, (iv) any Single Employer Plan shall terminate in a “distress termination” or an “involuntary terminations, as such terms are defined in Title IV of ERISA, (v) the Borrower or any Commonly Controlled Entity shall, or is
likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (i)
through (vi) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; or 
  

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 SECTION 7.07 Judgments. One or more judgments or decrees shall be entered against the Borrower or
any of its Subsidiaries involving in the aggregate a liability (not paid or to the extent not covered by insurance) of $15,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal
within 60 days from the entry thereof; or 
  
 SECTION 7.08
Security Documents. Any of the Security Documents shall cease, for any reason, to be in full force and effect, or any Loan Party or any Affiliate of any Loan Party shall so assert or any Lien created by any of the Security Documents (other
than Liens on properties with an aggregate value not in excess of $500,000) shall (except as expressly permitted therein) cease to be enforceable and of the same effect and priority purported to be created thereby, or any Loan Party shall default in
the observance or due performance of any term, covenant or agreement contained in the Security Documents and such default, if not a default in delivering Collateral (other than intercompany Indebtedness) or effecting necessary filings or recordings
(or providing authorization to the Collateral Agent to permit it to make necessary filings and/or recordings) shall continue unremedied for a period of 30 days after notice to the Borrower from the Administrative Agent or the Required Lenders;

  
 then, and in any such event, (A) if such event is an Event of Default
specified in clause (i) or (ii) of Section 7.05 above with respect to the Borrower, automatically, the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately
become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken: with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders,
the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same
shall immediately become due and payable. Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind (other than notices expressly required pursuant to this Agreement and any other Loan
Document) are hereby expressly waived by the Borrower. 
  
 ARTICLE
VIII 
  
 The Administrative Agent 
  
 SECTION 8.01 Appointment. The Lenders hereby designate JPMorgan Chase
as Administrative Agent to act as specified herein and in the other Loan Documents (for purposes of this Article VIII, the term “Administrative Agent” shall mean JPMorgan Chase in its capacity as Administrative Agent hereunder and
Collateral Agent pursuant to the Security Documents). Each Lender hereby irrevocably authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement, the other Loan Documents and any other instruments and
agreements referred to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof and such other powers
as are reasonably incidental thereto. The Administrative Agent and the Collateral Agent are hereby authorized by the Lenders to take the actions under the Security Documents necessary to effect the transactions permitted under this Agreement. The
Administrative Agent shall administer this Agreement and 

  

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service the Loans with the same degree of care as the Administrative Agent would use in servicing a loan of similar size and type for its own account.

  
 SECTION 8.02 The Administrative Agent in its Individual
Capacity. The Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may
accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder and may accept fees and other consideration from the
Borrower or any Subsidiary or other Affiliate thereof for services in connection with this Agreement and otherwise without having to account for the same to the Lenders. 
  
 SECTION 8.03 Nature of Duties. The Administrative Agent shall not have any duties or obligations except those
expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the
Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing
by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), (c) the Administrative Agent shall not have by reason of this Agreement a fiduciary relationship
in respect of any Lender and (d) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its
Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  
 SECTION 8.04 Reliance. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement
made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, with 

  

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respect to all legal matters pertaining to this Agreement and any other Loan Document and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts. 
  
 SECTION 8.05 Resignation or Removal of the Administrative Agent. Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time from the
performance of all its functions and duties hereunder and/or under the Loan Documents by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a
successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent
may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a
successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by
any of them while it was acting as Administrative Agent. Furthermore, the Administrative Agent may be removed by the Required Lenders in the event that it has committed a willful breach of, or was grossly negligent in the performance of, its
material obligations hereunder. 
  
 SECTION 8.06 Lack of
Reliance on the Administrative Agent. Each Lender acknowledges that it has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of each Loan Party and each of their 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 each Loan Party and each of their Subsidiaries and, except as
expressly provided in this Agreement, the Administrative Agent shall not have any duty or responsibility, either initially or on a continuing basis, to provide any Lender 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. The Administrative Agent shall not be responsible to any Lender 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 Loan Document or the
financial condition of any Loan Party 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 Loan Document, or the
financial condition of any Loan Party or any of its Subsidiaries or the existence or possible existence of any Default or Event of Default. 
  

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 SECTION 8.07 Certain Rights of the Administrative Agent. If the Administrative 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 Loan Document, the Administrative Agent shall be entitled to refrain from such act or taking such
action unless and until the Administrative Agent shall have received instructions from the Required Lenders; and the Administrative Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender
shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting hereunder or under any other Loan Document in accordance with the instructions of the Required
Lenders. 
  
 SECTION 8.08 Indemnification. To the extent
that the Administrative Agent is not reimbursed and indemnified by the Borrower, the Lenders will reimburse and indemnify the Administrative Agent, in proportion to their respective “percentages” as used in determining the Required
Lenders, for and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, costs, expenses or disbursements of whatsoever kind or nature which may be imposed on, asserted against or incurred by the
Administrative Agent in performing its respective duties hereunder or under any other Loan Document, in any way relating to or arising out of this Agreement or any other Loan Document, provided that no Lender shall be liable for any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. 
  
 SECTION 8.09 Other Agents. Nothing in this Agreement shall impose on
any Documentation Agent or Syndication Agent, in each case in such capacity, any duties or obligations. 
  
 ARTICLE IX 
  
 Miscellaneous 
  
 SECTION 9.01 Notices.
Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy, as follows: 
  
 (a) if to the Borrower, to it at 1950 Stemmons Freeway, Suite 6001, Dallas, Texas 75207, Attention Chief Financial Officer (Telecopy No. (214)-863-1527) and Treasurer (Telecopy (214) 863-1669); 
  
 (b) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., 1111 Fannin
Street, 10th Floor, Houston, TX 77002, Attention of Loan and Agency Services Group, Attention of Marlies Iida (Telecopy No. (713) 750-2892), with a copy to JPMorgan Chase Bank, N.A., 277 Park Avenue, 3rd Floor, New York, NY 10172, Attention of
Donald Shokrian (Telecopy No. (646) 534-0574); and 
  

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 (c) if to any other Lender or Issuing Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire; 
  
 Any party hereto may change its address or
telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been
given on the date of receipt. 
  
 SECTION 9.02 Waivers;
Amendments. 
  
 (a) Neither this Agreement nor any other Loan
Document nor any terms hereof or thereof may be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the respective Loan 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 modified thereby, (i) extend the final scheduled maturity of any Loan,
or reduce the rate or extend the time of payment of interest (except in connection with a waiver of applicability of any post-default increase in interest rates) or Fees thereon, or reduce the principal amount thereof (except to the extent repaid in
cash) or premiums thereon, (ii) amend, modify or waive any provision of this Section 9.02 or reduce or forgive 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 or the provisions of this Section 9.02 on substantially the same basis as the extensions of Loans are included on the Effective
Date), (iii) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement or (iv) release all or substantially all of the Collateral or Subsidiary Guarantors under this Agreement or any other Loan
Document (except as expressly provided in the Loan Documents), provided further, that no such change, waiver, discharge or termination shall (A) increase the Commitments of any Lender over the amount thereof then in effect without the
consent of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default shall not constitute an increase of the Commitment of any Lender, and that an increase in the available
portion of any Commitment of any Lender shall not constitute an increase in the Commitment of such Lender) and (B) without the consent of the Administrative Agent, amend, modify or waive any provision of Article VIII as same applies to the
Administrative Agent or any other provision as the same relates to the rights or obligations of the Administrative Agent. 
  
 (b) If, in connection with any proposed change, waiver, discharge or termination with respect to any of the provisions of this Agreement as contemplated
by clauses (i) through (iv), inclusive, of the first proviso to Section 9.02(a), the consent of the Super-Majority Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained, then the Borrower
shall have the right, so long as all non-consenting Lenders whose individual consent is required are treated as described below, to replace each such non-consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.19(b)
so long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination, provided that in any event the Borrowers shall not have the right to replace a Lender solely as a
result of the exercise of such Lender’s 

  

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rights (and the withholding of any required consent by such Lender) pursuant to the second proviso to Section 9.02(a). 
  
 SECTION 9.03 Expenses; Indemnity; Damage Waiver. 
  
 (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred
by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of White & Case LLP as counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for
herein, the preparation and administration of the Loan Documents or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket
expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, in connection with the enforcement or protection of its rights in connection with
the Loan Documents, including its rights under this Section, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

 
 (b) The Borrower shall indemnify the Administrative Agent and each Lender,
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the
fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents or any agreement or
instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the
proceeds therefrom, (iii) any actual or alleged presence or release of Materials of Environmental Concern on or from any property owned or operated by the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee. 
  
 (c) To the extent permitted by applicable
law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, the Loan Documents or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof. 
  
 (d) All amounts due under this Section shall be payable not later than 5 days after written demand therefor. 
  

 -88- 

 SECTION 9.04 Successors and Assigns. 
  
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer
by the Borrower without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and,
to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) and any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Any Lender may assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment, the Loans at the time owing to it), provided that (i) except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund of a
Lender, each of the Borrower and the Administrative Agent must give their prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed), (ii) except in the case of an assignment to a Lender or an Affiliate of
a Lender or a Related Fund of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment, the amount of the Commitment of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $1,000,000 (treating any fund that invests in bank loans and any other fund that invests in bank loans and is managed by the
same investment advisor of such fund or by an affiliate of such fund as a single assignment for purposes of the minimum amount unless each of the Borrower and the Administrative Agent otherwise consent (which consent shall not be unreasonably
withheld or delayed, (iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, (iv) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500, and (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and
provided further, that any consent of the Borrower or Administrative Agent otherwise required under this paragraph shall not be required if a Default exists under Sections 7.01 or 7.05 or Event of Default exists or results therefrom.
Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Acceptance the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be
entitled to the benefits of Sections 2.13, 2.14 2.15 and 9.03 as relating to any period of time prior to the effectiveness of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section. 
  

 -89- 

 (c) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one
of its offices in The City of New York a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
  
 (d) Upon its
receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and
recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information
contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
  
 (e) Any Lender may, without the consent of the Borrower, the Administrative Agent, sell participations to one or more banks
or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it), provided that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement, provided that such agreement or instrument may provide that such Lender
will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(a) that affects such Participant. Subject to paragraph (f) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.16(c) as though it were a Lender. 
  
 (f) A Participant shall not be entitled to receive any greater payment under
Section 2.13 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply with Section 2.15(f) as though it were a Lender. 
  

 -90- 

 (g) Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge
or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto. In the case of any Lender that is a fund that invests in bank loans, such Lender may, without the consent of Borrower or the Administrative Agent, collaterally assign or pledge all or any portion of its rights under this Agreement,
including the Loans and Notes or any other instrument evidencing its rights as a Lender under this Agreement, to any holder of, trustee for, or any other representative of holders of, obligations owed or securities issued, by such fund, as security
for such obligations or securities, provided that no such pledge or assignment shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  
 SECTION 9.05 Survival. All covenants, agreements, representations and
warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid. The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the
Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 
  
 SECTION 9.06 Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement. 
  
 SECTION 9.07
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting
the validity, legality and enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  
 SECTION 9.08 Right of Setoff. If an Event of Default shall have
occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against 

  

 -91- 

 
any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender
shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

  
 SECTION 9.09 Governing Law, Jurisdiction; Consent to
Service of Process. 
  
 (a) This Agreement shall be construed
in accordance with and governed by the law of the State of New York. 
  
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its assets, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any Jurisdiction. 
  
 (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section
9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE 

  

 -92- 

 
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 SECTION 9.11 Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  
 SECTION 9.12 Confidentiality. Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and
other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory
authority (including the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the
exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any pledgee
referred to in Section 9.04(g), any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (g) with the consent of the Borrower or (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section,
“Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by the Borrower, provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
  
 SECTION 9.13
Effectiveness. This Agreement shall become effective on the date (the “Effective Date”) when (i) the Borrower and each of the Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have
delivered (including by way of facsimile) the same to the Administrative Agent and (ii) the Lenders shall have received the fees described to them in writing by the Administrative Agent and (iii) the Administrative Agent and the Joint Lead Arrangers
shall have received any fees agreed between itself and the Borrowers which are then due and owing. 
  
 SECTION 9.14 Domicile of Loans. Each Lender may transfer and carry its Loans and/or Commitments 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 9.14 would, at the time of such transfer, result in increased costs under Sections 2.13, 2.14 and
2.15 from those being charged by the respective Lender prior to such transfer, then the Borrowers shall not be obligated to pay such increased costs (although the 

  

 -93- 

 
Borrowers shall be obligated to pay any other increased costs of the type described above resulting from changes after the date of the respective transfer).

  
 SECTION 9.15 Calculations; Computations. The financial
statements to be furnished to the Lenders pursuant hereto shall be made and prepared in accordance with generally accepted accounting principles in the United States 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) (“GAAP”), except to the extent the definitions in this Agreement expressly dictate different treatment, provided that, except as otherwise
specifically provided herein, including in the definitions, all computations determining compliance with Sections 2.11(g), 6.02(x) and 6.06(x) and in the definition of “Agreed Additional Permitted Expenditures”, shall utilize accounting
principles and policies in conformity with those used to prepare the annual financial statements first delivered to the Lenders pursuant to Section 5.01. 
  
 SECTION 9.16 The 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 the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower and the other Loan Parties and other information that will allow
such Lender to identify the Borrower and the other Loan Parties in accordance with the Act. 
  
 SECTION 9.17 OTHER LIENS ON COLLATERAL; TERMS OF INTERCREDITOR AGREEMENT; ETC. (a) EACH LENDER PARTY HERETO UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT LIENS SHALL BE CREATED ON THE COLLATERAL PURSUANT TO THE
FIRST-LIEN LOAN DOCUMENTS, WHICH LIENS SHALL BE REQUIRED TO HAVE PRIORITY OVER, AND BE SENIOR TO THE LIENS CREATED PURSUANT TO THE LOAN DOCUMENTS IN ACCORDANCE WITH THE TERMS OF THE INTERCREDITOR AGREEMENT. PURSUANT TO THE EXPRESS TERMS OF SECTION
9.1 OF THE INTERCREDITOR AGREEMENT, IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND ANY OF THE LOAN DOCUMENTS, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL. 
  
 (b) EACH LENDER AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT AND THE
ADMINISTRATIVE AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT ON BEHALF OF THE LENDERS, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL DOCUMENTS) REQUIRED (OR DEEMED ADVISABLE) BY IT IN ACCORDANCE WITH THE TERMS OF THE INTERCREDITOR AGREEMENT.

  
 (c) THE PROVISIONS OF THIS SECTION 9.17 ARE NOT INTENDED TO
SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT, THE FORM OF WHICH IS ATTACHED AS AN EXHIBIT TO THIS AGREEMENT. REFERENCE MUST BE MADE TO THE INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. EACH LENDER
IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF, AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES MAKES ANY 

  

 -94- 

 
REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT. EACH LENDER IS FURTHER AWARE
THAT CERTAIN AGENTS ARE ALSO ACTING IN AN AGENCY CAPACITY UNDER, AND AS DEFINED IN, THE FIRST-LIEN LOAN DOCUMENTS, AND EACH LENDER HEREBY IRREVOCABLY WAIVES ANY OBJECTION THERETO OR CAUSE OF ACTION ARISING THEREFROM. 
  
 SECTION 9.18 Post-Closing Actions. Notwithstanding anything to the
contrary contained in this Agreement or the other Loan Documents, the parties hereto acknowledge and agree that the Borrower shall cause, within 10 days following the Effective Date (or such later date as the First-Lien Administrative Agent shall
determine in its sole discretion), each Grantor (as defined in the Guaranty and Collateral Agreement) to physically deliver to the First-Lien Collateral Agent all certificates representing certificated Equity Ownership Interests (together with the
appropriate stock powers) pledged pursuant to the Guaranty and Collateral Agreement by such Grantor which were not delivered to the First-Lien Collateral Agent on the Effective Date pursuant to Section 4.01(g) and to take such further actions
required (if any) to perfect the Collateral Agent’s security interest therein. All provisions of this Agreement and the other Loan Documents 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 respective Loan Document); provided, that (x) to the extent any representation and warranty would not be true because the foregoing
actions were not taken on the Effective 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 9.18 and (y) all representations and warranties relating to the Security Documents shall be required to be true immediately after the actions required to be taken by Section 9.18 have been taken (or were
required to be taken). 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 create an immediate Event of Default pursuant to this Agreement.

  
 * * * * * * 
  

 -95- 

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

					
	 WYNDHAM INTERNATIONAL, INC.

		
	 By
	 	 /s/ Gregory J. Moundas

	 	 	 Name:
	 	 Gregory J. Moundas

	 	 	 Title:
	 	 Vice President

	
	 JPMORGAN CHASE BANK, N.A.,

	 Individually and as Administrative Agent

		
	 By
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 SIGNATURE PAGE TO THE FIRST-LIEN

	 CREDIT AGREEMENT, DATED AS OF

	 MAY 10, 2005, AMONG WYNDHAM

	 INTERNATIONAL, INC., A DELAWARE

	 CORPORATION, THE LENDERS PARTY

	 HERETO FROM TIME TO TIME,

	 JPMORGAN CHASE BANK, N.A., AS

	 ADMINISTRATIVE AGENT, AND BEAR

	 STEARNS CORPORATE LENDING INC.,

	 AS SYNDICATION AGENT

	
	 NAME OF INSTITUTION:

	
	 BEAR STEARNS CORPORATE LENDING INC.

		
	 By:
	 	 /s/ Victor Bulzacchelli

	 	 	 Name:
	 	 Victor Bulzacchelli

	 	 	 Title:
	 	 Vice President

	
	 GRANDVIEW, LLC

	 BY: MILLENNIUM PARTNERS, L.P.

	 	 	 BY: MILLENNIUM MANAGEMENT, L.L.C.

		
	 By:
	 	 /s/ Terry Feeney

	 	 	 Name:
	 	 Terry Feeney

	 	 	 Title:
	 	 Chief Operating Officer

	
	 GREENWICH INTERNATIONAL LTD.

		
	 By:
	 	 /s/ Bryan Verona

	 	 	 Name:
	 	 Bryan Verona

	 	 	 Title:
	 	 S.V.P.

	
	 iSTAR FINANCIAL INC.

		
	 By:
	 	 /s/ Michelle M. MacKay

	 	 	 Name:
	 	 Michelle M. MacKay

	 	 	 Title:
	 	 Executive Vice President

	
	 ORE HILL FUND L.P.

	 	 	 BY: ORE HILL PARTNERS, LLC

	 	 	 IT’S INVESTMENT ADVISOR

		
	 By:
	 	 /s/ Frederick J. Wehl

	 	 	 Name:
	 	 Frederick J. Wehl

	 	 	 Title:
	 	 Managing Member

  
 Wyndham
Second-Lien Credit Agreement 
  

					
	 SPECTRUM INVESTMENT PARTNERS L.P.

	 	 	BY: SPECTRUM GROUP MANAGEMENT LLC
		
	 By:
	 	 /s/ Jeff Schaffer

	 	 	 Name:
	 	 Jeff Schaffer

	 	 	 Title:
	 	 Managing MemberLoan Agreement

 Exhibit 10.3 

  
 LOAN AGREEMENT 
  
 Dated as of May 10, 2005 
  
 Among 
  
 W-#2 BALTIMORE, LLC, W-BOSTON, LLC, 
 CASA MARINA OWNER, LLC, KEY WEST REACH OWNER, LLC, 
 EL CONQUISTADOR PARTNERSHIP L.P., S.E.,

 POSADAS DE SAN JUAN ASSOCIATES, 
 ATLANTA AMERICAN OWNER, LLC, and 
 FT. LAUDERDALE OWNER, LLC, 
 collectively, as Borrower, 
  
 TRAVIS REAL ESTATE GROUP JOINT VENTURE, 
 as Baltimore Owner 
  
 and 
  
 JPMORGAN CHASE BANK, N.A., 
  
 and 
  
 BEAR STEARNS COMMERCIAL MORTGAGE, INC., 
 collectively, as Lender 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page

	 I
	  	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 
				
	 	  	Section 1.1	  	 Definitions
	  	1
	 	  	Section 1.2	  	 Principles of Construction
	  	38
			
	 II
	  	GENERAL TERMS	  	 
				
	 	  	Section 2.1	  	 Loan Commitment; Disbursement to Borrower
	  	38
	 	  	Section 2.2	  	 Interest Rate
	  	39
	 	  	Section 2.3	  	 Loan Payment
	  	45
	 	  	Section 2.4	  	 Prepayments
	  	46
	 	  	Section 2.5	  	 Release of Property
	  	48
	 	  	Section 2.6	  	 Cash Management
	  	50
	 	  	Section 2.7	  	 Extension of the Initial Maturity Date
	  	54
	 	  	Section 2.8	  	 Substitution of Properties
	  	55
	 	  	Section 2.9	  	 Release of Out Parcels
	  	62
	 	  	Section 2.10	  	 Development at the Property Adjacent to the El Con Individual Property
	  	65
			
	 III
	  	CONDITIONS PRECEDENT	  	 
				
	 	  	Section 3.1	  	 Conditions Precedent to Closing
	  	65
			
	 IV
	  	REPRESENTATIONS AND WARRANTIES	  	 
				
	 	  	Section 4.1	  	 Borrower Representations
	  	69
	 	  	Section 4.2	  	 Survival of Representations
	  	91
			
	 V
	  	BORROWER COVENANTS	  	 
				
	 	  	Section 5.1	  	 Affirmative Covenants
	  	91
	 	  	Section 5.2	  	 Negative Covenants
	  	112
			
	 VI
	  	INSURANCE; CASUALTY; CONDEMNATION; REQUIRED REPAIRS	  	 
				
	 	  	Section 6.1	  	 Insurance
	  	121
	 	  	Section 6.2	  	 Casualty
	  	125
	 	  	Section 6.3	  	 Condemnation
	  	126
	 	  	Section 6.4	  	 Restoration
	  	126
			
	 VII
	  	RESERVE FUNDS	  	 
				
	 	  	Section 7.1	  	 Required Repair Funds
	  	133
	 	  	Section 7.2	  	 Tax and Insurance Escrow Fund
	  	135

  

 -i- 

							
	 	  	Section 7.3	  	 Replacements and Replacement Reserve
	  	136
	 	  	Section 7.4	  	 Ground Lease Escrow Fund
	  	139
	 	  	Section 7.5	  	 Reserve Funds, Generally
	  	140
			
	 VIII
	  	DEFAULTS	  	 
				
	 	  	Section 8.1	  	 Event of Default
	  	142
	 	  	Section 8.2	  	 Remedies
	  	145
			
	 IX
	  	SPECIAL PROVISIONS	  	 
				
	 	  	Section 9.1	  	 Sale of Notes and Securitization
	  	147
	 	  	Section 9.2	  	 Securitization Indemnification
	  	149
	 	  	Section 9.3	  	 Intentionally Omitted
	  	153
	 	  	Section 9.4	  	 Exculpation
	  	153
	 	  	Section 9.5	  	 Matters Concerning Manager
	  	156
	 	  	Section 9.6	  	 Servicer
	  	156
	 	  	Section 9.7	  	 Matters Concerning Franchisor
	  	156
			
	 X
	  	MISCELLANEOUS	  	 
				
	 	  	Section 10.1	  	 Survival
	  	156
	 	  	Section 10.2	  	 Lender’s Discretion
	  	157
	 	  	Section 10.3	  	 Governing Law
	  	157
	 	  	Section 10.4	  	 Modification, Waiver in Writing
	  	158
	 	  	Section 10.5	  	 Delay Not a Waiver
	  	159
	 	  	Section 10.6	  	 Notices
	  	159
	 	  	Section 10.7	  	 Trial by Jury
	  	160
	 	  	Section 10.8	  	 Headings
	  	160
	 	  	Section 10.9	  	 Severability
	  	160
	 	  	Section 10.10	  	 Preferences
	  	161
	 	  	Section 10.11	  	 Waiver of Notice
	  	161
	 	  	Section 10.12	  	 Remedies of Borrower and Baltimore Owner
	  	161
	 	  	Section 10.13	  	 Expenses; Indemnity
	  	161
	 	  	Section 10.14	  	 Schedules Incorporated
	  	163
	 	  	Section 10.15	  	 Offsets, Counterclaims and Defenses
	  	163
	 	  	Section 10.16	  	 No Joint Venture or Partnership; No Third Party Beneficiaries
	  	163
	 	  	Section 10.17	  	 Publicity
	  	163
	 	  	Section 10.18	  	 Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets
	  	163
	 	  	Section 10.19	  	 Waiver of Counterclaim
	  	164
	 	  	Section 10.20	  	 Conflict; Construction of Documents; Reliance
	  	164
	 	  	Section 10.21	  	 Brokers and Financial Advisors
	  	165
	 	  	Section 10.22	  	 Prior Agreements
	  	165
	 	  	Section 10.23	  	 Joint and Several Liability
	  	165
	 	  	Section 10.24	  	 Co-Lenders
	  	165
	 	  	Section 10.25	  	 Maximum Principal Indebtedness on Minority Interest Properties
	  	166
	 	  	Section 10.26	  	 Certain Additional Rights of Lender (VCOC)
	  	166

  

 -ii- 

 SCHEDULES 
  

					
	 Schedule 1.1
	  	–	  	Out Parcels
	 Schedule 1.2
	  	–	  	Pre-approved Qualified Franchisor
	 Schedule 1.3
	  	–	  	Pre-approved Qualified Manager
	 Schedule 1.4
	  	–	  	Properties – Allocated Loan Amounts
	 Schedule 1.5
	  	–	  	Parking Lease
	 Schedule 1.6
	  	–	  	Ferryboat Charters
	 Schedule 1.7
	  	–	  	Ship Mortgages
	 Schedule 1.8
	  	–	  	Submerged Land Leases
	 Schedule 1.9
	  	–	  	Qualified Transferee
	 Schedule 2.3.1
	  	–	  	Amortization Schedule
	 Schedule 2.10
	  	–	  	Tempus Documents
	 Schedule 4.1.1
	  	–	  	Organizational Structure
	 Schedule 4.1.4
	  	–	  	Litigation
	 Schedule 4.1.5
	  	–	  	Material Agreements
	 Schedule 4.1.12
	  	–	  	Condemnation
	 Schedule 4.1.17
	  	–	  	Assessments
	 Schedule 4.1.20
	  	–	  	Insurance Claims
	 Schedule 4.1.26
	  	–	  	Rent Roll
	 Schedule 5.1.11
	  	–	  	Smith Travel Research Report
	 Schedule 5.2.1
	  	–	  	Permitted Brands
	 Schedule 5.2.10
	  	–	  	Permitted FF&E Financing
	 Schedule 7.1.1
	  	–	  	Required Repairs – Deadlines for Completion
	 Schedule 9.6
	  	–	  	Servicers

  

 -iii- 

 Exhibit 10.3 
  
 LOAN AGREEMENT 
  
 THIS LOAN AGREEMENT, dated as of May 10, 2005 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this
“Agreement”), among JPMORGAN CHASE BANK, N.A., having an address at 270 Park Avenue, New York, New York 10017-2014 and BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation, having an address at 383 Madison
Avenue, New York, New York 10179 (each, a “Co-Lender” and collectively, “Lender”), W-#2 BALTIMORE, LLC (“Baltimore Borrower”), W-BOSTON, LLC (“Boston Borrower”), CASA
MARINA OWNER, LLC (“Casa Marina Borrower”), KEY WEST REACH OWNER, LLC (“Reach Borrower”), EL CONQUISTADOR PARTNERSHIP L.P., S.E. (“El Con Borrower”), POSADAS DE SAN JUAN
ASSOCIATES (“El San Juan Borrower”), ATLANTA AMERICAN OWNER, LLC (“Atlanta Borrower”) and FT. LAUDERDALE OWNER, LLC (“Fort Lauderdale Borrower”), each having an address c/o
Wyndham International, Inc., 1950 Stemmons Freeway, Suite 6001, Dallas, Texas 75207 (each, an “Individual Borrower” and collectively, “Borrower”) and TRAVIS REAL ESTATE GROUP JOINT VENTURE (“Baltimore
Owner”), having an address c/o Wyndham International, Inc., 1950 Stemmons Freeway, Suite 6001, Dallas, Texas 75207. 
  
 W I T N E S S E T H: 
  
 WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; 
  
 WHEREAS, it is a condition to making of the Loan to Borrower that Baltimore Owner enter into the Indemnity Guaranty
(as hereinafter defined) to guaranty the payment of all of the obligations and liabilities of Baltimore Borrower under this Agreement and the other Loan Documents (as hereinafter defined) and that Baltimore Owner secure its obligations under the
Indemnity Guaranty by executing and delivering the Mortgage (as hereinafter defined) which encumbers the Baltimore Individual Property (as hereinafter defined); and 
  
 WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this
Agreement and the other Loan Documents. 
  
 NOW THEREFORE,
in consideration of the making of the Loan by Lender and the covenants, agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 
  

	 	I.	DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

  
 Section 1.1. Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly
indicates a contrary intent: 
  
 “Acceptable
Bank” shall mean a bank or other financial institution which (a) has a long term unsecured debt rating of at least “A” (or its equivalent) by each of the Rating 

  

 
Agencies, which rating shall not include a “t” or otherwise reflect a termination risk or (b) is otherwise acceptable to the Rating Agencies.
Notwithstanding the foregoing, JPMorgan Chase Bank, N.A. shall be an Acceptable Bank from and after the occurrence of a Securitization. 
  
 “Acceptable Counterparty” shall mean any counterparty to the Interest Rate Cap Agreement that (a) has and shall maintain (or who has a
guarantor of its obligations as counterparty which has and shall maintain), until the expiration of the applicable Interest Rate Cap Agreement a long-term unsecured debt rating of at least “A” (or its equivalent) by each of the Rating
Agencies, which rating shall not include a “t” or otherwise reflect a termination risk or (b) is otherwise acceptable to the Rating Agencies; provided, however, if the Acceptable Counterparty has a long-term unsecured debt
rating of at least “AAA” by S&P (or its equivalent by Moody’s), no additional rating shall be required by Fitch if Fitch is one of the Rating Agencies rating the Securities. 
  
 “Acquired Property” shall have the meaning set forth in
Section 5.1.11(f)(i) hereof. 
  
 “Acquired
Property Statements” shall have the meaning set forth in Section 5.1.11(f)(i) hereof. 
  
 “Actual Amount” shall have the meaning set forth in Section 7.3.1(a) hereof. 
  
 “Additional Insolvency Opinion” shall have the meaning set
forth in Section 4.1.30(c) hereof. 
  
 “Adjusted
Release Amount” shall mean, (a) for each Non-Minority Property, one hundred twenty percent (120%) of the Release Amount for such Non-Minority Property, and (b) for each Minority Interest Property, one hundred percent (100%) of the Release
Amount for such Minority Interest Property. 
  
 “Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or executive officer of such Person or
of an Affiliate of such Person. 
  
 “Affiliated
Franchisor” shall mean any Franchisor which is an Affiliate of Borrower, Guarantor or Principal. 
  
 “Affiliated Loans” shall mean a loan made by Lender to an Affiliate of Borrower or Guarantor. 
  
 “Affiliated Manager” shall mean any Manager which is an
Affiliate of Borrower, Guarantor or Principal. 
  
 “Agent” shall mean any Eligible Institution acting as Agent under the Cash Management Agreement. 
  
 “ALTA” shall mean American Land Title Association, or any successor thereto. 
  

 -2- 

 “Alteration Threshold Amount” shall have the meaning set forth in Section 5.1.21
hereof. 
  
 “Annual Budget” shall mean the
operating budget, including all planned Capital Expenditures, for the Properties prepared by Borrower for the applicable Fiscal Year or other period. 
  
 “Applicable Interest Rate” shall mean the rate or rates at which the outstanding principal amount of the Loan bears interest from time to
time in accordance with the provisions of Section 2.2.3 hereof. 
  
 “Applicable Month” shall have the meaning set forth in Section 7.3.1(a) hereof. 
  
 “Approved Annual Budget” shall have the meaning set forth in Section 5.1.11(d) hereof. 
  
 “Assignment of Leases” shall mean (a) with respect to each
Individual Property (other than the Baltimore Individual Property), that certain first priority Assignment of Leases and Rents, dated as of the date hereof, from the applicable Individual Borrower, as assignor, to Lender, as assignee, assigning to
Lender all of such Individual Borrower’s interest in and to the Leases and Rents of such Individual Property as security for the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time
(provided that with respect to the El Con Individual Property and the El San Juan Individual Property only, such Assignment of Leases and Rents shall not be recorded) and, (b) with respect to the Baltimore Individual Property, that certain
first priority Indemnity Assignment of Leases and Rents, dated as of the date hereof, from Baltimore Owner, as assignor, to Lender, as assignee, assigning to Lender all of Baltimore Owner’s interest in and to the Leases and Rents of the
Baltimore Individual Property as security for the Baltimore Owner Obligations, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Assignment of Management Agreement” shall mean that certain Assignment of Management Agreement and
Subordination of Management Fees, dated as of the date hereof, among Lender, Borrower, Baltimore Owner and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Assumed Note Rate” shall have the meaning set forth in
Section 2.4.1 hereof. 
  
 “Atlanta
Borrower” shall have the meaning set forth in the introductory paragraph hereto. 
  
 “Atlanta Individual Property” shall mean the Individual Property located in Atlanta, Georgia and known as the Atlanta American. 
  
 “Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation
with respect to all or any part of any Individual Property. 
  
 “Baltimore Borrower” shall have the meaning set forth in the introductory paragraph hereto. 
  

 -3- 

 “Baltimore Individual Property” shall mean the Individual Property located in Baltimore,
Maryland. 
  
 “Baltimore Owner” shall have the
meaning set forth in the introductory paragraph hereto. 
  
 “Baltimore Owner Obligations” shall mean the obligations and liabilities of Baltimore Owner under the Indemnity Guaranty. 
  
 “Bankruptcy Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or any
other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited
petitioning creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code
or any other Federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition from any Person; (d) such Person consenting to or acquiescing in or joining in an application for
the appointment of a custodian, receiver, trustee, or examiner for such Person or any portion of any Individual Property; or (e) such Person making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its
insolvency or inability to pay its debts as they become due. 
  
 “Bankruptcy Code” shall mean Title 11 of the United States Code, 11 U.S.C. §101, et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to
time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal or state bankruptcy or insolvency law. 
  
 “Basic Carrying Costs” shall mean, for any period, with respect to each Individual Property, the sum of the
following costs associated with such Individual Property for such period: (a) Taxes, (b) Insurance Premiums and (c) Ground Rents. 
  
 “Borrower” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

  
 “Boston Borrower” shall have the meaning set
forth in the introductory paragraph hereto. 
  
 “Boston
Individual Property” shall mean the Individual Property located in Boston, Massachusetts. 
  
 “Breakage Costs” shall have the meaning set forth in Section 2.2.3(h) hereof. 
  
 “Business Day” shall mean any day other than a Saturday,
Sunday or any other day on which national banks in New York, New York or the place of business of any Servicer are not open for business and, in the case of Section 2.6.1 only, a Puerto Rico Business Day. 
  

 -4- 

 “Capital Expenditures” shall mean, for any period, the amount expended for items
capitalized under GAAP and the Uniform System of Accounts (including, without limitation, expenditures for building improvements or major repairs, leasing commissions and tenant improvements). 
  
 “Casa Marina Borrower” shall have the meaning set forth in
the introductory paragraph hereto. 
  
 “Casa Marina
Individual Property” shall mean the Individual Property located in Key West, Florida and known as Wyndham Casa Marina Resort. 
  
 “Cash Expenses” shall mean, for any period, the Operating Expenses for the operation of the Properties to the extent that such expenses
are actually incurred by Borrower minus any payments into the Tax and Insurance Escrow Fund. 
  
 “Cash Management Account” shall have the meaning set forth in Section 2.6.2(a) hereof. 
  
 “Cash Management Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, by and among Borrower,
Baltimore Owner, Manager and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Cash Management Servicing Fees Account” shall have the meaning ascribed thereto in the Cash Management Agreement. 
  
 “Cash Sweep Cure” shall mean any one of the following: (a)
depositing cash in escrow with Lender or delivering to Lender a Letter of Credit, which cash deposit or Letter of Credit shall be in an amount which, if applied to the reduction of the Loan would cause the Debt Yield to be not less than the Debt
Yield Threshold, and, if applicable, the Non-Minority Debt Yield to be not less than then the Non-Minority Debt Yield Threshold, (b) prepaying the Loan in an amount which, if applied to the reduction of the Loan would cause the Debt Yield to be not
less than the Debt Yield Threshold, and, if applicable, the Non-Minority Debt Yield to be not less than the Non-Minority Debt Yield Threshold, or (c) the Debt Yield is in excess of the Debt Yield Threshold for three (3) consecutive months and, if
applicable, the Non-Minority Debt Yield is in excess of the Non-Minority Debt Yield Threshold for three (3) consecutive months; provided that no new Cash Sweep Event shall have occurred and be continuing. Notwithstanding anything to the
contrary contained herein, the number of occurrences of a Cash Sweep Cure hereunder shall not, in the aggregate, during any twelve (12) month period exceed two (2). 
  
 “Cash Sweep Cure Deposit” shall have the meaning set forth in Section 2.6.2(d) hereof. 

 
 “Cash Sweep Event” shall mean that either (a) the Debt
Yield is less than the Debt Yield Threshold, or (b) the Non-Minority Debt Yield is less than the Non-Minority Debt Yield Threshold. 
  

 -5- 

 “Cash Sweep Period” shall mean the period from and after a Cash Sweep Event until a Cash
Sweep Cure has occurred. 
  
 “Casualty” shall
have the meaning set forth in Section 6.2 hereof. 
  
 “Casualty Consultant” shall have the meaning set forth in Section 6.4(b)(iii) hereof. 
  
 “Casualty Retainage” shall have the meaning set forth in Section 6.4(b)(iv) hereof. 
  
 “Closing Date” shall mean the date of the funding of the
Loan. 
  
 “Code” shall mean the Internal Revenue
Code of 1986, as amended, as it may be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  
 “Co-Lender” shall have the meaning set forth in the
introductory paragraph hereto, together with its successors and assigns. 
  
 “Collateral Assignment of Interest Rate Cap Agreement” shall mean that certain Collateral Assignment of Interest Rate Cap Agreement, dated as of the date hereof, executed by Borrower in connection
with the Loan for the benefit of the Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Concession Agreements” shall mean, collectively, the Concession Agreement dated as of December 30, 2004 between El Con Borrower and
American Parking System, Inc. and the Deed of Ground Lease and Concession Agreement dated December 30, 2004 among Williams Hospitality Group Inc., El San Juan Borrower and American Parking System, Inc. 
  
 “Condemnation” shall mean a temporary or permanent taking by
any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right accruing thereto, including any
right of access thereto or any change of grade affecting such Individual Property or any part thereof. 
  
 “Condemnation Proceeds” shall have the meaning set forth in Section 6.4(b) hereof. 
  
 “Contribution Agreement” shall mean that certain
Contribution Agreement, dated as of the date hereof, among each Individual Borrower, Baltimore Owner and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Control” shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” shall have
correlative meanings. 
  

 -6- 

 “Counterparty” shall mean, with respect to the Interest Rate Cap Agreement JPMorgan
Chase Bank, N.A. and with respect to any Replacement Interest Rate Cap Agreement, any substitute Acceptable Counterparty. 
  
 “Covered Disclosure Information” shall have the meaning set forth in Section 9.2(b) hereof. 
  
 “Conveyed Parcel” shall have the meaning set forth in
Section 4.1.38(e). 
  
 “Debt” shall mean
the outstanding principal amount set forth in, and evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of the Loan under the Note, this Agreement, the Mortgages
and the other Loan Documents. 
  
 “Debt Service”
shall mean, with respect to any particular period of time, scheduled principal and/or interest payments due under this Agreement and the Note for such period. 
  

“Debt Service Coverage Ratio” shall mean, as of any date of determination, a ratio in which: 
  
 (a) the numerator is the Net Cash Flow for the applicable
Properties to be tested; and 
  
 (b) the
denominator is an assumed aggregate debt service for the Loan and the Mezzanine Loans (or the portion of the Loan and the Mezzanine Loans attributable to the Properties to be tested) during the ensuing twelve (12) month period calculated on the
basis of a nine percent (9.0%) per annum debt service constant for the Loan and the Mezzanine Loans or portion thereof, taking into account and reflecting any principal payments resulting from amortization, releases, pre-payments, or otherwise.

  
 “Debt Yield” shall mean, as of any date of
determination, the percentage obtained by dividing (a) Net Cash Flow for all of the Properties by (b) the then outstanding aggregate principal balance of the Loan and the Mezzanine Loans. 
  
 “Debt Yield Threshold” shall mean eight percent (8.0%). 
  
 “Default” shall mean the occurrence of any event hereunder
or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 
  
 “Default Rate” shall mean a rate per annum equal to the lesser of (a) the Maximum Legal Rate and (b) five percent (5%) above the
Applicable Interest Rate. 
  
 “Determination
Date” shall mean the date that is two (2) London Business Days prior to the fifteenth (15th) day of the calendar month in which such Interest Period commences. 
  

 -7- 

 “Disapproved Budget Category” shall have the meaning set forth in Section
5.1.11(d). 
  
 “Disclosure Document” shall
mean a private placement memorandum, offering memorandum, offering circular, term sheet, road show presentation materials or other offering documents or marketing materials, in each case in preliminary or final form, used to offer Securities in
connection with a Securitization. 
  
 “El Con
Borrower” shall have the meaning set forth in the introductory paragraph hereto. 
  
 “El Con Individual Property” shall mean the Individual Property owned by El Con Borrower and located in Puerto Rico. 
  
 “El Con Individual Property Conveyed Parcels” shall have the meaning set forth in Section 4.1.38(c)
hereof. 
  
 “El Con Tax Decree” shall have the
meaning set forth in Section 5.1.28 hereof. 
  
 “Eligible Account” shall mean a separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal, Puerto Rico or state-chartered
depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or accounts maintained with a federal, Puerto Rico or state chartered depository institution or trust company acting
in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 
  
 “Eligible Institution” shall mean a depository institution or trust company, the short term unsecured debt
obligations or commercial paper of which are rated at least “A-1+” by S&P, “P-1” by Moody’s and “F-1+” by Fitch in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of
accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least “AA” by Fitch and S&P and “Aa2” by Moody’s); provided, however, for
purposes of the definition of “Property Account Bank” as set forth herein, Banco Popular shall be deemed to be an Eligible Institution for purposes of the Puerto Rico Properties and Bank of America, N.A. shall be deemed to be an Eligible
Institution for all the Properties. 
  
 “El San Juan
Borrower” shall have the meaning set forth in the introductory paragraph hereto. 
  
 “El San Juan Individual Property” shall mean the Individual Property owned by El San Juan Borrower and located in Puerto Rico. 
  
 “El San Juan Tax Decree” shall have the meaning set forth in Section 5.1.28 hereof. 
  

 -8- 

 “Embargoed Person” shall have the meaning set forth in Section 4.1.35 hereof.

  
 “Emergency Repairs” shall have the meaning
set forth in Section 6.4(d) hereof. 
  
 “Environmental Indemnity” shall mean, for each Individual Property, that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower and Baltimore Owner for the benefit of Lender, as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Equipment” shall have the meaning set forth in Section 5.2.10(f) hereof. 
  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and
the rulings issued thereunder. 
  
 “Event of
Default” shall have the meaning set forth in Section 8.1(a) hereof. 
  
 “Excess” shall have the meaning set forth in Section 7.3.1(b) hereof. 
  
 “Excess Cash Flow” shall have the meaning set forth in Section 2.6.2 hereof. 
  
 “Excess Cash Reserve Account” shall have the meaning set
forth in Section 2.6.2 hereof. 
  
 “Excess Cash
Reserve Fund” shall have the meaning set forth in Section 2.6.2 hereof. 
  
 “Exchange Act” shall have the meaning set forth in Section 9.2(a) hereof. 
  
 “Exchange Act Filing” shall have the meaning set forth in Section 5.1.11(i) hereof. 
  
 “Extended Maturity Date” shall have the meaning set forth in
Section 2.7 hereof. 
  
 “Extension Option”
shall have the meaning set forth in Section 2.7 hereof. 
  
 “Extraordinary Expense” shall have the meaning set forth in Section 5.1.11(e) hereof. 
  
 “Ferryboat Affiliate” shall mean El Conquistador Ferryboat Inc., a Puerto Rico corporation. 
  
 “Ferryboat Charters” shall mean, collectively, those certain
Baltic and International Maritime Conference Standard Bareboat Charters between El Con Borrower and Ferryboat Affiliate as more particularly described on Schedule 1.6 attached hereto. 
  
 “FF&E” shall mean all fixtures, furniture, furnishings,
equipment (including operating equipment, operating supplies and fixtures attached to and forming part of the Improvements), apparatus and other personal property used in, or held in storage for use in (or if 

  

 -9- 

 
the context so dictates, required in connection with), or required for the operation of the Improvements in accordance with this Agreement, including,
without limitation, (i) office furnishings and equipment, (ii) specialized hotel, spa and casino equipment necessary for the operation of any portion of the Improvements, including equipment for kitchens, laundries, dry cleaning facilities, bars,
restaurants, public rooms, commercial and parking space, spa, casino and recreational facilities, and (iii) all other furnishings and equipment as the applicable Individual Borrower or Manager deems necessary or desirable for the operation of the
Improvements in accordance with this Agreement. 
  
 “Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the term of the Loan. 
  
 “Fitch” shall mean Fitch, Inc. 
  
 “Foreign Taxes” shall have the meaning set forth in Section 2.2.3(e) hereof. 
  
 “Fort Lauderdale Borrower” shall have the meaning set forth
in the introductory paragraph hereto. 
  
 “Fort Lauderdale
Individual Property” shall mean the Individual Property located in Fort Lauderdale, Florida. 
  
 “Franchise Agreement” shall mean, with respect to each Individual Property, that certain Franchise Agreement, dated as of the date
hereof, between the applicable Individual Borrower or Baltimore Owner and Franchisor, as the same may be amended or modified from time to time in accordance with the terms and provisions of this Agreement, or, if the context requires, the applicable
Replacement Franchise Agreement executed in accordance with the terms and provisions of this Agreement. 
  
 “Franchisor” shall mean WHC Franchise Corporation, a Delaware corporation, or, if the context requires, a Qualified Franchisor.

  
 “GAAP” shall mean generally accepted
accounting principles in the United States of America as of the date of the applicable financial report. 
  
 “Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for any
governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
  
 “Gross Income from Operations” shall mean all income, revenue and proceeds computed in accordance with GAAP and the Uniform System of
Accounts and derived by Borrower, Baltimore Owner or Manager from the use, occupancy or enjoyment of the Properties, or any part thereof, or received by Borrower, Baltimore Owner or Manager from the sale of any goods, services or other items sold on
or provided from the Properties in the ordinary course of the Properties operation, including without limitation: (a) all income and proceeds received from rental of rooms, Leases and commercial space, meeting, conference and/or banquet space within
the Properties including net parking revenue and net casino wins; (b) all income and proceeds received from food and beverage operations and from catering services conducted from the 

  

 -10- 

 
Properties even though rendered outside of the Properties; (c) all income and proceeds from business interruption, rental interruption and use and occupancy
insurance with respect to the operation of the Properties (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof); and (d) interest on credit accounts, rent concessions or credits, and other
required pass-throughs and interest on Reserve Funds; but excluding, (1) gross receipts received by lessees, licensees or concessionaires of the Properties; (2) consideration received at the Properties for hotel accommodations, goods and
services to be provided at other hotels, although arranged by, for or on behalf of Borrower, Baltimore Owner or Manager; (3) income and proceeds from the sale or other disposition of goods, capital assets and other items not in the ordinary course
of the Properties operation; (4) federal, state, commonwealth and municipal excise, sales, use, occupancy, gaming, and other taxes collected directly from patrons or guests of the Properties as a part of or based on the sales price of any goods,
services or other items, such as gross receipts, room, admission, cabaret or equivalent taxes; (5) Awards; (6) refunds of amounts not included in Operating Expenses at any time and uncollectible accounts; (7) gratuities collected by the Properties
employees; (8) the proceeds of any financing; (9) other income or proceeds resulting other than from the use or occupancy of the Properties, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from
the Properties in the ordinary course of business; (10) any credits or refunds made to customers, guests or patrons in the form of allowances or adjustments to previously recorded revenues; (11) payments made to Borrower pursuant to the Interest
Rate Cap Agreement, and (12) all income and proceeds from judgments, settlements and other resolutions of disputes, except to the extent payable on account of or in lieu of items otherwise includable in Gross Income from Operations. 
  
 “Gross Revenue Percentage Increase” shall have the meaning
set forth in Section 5.1.11(d) hereof. 
  
 “Ground
Lease” shall mean that certain Deed Number 12 of Lease, dated December 15, 1990, executed before Notary Public Silvestre M. Miranda, among Alberto Bachman Umpierre, an individual, and Lilliam Bachman Umpierre, an individual, collectively as
the ground lessor, and El Con Borrower, as ground lessee. 
  
 “Ground Lessor” shall mean the ground lessor under the Ground Lease. 
  
 “Ground Rent” shall mean the rent and all other charges which may be due under the Ground Lease. 
  
 “Guarantor” shall mean Wyndham International, Inc. 
  
 “Guaranty” shall mean that certain Guaranty Agreement, dated as of the date hereof, from Guarantor to
Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Improvements” shall have the meaning set forth in the granting clause of the related Mortgage with respect to each Individual Property.

  
 “Indebtedness” of a Person, at a particular
date, means the sum (without duplication) at such date of (a) all indebtedness or liability of such Person for borrowed money 

  

 -11- 

 
including indebtedness in the form of mezzanine debt and in the form of preferred equity if such preferred equity is treated as debt under GAAP; (b)
obligations evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under
acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or
entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any Liens, whether or not the obligations have been assumed. 
  
 “Indemnified Person” shall have the meaning set forth in Section 9.2(b) hereof. 
  
 “Indemnifying Person” shall mean each of Borrower, Baltimore
Owner, Guarantor and Principal. 
  
 “Indemnity Deed of
Trust” shall mean that certain Indemnity Deed of Trust, dated as of the date hereof, from Baltimore Owner to Lender to secure the payment of all of the obligations and liabilities of Baltimore Borrower under this Agreement and the other
Loan Documents, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Indemnity Guaranty” shall mean that certain Indemnity Guaranty Agreement, dated as of the date hereof, from Baltimore Owner to Lender,
as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “Independent Director” or “Independent Manager” shall mean a Person who is not at the time of initial appointment, or at
any time while serving as a director or manager, as applicable, and has not been at any time during the preceding five (5) years: (a) a stockholder, director (with the exception of serving as the Independent Director or Independent Manager of an
Individual Borrower or any Principal), officer, employee, partner, member, trustee attorney or counsel of Borrower, Baltimore Owner, Principal or any Affiliate of either of them; (b) a creditor, customer (other than as a hotel guest or patron),
supplier or other person who derives any of its income or revenues from its activities with Borrower, Baltimore Owner, Principal or any Affiliate of either of them (other than the receipt of fees for serving as an Independent Director or Manager);
(c) a Person Controlling or under common Control with any such stockholder, director, officer, partner, member, customer, supplier or other Person; or (d) a member of the immediate family of any such stockholder, director, officer, employee,
partner, member, customer, supplier or other Person. A natural person who satisfies the foregoing definition other than subparagraph (b) shall not be disqualified from serving as an Independent Director or Independent Manager if such individual is
an Independent Director or Independent Manager provided by a nationally-recognized company that provides professional independent directors or managers (a “Professional Independent Director”) and other corporate services in the
ordinary course of its business. A natural person who otherwise satisfies the foregoing definition other than subparagraph (a) by reason of being the independent director or independent manager of a “special purpose entity” affiliated with
a Borrower, Baltimore Owner, or Principal shall not be disqualified from serving as an Independent Director or Independent Manager if such individual is either (i) a Professional Independent Director or (ii) the fees that 

  

 -12- 

 
such individual earns from serving as independent director of affiliates in any given year constitute in the aggregate less than five percent (5%) of such
individual’s annual income for that year. Except as set forth in (a) above, notwithstanding the immediately preceding sentence, an Independent Director or Independent Manager may not simultaneously serve as Independent Director or Independent
Manager of a Borrower, Baltimore Owner, or Principal, as applicable, and also as an independent director or independent manager of a special purpose entity that owns a direct or indirect equity interest in such Borrower, Baltimore Owner, or
Principal, or a direct or indirect interest in any co-borrower with such Borrower, Baltimore Owner, or Principal. 
  
 “Individual Borrower” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted
assigns. 
  
 “Individual Property” shall mean
each parcel of real property, the Improvements thereon and all personal property owned by an Individual Borrower or Baltimore Owner and encumbered by the applicable Mortgage, together with all rights pertaining to such property and Improvements, as
more particularly described in the Granting Clauses of such Mortgage and referred to therein as the “Property”. 
  
 “Initial Ground Lease Escrow Deposit” shall have the meaning set forth in Section 7.4 hereof. 
  
 “Initial Maturity Date” shall mean June 9, 2007. 

 
 “Insolvency Opinion” shall mean that certain
non-consolidation opinion letter dated the date hereof delivered by Akin Gump Strauss Hauer & Feld LLP or another firm reasonably acceptable to Lender in connection with the Loan. 
  
 “Insurance Premiums” shall have the meaning set forth in Section 6.1(b) hereof. 
  
 “Insurance Proceeds” shall have the meaning set forth in
Section 6.4(b) hereof. 
  
 “Interest
Period” shall mean the period from the ninth (9th) day of each month through and including the eighth
(8th) day of the immediately following month; provided that the first Interest Period hereunder shall
commence on and include the date that principal is advanced hereunder and shall end on and include the eighth (8th)
day of the month immediately following the month in which the Closing Date occurs. 
  
 “Interest Rate Cap Agreement” shall mean, as applicable, an Interest Rate Cap Agreement (together with the confirmation and schedules relating thereto) in form and substance reasonably satisfactory to
Lender between Borrower and an Acceptable Counterparty or a Replacement Interest Rate Cap Agreement. 
  
 “Lease” shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral and
whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Individual Property, and (a) every modification, amendment or other agreement
relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and (b) every guarantee of 

  

 -13- 

 
the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. Notwithstanding the
foregoing, with respect to the El Con Individual Property the term “Lease” shall not include the Ground Lease. 
  
 “Legal Requirements” shall mean, with respect to each Individual Property, all federal, state, county, municipal and other governmental
statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting such Individual Property or any part thereof, or the construction, use, alteration or operation thereof, or any part
thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all material covenants, agreements, restrictions and encumbrances contained in any instruments, either of
record or known to Borrower or Baltimore Owner, at any time in force affecting such Individual Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to such Individual
Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. 
  
 “Lender” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns. 
  
 “Letter of Credit” shall mean an irrevocable, unconditional, transferable, clean sight draft letter of
credit reasonably acceptable to Lender, which Letter of Credit (a) shall be issued in favor of Lender, (b) shall be either an evergreen letter of credit or one which has an initial expiration date not earlier than one (1) year from the date of its
issuance, (c) shall entitle Lender to draw thereon in New York, New York, and (d) shall be issued by a domestic Acceptable Bank or the U.S. agency or branch of a foreign Acceptable Bank. 
  
 “Liabilities” shall have the meaning set forth in Section 9.2(b) hereof. 
  
 “LIBOR” shall mean, with respect to each Interest Period,
the rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a one-month period, that appears on Telerate Page 3750 (or the successor thereto) as of 11:00 a.m.,
London time, on the related Determination Date. If such rate does not appear on Telerate Page 3750 as of 11:00 a.m., London time, on such Determination Date, LIBOR shall be the arithmetic mean of the offered rates (expressed as a percentage per
annum) for deposits in U.S. dollars for a one-month period that appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, if at least two such offered rates so appear. If fewer than two such offered rates
appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, Lender shall request the principal London office of any four major reference banks in the London interbank market selected by Lender to provide such
bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in U.S. dollars for a one-month period as of 11:00 a.m., London time, on such Determination Date for the amounts of not
less than U.S. $1,000,000. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, Lender shall request any three major banks in New York City
selected by Lender to provide such bank’s rate (expressed as a percentage per annum) for loans in U.S. dollars to leading European banks for a one-month period as of approximately 11:00 a.m., New York City time on the 

  

 -14- 

 
applicable Determination Date for amounts of not less than U.S. $1,000,000. If at least two such rates are so provided, LIBOR shall be the arithmetic mean of
such rates. LIBOR shall be determined conclusively, absent manifest error, by Lender or its agent. 
  
 “LIBOR Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon LIBOR. 
  
 “Licenses” shall have the meaning set forth in Section
4.1.22 hereof. 
  
 “Lien” shall mean, with
respect to each Individual Property, any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or transfer of, on or affecting Borrower or Baltimore Owner, the related Individual
Property, any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of
any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 
  
 “Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 
  
 “Loan Documents” shall mean, collectively, this Agreement,
the Note, the Mortgages, the Assignments of Leases, the Environmental Indemnity, the O&M Agreement, the Indemnity Guaranty, the Assignment of Management Agreement, the Guaranty, the Property Account Agreement, the Cash Management Agreement, the
Collateral Assignment of Interest Rate Cap Agreement, the Contribution Agreement, the Ship Mortgages and all other documents executed and/or delivered in connection with the Loan. 
  
 “London Business Day” shall mean any day other than a Saturday, Sunday or any other day on which commercial
banks in London, England are not open for business. 
  
 “Losses” shall have the meaning set forth in Section 9.4(b) hereof. 
  
 “Management Agreement” shall mean, with respect to each Individual Property, the management agreement entered into by and between the
applicable Individual Borrower or Baltimore Owner, if applicable and Manager, pursuant to which Manager is to provide management and other services with respect to such Individual Property, or, if the context requires, the applicable Replacement
Management Agreement, and in the case of the Puerto Rico Properties shall include the Services Agreements between WMC Puerto Rico, Inc. and Williams Hospitality Group Inc. 
  
 “Manager” shall mean Wyndham International, Inc. (or any of its Affiliates), or, if the context requires, a
Qualified Manager who is managing the Properties in accordance with the terms and provisions of this Agreement. 
  
 “Material Lease” shall mean a Lease demising in excess of 2,500 square feet or for parking operations and/or facilities. 
  

 -15- 

 “Maturity Date” shall mean the Initial Maturity Date or, if applicable, the Extended
Maturity Date, or such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 
  
 “Maximum Allowable Fees” shall mean aggregate franchise
royalty and base and incentive management fees equal to the lesser of (a) the aggregate actual base and incentive management and franchise royalty fees due under the Management Agreement and Franchise Agreement, respectively and (b) three percent
(3%) of gross revenue at the Properties. 
  
 “Maximum
Legal Rate” shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or
the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
  
 “Mezzanine A Adjusted Release Amount” shall mean the “Adjusted Release Amount” as defined in the
Mezzanine A Loan Documents. 
  
 “Mezzanine A
Borrower” shall mean, collectively, W -Baltimore Majority Mezz Borrower, LLC, W-Baltimore Minority Mezz Borrower, LLC, PAH Batterymarch Realty Company Mezz Borrower, LLC, Conquistador Mezzanine (SPE), Inc., El San Juan Mezz Borrower, Inc.,
Casa Marina Mezz Borrower, LLC, Key West Mezz Borrower, LLC, Atlanta American Mezz Borrower, LLC and Wyndham Fort Lauderdale Airport Mezz Borrower, LLC, together with their respective successors and permitted assigns. 
  
 “Mezzanine A Debt Service Account” shall have the meaning
ascribed to such term in the Cash Management Agreement. 
  
 “Mezzanine A Lender” shall mean, collectively, JPMorgan Chase Bank, N.A. and Bear Stearns Commercial Mortgage, Inc., together with their respective successors and permitted assigns. 
  
 “Mezzanine A Loan” shall mean that certain loan made as of
the date hereof by Mezzanine A Lender to Mezzanine A Borrower in the original principal amount of Fifty Million Dollars ($50,000,000). 
  
 “Mezzanine A Loan Agreement” shall mean that certain Mezzanine A Loan Agreement, dated as of the date hereof, between Mezzanine A
Borrower and Mezzanine A Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified, from time to time. 
  
 “Mezzanine A Loan Default” shall mean an “Event of Default” under the Mezzanine A Loan. 
  
 “Mezzanine A Loan Documents” shall mean all documents
evidencing the Mezzanine A Loan and all documents executed and/or delivered in connection therewith. 
  

 -16- 

 “Mezzanine A Release Amount” shall mean the “Release Amount” as defined
in the Mezzanine A Loan Documents. 
  
 “Mezzanine Adjusted
Release Amount” shall mean, collectively, the Mezzanine A Adjusted Release Amount, the Mezzanine B Adjusted Release Amount, and the Mezzanine C Adjusted Release Amount. 
  
 “Mezzanine B Adjusted Release Amount” shall mean the “Adjusted Release Amount” as defined
in the Mezzanine B Loan Documents. 
  
 “Mezzanine B
Borrower” shall mean, collectively, W-Baltimore Majority Mezz Borrower #2, LLC, W-Baltimore Minority Mezz Borrower #2, LLC, PAH Batterymarch Realty Company Mezz Borrower #2, LLC, Conquistador Mezzanine #2 (SPE), Inc., El San Juan Mezz
Borrower #2, Inc., Casa Marina Mezz Borrower #2, LLC, Key West Mezz Borrower #2, LLC, Atlanta American Mezz Borrower #2, LLC and Wyndham Fort Lauderdale Airport Mezz Borrower #2, LLC, together with their respective successors and permitted assigns.

  
 “Mezzanine B Debt Service Account” shall have
the meaning ascribed to such term in the Cash Management Agreement. 
  
 “Mezzanine B Lender” shall mean, collectively, JPMorgan Chase Bank, N.A. and Bear Stearns Commercial Mortgage, Inc., together with their respective successors and permitted assigns. 
  
 “Mezzanine B Loan” shall mean that certain loan made as of
the date hereof by Mezzanine B Lender to Mezzanine B Borrower in the original principal amount of Fifty Million Dollars ($50,000,000). 
  
 “Mezzanine B Loan Agreement” shall mean that certain Mezzanine B Loan Agreement, dated as of the date hereof, between Mezzanine B
Borrower and Mezzanine B Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified, from time to time. 
  
 “Mezzanine B Loan Default” shall mean an “Event of Default” under the Mezzanine B Loan. 
  
 “Mezzanine B Loan Documents” shall mean all documents
evidencing the Mezzanine B Loan and all documents executed and/or delivered in connection therewith. 
  
 “Mezzanine B Release Amount” shall mean the “Release Amount” as defined in the Mezzanine B Loan Documents. 

 
 “Mezzanine Borrower” shall mean, collectively, as the
context may require, Mezzanine A Borrower, Mezzanine B Borrower, and Mezzanine C Borrower, together with their respective successors and permitted assigns. 
  
 “Mezzanine C Adjusted Release Amount” shall mean the “Adjusted Release Amount” as defined in the Mezzanine C Loan
Documents. 
  

 -17- 

 “Mezzanine C Borrower” shall mean, collectively, W-Baltimore Majority Mezz Borrower #3,
LLC, W-Baltimore Minority Mezz Borrower #3, LLC, PAH Batterymarch Realty Company Mezz Borrower #3, LLC, Conquistador Mezzanine #3 (SPE), Inc., El San Juan Mezz Borrower #3, Inc., Casa Marina Mezz Borrower #3, LLC, Key West Mezz Borrower #3, LLC,
Atlanta American Mezz Borrower #3, LLC and Wyndham Fort Lauderdale Airport Mezz Borrower #3, LLC, together with their respective successors and permitted assigns. 
  
 “Mezzanine C Debt Service Account” shall have the meaning ascribed to such term in the Cash Management
Agreement. 
  
 “Mezzanine C Lender” shall mean,
collectively, JPMorgan Chase Bank, N.A. and Bear Stearns Commercial Mortgage, Inc., together with their respective successors and permitted assigns. 
  
 “Mezzanine C Loan” shall mean that certain loan made as of the date hereof by Mezzanine C Lender to Mezzanine C Borrower in the original
principal amount of One Hundred Million Dollars ($100,000,000). 
  
 “Mezzanine C Loan Agreement” shall mean that certain Mezzanine C Loan Agreement, dated as of the date hereof, between Mezzanine C Borrower and Mezzanine C Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified, from time to time. 
  
 “Mezzanine C
Loan Default” shall mean an “Event of Default” under the Mezzanine C Loan. 
  
 “Mezzanine C Loan Documents” shall mean all documents evidencing the Mezzanine C Loan and all documents executed and/or delivered in
connection therewith. 
  
 “Mezzanine C Release
Amount” shall mean the “Release Amount” as defined in the Mezzanine C Loan Documents. 
  
 “Mezzanine Lenders” shall mean, collectively, Mezzanine A Lender, Mezzanine B Lender and Mezzanine C Lender, or individually, a
“Mezzanine Lender” shall mean any of Mezzanine A Lender, Mezzanine B Lender or Mezzanine C Lender, together with their respective successors and permitted assigns. 
  
 “Mezzanine Loan Agreements” shall mean, collectively, the Mezzanine A Loan Agreement, the Mezzanine B Loan
Agreement and the Mezzanine C Loan Agreement. 
  
 “Mezzanine Loan Default” shall mean a Mezzanine A Loan Default, a Mezzanine B Loan Default and a Mezzanine C Loan Default. 
  
 “Mezzanine Loan Documents” shall mean, collectively, the Mezzanine A Loan Documents, the Mezzanine B Loan Documents and the Mezzanine C
Loan Documents. 
  

 -18- 

 “Mezzanine Loans” shall mean, collectively, the Mezzanine A Loan, the Mezzanine B Loan
and the Mezzanine C Loan or individually, a “Mezzanine Loan” shall mean any of Mezzanine A Loan, Mezzanine B Loan or Mezzanine C Loan. 
  
 “Mezzanine Release Amounts” shall mean each of the “Release Amounts” as such terms are defined in the Mezzanine Loan
Documents. 
  
 “Minimum Aggregate Cap Ex Amount”
shall mean $35,000,000, as such amount may be reduced in accordance with the provisions of Section 5.1.22(c) hereof. 
  
 “Minority Interest Debt” shall mean, for each Minority Interest Property, the Minority Interest Property Pro-Rata Debt applicable to such
Minority Interest Property, together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of such portion of the Loan under the Note, this Agreement, the Mortgages and the other Loan Documents 
  
 “Minority Interest Property” shall mean each of the Casa
Marina Individual Property, the Reach Individual Property and the Atlanta Individual Property. Notwithstanding the foregoing or anything to the contrary contained herein or in the other Loan Documents, with respect to any Minority Interest Property,
in the event all the interests of all minority interest holders (which shall not be Affiliates of Guarantor) of an entity that is an indirect owner of such Minority Interest Property are redeemed in accordance with the applicable provisions set
forth in Section 5.2.10(d) hereof, then such Minority Interest Property shall become a Non-Minority Property and shall no longer be deemed to be a Minority Interest Property for all purposes under the Loan Documents. 
  
 “Minority Interest Property Pro-Rata Debt” shall mean the
product of (a) the quotient obtained by dividing the Release Amount for such Minority Interest Property by the sum of the Release Amount for all Properties subject to the Lien of the Mortgages, and (b) the outstanding principal balance of the Loan.

  
 “Moody’s” shall mean Moody’s
Investors Service, Inc. 
  
 “Mortgage” shall mean
(a) with respect to each Individual Property (other than the Baltimore Individual Property, the El Con Individual Property and the El San Juan Individual Property), that certain first priority Mortgage (or Deed of Trust or Deed to Secure Debt) and
Security Agreement, dated as of the date hereof, executed and delivered by the applicable Individual Borrower as security for the Loan and encumbering such Individual Borrower’s fee estate in such Individual Property, (b) with respect to the
Baltimore Individual Property, that certain first priority Indemnity Deed of Trust and Security Agreement, dated as the date hereof, executed and delivered by Baltimore Owner as security for the Baltimore Owner Obligations and encumbering Baltimore
Owner’s fee estate in the Baltimore Individual Property, and (c) with respect to the El San Juan Individual Property and the El Con Individual Property, (i) the Mortgage Note Pledge and Security Agreement, dated as of the hereof, executed and
delivered by the applicable Individual Borrower as security for the Loan and pursuant to which such Individual Borrower has pledged mortgage notes securing mortgages encumbering such Individual Borrower’s fee estate in the applicable Puerto
Rico Property, and (ii) with respect to 

  

 -19- 

 
the El Con Individual Property only, its leasehold interest under the Ground Lease as each such instruments and agreements may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
  
 “Net Cash Flow” shall mean, with respect to the applicable Properties, the amount obtained by subtracting Operating Expenses and payments to the Replacement Reserve Fund from Gross Income from Operations during the trailing
twelve (12) month period. 
  
 “Net Cash Flow
Schedule” shall have the meaning set forth in Section 5.1.11(b) hereof. 
  
 “Net Operating Income” shall mean, for any period, the amount obtained by subtracting Operating Expenses for such period from Gross Income from Operations for such period. 
  
 “Net Proceeds” shall have the meaning set forth in
Section 6.4(b) hereof. 
  
 “Net Proceeds
Deficiency” shall have the meaning set forth in Section 6.4(b)(vi) hereof. 
  
 “Net Wins” shall mean, with respect to any Puerto Rico property and for any period, the amount equal to the total of all gaming revenues for such period, less total gaming losses for such period
arising from casino operations at such Individual Property; provided that for purposes of Section 7.3.1, Net Wins shall not be less than $0. 
  
 “New Mezzanine Borrower” shall have the meaning set forth in Section 9.1.3 hereof. 
  
 “New Mezzanine Loan” shall have the meaning set forth in
Section 9.1.3 hereof. 
  
 “Non-Minority Debt
Yield” shall mean, as of any date of determination, the percentage obtained by dividing (a) Net Cash Flow for the Non-Minority Properties by (b) the then outstanding aggregate principal balance of the Loan and the Mezzanine Loan
attributable to the Non-Minority Properties. Notwithstanding the foregoing or anything to the contrary contained herein or in the other Loan Documents, in the event all the interests of all minority interest holders (which shall not be Affiliates of
Guarantor) of entities that are indirect owners of two (2) Individual Properties which are Minority Interest Properties as of the date hereof are redeemed in accordance with the applicable provisions set forth in Section 5.2.10(d) hereof,
then the provisions set forth in this Agreement and the other Loan Documents relating to “Non-Minority Debt Yield” shall thereafter be not applicable. 
  

“Non-Minority Debt Yield Threshold” shall mean eight percent (8.0%). 
  
 “Non-Minority Properties” shall mean all of the Properties other than the Minority Interest Properties.

  
 “Note” shall mean that certain Promissory
Note of even date herewith in the principal amount of Four Hundred Seventy-Five Million and No/100 Dollars ($475,000,000), 

  

 -20- 

 
made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  
 “O&M Agreement” shall mean, with respect to each
Individual Property, that certain Operations and Maintenance Agreement, dated as of the date hereof, between Borrower or Baltimore Borrower and Lender given in connection with the Loan, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
  
 “Offering
Document Date” shall have the meaning set forth in Section 5.1.11(f)(iv) hereof. 
  
 “Officer’s Certificate” shall mean a certificate delivered to Lender by an Individual Borrower which is signed by an authorized
senior officer of the general partner or managing member of such Individual Borrower. 
  
 “Operating Expenses” shall mean the sum of all costs and expenses of operating, maintaining, directing, managing and supervising the Properties, computed in accordance with GAAP and the Uniform System
of Accounts, that are incurred on a regular monthly or other periodic basis, including without limitation, utilities, ordinary repairs and maintenance, insurance, license fees, property taxes and assessments, advertising expenses, franchise and
management fees, payroll and related taxes, computer processing charges, operational equipment or other lease payments, ground rents payable under the Ground Lease, and other similar costs, but excluding depreciation and similar non-cash items, Debt
Service, Capital Expenditures and contributions to the Reserve Funds. 
  
 “Other Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar
areas adjoining any Individual Property, now or hereafter levied or assessed or imposed against such Individual Property or any part thereof. 
  
 “Otherwise Rated Insurer” shall have the meaning set forth in Section 6.1(b) hereof. 
  
 “Out Parcels” shall mean, collectively, the parcels of real
property (each consisting of a portion of an Individual Property) described on Schedule 1.1 attached hereto. 
  
 “Parking Lease” shall mean, collectively, that certain Indenture of Lease and that certain ground lease relating to the Individual
Property known as Wyndham Atlanta American as more particularly described on Schedule 1.5 hereto. 
  
 “Payment Date” shall mean the ninth (9th) day of each month, or if such day is not a Business Day, the immediately succeeding Business Day. 
  
 “Permitted Encumbrances” shall mean, with respect to an Individual Property, collectively (a) the Liens and security interests created by
the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policies (including matters for which affirmative coverage has been provided) relating to such Individual Property or any part thereof, (c) Liens, if
any, for Taxes or Other Charges not yet delinquent or being contested in 

  

 -21- 

 
good faith and by appropriate proceedings in accordance with the terms hereof, (d) any and all easements, licenses, covenants, restrictions or other
agreements which may hereafter be granted by Borrower or Baltimore Owner in accordance with the terms hereof, (e) rights of existing and future tenants, licensees and concessionaires only, pursuant to Leases in effect as of the date of this
Agreement or entered into in accordance with the terms hereof, (f) any lien or security interest expressly permitted by the terms hereof, (g) all Liens of record for which the underlying indebtedness or obligations secured by such Liens have been
paid or discharged and which Liens have been insured against under the Title Policies by omission of such Liens from Schedule B thereto and with respect to which Borrower is using commercially reasonable efforts to discharge, and (h) such
other title and survey exceptions as Lender has approved or may approve in writing in Lender’s sole discretion. 
  
 “Permitted Investments” shall mean any one or more of the following obligations or securities acquired at a purchase price of not greater
than par, including those issued by Servicer, the trustee under any Securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the first Payment Date
following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 
  
 (i) obligations of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or
instrumentality thereof provided such obligations are backed by the full faith and credit of the United States of America including, without limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home
Administration (certificates of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed Title XI financing), the Small Business Administration (guaranteed participation
certificates and guaranteed pool certificates), the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority (guaranteed transit bonds); provided, however, that the
investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such
investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation
prior to their maturity; 
  
 (ii) Federal Housing
Administration debentures; 
  
 (iii) obligations
of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated system-wide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the
Federal National Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations); provided, however, that the investments described in this clause must (A) have a
predetermined fixed dollar of 

  

 -22- 

 
principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if
such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to
liquidation prior to their maturity; 
  
 (iv)
federal funds, unsecured certificates of deposit, time deposits, bankers’ acceptances and repurchase agreements with maturities of not more than 365 days of any bank, the short term obligations of which at all times are rated in the highest
short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing
that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in
this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate
of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

 
 (v) fully Federal Deposit Insurance Corporation-insured
demand and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings and loan association or savings bank, the short term obligations of which at all times are rated in the highest
short term rating category by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency in the highest short term rating category and otherwise acceptable to each other Rating Agency, as confirmed in writing
that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities); provided, however, that the investments described in
this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter affixed to their rating, (C) if such investments have a variable rate
of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments must not be subject to liquidation prior to their maturity; 

 
 (vi) debt obligations with maturities of not more than
365 days and at all times rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that such investment would not, in and
of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest long-term unsecured rating category; provided, however, that the investments
described in this clause must 

  

 -23- 

 
(A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r”
highlighter affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such
investments must not be subject to liquidation prior to their maturity; 
  
 (vii) commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof)
with maturities of not more than 365 days and that at all times is rated by each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in
writing that such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) in its highest short-term unsecured debt rating;
provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (B) if rated by S&P, must not have an “r” highlighter
affixed to their rating, (C) if such investments have a variable rate of interest, such interest rate must be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (D) such investments
must not be subject to liquidation prior to their maturity; 
  
 (viii) units of taxable money market funds, which funds are regulated investment companies, seek to maintain a constant net asset value per share and invest solely in obligations backed by the full faith and credit of
the United States, which funds have the highest rating available from each Rating Agency (or, if not rated by all Rating Agencies, rated by at least one Rating Agency and otherwise acceptable to each other Rating Agency, as confirmed in writing that
such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities) for money market funds; and 
  
 (ix) any other security, obligation or investment which has
been approved as a Permitted Investment in writing by (a) Lender and (b) each Rating Agency, as evidenced by a written confirmation that the designation of such security, obligation or investment as a Permitted Investment will not, in and of itself,
result in a downgrade, qualification or withdrawal of the initial, or, if higher, then current ratings assigned to the Securities by such Rating Agency; 
  
 provided, however, that no obligation or security shall be a Permitted Investment if (A) such obligation or security evidences a right to receive only
interest payments or (B) the right to receive principal and interest payments on such obligation or security are derived from an underlying investment that provides a yield to maturity in excess of 120% of the yield to maturity at par of such
underlying investment. 
  

 -24- 

 “Person” shall mean any individual, corporation, partnership, joint venture, limited
liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
  
 “Personal Property” shall have the meaning set forth in the
granting clauses of the Mortgage with respect to each Individual Property. 
  
 “Physical Conditions Report” shall mean, with respect to each Individual Property, a report prepared by a company satisfactory to Lender regarding the physical condition of such Individual Property,
satisfactory in form and substance to Lender in its sole discretion. 
  
 “Policy” or “Policies” shall have the meaning specified in Section 6.1(b) hereof. 
  
 “Prepayment Release Date” shall mean June 1, 2006. 
  
 “Prepayment Spread Maintenance Payment” shall mean, with respect to any repayment of any principal amount
of the Loan on or prior to the Prepayment Release Date, a payment to Lender in an amount equal to the sum of the present values of each future installment of interest that would be payable under the Loan on the principal amount of the Loan being
prepaid from the date of such prepayment through and including the Payment Date occurring in July 2006 (without duplication for any interest paid to Lender in connection with such repayment in accordance with the terms of this Agreement), assuming
an interest rate equal to the difference between (a) the Applicable Interest Rate in effect as of the date of such prepayment (taking into account the effect of any floors on such Applicable Interest Rate) and (b) LIBOR in effect as of the date of
such prepayment, such future installments of interest to be discounted at an interest rate per annum equal to the Reinvestment Yield. 
  
 “Prime Rate” shall mean the annual rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New York, as its base
rate, as such rate shall change from time to time. If JPMorgan Chase Bank, N.A. ceases to announce a base rate, Prime Rate shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.”
If more than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime Rates” shall be used, and such average shall be rounded up to the nearest one-eighth of one percent (0.125%). If
The Wall Street Journal ceases to publish the “Prime Rate,” the Lender shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are
limited, regulated or administered by a governmental or quasigovernmental body, then Lender shall select a comparable interest rate index. 
  
 “Prime Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate.

  
 “Prime Rate Spread” shall mean the difference
(expressed as the number of basis points) between (a) LIBOR plus the Spread on the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan; provided, however, in no event
shall such difference be a negative number. 
  

 -25- 

 “Prescribed Laws” shall mean, collectively, (a) the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et seq. and (d) all other Legal Requirements relating to money laundering or
terrorism. 
  
 “Principal” shall mean, with
respect to El Con Borrower, Conquistador Holding (SPE), Inc.; and with respect to El San Juan Borrower, each of W-San Juan Hotel Corp. and W-San Juan Holding Corp. 
  
 “Properties” shall mean, collectively, each and every Individual Property which is subject to the terms of
this Agreement. 
  
 “Property Account(s)” shall
have the meaning set forth in Section 2.6.1 hereof. 
  
 “Property Account Agreement” shall mean that certain Deposit Account Control Agreement, dated as of the date hereof, among Borrower, Lender and Property Account Bank, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
  
 “Property Account Bank” shall mean an Eligible Institution for each Individual Property designated by Borrower. 
  
 “Provided Information” shall mean any and all financial and other written information provided to Lender at any time by, or on behalf of,
any Indemnifying Person with respect to the Properties, Borrower, Baltimore Owner, Guarantor, Manager, Principal and/or Franchisor. 
  
 “Public Company” shall mean a corporation or other Person whose (i) stock or ownership interests or (ii) depository receipts or their
equivalent are publicly traded on a nationally recognized stock exchange, including, without limitation, NASDAQ or on the leading recognized stock exchange in Spain, Germany, Italy, Canada, France, Tokyo, Australia, Singapore, England or Hong Kong,
or in another country which requires companies publicly traded on such leading exchange to provide public information reasonably comparable to that required in the United States. 
  
 “Puerto Rico Business Day” shall mean any day other than a Saturday, Sunday or other day on which national
banks in Puerto Rico are not open for business. 
  
 “Puerto Rico Properties” shall mean, collectively, the El Con Individual Property and the El San Juan Individual Property. 
  
 “Qualified Franchisor” shall mean an entity (a) appearing on Schedule 1.2 attached hereto or (b) an entity that has a national
reservation system or global distribution system and which, together with any Affiliates of such entity, franchises at least twenty-five (25) full service upscale and upper upscale urban and resort hotel properties in the United States, 

  

 -26- 

 
provided, that, if such Person is an Affiliate of Borrower, Borrower shall have obtained an Additional Insolvency Opinion. For purposes of clause (b)
of this definition, the term “Affiliate” shall mean, with respect to any Person, any other Person that (i) Controls and (ii) owns, directly or indirectly, not less than fifty-one percent (51%) of the legal and beneficial ownership
interests in such Person. 
  
 “Qualified Manager”
shall mean (a) Wyndham International, Inc. or an Affiliate thereof, (b) an entity appearing on Schedule 1.3 attached hereto or (c) an entity that, together with any Affiliates of such entity, operates or manages at least twenty-five (25) full
service upscale and upper upscale urban and resort hotel properties in the United States, provided, that, if such Person is an Affiliate of Borrower, Borrower shall have obtained an Additional Insolvency Opinion. For purposes of clause (c) of
this definition, the term “Affiliate” shall mean, with respect to any Person, any other Person that (i) Controls and (ii) owns, directly or indirectly, not less than fifty-one percent (51%) of the legal and beneficial ownership interests
in such Person. 
  
 “Qualified Transferee” shall
mean any one of the following Persons: 
  
 (a) a
pension fund, pension trust or pension account that (i) has total real estate assets of at least $1 billion or (ii) has total real estate assets of at least $500 million that are managed by a Person who controls or manages at least $1 billion of
real estate equity assets; or 
  
 (b) a pension
fund advisor who (i) immediately prior to such transfer, controls or manages at least $1 billion of real estate equity assets and (ii) is acting on behalf of one or more pension funds that, in the aggregate, satisfy the requirements of clause (a) of
this definition; or 
  
 (c) an insurance company
which is subject to supervision by the insurance commissioner, or a similar official or agency, of a state or territory of the United States (including the District of Columbia) (i) with a net worth, as of a date no more than six (6) months prior to
the date of the transfer of at least $500 million and (ii) who, immediately prior to such transfer, controls real estate equity assets of at least $1 billion; or 
  
 (d) a corporation organized under the banking laws of the United States or any state or territory of the
United States (including the District of Columbia) (i) with a combined capital and surplus of at least $500 million and (ii) who, immediately prior to such transfer, controls real estate equity assets of at least $1 billion; or 
  
 (e) a newly formed real estate fund that has not yet made
any acquisitions but otherwise has committed capital of at least $1 billion; or 
  
 (f) any Person who (i) has a long-term unsecured debt rating from the Rating Agencies of at least investment grade, or (ii) has a net
worth, as of a date no more than six (6) months prior to the date of such transfer of at least $500 million and immediately prior to such transfer controls, together with its affiliates, real estate equity assets of at least $1 billion; or

  
 (g) an entity appearing on Schedule
1.9 attached hereto, 
  

 -27- 

 provided that, in each case, such entity is not then subject to a Bankruptcy Action.

  
 “Ratable Share” shall mean, with respect to
any Co-Lender, its share of the Loan, or any portion thereof, based on the proportion of the outstanding principal of the Loan advanced by such Co-Lender to the total outstanding principal amount of the Loan. 
  
 “Rating Agencies” shall mean, prior to the initial
Securitization of the Loan or any portion thereof, each of S&P, Moody’s and Fitch, or any other nationally-recognized statistical rating agency which has been designated by Lender and, after the Securitization of the Loan or any portion
thereof, shall mean only those of the foregoing that have rated any of the Securities in connection with any such Securitization. 
  
 “Reach Borrower” shall have the meaning set forth in the introductory paragraph hereto. 
  
 “Reach Individual Property” shall mean the Individual
Property located in Key West, Florida and knows as the Wyndham Reach Resort. 
  
 “Reinvestment Yield” means the yield calculated by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading
“U.S. government securities” and the sub-heading “Treasury constant maturities” during the second full week preceding the date of which the applicable Prepayment Spread Maintenance Payment is payable, of the U.S. Treasury
constant maturities with maturity dates (one longer and one equal to or shorter) most nearly approximating the Prepayment Release Date. In the event Release H.15 is no longer published, Lender shall reasonably select a comparable publication to
determine the Reinvestment Yield. 
  
 “Release
Amount” shall mean for an Individual Property the amount set forth on Schedule 1.4 hereto, as the same may be reduced pursuant to Section 2.4.2. 
  
 “REMIC Trust” shall mean a “real estate mortgage investment conduit” within the meaning of
Section 860D of the Code that holds the Note. 
  
 “Rents” shall mean, with respect to each Individual Property, all rents, rent equivalents, moneys payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other
mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of
whatever form or nature received by or paid to or for the account of or benefit of Borrower or Baltimore Owner or its agents or employees from any and all sources arising from or attributable to the Individual Property, and proceeds, if any, from
business interruption or other loss of income or insurance, including, without limitation, all hotel receipts, revenues and credit card receipts collected from guest rooms, restaurants, bars, meeting rooms, banquet rooms and recreational facilities,
all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of
property or rendering of services by Borrower or Baltimore Owner or any operator or manager of the hotel or the commercial space located in the Improvements or acquired from others (including, without 

  

 -28- 

 
limitation, from the rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations of
such space), license, lease, sublease and concession fees and rentals, health club membership fees, food and beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from business interruption or other loss
of income insurance. 
  
 “Replacement Franchise
Agreement” shall mean, collectively, (a) either (i) a franchise or license agreement with a Qualified Franchisor substantially in the same form and substance as the applicable Franchise Agreement, or (ii) a franchise or license agreement
with a Qualified Franchisor, which franchise or license agreement shall be reasonably acceptable to Lender in form and substance, and (b) a comfort letter substantially in the form of the comfort letter delivered to Lender on the Closing Date (or in
such other form and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower or Baltimore Owner, as applicable and such Qualified Franchisor at Borrower’s expense. 
  
 “Replacement Interest Rate Cap Agreement” means an interest
rate cap agreement from an Acceptable Counterparty with terms substantially the same as the Interest Rate Cap Agreement except that the same shall be effective in connection with an extension of the terms of the Loan as required by Section
2.7(c) hereof or the replacement of the Interest Rate Cap Agreement following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty; provided that to the extent any such interest rate cap
agreement does not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate cap agreement approved in writing by each of the Rating Agencies with respect thereto. 
  
 “Replacement Management Agreement” shall mean, collectively,
(a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as the applicable Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be
reasonably acceptable to Lender in form and substance, and (b) an assignment of management agreement and subordination of management fees substantially in the form of the Assignment of Management Agreement (or of such other form and substance
reasonably acceptable to Lender), executed and delivered to Lender by Borrower or Baltimore Owner, as applicable and such Qualified Manager at Borrower’s expense. 
  
 “Replacement Reserve Account” shall have the meaning set forth in Section 7.3.1(a) hereof.

  
 “Replacement Reserve Fund” shall have the
meaning set forth in Section 7.3.1(a) hereof. 
  
 “Replacement Reserve Monthly Deposit” shall have the meaning set forth in Section 7.3.1(a) hereof. 
  
 “Replacements” shall mean replacements of, or additions to, FF&E, and any special projects designed to maintain the current condition
of the Improvements. 
  

 -29- 

 “Required Earthquake Insurance” shall mean the quotient obtained by multiplying (a) the
Full Replacement Cost for an Individual Property and eighteen (18) months of business interruption for such Individual Property, and (b) the probable maximum loss for such Individual Property. The probable maximum loss for the El Con Individual
Property is sixteen percent (16%) and for the El San Juan Individual Property is seventeen percent (17%). 
  
 “Required Monthly Expenditure” shall have the meaning set forth in Section 7.3.1(a) hereof. 
  
 “Required Repair Account” shall have the meaning set forth
in Section 7.1.1 hereof. 
  
 “Required Repair
Fund” shall have the meaning set forth in Section 7.1.1 hereof. 
  
 “Required Repairs” shall have the meaning set forth in Section 7.1.1 hereof. 
  
 “Reserve Funds” shall mean, collectively, the Tax and Insurance Escrow Fund, the Ground Lease Escrow Fund, the Replacement Reserve Fund,
the Required Repair Fund, and any other escrow fund established pursuant to the Loan Documents. 
  
 “Restoration” shall mean the repair and restoration of an Individual Property after a Casualty or Condemnation as nearly as possible to
the condition the Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender. 
  

“Restoration Threshold Amount” shall mean, with respect to each Individual Property, an amount equal to five percent (5%) of the
applicable Release Amount. 
  
 “Restricted Party”
shall mean, collectively (a) any Individual Borrower, Baltimore Owner, Principal, Guarantor, Affiliated Manager and Mezzanine Borrower and (b) any shareholder, partner, member, non-member manager, or direct or indirect legal or beneficial owner of,
any Individual Borrower, Baltimore Owner, Principal, Guarantor, Affiliated Manager, non-member manager or Mezzanine Borrower. Notwithstanding the foregoing, the term “Restricted Party” shall not include any Person that is an indirect owner
of a Minority Interest Property and that is not an affiliate of Guarantor. 
  
 “S&P” shall mean Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies. 
  
 “Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of option or
other transfer of a legal or beneficial interest, whether direct or indirect. 
  
 “Securities” shall have the meaning set forth in Section 9.1 hereof. 
  
 “Securitization” shall have the meaning set forth in Section 9.1 hereof. 
  

 -30- 

 “Servicer” shall have the meaning set forth in Section 9.6 hereof. 
  
 “Servicing Agreement” shall have the meaning set forth in
Section 9.6 hereof. 
  
 “Severed Loan
Documents” shall have the meaning set forth in Section 8.2(c) hereof. 
  
 “Ship Mortgages” shall mean, collectively, those certain Preferred Ship Mortgages relating to ferryboats owned by either El Con Borrower or Ferryboat Affiliate as more particularly described on
Schedule 1.7 hereto. 
  
 “Shortfall” shall
have the meaning set forth in Section 7.3.1(b) hereof. 
  
 “Special Purpose Entity” shall mean a corporation, limited partnership, general partnership or limited liability company which at all times from and after the date such entity is represented as being or is required to be a
Special Purpose Entity hereunder and until the Loan is paid in full or, with respect to each Individual Borrower, its Principals, and Baltimore Owner, the earlier release of the liens of the Mortgages encumbering all Properties owned by such
Individual Borrower, or Baltimore Owner, as applicable: 
  
 (a) is organized solely for the purpose of (i) acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and/or operating the Properties or its Individual Property, entering into the
Loan Documents, refinancing the Properties in connection with a permitted repayment of the Loan, and transacting lawful business that is incident and appropriate thereto; or (ii) acting as a general partner of the general or limited partnership that
owns the Properties or an Individual Property or managing member of the limited liability company that owns the Properties and transacting lawful business that is incident and appropriate thereto; 
  
 (b) is not engaged and will not engage in any business
unrelated to (i) the acquisition, leasing, development, ownership, management and/or operation of the Properties or its Individual Property and transacting lawful business that is incident and appropriate thereto; (ii) acting as general partner of
the general or limited partnership that owns the Properties or an Individual Property or (iii) acting as a managing member of a limited liability company that owns the Properties or an Individual Property, as applicable; 
  
 (c) does not have and will not have any assets other than
those related to the Properties or its Individual Property and personal property necessary or incidental to its ownership, leasing, and/or operation of the Properties or its Individual Property or its partnership interest in the general or limited
partnership or the member interest in the limited liability company that owns the Properties or an Individual Property or acts as the general partner or managing member thereof, as applicable; 
  
 (d) has not engaged, sought or consented to and will not
engage in, seek or consent to any dissolution, winding up, liquidation, consolidation, merger, sale of all or substantially all of its assets, transfer of all or substantially all of its partnership or membership interests (if such entity is a
general partner in a general or limited 

  

 -31- 

 
partnership or a managing member in a limited liability company) or amendment of its partnership agreement, articles of incorporation, articles of
organization, certificate of formation or operating agreement (as applicable) with respect to the matters set forth in this definition; 
  
 (e) if such entity is a limited or general partnership, has, as its only general partners, Special Purpose Entities that are corporations,
limited partnerships or limited liability companies; 
  
 (f) if such entity is a corporation, has at least two (2) Independent Directors, and has not caused or allowed and will not cause or allow the board of directors of such entity to take any action requiring the unanimous affirmative vote of
one hundred percent (100%) of the members of its board of directors unless two (2) Independent Directors shall have participated in such vote; 
  
 (g) if such entity is a limited liability company with more than one (1) member, has at least one (1) member that is a Special Purpose
Entity that has at least two (2) Independent Directors or two (2) Independent Managers and that owns at least one percent (1.0%) of the equity of the limited liability company; 
  
 (h) if such entity is a limited liability company with only one (1) member, is a limited liability company
organized in the State of Delaware that has (i) as its only member a non-managing member, (ii) at least two (2) Independent Managers and has not caused or allowed and will not cause or allow the board of managers of such entity to take any action
requiring the unanimous affirmative vote of one hundred percent (100%) of the managers unless two (2) Independent Managers shall have participated in such vote and (iii) at least two (2) springing members, one (1) of which will become the
non-managing member of such entity (which may have a zero economic interest) upon the dissolution of the existing non-managing member; 
  
 (i) if such entity is (i) a limited liability company, has articles of organization, a certificate of formation and/or an operating
agreement, as applicable, (ii) a limited partnership, has a limited partnership agreement, or (iii) a corporation, has a certificate of incorporation or articles that, in each case, provide that such entity will not: (A) dissolve, merge, liquidate,
consolidate; (B) sell all or substantially all of its assets or the assets of Borrower or an Individual Borrower (as applicable), except as expressly permitted by the Loan Documents; (C) engage in any other business activity not permitted by (a) and
(b) above, or amend its organizational documents with respect to the matters set forth in this definition without the consent of the Lender; or (D) without the affirmative vote of two Independent Directors and of all other directors of the
corporation (that is such entity or the general partner or managing or co-managing member of such entity), file a bankruptcy or insolvency petition or otherwise institute insolvency proceedings with respect to itself or to any other entity in which
it has a direct or indirect legal or beneficial ownership interest; 
  
 (j) is and will remain solvent and pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets as the same shall 

  

 -32- 

 
become due (except for debts and liabilities being contested in good faith in accordance with the terms of the Loan Documents), and is maintaining and will
maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations, provided that the foregoing shall not require its shareholders, partners or
members to make capital contributions to such entity; 
  
 (k) has not failed and will not fail to correct any known misunderstanding regarding the separate identity of such entity; 
  
 (l) has maintained and will maintain its accounts, books and records separate from any other Person and will file its own tax returns
separate from those of any other Person, except to the extent that it is required to file consolidated tax returns by law; 
  
 (m) has maintained and will maintain its own records, books, resolutions and agreements; 
  
 (n) other than as provided in the Cash Management Agreement
or in a cash management agreement provided for in a loan document with another institutional lender which will no longer be in effect on or prior to making the Loan and except for collections in the ordinary course of business of Rents derived from
the operation of Las Casitas Village and other revenues in which Borrower does not have an interest, (i) has not commingled and will not commingle its funds or assets with those of any other Person and (ii) has not participated and will not
participate in any cash management system with any other Person; 
  
 (o) has held and will hold its assets in its own name; 
  
 (p) has conducted and will conduct its business in its name or in a name owned by it or in which it has rights or in a name franchised or
licensed to it by an entity other than an Affiliate or if by an Affiliate that is a Franchisor or Manager or otherwise permitted hereunder, except for services rendered under a business management services agreement with an Affiliate that complies
with the terms contained in subsection (dd) below, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of the Borrower or an Individual Borrower; 
  
 (q) has maintained and will maintain its financial
statements, accounting records and other entity documents separate from any other Person and has not permitted and will not permit its assets to be listed as assets on the financial statement of any other entity except as required by GAAP;
provided, however, that any such consolidated financial statement shall contain a note indicating that its separate assets and liabilities are neither available to pay the debts of the consolidated entity nor constitute obligations of
the consolidated entity and provided such assets are listed on its own balance sheet; 
  
 (r) has paid and will pay its own liabilities and expenses, including the salaries of its own employees, out of its own funds and assets,
and has maintained and 

  

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will maintain a sufficient number of employees in light of its contemplated business operations; 
  
 (s) has observed and will observe all partnership, corporate
or limited liability company formalities, as applicable; 
  
 (t) has had no indebtedness other than that permitted pursuant to the loan documents with other institutional lenders which has been or will be paid off on or prior to making the Loan, and will have no Indebtedness
other than (i) the Loan, (ii) with respect to Baltimore Owner, the Baltimore Owner Obligations, (iii) liabilities made in the ordinary course of business with respect to advanced deposits made for guest rooms, banquet and meeting facilities, and
other hotel service; (iv) liabilities incurred in the ordinary course of business relating to the ownership and operation of the Properties or its Individual Property and the routine administration of Borrower, an Individual Borrower or Baltimore
Owner, in amounts not to exceed four percent (4%) of the principal balance of the Loan (or, in case of an Individual Borrower or Baltimore Owner, four percent (4%) of the Release Amount applicable to the related Individual Property) which
liabilities are not more than sixty (60) days past the date incurred (other than deferred compensation for employees in the form of bonuses or other incentive compensation and other than liabilities being contested in good faith in accordance with
the terms of the Loan Documents), are not evidenced by a note and are paid when due, and which amounts are normal and reasonable under the circumstances, (v) such other liabilities that were permitted pursuant to the loan documents with other
institutional lenders and have been or will be discharged on or prior to the making of the Loan or are permitted pursuant to this Agreement, and (vi) liabilities incurred in connection with Alterations or Restoration to the Properties made in
accordance with the provisions of the loan documents with other institutional lenders that have been or will be discharged on or prior to the making of the Loan or made in accordance with the Loan Documents; 
  
 (u) has not (with respect to any assumption, guaranty,
obligation or holding out which remains outstanding) and, except in connection with the Loan, will not assume or guarantee or become obligated for the debts of any other Person or hold out its credit as being available to satisfy the obligations of
any other Person except as permitted pursuant to this Agreement; 
  
 (v) except for its interests in any Individual Borrower, does not hold and will not acquire obligations or securities of its partners, members or shareholders or any other Affiliate; 
  
 (w) has allocated and will allocate fairly and reasonably
any overhead expenses that are shared with any Affiliate, including, but not limited to, paying for shared office space and services performed by any employee of an Affiliate; 
  
 (x) maintains and uses and will maintain and use separate stationery, invoices and checks bearing its name
or the name under which it is conducting business as permitted hereunder. The stationery, invoices, and checks utilized by the Special Purpose Entity or utilized to collect its funds or pay its expenses shall bear its own name and shall 

  

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not bear the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 
  
 (y) has not pledged (which pledge remains outstanding) and,
except pursuant to the Loan Documents, will not pledge its assets to secure the obligations of any other Person; 
  
 (z) has held itself out and identified itself and will hold itself out and identify itself as a separate and distinct entity under its own
name or in a name owned by it or in which it has rights, or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower (or if by an Affiliate that is a Franchisor or is otherwise permitted hereunder) and not as a
division or part of any other Person, except for services rendered under a business management services agreement with an Affiliate that complies with the terms contained in subsection (dd) below, so long as the manager, or equivalent
thereof, under such business management services agreement holds itself out as an agent of Borrower or an Individual Borrower; 
  
 (aa) has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or
identify its individual assets from those of any other Person; 
  
 (bb) except loans to any Person or evidence of indebtedness issued by any other Person as contemplated or permitted by any loan document with other institutional lenders which have been or will be paid off on or prior
to making the Loan or as permitted by the Loan Documents, has not made and will not make loans to any Person or hold evidence of indebtedness issued by any other Person (other than cash and investment-grade securities issued by an entity that is not
an Affiliate of or subject to common ownership with such entity); 
  
 (cc) has not identified and will not identify its partners, members or shareholders, or any Affiliate of any of them, as a division or part of it, and has not identified itself and shall not identify itself as a
division of any other Person; 
  
 (dd) except for
capital contributions and capital distributions permitted under the terms and conditions of its organizational documents and properly reflected on its books and records, has not entered into or been a party to, and will not enter into or be a party
to, any transaction with its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are intrinsically fair, commercially reasonable and are no less favorable to it than would be obtained in a
comparable arm’s-length transaction with an unrelated third party which transactions, by definition, shall include those (1) in connection with or required by this Agreement, (2) in connection with the release of Out Parcels in accordance with
the provisions hereof, and (3) the Management Agreement and the Franchise Agreement, or any predecessor thereto; 
  
 (ee) does not have any outstanding obligation to and will not have any obligation to, and will not, indemnify its partners, officers,
directors or members, as the 

  

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case may be, unless such an obligation is fully subordinated to the Debt and will not constitute a claim against it in the event that cash flow in excess of
the amount required to pay the Debt is insufficient to pay such obligation; 
  
 (ff) if such entity is a corporation, it shall consider the interests of its creditors in connection with all corporate actions; 
  
 (gg) except for obligations guaranteed by any Affiliate as permitted by any loan document with other
institutional lenders which have been or will be paid off on or prior to making the Loan or except for the Loan or as permitted by the Loan Documents, does not and will not have any of its obligations guaranteed by any Affiliate; 
  
 (hh) except for its ownership interest in any Individual
Borrower, will not form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or otherwise) or own equity interests in any other entity; and 
  
 (ii) has complied and will comply with all of the terms and provisions contained in its organizational
documents and the statement of facts contained in its organizational documents are true and correct and will remain true and correct. 
  
 “Spread” shall mean 1.736316%. 
  
 “Standard Statements” shall have the meaning set forth in Section 5.1.11(f)(i) hereof. 
  
 “State” shall mean, with respect to an Individual Property,
the State or Commonwealth in which such Individual Property or any part thereof is located. 
  
 “Strike Price” shall mean five and fifty one hundredths percent (5.50%), provided that, in connection with any Extension Option, the Strike Price applicable to a Replacement Interest Rate Cap
Agreement may be increased (but not decreased) to a rate which results in a debt service coverage ratio (on an aggregate basis) of the Loan and the Mezzanine Loans of not less than 1.05 to 1 based on (a) Net Cash Flow, and (b) an assumed interest
rate (which shall be equal to such Strike Price, plus the Spread), together with anticipated principal amortization of the Loan and the Mezzanine Loans over the ensuing twelve (12) month period; provided, further that, in connection with any
proposed adjustment of the Strike Price in accordance with the foregoing proviso, the determination by Lender in accordance with the provisions thereof of (i) Net Cash Flow shall be conclusive and binding for all purposes, absent manifest error.

  
 “Subject Month” shall have the meaning set
forth in Section 7.3.1(b) hereof. 
  
 “Submerged
Land Leases” shall mean, collectively, those certain Sovereignty Submerged Lands Leases for submerged land with Florida Department of Environmental Protection as more particularly described on Schedule 1.8 hereto. 
  
 “Subsequent Ground Lease Escrow Deposit” shall have the
meaning set forth in Section 7.4 hereof. 
  

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 “Substitute Individual Property” shall have the meaning set forth in Section 2.8
hereof. 
  
 “Substitute Release Amount” shall
have the meaning set forth in Section 2.8 hereof. 
  
 “Substituted Individual Property” shall have the meaning set forth in Section 2.8 hereof. 
  
 “Survey” shall mean a survey of the Individual Property in question prepared pursuant to the requirements contained in Section
4.1.27 hereof. 
  
 “Tax and Insurance Escrow
Fund” shall have the meaning set forth in Section 7.2 hereof. 
  
 “Taxes” shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against any Individual Property or part thereof.

  
 “Tempus Documents” shall mean each of the
agreements and other documents as set forth on Schedule 2.10 attached hereto. 
  
 “Terrorism Losses” shall have the meaning set forth in Section 6.1(a) hereof. 
  
 “Title Insurance Policies” shall mean, with respect to each Individual Property, an ALTA mortgagee title insurance policy in a form
reasonably acceptable to Lender (or, if an Individual Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and reasonably acceptable to Lender) issued with respect to such
Individual Property and insuring the lien of the Mortgage encumbering such Individual Property. 
  
 “Transfer” shall have the meaning set forth in Section 5.2.10(b) hereof. 
  
 “Transferee” shall have the meaning set forth in Section
5.2.10(f)(iii)(B) hereof. 
  
 “UCC” or
“Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the applicable State in which an Individual Property is located. 
  
 “Unavoidable Delays” shall mean delays due to acts of God, government restrictions, stays, judgments,
orders, decrees, enemy actions, acts of terrorism, civil commotion, fire, casualty, strikes, work stoppages, shortages of labor or materials, or other causes beyond the reasonable control of Borrower; provided that the lack or insufficiency
of funds shall not constitute an Unavoidable Delay. 
  
 “Uncontrollable Expenses” shall have the meaning set forth in Section 5.1.11(d) hereof. 
  

 -37- 

 “Uniform System of Accounts” shall mean the Uniform System of Accounts for Hotels as in
effect from time to time as adopted by the American Hotel and Motel Association. 
  
 “U.S. Obligations” shall mean non-redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are direct obligations of the United States of
America for the payment of which its full faith and credit is pledged. 
  
 “Variable Expenses” shall have the meaning set forth in Section 5.1.11(d) hereof. 
  
 “WKA Ground Lease” shall mean collectively, that certain Agreement dated as of June 30, 2000, as amended on the date hereof, between WKA
Development, S.E. and El Con Borrower and that certain Agreement dated as of June 23, 2000, as amended on the date hereof, between WKA Development, S.E. and El Con Borrower. 
  
 “Wyndham” shall mean Wyndham International, Inc. and its successors and permitted assigns. 
  
 Section 1.2. Principles of Construction. All references to
sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise.
Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. Wherever a representation, warranty or certificate is based upon the
knowledge of any Individual Borrower, Borrower or Baltimore Owner, the knowledge of each Individual Borrower, Borrower or Baltimore Owner shall be imputed to each other Individual Borrower, Borrower and Baltimore Owner, subject to the provisions
hereof relating to the Minority Interest Properties. 
  

	 	II.	GENERAL TERMS 

  
 Section 2.1. Loan Commitment; Disbursement to Borrower. 
  
 2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender
hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. 
  
 2.1.2 Single Disbursement to Borrower. Borrower may request and receive only one (1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not
be reborrowed. 
  
 2.1.3 The Note, Mortgages and Loan
Documents. The Loan shall be evidenced by the Note and secured by the Mortgages, the Assignments of Leases and the other Loan Documents. 
  

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 2.1.4 Use of Proceeds. Borrower shall use the proceeds of the Loan to (a) acquire
the Properties and/or repay and discharge any existing loans relating to the Properties, (b) pay all past-due Basic Carrying Costs, if any, with respect to the Properties, (c) make deposits into the Reserve Funds on the Closing Date in the amounts
provided herein, (d) pay costs and expenses incurred in connection with the closing of the Loan, (e) fund any working capital requirements of the Properties and (f) distribute the balance, if any, to Borrower. 
  
 Section 2.2. Interest Rate. 
  
 2.2.1 Interest Generally. Interest on the outstanding
principal balance of the Loan shall accrue from (and including) the Closing Date to the last day of the Interest Period immediately preceding the Maturity Date at the Applicable Interest Rate. Borrower shall pay to Lender on each Payment Date the
interest accrued on the Loan for the immediately preceding Interest Period. On or prior to the first (1st) day of
the month in which any Payment Date occurs (other than the Payment Date occurring in the month immediately following the Closing Date), Lender shall provide to Borrower a statement setting forth the amount of such accrued interest. 
  
 2.2.2 Interest Calculation. Interest on the outstanding
principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding
principal balance. 
  
 2.2.3 Determination of Interest
Rate. (a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if
the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3 (c) or (f). 
  
 (b) Subject to the terms and conditions of this Section 2.2.3, the Loan shall be a LIBOR Loan and Borrower shall pay interest on the outstanding
principal amount of the Loan at LIBOR plus the Spread for the applicable Interest Period. Any change in the rate of interest hereunder due to a change in the Applicable Interest Rate shall become effective as of the opening of business on the first
day on which such change in the Applicable Interest Rate shall become effective. Each determination by Lender of the Applicable Interest Rate shall be conclusive and binding for all purposes, absent manifest error. 
  
 (c) In the event that Lender shall have determined (which determination shall
be conclusive and binding upon Borrower absent manifest error) that by reason of circumstances affecting the interbank eurodollar market, adequate and reasonable means do not exist for ascertaining LIBOR, then Lender shall forthwith give notice by
telephone of such determination, confirmed in writing, to Borrower at least one (1) Business Day prior to the last day of the related Interest Period. If such notice is given, the related outstanding LIBOR Loan shall be converted, on the last day of
the then current Interest Period, to a Prime Rate Loan. 
  
 (d)
If, pursuant to the terms of this Agreement, any portion of the Loan has been converted to a Prime Rate Loan and Lender shall determine (which determination shall be conclusive and binding upon Borrower absent manifest error) that the event(s) or
circumstance(s) 

  

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which resulted in such conversion shall no longer be applicable, Lender shall give notice by telephone of such determination, confirmed in writing, to
Borrower at least one (1) Business Day prior to the last day of the related Interest Period. If such notice is given, the related outstanding Prime Rate Loan shall be converted to a LIBOR Loan on the last day of the then current Interest Period.

  
 (e) With respect to a LIBOR Loan, all payments made by
Borrower hereunder shall be made free and clear of, and without reduction for or on account of, income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions, reserves or withholdings imposed, levied, collected, withheld or
assessed by any Governmental Authority, which are imposed, enacted or become effective after the date hereof (such non-excluded taxes being referred to collectively as “Foreign Taxes”), excluding income and franchise taxes of the
United States of America or any political subdivision or taxing authority thereof or therein (including Puerto Rico) or any other jurisdiction. If any Foreign Taxes are required to be withheld from any amounts payable to Lender hereunder (and such
Foreign Taxes are not a result of activities of Lender unrelated to the Loan or Borrower), the amounts so payable to Lender shall be increased to the extent necessary to yield to Lender (after payment of all Foreign Taxes) interest or any such other
amounts payable hereunder at the rate or in the amounts specified hereunder. Whenever any Foreign Tax is payable pursuant to applicable law by Borrower, as promptly as possible thereafter, Borrower shall send to Lender an original official receipt,
if available, or certified copy thereof showing payment of such non-excluded Foreign Tax. Borrower hereby indemnifies Lender for any incremental taxes, interest or penalties that may become payable by Lender which may result from any failure by
Borrower to pay any such Foreign Tax when due to the appropriate taxing authority or any failure by Borrower to remit to Lender the required receipts or other required documentary evidence provided, however, in the event that Lender or any successor
and/or assign of Lender is not incorporated under the laws of the United States of America or a state thereof upon request Lender agrees that, prior to the first date on which any payment is due such entity hereunder, it will deliver to Borrower (i)
two duly completed copies of United State Internal Revenue Service Form W-8BEN or W-8EC1 or successor applicable form, as the case may be, certifying in each case that such entity is entitled to receive payments under the Note, without deduction or
withholding of any United States federal income taxes, and (ii) an Internal Revenue Service Form W-9 or successor applicable form, as the case may be, to establish an exemption from United States backup withholding tax. Each entity required to
deliver to Borrower a Form W-8BEN or W-8ECI or Form W-9 pursuant to the preceding sentence further undertakes to deliver to Borrower two further copies of the said letter and W-8BEN or W-8ECI or Form W-9, or successor applicable forms, or other
matter of certification, as the case may be, on or before the date that any such letter or form expires (which in the case of the Form W-8SECI, is the last day of each U.S. taxable year of the non-U.S. entity) or becomes obsolete or after the
occurrence of any event requiring a change in the most recent letter and form previously delivered by it to Borrower, and such other extensions or renewals thereof as may reasonably be requested by Borrower, certifying in the case of a Form W-8BENM
or W-8ECI that such entity is to receive payments under the Note without deduction or withholding of any United States federal income taxes, unless in any case an event (including, without limitation, any change in treaty, law or regulation) has
occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such entity from duly completing and delivering to any such letter or form with respect to it and such
entity advises Borrower that it is not capable of receiving payments without 

  

 -40- 

 
any deduction or withholding of United States federal income tax and in the case of a Form W-9, and establishing an exemption from United State backup
withholding tax. Notwithstanding the foregoing, if such entity fails to provide a duly completed Form W-8BEN or W-8SECI or other applicable form and, under applicable law, in order to avoid liability for Foreign Taxes, and Borrower is required to
withhold on payments made to such entity that has failed to provide the applicable form, Borrower shall be entitled to withhold the appropriate amount of Foreign Taxes. In such event, Borrower shall promptly provide to such entity evidence of
payment of such Foreign Taxes to the appropriate taxing authority and shall promptly forward to such entity any official tax receipts or other documentation with respect to the payment of the Foreign Taxes as may be issued by the taxing authority.

  
 (f) If any requirement of law or any change therein or in the
interpretation or application thereof, shall hereafter make it unlawful for Lender to make or maintain a LIBOR Loan as contemplated hereunder (i) the obligation of Lender hereunder to make a LIBOR Loan or to convert a Prime Rate Loan to a LIBOR Loan
shall be canceled forthwith and (ii) any outstanding LIBOR Loan shall be converted automatically to a Prime Rate Loan on the next succeeding Payment Date or within such earlier period as required by law. Borrower hereby agrees promptly to pay
Lender, within ten (10) days of Lender’s written demand therefor, any additional amounts necessary to compensate Lender for any reasonable costs incurred by Lender in making any conversion in accordance with this Agreement, including, without
limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder. Upon written request from Borrower, Lender shall demonstrate in reasonable detail the circumstances giving
rise to Lender’s determination and calculation substantiating the Prime Rate Loan and any additional costs by Lender in making the conversion. Lender’s notice of such costs, as certified to Borrower, shall be conclusive absent manifest
error. 
  
 (g) In the event that any change in any requirement of
law or in the interpretation or application thereof, or compliance by Lender with any request or directive (whether or not having the force of law) hereafter issued from any central bank or other Governmental Authority: 
  
 (i) shall hereafter impose, modify or hold applicable any
reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office
of Lender which is not otherwise included in the determination of LIBOR hereunder; 
  
 (ii) shall, if the Loan is a LIBOR Loan, hereafter have the effect of reducing the rate of return on Lender’s capital as a
consequence of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change or compliance (taking into consideration Lender’s policies with respect to capital adequacy) by any amount deemed by
Lender to be material; or 
  
 (iii) shall, if the
Loan is a LIBOR Loan, hereafter impose on Lender any other condition and the result of any of the foregoing is to increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable
hereunder; 
  

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 then, in any such case, Borrower shall promptly pay Lender, upon demand, any additional amounts necessary to compensate
Lender for such additional cost or reduced amount receivable which Lender deems to be material as determined by Lender in its reasonable discretion. If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.2.3(g),
Lender shall provide Borrower with not less than thirty (30) days notice specifying in reasonable detail the event by reason of which it has become so entitled and the additional amount required to fully compensate Lender for such additional cost or
reduced amount. A certificate as to any additional costs or amounts payable pursuant to the foregoing sentence submitted by Lender to Borrower shall be conclusive in the absence of manifest error. This provision shall survive payment of the Note and
the satisfaction of all other obligations of Borrower under this Agreement and the Loan Documents. 
  
 (h) Borrower agrees to indemnify Lender and to hold Lender harmless (without duplication) from any loss or expense which Lender sustains or incurs as a
consequence of (i) any Event of Default by Borrower in payment of the principal of or interest on a LIBOR Loan, including, without limitation, any such loss or expense arising from interest or fees payable by Lender to lenders of funds obtained by
it in order to maintain a LIBOR Loan hereunder, (ii) any prepayment (whether voluntary or mandatory) of the LIBOR Loan on a day that (A) is not a Payment Date or (B) is a Payment Date but Borrower did not give the prior notice of such prepayment
required pursuant to the terms of this Agreement, including, without limitation, such loss or expense arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain the LIBOR Loan hereunder and (iii) the
conversion (for any reason whatsoever, whether voluntary or involuntary) of the Applicable Interest Rate from LIBOR plus the Spread to the Prime Rate plus the Prime Rate Spread with respect to any portion of the outstanding principal amount of the
Loan then bearing interest at LIBOR plus the Spread on a date other than the Payment Date immediately following the last day of an Interest Period, including, without limitation, such loss or expenses arising from interest or fees payable by Lender
to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder (the amounts referred to in clauses (i), (ii) and (iii) are herein referred to collectively as the “Breakage Costs”); provided, however,
Borrower shall not indemnify Lender from any loss or expense arising from Lender’s willful misconduct, fraud, illegal acts, gross negligence or bad faith. This provision shall survive payment of the Note in full and the satisfaction of all
other obligations of Borrower under this Agreement and the other Loan Documents. 
  
 (i) Lender shall not be entitled to claim compensation pursuant to this Section 2.2.3 for any Foreign Taxes, increased cost or reduction in amounts received or receivable hereunder, or any reduced rate of
return, which was incurred or which accrued more than the earlier of (i) ninety (90) days before the date Lender notified Borrower of the change in law or other circumstance on which such claim of compensation is based and delivered to Borrower a
written statement setting forth in reasonable detail the basis for calculating the additional amounts owed to Lender under this Section 2.2.3, which statement shall be conclusive and binding upon all parties hereto absent manifest error or
(ii) any earlier date provided that Lender notified Borrower of such change in law or circumstance and delivered the written statement referenced in clause (i) within ninety (90) days after Lender received written notice of such change in law or
circumstance. 
  

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 2.2.4 Additional Costs. Lender will use reasonable efforts (consistent with legal
and regulatory restrictions) to maintain the availability of the LIBOR Loan and to avoid or reduce any increased or additional costs payable by Borrower under Section 2.2.3, including, if requested by Borrower, a transfer or assignment of the
Loan to a branch, office or Affiliate of Lender in another jurisdiction, or a redesignation of its lending office with respect to the Loan, in order to maintain the availability of the LIBOR Loan or to avoid or reduce such increased or additional
costs, provided that the transfer or assignment or redesignation (a) would not result in any additional costs, expenses or risk to Lender that are not reimbursed by Borrower and (b) would not be disadvantageous in any other respect to Lender
(including the effect on any Securitization) as determined by Lender in its sole but good faith discretion. 
  
 2.2.5 Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the
outstanding principal balance of the Loan and, to the extent permitted by law, all accrued and unpaid interest in respect of the Loan and any other amounts due pursuant to the Loan Documents, shall accrue interest at the Default Rate, calculated
from the date such payment was due without regard to any grace or cure periods contained herein. 
  
 2.2.6 Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this
Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default Rate, as the case
may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated
term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

  
 2.2.7 Interest Rate Cap Agreement. (a)
Prior to or contemporaneously with the Closing Date, Borrower shall enter into an Interest Rate Cap Agreement with a LIBOR strike price equal to the Strike Price. The Interest Rate Cap Agreement (i) shall at all times be in a form and substance
reasonably acceptable to Lender, (ii) shall at all times be with an Acceptable Counterparty, (iii) shall direct such Acceptable Counterparty to deposit directly into the Property Account any amounts due Borrower under such Interest Rate Cap
Agreement so long as any portion of the Debt exists, provided that the Debt shall be deemed to exist if the Properties are transferred by judicial or non-judicial foreclosure or deed-in-lieu thereof, (iv) shall be for a period equal to the term of
the Loan, and (v) shall at all times have a notional amount equal to not less than the outstanding principal balance of the Loan. Borrower shall collaterally assign to Lender, pursuant to the Collateral Assignment of Interest Rate Cap Agreement, all
of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver to Lender an executed counterpart of such Interest Rate Cap Agreement (which 

  

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shall, by its terms, authorize the assignment to Lender and require that payments be deposited directly into the Property Account) and shall notify the
Counterparty of such assignment. At such time as the Loan is repaid in full, all of Lender’s right, title and interest in the Interest Rate Agreement shall terminate and Lender shall promptly execute and deliver at Borrower’s sole cost and
expense, such documents as may be required to evidence Lender’s release of the Interest Rate Agreement and to notify the Counterparty of such release. 
  
 (b) Borrower shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement. All amounts paid by the
Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall be deposited immediately into the Property Account or if the Property Account is not then required to be in effect, into such account as specified by Lender in writing.
Borrower shall take all actions reasonably requested by Lender to enforce Lender’s rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty and shall not waive, amend or otherwise modify any of its rights
thereunder. 
  
 (c) In the event of any downgrade, withdrawal or
qualification of the rating of the Counterparty such that the Counterparty is no longer an Acceptable Counterparty (unless there is a guarantor of its obligations as Counterparty, and then as to such guarantor) by any Rating Agency, Borrower shall
replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement not later than ten (10) Business Days following receipt of written notice from Lender of such downgrade, withdrawal or qualification. 
  
 (d) In the event that Borrower fails to purchase and deliver to Lender the
Interest Rate Cap Agreement or fails to maintain the Interest Rate Cap Agreement in accordance with the terms and provisions of this Agreement, Lender may purchase the Interest Rate Cap Agreement and the cost incurred by Lender in purchasing such
Interest Rate Cap Agreement shall be paid by Borrower to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender until such cost is reimbursed by Borrower to Lender. 
  
 (e) In connection with the Interest Rate Cap Agreement, Borrower shall obtain
and deliver to Lender a resolution or consent, as applicable, of the Counterparty authorizing the delivery of the Interest Rate Cap Agreement reasonably acceptable to Lender and an opinion from counsel (which counsel may be in-house counsel for the
Counterparty) for the Counterparty (upon which Lender and its successors and assigns may rely) which shall provide, in relevant part, that: 
  
 (i) the Counterparty is duly organized, validly existing, and in good standing under the laws of its jurisdiction of formation or
incorporation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; 
  
 (ii) the execution and delivery of the Interest Rate Cap Agreement by the Counterparty, and any other agreement which the Counterparty has
executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision 

  

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of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or
affecting it or its property; 
  
 (iii) all
consents, authorizations and approvals required for the execution and delivery by the Counterparty of the Interest Rate Cap Agreement, and any other agreement which the Counterparty has executed and delivered pursuant thereto, and the performance of
its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory body is required
for such execution, delivery or performance; and 
  
 (iv) the Interest Rate Cap Agreement, and any other agreement which the Counterparty has executed and delivered pursuant thereto, has been duly executed and delivered by the Counterparty and constitutes the legal, valid and binding
obligation of the Counterparty, enforceable against the Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to
general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 Section 2.3. Loan Payment. 
  
 2.3.1 Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only on the outstanding principal
balance of the Loan from the Closing Date up to and including June 8, 2005, and (b) on each Payment Date commencing on July 9, 2005 and on each Payment Date thereafter up to and including the Initial Maturity Date, interest only on the outstanding
principal balance of Loan for the Interest Period immediately preceding such Payment Date, through the Interest Period immediately preceding the Initial Maturity Date, and (c) during the term of any Extension Option, a monthly payment on each
Payment Date of (i) interest on the outstanding principal balance of the Loan for the Interest Period immediately preceding such Payment Date, and (ii) a payment of principal based on a 25-year amortization schedule and an implied interest rate
equal to 7.25% as set forth on Schedule 2.3.1 attached hereto, which amortization schedule shall be adjusted in connection with prepayments of the outstanding principal balance of the Loan. Payments under the Loan shall be applied first to
interest due for the related Interest Period at the Applicable Interest Rate and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due and unpaid pursuant to the Loan Documents. All
amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever. 
  
 2.3.2 Payment on Maturity Date. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the
Loan, all accrued and/or unpaid interest through and including the last day of the Interest Period immediately preceding the Maturity Date and all other amounts due hereunder and under the Note, the Mortgages and the other Loan Documents.
Notwithstanding anything to the contrary contained herein or in the other Loan Documents, for purposes of payment only (and not for the calculation of interest), if the Maturity Date is not a Business Day, the Maturity Date shall be deemed to be the
immediately preceding Business Day. 
  

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 2.3.3 Late Payment Charge. Except as provided in Section 2.6.3 hereof, if any
regularly scheduled payment of Debt Service (other than any payment due on the Maturity Date) is not paid by Borrower on or before the date such payment is due (other than any payment due on the Maturity Date), Borrower shall pay to Lender upon
demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate
Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgages and the other Loan Documents to the extent permitted by applicable law. 
  
 2.3.4 Method and Place of Payment. Except as otherwise specifically provided herein, all payments and
prepayments under this Agreement and the Note shall be made to Lender not later than 1:00 P.M., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at
Lender’s office or as otherwise directed by Lender, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 
  
 Section 2.4. Prepayments. 
  
 2.4.1 Voluntary Prepayments. Borrower may prepay the Loan in
whole or in part, provided that (i) no Event of Default shall have occurred and be continuing; (ii) Borrower gives Lender not less than ten (10) Business Days prior written notice of the amount of the Loan that Borrower intends to prepay; and (iii)
Borrower pays Lender, in addition to the outstanding principal amount of the Loan to be prepaid, (A) all interest which would have accrued on the amount of the Loan to be paid through and including the last day of the Interest Period immediately
preceding the Payment Date next occurring following the date of such prepayment, or, if such prepayment occurs on a Payment Date, through and including the last day of the Interest Period immediately preceding such Payment Date; (B) all other sums
due and payable under this Agreement, the Note, and the other Loan Documents, including, but not limited to, the Breakage Costs (if any and without duplication of costs covered by payments made pursuant to this Section 2.4) and all of
Lender’s costs and expenses (including reasonable attorney’s fees and disbursements) incurred by Lender in connection with such prepayment; and (C) if such prepayment is made on or prior to the Prepayment Release Date, the Prepayment
Spread Maintenance Payment (except as otherwise provided in Section 2.4.2 hereof). If a notice of prepayment is given by Borrower to Lender pursuant to this Section 2.4.1, the amount designated for prepayment and all other sums
required under this Section 2.4 shall be due and payable on the proposed prepayment date; provided, however, Borrower shall have the right to postpone such prepayment upon written notice to Lender on the date immediately prior
to the date such prepayment is due so long as Borrower pays Lender and/or Servicer all costs and expenses incurred by Lender or Servicer in connection with such postponement. In the event that any prepayment occurs prior to the applicable
Determination Date it may be impossible for Borrower and Lender to calculate with certainty the interest that would have accrued at the Applicable Interest Rate on the amount then prepaid through the end of the Interest Period in which such
prepayment occurs. Accordingly, in the event that the Debt is prepaid prior to the Determination Date applicable to the Interest Period in which such prepayment occurs, the interest that would have accrued at the Applicable Interest Rate on the
amount then prepaid through the end of the Interest Period in which such prepayment occurs shall be calculated based 

  

 -46- 

 
on an interest rate (the “Assumed Note Rate”) equal to the sum of (i) LIBOR for the Interest Period prior to the Interest Period in which
such prepayment occurs, plus (ii) the Spread, plus (iii) one percent (1.00%). Thereafter, on the Determination Date applicable to the Interest Period in which such prepayment occurs, Lender shall determine the Applicable Interest Rate as if such
prepayment had not occurred. If it is determined by Lender that the Applicable Interest Rate for the Interest Period in which such prepayment occurs is less than the Assumed Note Rate, Lender shall promptly refund to Borrower, without interest, an
amount equal to the difference between the interest paid by Borrower for the Interest Period in which such prepayment occurs calculated at the Assumed Note Rate and the amount of interest for said Interest Period calculated at the actual Applicable
Interest Rate. Alternatively, in the event that it is determined that the actual Applicable Interest Rate applicable to the Interest Period in which such prepayment occurs is greater than the Assumed Note Rate, Borrower shall promptly pay to Lender,
without additional interest or other late charges or penalties (and in no event later than the fifteen (15th) day of
the month in which such prepayment occurs), an amount equal to the difference between the interest paid by Borrower for the Interest Period in which such prepayment occurs on the prepaid amount calculated at the Assumed Note Rate and the amount of
interest for said Interest Period calculated at the actual Applicable Interest Rate. 
  
 2.4.2 Mandatory Prepayments. On the next occurring Payment Date following the date on which Lender actually receives any Net Proceeds, if Lender is not obligated to make such Net Proceeds available to
Borrower for the Restoration of any Individual Property or otherwise remit such Net Proceeds to Borrower pursuant to Section 6.4 hereof, Borrower shall prepay or authorize Lender to apply such Net Proceeds as a prepayment of all or a portion
of the outstanding principal balance of the Loan together with accrued interest and any other sums due hereunder in an amount equal to one hundred percent (100%) of such Net Proceeds; provided, however, if an Event of Default has
occurred and is continuing, Lender may apply such Net Proceeds to the Debt (until paid in full) in any order or priority in its sole discretion. Other than following an Event of Default and during the continuation thereof, no Prepayment Spread
Maintenance Payment shall be due in connection with any prepayment made pursuant to this Section 2.4.2. The Release Amount with respect to such Individual Property shall be reduced by an amount equal to the principal portion of such
prepayment. 
  
 2.4.3 Prepayments After Default. If,
following an Event of Default and during the continuation thereof, payment of all or any part of the Debt is tendered by Borrower or otherwise recovered by Lender (including, without limitation, through application of any Reserve Funds), such tender
or recovery shall (a) include interest at the Default Rate on the outstanding principal amount of the Debt being tendered or recovered through the last calendar day of the Interest Period within which such tender or recovery occurs and (b) be deemed
a voluntary prepayment by Borrower and shall include (i) if such tender or recovery occurs on or prior to the Prepayment Release Date, an amount equal to the applicable Prepayment Spread Maintenance Payment, and (ii) all interest which would have
accrued on the amount of the Loan to be paid through and including the last day of the Interest Period immediately preceding the Payment Date next occurring following the date of such prepayment, or, if such prepayment occurs on a Payment Date,
through and including the last day of the Interest Period immediately preceding such Payment Date. 
  

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 2.4.4 Prepayments to Satisfy Requirements. Borrower may at any time prepay a portion of the
Loan to (i) effectuate a Cash Sweep Cure, or (ii) satisfy the Debt Service Coverage Ratio test in connection with a Release, provided Borrower satisfies the requirements of Section 2.4.1 hereof. 
  
 2.4.5 Mezzanine Loan Prepayments. Each Mezzanine Borrower shall
be permitted to make voluntary prepayments of its applicable Mezzanine Loan in accordance with the applicable Mezzanine Loan Documents without any obligation on Borrower to make a corresponding prepayment of the Loan, notwithstanding any agreement
between Lender and one or more Mezzanine Lenders, but provided that the provisions of this Section 2.4.5 shall not be construed to contravene in any manner the restrictions and other provisions regarding releases, Transfers, Sales or Pledges
set forth in this Agreement and the other Loan Documents. 
  
 Section 2.5. Release of Property. Except as set forth in this Section 2.5 and Section 8.1(c), no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or
otherwise result in, the release of any Lien of any Mortgage on any Individual Property. 
  
 2.5.1 Release of Individual Property. Borrower may obtain the release of an Individual Property (other than the El Con Individual Property or the El San Juan Individual Property) and after the Prepayment
Release Date, Borrower may also obtain the release of the El Con Individual Property and the El San Juan Individual Property from the Lien of the Mortgage thereon (and related Loan Documents) and the release of Borrower’s obligations under the
Loan Documents with respect to such Individual Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions: 
  
 (a) No Event of Default shall have occurred and be continuing that will not be cured by the release of such Individual
Property; 
  
 (b) Borrower shall submit to Lender, not less than
ten (10) days prior to the date of such release, a release of Lien (and related Loan Documents) for such Individual Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which the Individual Property
is located and that would be reasonably satisfactory to a prudent lender and that contains standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably
requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, (ii) will effect such release in accordance with
the terms of this Agreement, and (iii) will not impair or otherwise adversely affect the Liens, security interests and other rights of Lender under the Loan Documents not being released (or as to the parties to the Loan Documents and Properties
subject to the Loan Documents not being released); 
  
 (c) Subject
to the third sentence of this Section 2.5.1(c), after giving effect to such release, the Debt Service Coverage Ratio for the Properties then remaining subject to the Liens of the Mortgages shall be equal to or greater than the Debt Service
Coverage Ratio for all of the then remaining Properties (including the Individual Property to be released) for the twelve (12) full calendar months immediately preceding the release of the Individual Property. 

  

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In addition and if the Individual Property to be released is a Non-Minority Property, after giving effect to such release, the Debt Service Coverage Ratio
for the Non-Minority Properties then remaining subject to the Liens of the Mortgages shall be equal to or greater than the Debt Service Coverage Ratio for all of the then remaining Non-Minority Properties (including the Individual Property to be
released) for the twelve (12) full calendar months immediately preceding the release of the Individual Property. Notwithstanding the provisions set forth in the first sentence of this Section 2.5.1(c), in the event that the Individual
Property to be released is the Atlanta Individual Property, then after giving effect to such release, the Debt Service Coverage Ratio for the Properties then remaining subject to the Liens of the Mortgages shall not be less than the Debt Service
Coverage Ratio for all of the then remaining Properties (including the Atlanta Individual Property to be released) for the twelve (12) full calendar months immediately preceding the release of the Atlanta Individual Property, plus 0.01. For
purposes of clarification only, if the Debt Service Coverage Ratio for all of the then remaining Properties (including the Atlanta Individual Property to be released) for the applicable period is equal to 1.20 to 1.0, then, after giving effect to
the release of the Atlanta Individual Property, the Debt Service Coverage for the Properties then remaining subject to the Liens of the Mortgages must be greater than or equal to 1.21 to 1.0; 
  
 (d) The Individual Property to be released shall be conveyed to a Person
other than an Individual Borrower or any of its Affiliates, if such Individual Borrower will continue to own Properties not released; 
  
 (e) Borrower shall pay to Lender in reduction of the outstanding principal balance of the Loan the Adjusted Release Amount for the applicable Individual
Property and the Prepayment Spread Maintenance Payment, if any, due in connection therewith. Notwithstanding anything to the contrary contained in Section 2.4 hereof or the foregoing provisions of this Section 2.5.1(e), Borrower may
obtain the release of one (1) Individual Property (other than the El Con Individual Property or the El San Juan Individual Property) with the payment of the Prepayment Spread Maintenance Payment if such prepayment occurs on or prior to October 1,
2005 and without any Prepayment Spread Maintenance Payment thereafter, provided, that no Individual Property has been theretofore released without the payment of the Prepayment Spread Maintenance Payment; and 
  
 (f) Concurrently with the payment of the Adjusted Release Amount, each
applicable Mezzanine Borrower shall make a partial prepayment of the related Mezzanine Loan equal to the related Mezzanine Adjusted Release Amount applicable to such Individual Property, together with any related interest, fees, prepayment premiums
or other amounts payable under the related Mezzanine Loan Documents in connection with such prepayment. 
  
 2.5.2 Release on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all
principal and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and provisions of the Note and this Agreement, release the Lien of the Mortgage on each Individual Property not
theretofore released, provided, that Borrower shall submit to Lender, not less than thirty (30) days prior to the date of such release, a release of Lien (and related Loan Documents) for each Individual Property not theretofore released for
execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which the applicable Individual 

  

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Property is located and that would be satisfactory to a prudent lender and that contains standard provisions, if any, protecting the rights of the releasing
lender. 
  
 2.5.3 Release on Application of Net
Proceeds. In addition to the foregoing provisions, Borrower shall have the right to obtain a release of an Individual Property in accordance with the terms this Section 2.5, at any time whether before or after the Prepayment Release
Date, provided (i) Lender has elected to apply the Net Proceeds of a Casualty or Condemnation of the applicable Individual Property towards the reduction of the Debt, (ii) no Event of Default has occurred and shall be continuing which will not be
cured by obtaining the release, (iii) Borrower pays all accrued and unpaid interest on the amount of the principal being prepaid through and including the last day of the Interest Period in which such prepayment occurs and (iv) Borrower pays all
Breakage Costs, if any, without duplications of the amounts provided for in the immediately preceding clause (iii) above. 
  
 Section 2.6. Cash Management. 
  
 2.6.1 Property Account. (a) Borrower shall establish and maintain one or more segregated Eligible Accounts (individually, a
“Property Account” and collectively, the “Property Accounts”) with a Property Account Bank in trust for the benefit of Lender, which Property Accounts shall be under the sole dominion and control of Lender. Each
Property Account shall be entitled “[Name of the applicable Individual Borrower or Baltimore Owner] - JPMorgan Chase Bank, N.A./Bear Stearns Commercial Mortgage, Inc. - Property Account.” Borrower and Baltimore Owner hereby grants to
Lender a first priority security interest in each Property Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority security
interest in the Property Account, including, without limitation, executing and filing UCC-1 Financing Statements and continuations thereof. Provided that no Event of Default has occurred and is continuing, at any time that is prior to a Cash Sweep
Event or after a Cash Sweep Cure, Borrower shall have the sole right to make withdrawals from each Property Account, including, without limitation, the right to sweep the account on a daily basis. Upon the occurrence of a Cash Sweep Event (but prior
to a Cash Sweep Cure) or during the continuance of an Event of Default, Lender shall provide notice of such occurrence to the Property Account Bank and thereafter Lender and Servicer shall have the sole right to make withdrawals from the Property
Account in accordance with this Agreement and the other Loan Documents. All costs and expenses for establishing and maintaining the Property Accounts shall be paid by Borrower. All monies now or hereafter deposited into the Property Accounts shall
be deemed additional security for the Debt. 
  
 (b) Borrower
shall, or shall cause Manager to, deliver irrevocable written instructions to each of the credit card companies or credit card clearing banks with which Borrower or Manager has entered into merchant’s agreements to deliver all receipts payable
with respect to an Individual Property directly to the applicable Property Account. Borrower shall, and shall cause Manager and any Affiliates of Wyndham at the Minority Interest Properties to, deposit all amounts received by Borrower or Manager
constituting Rents into a Property Account within one (1) Business Day after receipt thereof. 
  

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 (c) Borrower shall obtain from each Property Account Bank its agreement that, upon written notice from
Lender of the occurrence of a Cash Sweep Event or an Event of Default, the Property Account Bank shall transfer to the Cash Management Account in immediately available funds by federal wire transfer all amounts on deposit in the Property Account
once every Business Day until such time as Property Account Bank receives written notice from Lender of the occurrence of a Cash Sweep Cure or the withdrawal of the related notice of an Event of Default. Such agreement from the Property Account Bank
shall contain an agreement that the transfers to the Cash Management Account from the Property Accounts related to each of the Minority Interest Properties shall each be separate from the transfers to the Cash Management Account for every other
Individual Property and shall be separately identifiable upon transfer to the Cash Management Account. Bank fees, returned checks and credit card charge-backs may be debited and paid from the Property Account. 
  
 (d) Upon the occurrence and during the continuance of an Event of Default,
Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in the Property Accounts to the payment of the Debt in any order or priority in its sole discretion; provided, however,
Lender agrees that any sums in Property Accounts associated with a Minority Interest Property shall only be applied to the Minority Interest Debt applicable to such Minority Interest Property. 
  
 (e) Borrower and Baltimore Owner shall not further pledge, assign or grant
any security interest in the Property Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party, to
be filed with respect thereto. 
  
 (f) Borrower shall indemnify
Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys fees and expenses) arising from or in
any way connected with a Property Account and/or the applicable Property Account Agreement or the performance of the obligations for which such Property Account was established (unless arising from the bad faith, fraud, illegal acts, gross
negligence or willful misconduct of Lender). 
  
 (g) In the event
that a Minority Interest Property becomes a Non-Minority Property, any amount then on deposit in the Property Accounts attributable to such Individual Property shall no longer be segregated and shall thereafter be deemed to constitute funds
attributable to a Non-Minority Property. 
  
 2.6.2 Cash
Management Account. (a) Borrower and Baltimore Owner shall establish and maintain a segregated Eligible Account (the “Cash Management Account”) to be held by Servicer in trust for the benefit of Lender, which Cash Management
Account shall be under the sole dominion and control of Lender. The Cash Management Account shall be entitled “W-#2 Baltimore, LLC, W-Boston, LLC, El Conquistador Partnership L.P., S.E., Posadas de San Juan Associates, Ft. Lauderdale Owner,
LLC, Atlanta American Owner, LLC, Casa Marina Owner, LLC, Key West Reach Owner, LLC and Travis Real Estate Group Joint Venture - JPMorgan Chase Bank, N.A./Bear Stearns Commercial Mortgage, Inc. - Cash Management Account.” The Cash Management
Account shall segregate separately for each Minority Interest 

  

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Property any sums received from a Property Account for such Minority Interest Property. Borrower hereby grants to Lender a first priority security interest
in the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a perfected first priority security interest in the Cash Management Account,
including, without limitation, executing and filing UCC-1 Financing Statements and continuations thereof. Borrower and Baltimore Owner will not in any way alter or modify the Cash Management Account without Lender’s consent and will notify
Lender of the account number thereof. Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by
Borrower. In addition, any such withdrawals of the funds separately segregated for a Minority Interest Property may only be applied to reduce the applicable Minority Interest Debt for that Minority Interest Property or to pay Operating Expenses,
Extraordinary Expenses or Capital Expenditures associated with such Minority Interest Property. 
  
 (b) Provided no Event of Default shall have occurred and be continuing, on each Payment Date after the occurrence of a Cash Sweep Event and prior to the
occurrence of a Cash Sweep Cure (or, if such Payment Date is not a Business Day, on the immediately succeeding Business Day) all funds on deposit in the Cash Management Account shall be applied by Lender to the payment of the following items in the
order indicated (provided, however, that any funds in the Cash Management Account attributable to a Minority Interest Property may only be applied to the applicable Minority Interest Debt and Operating Expenses, Extraordinary Expenses and Capital
Expenditures of such Minority Interest Property): 
  
 (i) First, the monthly payment to the Ground Lease Escrow Fund in accordance with the terms and conditions of Section 7.4 hereof; 
  
 (ii) Second, the monthly payment to the Tax and Insurance Escrow Fund in accordance with the terms and conditions of Section 7.2
hereof (including the provisions of Section 7.2(b) hereof); 
  
 (iii) Third, payment of the monthly Debt Service in accordance with the terms and conditions hereof; 
  
 (iv) Fourth, funds sufficient to pay any interest accruing at the Default Rate and late payment charges, if any, shall be deposited in
Debt Service Account; 
  
 (v) Fifth, funds
sufficient to pay the customary and reasonable cash management servicing fees associated with the administration of the Accounts for the calendar month immediately preceding such Payment Date shall be deposited in the Cash Management Servicing Fees
Account; 
  
 (vi) Sixth, the monthly payment, if
any, to the Replacement Reserve Fund in accordance with the terms and conditions of Section 7.3 (including the provisions of Section 7.3.4); 
  
 (vii) Seventh, payment to the Lender of any other amounts then due and payable under the Loan Documents; 
  

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 (viii) Eighth, payment to Borrower of an amount sufficient to pay the monthly Operating
Expenses and Capital Expenditures pursuant to the applicable Approved Annual Budget; provided, however, franchise and management fees included in such Operating Expenses shall not exceed the Maximum Allowable Fees; 
  
 (ix) Ninth, payment to Borrower of an amount sufficient to
pay Extraordinary Expenses, if any, approved by Lender; 
  
 (x) Tenth, provided no Event of Default has occurred and is continuing, funds sufficient to pay monthly debt service and the other amounts due and payable under the Mezzanine A Loan, which amount shall be deposited
into the Mezzanine A Debt Service Account; 
  
 (xi) Eleventh, provided no Event of Default has occurred and is continuing, funds sufficient to pay monthly debt service and the other amounts due and payable under the Mezzanine B Loan, which amount shall be deposited into the Mezzanine B
Debt Service Account; 
  
 (xii) Twelfth, provided
no Event of Default has occurred and is continuing, funds sufficient to pay monthly debt service and the other amounts due and payable under the Mezzanine C Loan, which amount shall be deposited into the Mezzanine C Debt Service Account; 

 
 (xiii) Thirteenth, payment to Borrower of an amount
sufficient to pay franchise and management fees constituting a portion of monthly Operating Expenses in excess of the Maximum Allowable Fees; provided that such franchise and management fees are payable in favor of franchisors and managers that are
not Affiliates of Borrower, Baltimore Owner or Guarantor; and 
  
 (xiv) Lastly, payment of all excess amounts (“Excess Cash Flow”) to Lender to be held or applied in accordance with the terms and conditions hereof. 
  
 (c) Provided no Event of Default shall have occurred and be continuing, upon
the occurrence of a Cash Sweep Cure, the Ground Lease Escrow Fund (other than an amount equal to the amount of the Initial Ground Lease Escrow Deposit or the Subsequent Ground Lease Escrow Deposit, as applicable), the Replacement Reserve Fund, the
Tax and Insurance Escrow Fund and any other amounts deposited pursuant to the provisions of this Section 2.6.2 (other than any Cash Sweep Cure Deposit and in each case not otherwise required to be held by Lender in a Reserve Fund pursuant to
the provisions of Article VII hereof) and then remaining on deposit in the Cash Management Account (including in the Excess Cash Reserve Account other than any Cash Sweep Cure Deposit) shall be promptly disbursed to the applicable Individual
Borrower. 
  
 (d) All amounts paid to Lender pursuant to
Section 2.6.2(b)(xiv) hereof (and, if applicable, to effect a Cash Sweep Cure pursuant to clause (a) of the definition of the term “Cash Sweep Cure”, including any Letter of Credit) (a “Cash Sweep Cure Deposit”)
shall be referred to as the “Excess Cash Reserve Fund” and the account in which such amounts are held shall be referred to as the “Excess Cash Reserve Account”. All amounts deposited in the Excess Cash Reserve Fund
shall be treated as a “Reserve Fund” for purposes of Section 7.5 

  

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hereof. Provided no Event of Default shall have occurred and be continuing, in the event of a Cash Sweep Cure pursuant to clause (b) or (c) of the definition
of the term “Cash Sweep Cure”, the amount then remaining on deposit in the Excess Cash Reserve Account (including any Cash Sweep Cure Deposit) shall be promptly released to the applicable Individual Borrower. 
  
 (e) The insufficiency of funds on deposit in the Cash Management Account
shall not relieve Borrower from the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance
whatsoever. 
  
 (f) All funds on deposit in the Cash Management
Account following the occurrence and during the continuance of an Event of Default may be applied by Lender in such order and priority as Lender shall determine; provided, however, any Excess Cash Flow attributable to a Minority
Interest Property may only be applied by Lender to the Minority Interest Debt for such Minority Interest Property or any Operating Expenses, Extraordinary Expenses or Capital Expenditures for such Minority Interest Property. 
  
 (g) Borrower and Baltimore Owner hereby agrees that Lender may modify the
Cash Management Agreement for the purpose of establishing additional sub-accounts in connection with any payments otherwise required under this Agreement and the other Loan Documents and Lender shall provide written notice thereof to Borrower and
Baltimore Owner. In the event that a Minority Interest Property becomes a Non-Minority Property, any amount then on deposit in the Cash Management Account attributable to such Individual Property shall no longer be segregated and shall thereafter be
deemed to constitute funds attributable to a Non-Minority Property. 
  
 2.6.3 Payments Received Under the Cash Management Agreement. Notwithstanding anything to the contrary contained in this Agreement and the other Loan Documents, and provided no Event of Default has occurred and is continuing,
upon the occurrence of a Cash Sweep Event and prior to the occurrence of a Cash Sweep Cure, Borrower’s obligations with respect to the monthly payment of Debt Service and amounts due for the Tax and Insurance Escrow Fund, Required Repair Fund,
Replacement Escrow Fund and any other payment reserves established pursuant to this Agreement or any other Loan Document shall be deemed satisfied to the extent sufficient amounts are deposited in the Cash Management Account established pursuant to
the Cash Management Agreement to satisfy such obligations on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender. 
  
 Section 2.7. Extension of the Initial Maturity Date. Borrower shall have the option to extend the term of the
Loan beyond the Initial Maturity Date for five (5) successive terms (each, an “Extension Option”) of one (1) year each (the Initial Maturity Date following the exercise of each such option is hereinafter the “Extended
Maturity Date”) upon satisfaction of the following terms and conditions: 
  
 (a) no Event of Default shall have occurred and be continuing at the time the applicable Extension Option is exercised and on the date that the applicable extension term is commenced; 
  

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 (b) Borrower shall notify Lender of its irrevocable election to extend the Maturity Date as aforesaid not
earlier than six (6) months, and no later than one (1) month, prior to the date the Loan is then scheduled to mature; 
  
 (c) if the Interest Rate Cap Agreement is scheduled to mature prior to the applicable Extended Maturity Date, Borrower shall obtain and deliver to Lender
not later than ten (10) Business Days prior to the first day of each Extension Option, one or more Replacement Interest Rate Cap Agreements with a LIBOR strike price equal to the then applicable Strike Price from an Acceptable Counterparty which
Replacement Interest Rate Cap Agreement shall be effective commencing on the first date of such Extension Option and shall have a maturity date not earlier than the applicable Extended Maturity Date; 
  
 (d) Intentionally omitted; 
  
 (e) Borrower shall pay to Lender (i) in connection with the exercise of the
fourth (4th) Extension Option an extension fee equal to one hundred twenty-five thousandths of one percent (0.125%)
of the then outstanding principal amount of the Loan and (ii) in connection with the exercise of the fifth (5th)
Extension Option an extension fee equal to two hundred fifty thousandths of one percent (0.250%) of the then outstanding principal amount of the Loan, in each case on or prior to the commencement of the Extension Option, which extension fee shall be
deemed earned by Lender and non-refundable upon receipt; and 
  
 (f) (i) in connection with the fourth (4th) Extension Option, the Debt Yield of the Properties in the
aggregate shall not be less than 10.75% as of the day immediately preceding the commencement date thereof and (ii) in connection with the fifth (5th) Extension Option, the Debt Yield of the Properties in the aggregate shall not be less than 11.25% as of the day immediately preceding the commencement date thereof. 
  
 Section 2.8. Substitution of Properties. Subject to the terms
and conditions set forth in this Section 2.8, Borrower may obtain a release of the Lien of a Mortgage (and the related Loan Documents) encumbering an Individual Property (a “Substituted Individual Property”) by substituting
therefore another full service hotel or resort property of like kind and quality acquired by Borrower or an Affiliate of Borrower (provided, however, if the Substitute Property shall be owned by an Affiliate of Borrower such Affiliate (i) shall
become a party to the Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Loan Documents and shall have the rights and obligations of Borrower thereunder) (a “Substitute Individual
Property”), provided that the following conditions precedent are satisfied: 
  
 (a) The Maturity Date shall have not occurred. During the term of the Loan, the Borrower’s right to substitute Properties, provided that the sum of the original Release Amount for all Substituted Individual
Properties and all Properties released under Section 2.5.1 hereof in no event exceeds thirty percent (30%) of the original principal balance of the Loan. 
  

(b) Lender shall have received at least thirty (30) days’ prior written notice requesting the substitution and identifying the Substitute
Individual Property and Substituted Individual Property. If a Substitute Individual Property shall consist, in whole or in part, of a 

  

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leasehold estate created pursuant to a ground lease such ground lease shall meet all applicable Rating Agency requirements for a financeable ground lease or
shall be otherwise acceptable to the Rating Agencies for purposes of subsection (g) below, if applicable, or to Lender for purposes of subsection (g) below, if applicable. 
  
 (c) If the applicable Borrower or Baltimore Owner continues to own an Individual Property not released, Lender shall have
received a copy of a deed conveying all of the applicable Individual Borrower’s or Baltimore Owner’s right, title and interest in and to the Substituted Individual Property to an entity other than such Individual Borrower or Baltimore
Owner pursuant to an arms length transaction and a letter from the applicable Individual Borrower or Baltimore Owner countersigned by a title insurance company acknowledging receipt of such deed and agreeing to record such deed in the real estate
records for the county or other appropriate land registry in which the Substituted Individual Property is located. 
  
 (d) Lender shall have received an appraisal of each of the Substitute Individual Property and Substituted Individual Property, dated no more than ninety
(90) days prior to the substitution date, by an appraiser acceptable to the Rating Agencies. 
  
 (e) The fair market value of the Substitute Individual Property is not less than one hundred percent (100%) of the fair market value of the Substituted Individual Property as of the date immediately preceding the
substitution, which determination shall be made by Lender based on the appraisals delivered pursuant to subsection (d) above. 
  
 (f) After giving effect to the substitution, the Debt Service Coverage Ratio for the Loan for all of the Properties (excluding the Substituted Individual
Property and including the Substitute Individual Property) is not less than the Debt Service Coverage Ratio for the Loan for all of the Properties as of the date immediately preceding the substitution. 
  
 (g) If the Loan is part of a Securitization, Lender shall have received
confirmation in writing from the Rating Agencies to the effect that such substitution will not result in a withdrawal, qualification or downgrade of the respective ratings in effect immediately prior to such substitution for the Securities, or any
class thereof, issued in connection with the Securitization that are then outstanding. If the Loan is not part of a Securitization, Lender shall have consented in writing to such substitution, which consent shall not be unreasonably withheld,
conditioned or delayed. 
  
 (h) No Event of Default shall have
occurred and be continuing. Lender shall have received an Officer’s Certificate certifying that, to such officer’s knowledge, the representations and warranties of Borrower and Baltimore Owner contained in this Agreement and the other Loan
Documents are true and correct in all material respects on and as of the date of the substitution with respect to the Substitute Individual Property and containing any other reasonable representations and warranties with respect to the Substitute
Individual Property as the Rating Agencies or Lender, as applicable, may require, unless such certificate would be inaccurate, such certificate to be in form and substance reasonably satisfactory to the Rating Agencies or Lender, as applicable.

  

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 (i) The applicable Individual Borrower or Baltimore Owner shall (i) have executed, acknowledged and
delivered to Lender (A) a Mortgage, an Assignment of Leases and Rents and two (2) UCC-1 Financing Statements with respect to the Substitute Individual Property, together with a letter from such Individual Borrower countersigned by a title insurance
company acknowledging receipt of such Mortgage, Assignment of Leases and Rents and UCC-1 Financing Statements and agreeing to record or present for recording or file, as necessary and applicable, such Mortgage, Assignment of Leases and Rents and one
of the UCC-1 Financing Statements in the real estate records for the county or other applicable registry in which the Substitute Individual Property is located and to file one of the UCC-1 Financing Statements in the office of the Secretary of State
(or other central filing office) of the state of such Individual Borrower’s organization, so as to effectively create upon such recording and filing valid and enforceable Liens upon the Substitute Individual Property, of the requisite priority,
in favor of Lender (or such other trustee as may be desired under local law), subject only to the Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents and (B) an Environmental Indemnity with respect to the
Substitute Individual Property and (ii) have caused Guarantor to acknowledge and confirm its obligations under the Loan Documents to which it is a party. The Mortgage, the Assignment of Leases and Rents, the UCC-1 Financing Statements and the
Environmental Indemnity shall be the same in form and substance as the counterparts of such documents executed and/or delivered with respect to the related Substituted Individual Property, subject to modifications reflecting only the Substitute
Individual Property as the Individual Property that is the subject of such documents and such modifications reflecting the laws of the State in which the Substitute Individual Property is located as shall be recommended for similar transactions by
the counsel admitted to practice in such State and delivering the opinion as to the enforceability of such documents required pursuant to subsection (o) below. The Mortgage encumbering the Substitute Individual Property shall secure all
amounts evidenced by the Note, provided that in the event that the jurisdiction in which the Substitute Individual Property is located imposes a mortgage recording, intangibles or similar tax and does not permit the allocation of indebtedness for
the purpose of determining the amount of such tax payable, the principal amount secured by such Mortgage shall be equal to one hundred twenty percent (120%) of the fair market value of the Substitute Individual Property. The amount of the Loan
allocated to the Substitute Individual Property (such amount being hereinafter referred to as the “Substitute Release Amount”) shall equal the Release Amount of the related Substituted Individual Property. 
  
 (j) Lender shall have received (i) to the extent available any
“tie-in” or similar endorsement to each Title Insurance Policy insuring the Lien of an existing Mortgage as of the date of the substitution with respect to the Title Insurance Policy insuring the Lien of the Mortgage with respect to the
Substitute Individual Property and (ii) a Title Insurance Policy (or a marked, signed and redated commitment to issue such Title Insurance Policy) insuring the Lien of the Mortgage encumbering the Substitute Individual Property, issued by the title
insurance company that issued the Title Insurance Policies insuring the Lien of the existing Mortgages and dated as of the date of the substitution, with reinsurance and direct access agreements that replace such agreements issued in connection with
the Title Insurance Policy insuring the Lien of the Mortgage encumbering the Substituted Individual Property. The Title Insurance Policy issued with respect to the Substitute Individual Property shall (A) provide coverage in the amount of the
Substitute Release Amount if the “tie-in” or similar endorsement described above is available or, if such endorsement is not available, in an amount equal to one hundred twenty 

  

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percent (120%) of the Substitute Release Amount, (B) insure Lender that the relevant Mortgage creates a valid first lien on the Substitute Individual
Property encumbered thereby, free and clear of all exceptions from coverage other than Permitted Encumbrances and standard exceptions and exclusions from coverage (as modified by the terms of any endorsements), (C) contain such endorsements and
affirmative coverages as are then available and are contained in the Title Insurance Policies insuring the Liens of the existing Mortgages, and (D) name Lender as the insured. Lender also shall have received copies of paid receipts or other evidence
showing that all premiums in respect of such endorsements and Title Insurance Policies have been paid. 
  
 (k) Lender shall have received a current survey for each Substitute Individual Property, certified to the title insurance company and Lender and their
successors and assigns, in substantially the same form and content as the certification of the survey of the Substituted Individual Property prepared by a professional land surveyor licensed in the State in which the Substitute Individual Property
is located and acceptable to the Rating Agencies, in accordance with the 1999 Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys. Such survey shall reflect the same legal description contained in the Title Insurance Policy
relating to such Substitute Individual Property and shall include, among other things, a metes and bounds description of the real property comprising part of such Substitute Individual Property (unless such real property has been satisfactorily
designated by lot number on a recorded plat). The surveyor’s seal shall be affixed to such survey and, if customary, such survey shall certify whether any portion of the surveyed property or the improvements thereon is located in a
“one-hundred-year flood hazard area.” 
  
 (l) Lender
shall have received valid certificates of insurance indicating that the requirements for the policies of insurance required for an Individual Property hereunder have been satisfied with respect to the Substitute Individual Property and evidence of
the payment of all premiums payable for the existing policy period. 
  
 (m) Lender shall have received a Phase I environmental report dated not more than 90 days prior to the substitution and otherwise reasonably acceptable to a prudent lender and, if recommended under the Phase I environmental report, a Phase
II environmental report acceptable to a prudent lender, which conclude that the Substitute Individual Property does not contain any unacceptable levels of hazardous materials and is not subject to any significant risk of contamination from any
off-site hazardous materials. If any such report discloses the presence of any such hazardous materials or the risk of such contamination from any off-site hazardous materials, such report shall include an estimate of the cost of any related
remediation and Borrower shall deposit with Lender (which deposit may be made in the form of a Letter of Credit) an amount equal to one hundred twenty-five percent (125%) of such estimated cost, which deposit shall constitute additional security for
the Loan and shall be disbursed to pay for the costs of remediation in the manner provided herein for the disbursement of the Required Repair Fund. Any remaining balance of such deposit (or Letter of Credit) shall be released to Borrower upon the
delivery to Lender of (i) an update to such report indicating that there is no longer any such hazardous materials on the Substitute Individual Property or any significant risk of contamination from any such off-site hazardous materials that has not
been acceptably remediated and (ii) paid receipts or other reasonable evidence indicating that the costs of all such remediation work have been paid. 
  

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 (n) Borrower shall deliver, or cause to be delivered, to Lender (i) updates certified by Borrower of all
organizational documentation related to Borrower and/or the formation, structure, existence, good standing and/or qualification to do business delivered to Lender on the Closing Date; (ii) good standing certificates and/or certificates of
qualification to do business in the jurisdiction in which the Substitute Individual Property is located (if required in such jurisdiction); and (iii) resolutions of Borrower authorizing the substitution and any actions taken in connection with such
substitution. 
  
 (o) Lender shall have received the following
opinions of Borrower’s counsel subject to customary qualifications: (i) an opinion or opinions of counsel admitted to practice under the laws of the State in which the Substitute Individual Property is located stating that the Loan Documents
delivered with respect to the Substitute Individual Property pursuant to subsection (i) above are valid and enforceable in accordance with their terms, subject to the laws applicable to creditors’ rights and equitable principles, and
that Borrower is qualified to do business and in good standing under the laws of the jurisdiction where the Substitute Individual Property is located or that Borrower is not required by applicable law to qualify to do business in such jurisdiction;
(ii) an opinion of counsel reasonably acceptable to the Rating Agencies, if the Loan is part of a Securitization, or Lender, if the Loan is not part of a Securitization, stating that the Loan Documents delivered with respect to the Substitute
Individual Property pursuant to subsection (i) above were duly authorized, executed and delivered by Borrower and that the execution and delivery of such Loan Documents and the performance by Borrower of its obligations thereunder will not
cause a breach of, or a default under, any material agreement, document or instrument to which Borrower is a party or to which it or its properties are bound; (iii) an update of the Insolvency Opinion indicating that the substitution does not affect
the opinions set forth therein; and (iv) if the Loan is part of a Securitization, an opinion of counsel acceptable to the Rating Agencies that the substitution does not constitute a “significant modification” of the Loan under Section 1001
of the Code or otherwise cause a tax to be imposed on a “prohibited transaction” by any REMIC Trust. 
  
 (p) Borrower shall have paid, or be contesting in accordance with terms of the Loan Documents or escrowed with Lender, all Basic Carrying Costs relating
to the Substitute Individual Property, including without limitation, (i) accrued and currently due and payable but unpaid insurance premiums relating to the Substitute Individual Property, and (ii) currently due and payable Taxes (including any in
arrears) relating to the Substitute Individual Property and (iii) currently due and payable maintenance charges and other impositions relating to the Substitute Individual Property. 
  
 (q) Borrower shall have paid or reimbursed Lender for all reasonable costs and expenses incurred by Lender (including,
without limitation, reasonable attorneys fees and disbursements) in connection with the substitution and Borrower shall have paid all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles
taxes and documentary stamp taxes) payable in connection with the substitution, however, Borrower shall not be required to pay any fee to Lender or Servicer in connection with a substitution. Borrower shall have paid all costs and expenses of the
Rating Agencies incurred in connection with the substitution. 
  

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 (r) Lender shall have received annual operating statements and occupancy statements for the Substitute
Individual Property for the most current completed fiscal year and a current operating statement for the Substituted Individual Property, each certified to Lender as being true and correct in all material respects a certificate from Borrower
certifying that there has been no material adverse change in the financial condition of the Substitute Individual Property since the date of such operating statements. 
  
 (s) Borrower shall have delivered to Lender estoppel certificates from any existing tenants under Material Leases at the
Substitute Individual Property. All such estoppel certificates shall be in form used in connection with the original closing of the Loan or otherwise in form and substance reasonably acceptable to an ordinary prudent lender and shall indicate that
(i) the subject lease is a valid and binding obligation of the tenant thereunder, (ii) to tenant’s knowledge, there are no defaults under such lease on the part of the landlord or tenant thereunder, (iii) to tenant’s knowledge, the tenant
thereunder has no defense or offset to the payment of rent under such leases, (iv) no rent under such lease has been paid more than one (1) month in advance, (v) the tenant thereunder has no option under such lease to purchase all or any portion of
the Substitute Individual Property and (vi) all tenant improvement work required under such lease has been completed, or, if an estoppel certificate indicates that all tenant improvement work required under the subject lease has not yet been
completed, Borrower shall, if required by the Rating Agencies, deliver to Lender financial statements or other reasonable evidence indicating that Borrower has adequate funds to pay all costs related to such tenant improvement work to be paid to by
Borrower under such lease. 
  
 (t) Lender shall have received
copies of all tenant leases affecting the Substitute Individual Property certified by Borrower as being true and correct. 
  
 (u) Lender shall have received subordination, attornment and non-disturbance agreements in form and substance used in connection with the original closing
of the Loan or otherwise in form and substance acceptable to an ordinary prudent lender with respect to Material Leases reasonably designated by Lender at the Substitute Individual Property. 
  
 (v) Lender shall have received (i) an endorsement to the title insurance
policy insuring the Lien of the Mortgage encumbering the Substitute Individual Property insuring that the Substitute Individual Property constitutes a separate tax lot or, if such an endorsement is not available in the State in which the Substitute
Individual Property is located, a letter from the title insurance company issuing such Title Insurance Policy stating that the Substitute Policy constitutes a separate tax lot or (ii) a letter from the appropriate taxing authority stating or other
evidence reasonably acceptable to Lender evidencing that the Substitute Individual Property constitutes a separate tax lot. 
  
 (w) Lender shall have received a Physical Conditions Report with respect to the Substitute Individual Property stating that the Substitute Individual
Property and its use comply in all material respects with all applicable Legal Requirements (including, without limitation, zoning, subdivision and building laws) and that the Substitute Individual Property is in good condition and repair and free
of damage or waste. If compliance with any Legal Requirements are not addressed by the Physical Conditions Report, such compliance shall be confirmed by delivery to Lender of a certificate of an architect licensed in the State in which the 

  

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Substitute Individual Property is located, a letter from the municipality in which such Property is located, a certificate of a surveyor that is licensed in
the State in which the Substitute Individual Property is located (with respect to zoning and subdivision laws), an ALTA 3.1 zoning endorsement to the Title Insurance Policy delivered pursuant to subsection (j) above (with respect to zoning
laws) or a subdivision endorsement to the Title Insurance Policy delivered pursuant to subsection (j) above (with respect to subdivision laws). If the Physical Conditions Report recommends that any repairs be made with respect to the
Substitute Individual Property, such Physical Conditions Report shall include an estimate of the cost of such recommended repairs and Borrower shall deposit with Lender (which deposit may be made in the form of a Letter of Credit) an amount equal to
one hundred twenty-five percent (125%) of such estimated cost, which deposit shall constitute additional security for the Loan and shall be disbursed to pay for the costs of such recommended repairs in the manner provided herein for the disbursement
of the Required Repair Fund. Any remaining balance of such deposit (or Letter of Credit) shall be released to Borrower upon the delivery to Lender of (i) an update to such Physical Conditions Report or a letter from the engineer that prepared such
Physical Conditions Report indicating that the recommended repairs were completed in good and workmanlike manner and (ii) paid receipts or other reasonable evidence indicating that the costs of all such repairs have been paid. 
  
 (x) In the event the Substituted Individual Property is subject to a
Management Agreement along with one or more additional Properties, Lender shall have received a certified copy of an amendment to the applicable Management Agreement reflecting the deletion of the Substituted Individual Property and the addition of
the Substitute Individual Property as a property operated pursuant thereto and Manager shall have executed and delivered to Lender an amendment to the applicable Assignment of Management Agreement reflecting such amendment to the related Management
Agreement. In the event that the Substituted Individual Property is subject to a Management Agreement relating only to such a Substituted Individual Property, Lender shall receive a certified copy of a new Management Agreement for the Substitute
Individual Property on substantially the same terms as the Management Agreement for the Substituted Individual Property or on such other terms as would be reasonably acceptable to an ordinary prudent lender with respect to real estate collateral of
similar size, scope and value as the Substitute Individual Property and the Manager thereunder shall have executed and delivered to Lender an Assignment of Management Agreement with respect to such new Management Agreement on substantially the same
terms as used in connection with the Substituted Individual Property or on such other terms as would be reasonably acceptable to an ordinary prudent lender with respect to real estate collateral of similar size, scope and value as the Substitute
Individual Property. 
  
 (y) Lender shall have received a
certified copy of an amendment to the applicable Franchise Agreement reflecting the deletion of the Substituted Individual Property and the addition of the Substitute Individual Property as a property operated pursuant thereto and Franchisor shall
have executed and delivered to Lender an amendment to the applicable comfort letter reflecting such amendment to the related Franchise Agreement. In the event that the Substituted Individual Property is subject to a Franchise Agreement relating only
to such a Substituted Individual Property, Lender shall receive a certified copy of a new Franchise Agreement for the Substitute Individual Property on substantially the same terms as the Franchise Agreement for the Substituted Individual Property
or on such other terms as would be reasonably acceptable to an ordinary prudent lender with respect to real estate collateral of 

  

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similar size, scope and value as the Substitute Individual Property and the Franchisor thereunder shall have executed and delivered to Lender a comfort
letter, if the Franchisor is not an Affiliate of the Borrower, with respect to such new Franchise Agreement on substantially the same terms as used in connection with the Substituted Individual Property or on such other terms as would be reasonably
acceptable to an ordinary prudent lender with respect to real estate collateral of similar size, scope and value as the Substitute Individual Property. 
  
 (z) Lender shall have received evidence acceptable to a prudent lender that (i) each Mezzanine Lender has approved the substitution and (ii) each
Mezzanine Loan (or the portion thereof attributable to the Substituted Individual Property, as applicable) has been assumed by an entity reasonably acceptable to Mezzanine Lender, in each case, as and to the extent required under its respective
Mezzanine Loan Documents. 
  
 (aa) Lender shall have received such
other and further approvals, opinions, documents and information in connection with the substitution as reasonably requested by the Rating Agencies if the Loan is part of a Securitization, or the Lender if the Loan is not part of a Securitization.

  
 (bb) Lender shall have received copies of all contracts and
agreements relating to the leasing and operation of the Substitute Individual Property (other than the Management Agreement) together with a certification of Borrower attached to each such contract or agreement certifying that the attached copy is a
true and correct copy of such contract or agreement and all amendments thereto. 
  
 (cc) Borrower shall submit to Lender, not less than fifteen (15) days prior to the date of such substitution, a release of Lien (and related Loan Documents) for the Substituted Individual Property for execution by
Lender. Such release shall be in a form appropriate for the jurisdiction in which the Substituted Individual Property is located and that would be reasonably satisfactory to a prudent lender and that contains standard provisions, if any, protecting
the rights of the releasing lender. 
  
 (dd) Borrower shall
deliver an Officer’s Certificate certifying that the requirements set forth in this Section 2.8 have been satisfied. 
  
 (ee) Upon the satisfaction of the foregoing conditions precedent, Lender will release its Lien from the Substituted Individual Property to be released and
the Substitute Individual Property shall be deemed to be an Individual Property for purposes of this Agreement and the other Loan Documents and the Release Amount with respect to such Substitute Individual Property shall be deemed to be the Release
Amount with respect to such Substitute Individual Property for all purposes hereunder. 
  
 Section 2.9. Release of Out Parcels. Subject to the terms and conditions set forth in this Section 2.9, at any time after the date hereof, Borrower may transfer and obtain a release of an Out
Parcel from the Lien of the applicable Mortgage (and Lender shall execute instruments of release in duly recordable form and in the case of the El Con Individual Property or the El San Juan Individual Property, Lender shall release and endorse
(without recourse, 

  

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representation or warranty) to Borrower any mortgage notes securing mortgages on such Properties), provided that the following conditions precedent
have been satisfied: 
  
 (a) At the time Borrower requests such
release and at the time such release is granted there is no continuing Event of Default. 
  
 (b) Lender shall have received at least thirty (30) days prior written notice requesting the release and identifying the Out Parcel. 
  
 (c) The intended use of such Out Parcel shall not have a material adverse effect on the value, use, operation or occupancy
of the applicable Individual Property. 
  
 (d) There shall be
vehicular ingress and egress to the remainder of the applicable Individual Property from public streets (or from appurtenant easements) and pedestrian ingress and egress to improvements on the remainder of the applicable Individual Property
following such release. 
  
 (e) Upon the transfer and release of
the Out Parcel and after the completion of the standard approval process for tax lot-splits by the applicable municipal authority exercising jurisdiction over the Out Parcel, no part of the remaining applicable Individual Property shall be part of a
tax lot which includes any portion of the related Out Parcel. 
  
 (f) Each applicable municipal authority exercising jurisdiction over the Out Parcel shall have approved, as part of its standard approval process, a lot-split ordinance or other applicable action under local law dividing the Out Parcel from
the remainder of the applicable Individual Property and the required procedures or processes necessary for the assignment of separate tax identification numbers to each shall be initiated concurrently with the release and transfer of the Out Parcel.

  
 (g) All requirements under all Legal Requirements (including,
without limitation, all zoning and subdivision laws, setback requirements, sideline requirements, parking ratio requirements, use requirements, building and fire code requirements, environmental requirements and wetlands requirements) applicable to
the applicable Individual Property necessary to accomplish the lot split shall have been fulfilled, and all necessary variances, if any, shall have been obtained, and evidence thereof shall have been delivered to Lender which in form and substance
shall be appropriate for the jurisdiction in which the applicable Individual Property is located. 
  
 (h) As a result of the lot split, the remaining applicable Individual Property with all easements appurtenant and other Permitted Encumbrances thereto
will not be in violation of any then applicable Legal Requirements (including, without limitation, all zoning and subdivision laws, setback requirements, sideline requirements, parking ratio requirements, use requirements, building and fire code
requirements, environmental requirements and wetland requirements) and all necessary variances, if any, shall have been obtained and evidence thereof shall have been delivered to Lender which in form and substance shall be appropriate for the
jurisdiction in which the applicable Individual Property is located. 
  

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 (i) Lender shall receive evidence that the single purpose nature and bankruptcy remoteness of Borrower
and its shareholders or partners following such release have not been adversely affected and are in accordance with the terms and provisions of the Loan Documents (which requirement may include a “bring-down” of the Insolvency Opinion
previously delivered to Lender in connection with the origination of the Loan). 
  
 (j) Appropriate reciprocal easement agreements for the benefit and burden of the remaining applicable Individual Property and the Out Parcel regarding the use of common facilities of such parcels, including, but not
limited to, roadways, parking areas, utilities and community facilities, in form and substance that would be reasonably acceptable to an ordinary prudent lender with respect to comparable property and which easements will not materially adversely
affect the value of the remaining applicable Individual Property, shall be declared and recorded, and the remaining applicable Individual Property and the Out Parcel shall be in compliance with all applicable covenants under all easements and
property agreements contained in the Permitted Encumbrances for the applicable Individual Property. 
  
 (k) Lender shall have received (i) an appropriate title policy endorsement or other evidence reasonably satisfactory to Lender to the effect that the
release of the Out Parcel will not have an adverse affect on the priority of the Lien of the related Mortgage on the remaining applicable Individual Property, provided, however, the Lien of the Mortgage on the remaining applicable
Individual Property shall be subordinated to any easements created or access or use agreements entered into in connection with the release of the Out Parcel pursuant to this Section 2.9 in the event such easements or agreements (A) are
reasonably necessary to the operation of the Out Parcel and (B) do not, in the aggregate, materially adversely affect (1) the value of the remaining applicable Individual Property or (2) the Borrower’s ability to pay its obligations under the
Loan, and (ii) an appropriate title policy endorsement or other evidence reasonably satisfactory to Lender that there are no new or additional subordinate Liens on the remaining applicable Individual Property other than Permitted Encumbrances (which
term shall include the easements and agreement entered into in accordance with this Section 2.9). 
  
 (l) Lender shall have received surveys of the Out Parcel and of the remaining applicable Individual Property satisfying the requirements set forth in
Section 3.1.3(c) hereof. 
  
 (m) The transferee of such Out
Parcel shall have assumed all of Borrower’s obligations, if any, relating only to the Out Parcel (other than the Loan Documents) arising from and after the release. 
  
 (n) Borrower shall reimburse Lender for any out-of-pocket costs and expenses it reasonably incurs arising from the transfer
of the Out Parcel and any release of the Out Parcel from the Lien of the applicable Mortgage (including, without limitation, reasonable attorneys’ fees and expenses); however, Borrower shall not be required to pay any fee to Lender or Servicer
in connection with the transfer or release. Individual Borrower shall have paid all recording charges, filing fees, taxes or other expenses payable in connection with the release. 
  
 (o) Borrower shall pay to Lender as a prepayment of the Loan an amount equal to the sum of (i) one hundred twenty percent
(120%) of the applicable release price for the Out Parcel, if any, set forth on Schedule 1.1 hereto and (ii) the Prepayment Spread Maintenance 

  

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Payment, if any, due in connection therewith. Upon such payment, the Release Amount for the applicable Individual Property shall be reduced by an amount
equal to the amount calculated under clause (i) above. 
  
 (p)
Borrower shall submit to Lender a release of Lien (and related Loan Documents) for the Out Parcel for execution by Lender. Such release shall be in a form appropriate for the jurisdiction in which the applicable Individual Property is located and
that would be satisfactory to an ordinary prudent lender and that contains standard provisions, if any, protecting the rights of the releasing lender (and in case at Puerto Rico, will include notation of the release on the mortgage notes secured by
the mortgages on such Puerto Rico Properties). 
  
 (q) Borrower
has delivered an Officer’s Certificate to the effect that, to such officer’s knowledge, the conditions in subsections (a)-(p) hereof have occurred or shall occur concurrently with the transfer and release of the Out Parcel.

  
 (r) Borrower shall deliver an opinion of counsel reasonably
acceptable to the Rating Agencies, if the Loan is part of a Securitization, that the release of the Out Parcel does not constitute a “significant modification” of the Loan under Section 1001 of the Code or otherwise cause a tax to be
imposed on a “prohibited transaction” by any REMIC Trust. 
  
 (s) Borrower shall execute such documents and instruments and obtain such opinions of counsel as are typical for similar transactions and as may be reasonable required by Lender and not inconsistent with the provisions hereof. 

 
 Section 2.10. Development at the Property Adjacent to the El Con
Individual Property. Lender hereby approves (i) the Borrower’s execution and delivery of the Tempus Documents substantially in the draft forms reviewed by Lender and its counsel and attached hereto as Schedule 2.10 (it
being understood and agreed that the final forms of the Tempus Documents shall contain only such changes from the draft forms necessary to further delineate the agreements by the parties thereto and which are in substance reasonably satisfactory to
an ordinary prudent lender) and (ii) the various transactions to be consummated thereunder. The Tempus Documents, in the draft forms reviewed by Lender and its counsel, may not be amended, supplemented or otherwise modified in any material respect
or in any manner adverse to Lender without the prior written consent of Lender. Reasonably promptly after receipt of Borrower’s written request therefor, Lender shall execute such documents as expressly contemplated by the draft forms of the
Tempus Documents heretofore reviewed by Lender, as modified in accordance with this Section 2.10. 
  

	 	III.	CONDITIONS PRECEDENT 

  
 Section 3.1. Conditions Precedent to Closing. The obligation of Lender to make the Loan hereunder is subject to the fulfillment by Borrower
or waiver by Lender of the following conditions precedent no later than the Closing Date: 
  
 3.1.1 Representations and Warranties; Compliance with Conditions. The representations and warranties of Borrower and Baltimore Owner contained in this Agreement and the other Loan Documents shall be true
and correct in all material respects on and as of the Closing Date with the same effect as if made on and as of such date, and no Default or an Event 

  

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of Default shall have occurred and be continuing; and Borrower and Baltimore Owner shall be in compliance in all material respects with all terms and
conditions set forth in this Agreement and in each other Loan Document on its part to be observed or performed. 
  
 3.1.2 Loan Agreement and Note. Lender shall have received a copy of this Agreement and the Note, in each case, duly executed and delivered
on behalf of Borrower and Baltimore Owner, as applicable. 
  
 3.1.3 Delivery of Loan Documents; Title Insurance; Reports; Leases. 
  
 (a) Mortgages, Assignments of Leases. Lender shall have received from Borrower and Baltimore Owner, as applicable, fully executed and acknowledged counterparts of the Mortgages and the Assignments of
Leases and evidence that counterparts of the Mortgages (and delivery of any related mortgage notes) and Assignments of Leases have been delivered to the title insurance company for recording to the extent necessary, in the reasonable judgment of
Lender, so as to effectively create upon such recording (or in the case of the Puerto Rico Properties, delivery of the mortgage notes) valid and enforceable Liens upon each Individual Property, of the requisite priority, in favor of Lender (or such
other trustee as may be required or desired under local law), subject only to the Permitted Encumbrances and such other Liens as are permitted pursuant to the Loan Documents. Lender shall have also received from Borrower and Baltimore Owner, as
applicable, fully executed counterparts of the other Loan Documents. 
  
 (b) Title Insurance. Lender shall have received Title Insurance Policies issued by a title insurance company acceptable to Lender and dated as of the Closing Date, with reinsurance and direct access agreements reasonably
acceptable to Lender. Such Title Insurance Policies shall (i) provide coverage in amounts reasonably satisfactory to Lender, (ii) insure Lender that the relevant Mortgage creates a valid lien on the Individual Property encumbered thereby of the
requisite priority, free and clear of all exceptions from coverage other than Permitted Encumbrances and standard exceptions and exclusions from coverage (as modified by the terms of any endorsements), (iii) contain such endorsements and affirmative
coverages as Lender may reasonably request, and (iv) name Lender as the insured. The Title Insurance Policies shall be assignable. Lender also shall have received evidence that all premiums in respect of such Title Insurance Policies have been paid.

  
 (c) Survey. Lender shall have received a current
Survey for each Individual Property, certified to the title insurance company and Lender and their successors and assigns, in form and content reasonably satisfactory to Lender and prepared by a professional and properly licensed land surveyor
reasonably satisfactory to Lender in accordance with the Accuracy Standards for ALTA/ACSM Land Title Surveys as adopted by ALTA, American Congress on Surveying & Mapping and National Society of Professional Surveyors in 1999. Each such Survey
shall reflect the same legal description contained in the Title Insurance Policies relating to such Individual Property in all material respects (except in the case of the El Con Individual Property and the El San Juan Individual Property for which
such descriptions shall be substantially the same to the extent customary and usual in Puerto Rico) and shall include, among other things, a metes and bounds description of the real property comprising part of such Individual Property reasonably
satisfactory to Lender (unless such real property is legally described by reference to a recorded plat of subdivision). The surveyor’s seal shall be affixed to 

  

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each Survey and the surveyor shall provide a certification for each Survey in form and substance acceptable to Lender. 
  
 (d) Insurance. Lender shall have received valid certificates of
insurance for the Policies required hereunder, satisfactory to Lender in its reasonable discretion, and evidence of the payment of all Insurance Premiums payable for the existing policy period. 
  
 (e) Environmental Reports. Lender shall have received a Phase I
environmental report (and, if recommended by the Phase I environmental report, a Phase II environmental report) in respect of each Individual Property, in each case reasonably satisfactory in form and substance to Lender. 
  
 (f) Zoning. With respect to each Individual Property, Lender
shall have received, at Lender’s option, either (A) letters or other evidence with respect to each Individual Property from the appropriate municipal authorities (or other Persons such as Urban Concepts or PZR) concerning applicable zoning and
building laws, (B) an ALTA 3.1 zoning endorsement for the applicable Title Insurance Policy or (C) a zoning opinion letter, in each case in substance reasonably satisfactory to Lender. 
  
 (g) Encumbrances. Borrower and Baltimore Owner shall have taken or caused to be taken such actions in such a
manner so that Lender has a valid and perfected first priority Lien as of the Closing Date with respect to each Mortgage on the applicable Individual Property, subject only to applicable Permitted Encumbrances and such other Liens as are permitted
pursuant to the Loan Documents, and Lender shall have received satisfactory evidence thereof. 
  
 3.1.4 Related Documents. Each additional document not specifically referenced herein, but relating to the transactions contemplated herein, shall be in form and substance reasonably satisfactory to
Lender, and shall have been duly authorized, executed and delivered by all parties thereto and Lender shall have received and approved certified copies thereof, certified to the extent reasonably required by Lender. 
  
 3.1.5 Delivery of Organizational Documents. Borrower shall
deliver or cause to be delivered to Lender copies certified by Borrower of all organizational documentation related to Borrower and Baltimore Owner and/or the formation, structure, existence, good standing and/or qualification to do business, as
Lender may request in its reasonable discretion, including, without limitation, amendments (as reasonably requested by Lender), good standing certificates, qualifications to do business in the appropriate jurisdictions, resolutions authorizing the
entering into of the Loan and incumbency certificates as may be requested by Lender. 
  
 3.1.6 Opinions of Borrower’s Counsel. Lender shall have received opinions from Borrower’s counsel with respect to non-consolidation and the due execution, authority, enforceability of the Loan
Documents and such other matters as Lender may reasonably require, all such opinions in form, scope and substance satisfactory to Lender and Lender’s counsel in their reasonable discretion. 
  
 3.1.7 Budgets. Borrower shall have delivered, and Lender shall
have approved, the Annual Budget for the current Fiscal Year. 
  

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 3.1.8 Basic Carrying Costs. Borrower shall have paid all Basic Carrying Costs relating to
the Properties which are in arrears (other than those being contested in accordance with the provisions of the Loan Documents), including without limitation, (a) accrued but unpaid Insurance Premiums, (b) currently due Taxes (including any in
arrears) and (c) currently due Other Charges, which amounts shall be funded with proceeds of the Loan. 
  
 3.1.9 Completion of Proceedings. All organizational and other proceedings taken or to be taken in connection with the transactions
contemplated by this Agreement and other Loan Documents and all documents incidental thereto shall be reasonably satisfactory in form and substance to Lender, and Lender shall have received all such counterpart originals or certified copies of such
documents as Lender may reasonably request. 
  
 3.1.10
Payments. All payments, deposits or escrows required to be made or established by Borrower under this Agreement, the Note and the other Loan Documents on or before the Closing Date shall have been paid. 
  
 3.1.11 Tenant Estoppels. Lender shall have received an executed
tenant estoppel letter from the tenants under Material Leases identified by Lender to deliver an estoppel certificate. 
  
 3.1.12 Transaction Costs. Borrower shall have paid or reimbursed Lender for all title insurance premiums, recording and filing fees, costs
of environmental reports, Physical Conditions Reports, appraisals and other reports, the reasonable fees and costs of Lender’s outside counsel and all other third party out-of-pocket expenses incurred in connection with the origination of the
Loan. 
  
 3.1.13 Intentionally Omitted. 

 
 3.1.14 Leases and Rent Roll. Lender shall have received
copies of all Leases and the Ground Lease, which Leases and the Ground Lease shall be certified by Borrower as being true and correct. 
  
 3.1.15 Intentionally Omitted. 
  
 3.1.16 Tax Lot. Lender shall have received evidence that each Individual Property constitutes one (1) or more separate tax lots, which
evidence shall be reasonably satisfactory in form and substance to Lender. 
  
 3.1.17 Physical Conditions Reports. Lender shall have received Physical Conditions Reports with respect to each Individual Property, which reports shall be issued by an engineer selected by Lender and
shall be reasonably satisfactory in form and substance to Lender. 
  
 3.1.18 Management Agreement. Lender shall have received a copy of the Management Agreement with respect to each Individual Property which shall be satisfactory in form and substance to Lender. 
  

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 3.1.19 Appraisal. Lender shall have received an appraisal of each Individual Property from
an appraiser selected by Lender, which appraisal shall be satisfactory in form and substance to Lender. 
  
 3.1.20 Financial Statements. Lender shall have received a balance sheet with respect to each Individual Property for the two (2) most recent
Fiscal Years and statements of income and statements of cash flows with respect to each Individual Property for the three (3) most recent Fiscal Years, each in form and substance satisfactory to Lender. 
  
 3.1.21 Franchise Agreement. Lender shall have received a copy
of the Franchise Agreement with respect to each Individual Property, which shall be satisfactory in form and substance to Lender. 
  
 3.1.22 Interest Rate Cap Agreement. Lender shall have received the Interest Rate Cap Agreement, in form reasonably acceptable to Lender,
from an Acceptable Counterparty. 
  
 3.1.23 Further
Documents. Lender or its counsel shall have received such other and further approvals, opinions, documents and information as Lender or its counsel may have reasonably requested including the Loan Documents in form and substance satisfactory
to Lender and its counsel. 
  

	 	IV.	REPRESENTATIONS AND WARRANTIES 

  
 Section 4.1. Borrower Representations. Each Individual Borrower or Baltimore Owner represents and warrants (as to itself in each instance
where the representation or warranty relates to Borrower, Individual Borrower or Baltimore Owner and as to its Individual Property where the representation or warranty relates to the Properties or Individual Property) as of the Closing Date that:

  
 4.1.1 Organization. Each of Borrower and
Baltimore Owner has been duly organized and is validly existing and in good standing in the jurisdiction in which it is organized with requisite power and authority to own its properties and to transact the businesses in which it is now engaged.
Each of Borrower and Baltimore Owner is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations. Each of Borrower and Baltimore
Owner possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, and the sole business of Borrower and Baltimore
Owner is the ownership, management and operation of the Properties. The ownership interests of Borrower and Baltimore Owner are as set forth on the organizational chart attached hereto as Schedule 4.1.1. 
  
 4.1.2 Proceedings. Each of Borrower and Baltimore Owner has
taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party. This Agreement and such other Loan Documents have been duly executed and delivered by or on behalf
of Borrower and/or Baltimore Owner and constitute legal, valid and binding obligations of Borrower and/or Baltimore Owner enforceable against Borrower and/or Baltimore Owner in accordance with their respective terms, subject only 

  

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to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 4.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower and Baltimore Borrower will not conflict with or result in a breach of any of the
terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of Borrower and Baltimore Owner pursuant
to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement or other agreement or instrument to which Borrower is a party or by which any of Borrower’s and Baltimore Owner’s property
or assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower and Baltimore Owner or any of Borrower’s and
Baltimore Owner’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any such Governmental Authority required for the execution, delivery and performance by Borrower and Baltimore
Owner of this Agreement or any other Loan Documents has been obtained and is in full force and effect. 
  
 4.1.4 Litigation. Except as disclosed on Schedule 4.1.4 hereto, there are no actions, suits or proceedings at law or in equity by or
before any Governmental Authority or other agency now pending or, to Borrower’s knowledge, threatened against or affecting Borrower, Baltimore Owner, Principal, Guarantor or any Individual Property, which actions, suits or proceedings, if
determined against Borrower, Baltimore Owner, Principal, Guarantor or any Individual Property, would reasonably be expected to materially adversely affect the condition (financial or otherwise) or business of Borrower, Baltimore Owner, Principal,
Guarantor or the condition or ownership of any Individual Property. 
  
 4.1.5 Agreements. Neither Borrower nor Baltimore Owner is a party to any agreement or instrument or subject to any restriction which would reasonably be expected to materially and adversely affect Borrower, Baltimore Owner or
any Individual Property, or Borrower’s or Baltimore Owner’s business, properties or assets, operations or condition, financial or otherwise. Except as disclosed in Schedule 4.1.5 hereto, neither Borrower nor Baltimore Owner is in
default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower, Baltimore Owner or any of the
Properties is bound which would reasonably be expected to materially and adversely affect Borrower, Baltimore Owner or any Individual Property. Neither Borrower nor Baltimore Owner has any material financial obligation under any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which Borrower or Baltimore Owner, as applicable, is a party or by which Borrower, Baltimore Owner or any of the Properties is otherwise bound, other than (a) obligations incurred in
the ordinary course of the operation of the Properties as permitted pursuant to clause (t) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof, (b) obligations under or permitted under the Loan Documents,
and (c) the Permitted Encumbrances. 
  

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 4.1.6 Title. Borrower has good, marketable and insurable fee simple title to the real
property comprising part of each Individual Property (other than the Baltimore Property) and good title to the balance of such Individual Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are
permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Baltimore Owner has good, marketable and insurable title to the real property comprising the Baltimore Property and good title to the balance of such Individual
Property, free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. The Permitted Encumbrances with respect to any
Individual Property in the aggregate do not materially and adversely affect the value, operation or use of such Individual Property (as currently used) or Borrower’s and Baltimore Owner’s ability to repay the Loan. Each Mortgage, when
properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (a) a valid, perfected first priority lien on the applicable Individual Property,
subject only to Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms
thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. There are no claims for payment for work, labor or materials
affecting the Properties which are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents except those which are Permitted Encumbrances or otherwise permitted by the Loan Documents. 
  
 4.1.7 Solvency. Borrower and Baltimore Owner have (a) not
entered into the transaction or executed the Note, this Agreement or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its obligations under such
Loan Documents. The fair saleable value of each Individual Borrower’s and Baltimore Owner’s assets exceeds and will, immediately following the making of the Loan, exceed such Individual Borrower’s and Baltimore Owner’s total
liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of each Individual Borrower’s and Baltimore Owner’s assets is and will, immediately following the making
of the Loan, be greater than such Individual Borrower’s and Baltimore Owner’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured. Each Individual
Borrower’s and Baltimore Owner’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Neither Borrower nor
Baltimore Owner intends to, and does not believe that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and
amounts of cash to be received by Borrower and Baltimore Owner and the amounts to be payable on or in respect of obligations of Borrower and Baltimore Owner). No petition in bankruptcy has been filed against Borrower or Baltimore Owner or any
constituent Person, and neither Borrower, Baltimore Owner nor any constituent Person has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors. Neither Borrower, Baltimore Owner nor
any of its constituent Persons are contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of Borrower’s or Baltimore Owner’s 

  

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assets or properties, and Borrower nor Baltimore Owner has no knowledge of any Person contemplating the filing of any such petition against it or such
constituent Persons. 
  
 4.1.8 Full and Accurate
Disclosure. No statement of fact made by Borrower or Baltimore Owner in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements
contained herein or therein not misleading. There is no material fact presently known to Borrower or Baltimore Owner which has not been disclosed to Lender which materially adversely affects, nor as far as Borrower or Baltimore Owner can foresee,
would reasonably be expected to materially adversely affect, any Individual Property or the business, operations or condition (financial or otherwise) of Borrower or Baltimore Owner. 
  
 4.1.9 No Plan Assets. Neither Borrower nor Baltimore Owner sponsors, nor is obligated to contribute to, and is
not itself an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA or Section 4975 of the Code, and none of the assets of Borrower or Baltimore Owner constitutes or will constitute “plan
assets” of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101. In addition, (a) neither Borrower nor Baltimore Owner is a “governmental plan” within the meaning of Section 3(32) of ERISA and (b) transactions by
or with Borrower and/or Baltimore Owner are not subject to any state or other statute, regulation or other restriction regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32) of
ERISA which is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code and which prohibit or otherwise restrict the transactions contemplated by this Agreement, including, but not limited to the exercise by Lender of any of its
rights under the Loan Documents. 
  
 4.1.10
Compliance. Except as disclosed in any physical condition reports, PZR reports, Urban Concepts reports, environmental reports or Surveys received by Lender, Borrower, Baltimore Owner and the Properties (and the use thereof) comply in all
material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes. Neither Borrower nor Baltimore Owner is in any material respect in default or violation of any order, writ,
injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower or Baltimore Owner or, to Borrower’s or Baltimore Owner’s knowledge, any other Person in occupancy of or involved with the operation or
use of the Properties any act or omission affording the federal government or any other Governmental Authority the right of forfeiture as against any Individual Property or any part thereof or any monies paid in performance of Borrower’s or
Baltimore Owner’s obligations under any of the Loan Documents. 
  
 4.1.11 Financial Information. All financial data, including, without limitation, the statements of cash flow and income and operating expense, that have been delivered to Lender in connection with the Loan (i) are true,
complete and correct in all material respects, (ii) accurately represent the financial condition of Borrower, the Baltimore Owner and the Properties as of the date of such reports in all material respects, and (iii) to the extent prepared or audited
by an independent certified public accounting firm, have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein. Except for Permitted Encumbrances, neither Borrower nor Baltimore Owner has any contingent
liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated 

  

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losses from any unfavorable commitments that are known to Borrower or Baltimore Owner and reasonably likely to have a materially adverse effect on any
Individual Property or the operation thereof as a full service hotel or resort, except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no material adverse change in the financial
condition, operation or business of Borrower or Baltimore Owner from that set forth in said financial statements except as disclosed in writing to Lender and acknowledged by Lender in writing. 
  
 4.1.12 Condemnation. Except as disclosed in Schedule
4.1.12 hereto or on any Survey or Title Insurance Policy, no Condemnation or other proceeding has been commenced or, to Borrower’s or Baltimore Owner’s best knowledge, is threatened or contemplated with respect to all or any portion of
any Individual Property or for the relocation of roadways providing access to any Individual Property. 
  
 4.1.13 Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any
“margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or
for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 
  
 4.1.14 Utilities and Public Access. Each Individual Property has rights of access to public ways and is served by water, sewer, sanitary
sewer and storm drain facilities adequate to service such Individual Property for its respective intended uses. All public utilities necessary or convenient to the full use and enjoyment of each Individual Property are located either in the public
right-of-way abutting such Individual Property (which are connected so as to serve such Individual Property without passing over other property) or in recorded easements serving such Individual Property and such easements are set forth in and
insured by the Title Insurance Policies. All roads necessary for the use of each Individual Property for their current respective purposes have been completed and dedicated to public use and accepted by all Governmental Authorities or are located in
recorded easements servicing such Individual Property and such easements are set forth in and insured by the Title Insurance Policy. 
  
 4.1.15 Not a Foreign Person. Neither Borrower nor Baltimore Owner is a “foreign person” within the meaning of §1445(f)(3) of
the Code. 
  
 4.1.16 Separate Lots. Each Individual
Property is comprised of one (1) or more parcels which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of such Individual Property. 
  
 4.1.17 Assessments. Except as disclosed in Schedule 4.1.17 hereto or on any survey or Title Insurance
Policy, there are no pending or, to the knowledge of Borrower and Baltimore Owner, proposed special or other assessments for public improvements or otherwise affecting any Individual Property, nor, to the knowledge of Borrower and Baltimore Owner,
are there any contemplated improvements to any Individual Property that may result in such special or other assessments. 
  

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 4.1.18 Enforceability. The Loan Documents are not subject to any right of rescission,
set-off, counterclaim or defense by Borrower, Baltimore Owner or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents
unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and Borrower, Baltimore Owner and Guarantor have not asserted any
right of rescission, set-off, counterclaim or defense with respect thereto. 
  
 4.1.19 No Prior Assignment. There are no prior assignments of the Leases or any portion of the Rents due and payable or to become due and payable which are presently outstanding. 
  
 4.1.20 Insurance. Borrower has obtained and has delivered to
Lender certified copies (or other evidence reasonably acceptable to Lender) of all Policies reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. Except as disclosed on Schedule 4.1.20 hereto, no material
claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under any such Policy, and neither Borrower nor Baltimore Owner nor to Borrower’s or Baltimore Owner’s knowledge, any other Person has done, by act
or omission, anything which would impair the coverage of any such Policy. 
  
 4.1.21 Use of Property. Each Individual Property is used exclusively as a full service hotel or resort and other appurtenant and related uses. 
  
 4.1.22 Certificate of Occupancy; Licenses. Except as set forth
in a physical condition report, environmental report, Urban Concepts reports, PZR report, Title Insurance Policy or Survey received by Lender, all material certifications, permits, licenses and approvals, including without limitation, certificates
of completion and occupancy permits and any applicable liquor license required for the legal use, occupancy and operation of each Individual Property as a full service hotel or resort (collectively, the “Licenses”), have been
obtained and are in full force and effect. Borrower and Baltimore Owner, as applicable, shall keep and maintain all material Licenses necessary for the operation of each Individual Property as a full service hotel or resort. The use being made of
each Individual Property is in conformity with the certificate of occupancy issued for such Individual Property. 
  
 4.1.23 Flood Zone. Except as shown on a Survey, none of the Improvements on any Individual Property are located in an area as identified by
the Federal Emergency Management Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant to Section 6.1(a)(i) is in full force and effect with respect to each such Individual Property.

  
 4.1.24 Physical Condition. Except as set forth
in a physical condition report received by Lender, each Individual Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection
systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; there exists no structural or other
material defects or 

  

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damages in any Individual Property, whether latent or otherwise that would have a material adverse effect on such Individual Property, and neither Borrower
nor Baltimore Owner has received notice from any insurance company or bonding company of any defects or inadequacies in any Individual Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition
of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
  
 4.1.25 Boundaries. Except as set forth in an Urban Concepts report, PZR report or a Survey received by Lender, all of the improvements which
were included in determining the appraised value of each Individual Property lie wholly within the boundaries and building restriction lines of such Individual Property, and no improvements on adjoining properties encroach upon such Individual
Property, and no easements or other encumbrances upon the applicable Individual Property encroach upon any of the improvements, so as to materially and adversely affect the value or marketability of the applicable Individual Property except those
which are insured against by the Title Insurance Policy. 
  
 4.1.26 Leases. The Properties are not subject to any Leases other than the Leases described in Schedule 4.1.26 attached hereto and made a part hereof. Borrower and Baltimore Owner, as applicable, are the owner and
lessor of landlord’s interest in the Leases. No Person has any possessory interest in any Individual Property or right to occupy the same except under and pursuant to the provisions of the Leases. Except as disclosed on Schedule 4.1.26,
to Borrower’s and Baltimore Owner’s knowledge, the current Leases are in full force and effect and to Borrower’s and Baltimore Owner’s knowledge there are no material defaults thereunder by either party and to Borrower’s and
Baltimore Owner’s knowledge there are no conditions that, with the passage of time or the giving of notice, or both, would constitute material defaults thereunder. Except for security deposits, no Rent has been paid more than one (1) month in
advance of its due date. Except as disclosed on Schedule 4.1.26, to Borrower’s and Baltimore Owner’s knowledge, all work to be performed by Borrower or Baltimore Owner, as applicable, under each Lease has been performed as required
and has been accepted by the applicable tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower or Baltimore Owner to any tenant has already been
received by such tenant. There is no prior sale, transfer or assignment, hypothecation or pledge of any Lease or of the Rents received therein which is still in effect. Except as disclosed on Schedule 4.1.26, to Borrower’s and Baltimore
Owner’s knowledge, no tenant listed on Schedule 4.1.26 has assigned its Lease or sublet all or any portion of the premises demised thereby, no such tenant holds its leased premises under assignment or sublease, nor does anyone except
such tenant and its employees occupy such leased premises. No tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a
part. Except as disclosed on Schedule 4.1.26, no tenant, to Borrower’s and Baltimore Owner’s knowledge, under any Lease has any right or option for additional space in the Improvements. To Borrower’s and Baltimore Owner’s
knowledge, no hazardous wastes or toxic substances, as defined by applicable federal, state or local statutes, rules and regulations, have been disposed, stored or treated by any tenant under any Lease on or about the leased premises nor does
Borrower or Baltimore Owner have any knowledge of any tenant’s intention to use its leased premises for any activity which, directly or indirectly, involves the use, generation, treatment, storage, disposal or transportation 

  

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of any petroleum product or any toxic or hazardous chemical, material, substance or waste in violation of applicable law. 
  
 4.1.27 Survey. The Survey for each Individual Property
delivered to Lender in connection with this Agreement does not fail to reflect any material matter affecting such Individual Property or the title thereto. 
  
 4.1.28 Principal Place of Business; State of Organization. Borrower’s principal place of business as of the date hereof is the
address set forth in the introductory paragraph of this Agreement. Baltimore Borrower is organized under the laws of the State of Texas, El San Juan Borrower is organized under the laws of the State of New York and each other Individual Borrower is
organized under the laws of the State of Delaware. 
  
 4.1.29
Filing and Recording Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person under applicable Legal Requirements currently in effect in connection
with the transfer of the Properties to Borrower and Baltimore Owner have been paid. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in
connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Mortgages, have been paid. 
  
 4.1.30 Special Purpose Entity/Separateness. (a) Until the Debt
has been paid in full, or with respect to an Individual Borrower, the earlier release of the liens of the Mortgages on all Properties owned by such Individual Borrower, each of the Individual Borrowers and the Baltimore Owner hereby represents,
warrants and covenants that (i) it is, shall be and shall continue to be a Special Purpose Entity, and (ii) Principal is, shall be and shall continue to be a Special Purpose Entity. 
  
 (b) All of the facts and all of the assumptions made in the Insolvency Opinion, including, but not limited to, any exhibits
attached thereto, are true and correct in all respects and all of the facts and all of the assumptions made in any subsequent non-consolidation opinion required to be delivered in connection with the Loan Documents (an “Additional Insolvency
Opinion”), including, but not limited to, any exhibits attached thereto, will have been and shall be true and correct in all respects. Each Individual Borrower and Baltimore Owner has complied and will comply with, and Principal has
complied and each Individual Borrower will cause Principal to comply with, all of the assumptions made with respect to such Individual Borrower, Baltimore Owner and Principal in the Insolvency Opinion. Each Individual Borrower and Baltimore Owner
will have complied and will comply with all of the assumptions made with respect to such Individual Borrower, Baltimore Owner and Principal in any Additional Insolvency Opinion. Each entity other than an Individual Borrower, Baltimore Owner and
Principal with respect to which an assumption shall be made in any Additional Insolvency Opinion will have complied and will comply with all of the assumptions made with respect to it in any Additional Insolvency Opinion. 
  
 4.1.31 Management Agreement. The Management Agreement with
respect to each Individual Property is in full force and effect and there is no material default thereunder by 

  

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any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a material default thereunder.

  
 4.1.32 Illegal Activity. No portion of any
Individual Property has been or will be purchased with proceeds of any illegal activity. 
  
 4.1.33 No Change in Facts or Circumstances; Disclosure. All information submitted by or on behalf of Borrower and Baltimore Owner to Lender and in all financial statements, rent rolls, reports,
certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower and Baltimore Owner in this Agreement or in any other Loan Document, are accurate, complete
and correct in all material respects. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that
otherwise materially and adversely affects or would reasonably be expected to materially and adversely affect the use, operation or value of the Properties or the business operations or the financial condition of Borrower or Baltimore Owner.
Borrower and Baltimore Owner have disclosed to Lender all material facts and has not failed to disclose any material fact that would reasonably be expected to cause any Provided Information or representation or warranty made herein to be materially
misleading. 
  
 4.1.34 Investment Company Act.
Neither Borrower nor Baltimore Owner is (a) an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding
company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act
of 1935, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 
  
 4.1.35 Embargoed Person. At all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to
the Loan Documents, (a) none of the funds or other assets of Borrower, Baltimore Owner, Guarantor or Principal shall constitute property of, or are beneficially owned, directly or indirectly, by any Person subject to trade restrictions under U.S.
law, including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated
thereunder (each such Person, an “Embargoed Person”) with the result that the investment in Borrower, Baltimore Owner, Principal or Guarantor, as applicable (whether directly or indirectly), is or would be prohibited by law or the
Loan made by the Lender is or would be in violation of law; (b) no Embargoed Person shall have any interest of any nature whatsoever in Borrower, Baltimore Owner, Guarantor or Principal, as applicable, with the result that the investment in
Borrower, Baltimore Owner, Guarantor or Principal, as applicable (whether directly or indirectly), is or would be prohibited by law or the Loan is or would be in violation of law; and (c) none of the funds of Borrower, Baltimore Owner, Guarantor or
Principal, as applicable, shall be derived from any unlawful activity with the result that the investment in Borrower, Baltimore Owner, Guarantor or Principal, as applicable (whether directly or indirectly), is or would be prohibited by law or the
Loan is or would be in violation of law. 
  

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 4.1.36 Cash Management Account. (a) This Agreement, together with the other Loan Documents,
creates a valid and continuing security interest (as defined in the Uniform Commercial Code of the State of New York) in the Property Account and Cash Management Account in favor of Lender, which security interest is prior to all other Liens, other
than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower and Baltimore Owner. Other than in connection with the Loan Documents and except for Permitted Encumbrances, neither Borrower nor Baltimore
Owner has sold, pledged, transferred or otherwise conveyed the Property Account and Cash Management Account; 
  
 (b) Each of the Property Account and Cash Management Account constitute “deposit accounts” within the meaning of the Uniform Commercial Code of
the State of New York); 
  
 (c) Pursuant and subject to the terms
hereof, the Property Account Bank and Agent have agreed to comply with all instructions originated by Lender, without further consent by Borrower or Baltimore Owner, directing disposition of the Property Account, the Cash Management Account and all
sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit
accounts, instruments, documents or securities; and 
  
 (d) The
Property Account and Cash Management Account are not in the name of any Person other than Borrower or Baltimore Owner, as pledgor, or Lender, as pledgee. Neither Borrower nor Baltimore Owner has consented to the Property Account Bank and Agent
complying with instructions with respect to the Property Account and Cash Management Account from any Person other than Lender. 
  
 4.1.37 Inventory. Borrower or Baltimore Owner is the owner (or lessee pursuant to leases permitted hereunder) of all of the Equipment,
Fixtures and Personal Property (as such terms are defined in the Mortgages) located on or at each Individual Property and shall not lease any Equipment, Fixtures or Personal Property other than as permitted hereunder. All of the Equipment, Fixtures
and Personal Property are sufficient to operate the Properties in the manner required hereunder and in the manner in which they are currently operated. 
  
 4.1.38 SPE Prior Act Representation. 
  
 (a) Except with respect to the requirement that there be at least two (2) springing members, Boston Borrower hereby represents that it is and has been a
Special Purpose Entity from the date of its formation to the present. 
  
 (b) El Con Borrower hereby represents that its general partner is and has been a Special Purpose Entity from the date of such general partner’s formation to the present. 
  
 (c) El San Juan Borrower hereby represents that each of the its general partners is and has been a Special Purpose Entity
from the date of such general partner’s formation to the present. 
  

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 (d) Ft. Lauderdale Borrower hereby represents that, except with respect to the requirement that there be
at least two (2) springing members, it is and has been a Special Purpose Entity from the date of its formation to the present. 
  
 (e) (i) Baltimore Owner hereby represents that (A) except with respect to the requirement that there be at least two (2) springing members, it is and
since July 18, 2001 has always been a Special Purpose Entity, (B) since the date of its acquisition by Wyndham and its Affiliates in September 30, 1997, the following are the following are true and correct, and (C) prior to September 30, 1997, the
following are true and correct to the best of Baltimore Owner’s knowledge. Baltimore Owner: 
  

	 	1.	is and always has been duly formed, validly existing, and in good standing in the state of its incorporation and in all other jurisdictions where it is qualified to do business
except where the failure to do so has been remedied; 

  

	 	2.	has no unpaid judgments or liens of any nature against it except for the Permitted Encumbrances; 

  

	 	3.	subject to Sections 4.1.10 and 4.1.22, is in compliance in all material respects with all laws, regulations, and orders applicable to it and has (except where the
failure to do so has been remedied) received all material permits necessary for it to operate; 

  

	 	4.	is not involved in any dispute with any taxing authority that is still outstanding; 

  

	 	5.	has paid all taxes still due, owed and outstanding; 

  

	 	6.	except for its ownership of that certain property commonly known as the Holiday Inn Austin in Austin, Texas, which property was conveyed out in September 29, 1995 (the
“Conveyed Parcel”) in exchange for the Baltimore Individual Property, has never owned any real property other than the Baltimore Individual Property and personal property necessary or incidental to its ownership or operation of the
Baltimore Individual Property, and has never engaged in any business other than the ownership and operation of the Baltimore Individual Property, and lawful business incident and appropriate thereto; 

  

	 	7.	subject to Section 4.1.4, is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending which if adversely determined
against Baltimore Borrower would reasonably be expected to materially adversely effect the condition (financial as otherwise) or business of Baltimore Borrower, or that resulted in a judgment against it that has not been paid in full;

  

 -79- 

	 	8.	has provided Lender with complete financial statements that are true, correct and complete in all material respects and reflect a fair and accurate view in all material respects of
the entity’s financial condition; 

  

	 	9.	has received a Phase One environmental audit for the Baltimore Individual Property which has been received by lender and does not indicate any material environmental concern;

  

	 	10.	has no material contingent or actual obligations not related to the Baltimore Individual Property, including but not limited to any liability (environmental or otherwise) in
connection with the Conveyed Parcel; and 

  
 (ii) Baltimore Owner hereby represents from September 30, 1997 to July 18, 2001 that it: 
  

	 	1.	has not entered into any contract or agreement with any Affiliates, except upon terms and conditions that are commercially reasonable and substantially similar to those available in
an arm’s-length transaction with an unrelated party which includes those agreements in connection with the conveyance of the Conveyed Parcel; 

  

	 	2.	has paid all of its debts and liabilities from its assets; 

  

	 	3.	has done or caused to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence; 

  

	 	4.	has maintained all of its books, records, financial statements and bank accounts separate from those of any other Person; 

  

	 	5.	has not had its assets listed as assets on the financial statement of any other Person except as required by GAAP; 

  

	 	6.	has filed its own tax returns (except to the extent that it has been a tax-disregarded entity not required to file tax returns under applicable law or except to the extent it is
required to file consolidated tax returns by law); 

  

	 	7.	has been, and at all times has held itself out to the public as, a legal entity separate and distinct from any other Person (including any Affiliate); 

  

	 	8.	has corrected any known misunderstanding regarding its status as a separate entity; 

  

	 	9.	 has conducted all of its business in its own name or in a name owned by it or in which it has rights or in a name franchised or licensed to it by an entity other
than an Affiliate, or if by an Affiliate pursuant to the Management Agreement or the Franchise Agreement or a predecessor thereto with the parties thereto or pursuant to a business management 

  

 -80- 

	 	 
services agreement with an Affiliate which complies with (ii)(1) above, and has held all of its assets in its own name; 

  

	 	10.	has not identified itself or any of its Affiliates as a division or part of the other; 

  

	 	11.	has maintained and utilized separate stationery, invoices and checks bearing its own name or the name under which it has conducted business as provided in (ii)(1) above or an entity
clearly designated as being the Baltimore Borrower’s agent; 

  

	 	12.	has not commingled its assets with those of any other Person and has held all of its assets in its own name except for any cash collateral accounts in the name of lenders which have
been released or discharged and except for collections in the ordinary course of business of revenues in which Borrower does not have an interest; 

  

	 	13.	has not guaranteed or become obligated for the debts of any other Person, except pursuant to the cross-collateralization and pledge of assets to secure loans which have been either
released or discharged or will be released or discharged as a result of the closing of the Loan; 

  

	 	14.	has not held itself out as being responsible for the debts or obligations of any other Person; 

  

	 	15.	has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any employee of an
Affiliate; 

  

	 	16.	has not pledged its assets to secure the obligations of any other Person, except pursuant to the cross-collateralization and pledge of assets to secure loans which have been either
released or discharged or will be released or discharged as a result of the closing of the Loan; 

  

	 	17.	has maintained adequate capital in light of its contemplated business operations; 

  

	 	18.	has maintained a sufficient number of employees in light of its contemplated business operations and has paid the salaries of its own employees from its own funds;

  

	 	19.	has not owned any subsidiary or any equity interest in any other entity; 

  

	 	20.	has not incurred any indebtedness that is still outstanding other than indebtedness that is permitted under the Loan Documents; 

  

	 	21.	 has not had any of its obligations guaranteed by an Affiliate, except for guarantees that have been either released or discharged (or that will be 

  

 -81- 

	 	 
discharged as a result of the closing of the Loan) or guarantees that are expressly contemplated by the Loan Documents; and 

  

	 	22.	other than Baltimore Borrower, none of the tenants holding leasehold interests with respect to the Baltimore Individual Property are affiliated with Baltimore Owner.

  
 (f) (i) El Con Borrower hereby represents that
(A) it is and since June 30, 2000 has always been a Special Purpose Entity, (B) since the date of its acquisition by Wyndham and its Affiliates in July, 1998 the following are true and correct, and (C) prior to such acquisition date, the following
are true and correct to El Con Borrower’s actual knowledge and belief: 
  

	 	1.	is and always has been duly formed, validly existing, and in good standing in the state of its organization and in all other jurisdictions where it is qualified to do business
except where the failure to do so has been remedied; 

  

	 	2.	has no unpaid judgments or liens of any nature against it except for the Permitted Encumbrances; 

  

	 	3.	subject to Sections 4.1.10 and 4.1.22 is in all material respects in compliance with all laws, regulations, and orders applicable to it and, has (except where the
failure to do so has been remedied) received all material permits necessary for it to operate; 

  

	 	4.	is not involved in any dispute with any taxing authority that is still outstanding; 

  

	 	5.	has paid all taxes still due, owed and outstanding; 

  

	 	6.	except for its ownership of certain parcels of raw land now commonly known as Las Casitas I and Las Casitas II condominiums, which raw land was conveyed out in 1993 and 2000,
respectively, has never owned any real property other than the El Con Individual Property and personal property necessary or incidental to the ownership or operation of the El Con Individual Property, and has never engaged in any business other than
the ownership and operation of the El Con Individual Property, and lawful business incident and appropriate thereto; 

  

	 	7.	subject to Section 4.1.4 is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending, which if adversely determined
against El Con Borrower would reasonably be expected to materially adversely affect the condition (financial or otherwise) or business of El Con Borrower, or that resulted in a judgment against it that has not been paid in full;

  

 -82- 

	 	8.	has provided Lender with complete financial statements that are true, correct and complete in all material respects and reflect a fair and accurate view in all material respects of
the entity’s financial condition; 

  

	 	9.	has received a Phase One environmental audit for the El Con Individual Property which has been received by Lender and does not indicate any material environmental concern;

  

	 	10.	has no material contingent or actual obligations not related to the El Con Individual Property, including but not limited to any liability (environmental or otherwise) in connection
with the El Con Individual Property Conveyed Parcels that are still outstanding; and 

  
 (ii) El Con Borrower hereby represents from July, 1998 to June 30, 2000 that it: 
  

	 	1.	has not entered into any contract or agreement with any Affiliate, except upon terms and conditions that are commercially reasonable and substantially similar to those available in
an arm’s-length transaction with an unrelated party which includes those agreements in connection with the conveyance of the El Con Individual Conveyed Parcels; 

  

	 	2.	has paid all of its debts and liabilities from its assets; 

  

	 	3.	has done or caused to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence; 

  

	 	4.	has maintained all of its books, records, financial statements and bank accounts separate from those of any other Person; 

  

	 	5.	has not had its assets listed as assets on the financial statement of any other Person except as required by GAAP; 

  

	 	6.	has filed its own tax returns (except to the extent that it has been a tax-disregarded entity not required to file tax returns under applicable law or except to the extent it is
required to file consolidated tax returns by law); 

  

	 	7.	has been, and at all times has held itself out to the public as, a legal entity separate and distinct from any other Person (including any Affiliate); 

  

	 	8.	has corrected any known misunderstanding regarding its status as a separate entity; 

  

	 	9.	 has conducted all of its business in its own name or in a name owned by it in which it has rights or in a name franchised or licensed to it by an entity other than
an Affiliate, or if by an Affiliate pursuant to the Management Agreement or the Franchise Agreement or a predecessor thereto with the parties thereto or pursuant to a business management services agreement 

  

 -83- 

	 	 
with an Affiliate which complies with (ii)(1) above, and has held all of its assets in its own name; 

  

	 	10.	has not identified itself or any of its Affiliates as a division or part of the other; 

  

	 	11.	has maintained and utilized separate stationery, invoices and checks bearing its own name or the name under which it has conducted business as provided in (ii)(1) above or of an
entity clearly designated as being the El Con Borrower’s agent; 

  

	 	12.	has not commingled its assets with those of any other Person and has held all of its assets in its own name except for any cash collateral accounts in the name of lenders which have
been released or discharged and except for collection in the ordinary course of business of Rents derived from the operation of Las Casitas Village and other revenues in which Borrower does not have an interest; 

  

	 	13.	has not guaranteed or become obligated for the debts of any other Person; except pursuant to the cross-collateralization and pledge of assets to secure loans which have been either
released or discharged or will be released or discharged as a result of the closing of the Loan; 

  

	 	14.	has not held itself out as being responsible for the debts or obligations of any other Person; 

  

	 	15.	has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any employee of an
Affiliate; 

  

	 	16.	has not pledged its assets to secure the obligations of any other Person, except pursuant to the cross-collateralization and pledge of assets to secure loans which have been either
released or discharged or will be released or discharged as a result of the closing of the Loan; 

  

	 	17.	has maintained adequate capital in light of its contemplated business operations; 

  

	 	18.	has maintained a sufficient number of employees in light of its contemplated business operations and has paid the salaries of its own employees from its own funds;

  

	 	19.	has not owned any subsidiary or any equity interest in any other entity; 

  

	 	20.	has not incurred any indebtedness that is still outstanding other than indebtedness that is permitted under the Loan Documents; 

  

 -84- 

	 	21.	has not had any of its obligations guaranteed by an Affiliate, except for guarantees that have been either released or discharged (or that will be discharged as a result of the
closing of the Loan) or guarantees that are expressly contemplated by the Loan Documents; and 

  

	 	22.	none of the tenants holding leasehold interests with respect to the El Con Individual Property are affiliated with El Con Borrower. 

  
 (g) (i) El San Juan Borrower hereby represents that (A) it is and since July
18, 2001, has always been a Special Purpose Entity, (B) since the date of its acquisition by Wyndham and its Affiliates in July, 1998 the following are true and correct, and (C) prior to such acquisition date, the following are true and correct to
El San Juan Borrower’s actual knowledge and belief: 
  

	 	1.	is and always has been duly formed, validly existing, and in good standing in the state of its organization and in all other jurisdictions where it is qualified to do business
except where the failure to do so has been remedied; 

  

	 	2.	has no unpaid judgments or liens of any nature against it except for the Permitted Encumbrances; 

  

	 	3.	subject to Sections 4.1.10 and 4.1.22, is in all material respects in compliance with all laws, regulations, and orders applicable to it and, has (except where the
failure to do so has been remedied) received all material permits necessary for it to operate; 

  

	 	4.	is not involved in any dispute with any taxing authority that is still outstanding; 

  

	 	5.	has paid all taxes still due, owed and outstanding; 

  

	 	6.	except for its ownership of Isla Verde Tourism Parking Corp., a Puerto Rico corporation properly dissolved in 2001 under Puerto Rico law, whose sole business was leasing and
operating a parking lot across the street from the El San Juan Individual Property has never owned any real property other than the El San Juan Individual Property and personal property necessary or incidental to the ownership or operation of the El
San Juan Individual Property, and has never engaged in any business other than the ownership and operation of the El San Juan Individual Property, and lawful business incident and appropriate thereto; 

  

	 	7.	subject to Section 4.1.4, is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending, which if adversely determined
against El San Juan Borrower would reasonably be expected to materially adversely affect the condition (financial or otherwise) or business of El San Juan Borrower, or that resulted in a judgment against it that has not been paid in full;

  

 -85- 

	 	8.	has provided Lender with complete financial statements that are true, correct and complete in all material respects and reflect a fair and accurate view in all material respects of
the entity’s financial condition; 

  

	 	9.	has received a Phase One environmental audit for the El San Juan Individual Property which has been received by Lender and does not indicate any material environmental concern;

  

	 	10.	has no material contingent or actual obligations not related to the El San Juan Individual Property, including but not limited to any liability (environmental or otherwise) in
connection with the El San Juan Individual Property Conveyed Parcels that are still outstanding; and 

  
 (ii) El San Juan Borrower hereby represents from July, 1998 to July 18, 2001 that it: 
  

	 	1.	has not entered into any contract or agreement with any Affiliate, except upon terms and conditions that are commercially reasonable and substantially similar to those available in
an arm’s-length transaction with an unrelated party; 

  

	 	2.	has paid all of its debts and liabilities from its assets; 

  

	 	3.	has done or caused to be done all things necessary to observe all organizational formalities applicable to it and to preserve its existence; 

  

	 	4.	has maintained all of its books, records, financial statements and bank accounts separate from those of any other Person; 

  

	 	5.	has not had its assets listed as assets on the financial statement of any other Person except as required by GAAP; 

  

	 	6.	has filed its own tax returns (except to the extent that it has been a tax-disregarded entity not required to file tax returns under applicable law or except to the extent it is
required to file consolidated tax returns by law); 

  

	 	7.	has been, and at all times has held itself out to the public as, a legal entity separate and distinct from any other Person (including any Affiliate); 

  

	 	8.	has corrected any known misunderstanding regarding its status as a separate entity; 

  

	 	9.	 has conducted all of its business in its own name or in a name owned by it or in which it has rights or in a name franchised or licensed to it by an entity other
than an Affiliate, or if by an Affiliate pursuant to the Management Agreement or the Franchise Agreement or a predecessor thereto with the parties thereto or pursuant to a business management 

  

 -86- 

	 	 
services agreement with an Affiliate which complies with (ii)(1) above, and has held all of its assets in its own name; 

  

	 	10.	has not identified itself or any of its Affiliates as a division or part of the other; 

  

	 	11.	has maintained and utilized separate stationery, invoices and checks bearing its own name or the name of which it has concluded business or provide in (ii)(1), above or of an entity
clearly designated as being an El San Juan Borrower agent; 

  

	 	12.	has not commingled its assets with those of any other Person and has held all of its assets in its own name except for any cash collateral account in the name of lenders which have
been released or discharged and except for collections in the ordinary course of business of revenues in which Borrower does not have an interest; 

  

	 	13.	has not guaranteed or become obligated for the debts of any other Person except pursuant to the cross-collateralization and pledge of assets to secure loans which have been either
released or discharged or will be released or discharged as a result of the closing of the Loan; 

  

	 	14.	has not held itself out as being responsible for the debts or obligations of any other Person; 

  

	 	15.	has allocated fairly and reasonably any overhead expenses that have been shared with an Affiliate, including paying for office space and services performed by any employee of an
Affiliate; 

  

	 	16.	has not pledged its assets to secure the obligations of any other Person except pursuant to the cross-collateralization and pledge of assets to secure loans which have been either
released or discharged or will be released or discharged as a result of the closing of the Loan and no such pledge remains outstanding except in connection with the Loan; 

  

	 	17.	has maintained adequate capital in light of its contemplated business operations; 

  

	 	18.	has maintained a sufficient number of employees in light of its contemplated business operations and has paid the salaries of its own employees from its own funds;

  

	 	19.	has not owned any subsidiary or any equity interest in any other entity other than Isla Verde Tourism Parking, Inc.; 

  

	 	20.	has not incurred any indebtedness that is still outstanding other than indebtedness that is permitted under the Loan Documents; 

  

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	 	21.	has not had any of its obligations guaranteed by an Affiliate, except for guarantees that have been either released or discharged (or that will be discharged as a result of the
closing of the Loan) or guarantees that are expressly contemplated by the Loan Documents; and 

  

	 	22.	none of the tenants holding leasehold interests with respect to the El San Juan Individual Property are affiliated with El San Juan Borrower. 

  
 4.1.39 Franchise Agreement. The Franchise Agreement with
respect to each Individual Property is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or giving of notice, would constitute a default thereunder.

  
 4.1.40 Ground Lease. El Con Borrower hereby
represents and warrants to Lender the following with respect to the Ground Lease: 
  
 (a) Recording; Modification. The Ground Lease has been duly recorded. The Ground Lease permits the interest of El Con Borrower to be encumbered by a mortgage or the Ground Lessor has approved and consented to
the encumbrance of the applicable Individual Property by the related Mortgage. There have not been amendments or modifications to the terms of the Ground Lease since recordation of the Ground Lease, with the exception of written amendments or
modifications, copies of which have been delivered to Lender. The Ground Lease may not be terminated, surrendered or amended without the prior written consent of Lender; provided that Ground Lessor shall not be prevented from exercising its
remedies in accordance with the Ground Lease if the obligations of El Con Borrower under the Ground Lease are not performed as provided in the Ground Lease. 
  
 (b) No Liens. Except for the Permitted Encumbrances and other encumbrances of record, El Con Borrower’s interest in the Ground Lease is not
subject to any Liens or encumbrances superior to, or of equal priority with, the applicable Mortgage other than the Ground Lessor’s related fee interest. 
  

(c) Ground Lease Assignable. El Con Borrower’s interest in the Ground Lease is assignable without the consent of the Ground Lessor to
Lender, the purchaser at any foreclosure sale or the transferee under a deed or assignment in lieu of foreclosure in connection with the foreclosure of the Lien of the related Mortgage or transfer of El Con Borrower’s leasehold estate by deed
or assignment in lieu of foreclosure. Thereafter, the Ground Lease is further assignable by such transferee and its successors and assigns without the consent of the Ground Lessor. 
  
 (d) Default. As of the date hereof, the Ground Lease is in full force and effect and no default by Borrower or, to
Borrower’s knowledge, Ground Lessor has occurred and is continuing under the Ground Lease and there is no existing condition which, but for the passage of time or the giving of notice, would reasonably be expected to result in a default under
the terms of the Ground Lease by Borrower or, to Borrower’s knowledge, by Ground Lessor. 
  
 (e) Notice. The Ground Lease requires the Ground Lessor to give notice of any default by El Con Borrower to Lender prior to exercising its remedies thereunder. 
  

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 (f) Cure. Lender is permitted the opportunity to cure any default under the Ground Lease, which is
curable after the receipt of notice of the default before the Ground Lessor thereunder may terminate the Ground Lease as set forth in Paragraph Seventeen (iii) thereof. 
  
 (g) Term. The term of the Ground Lease expires on November 30, 2022. 
  
 (h) New Lease. The Ground Lease requires the Ground Lessor to enter
into a new lease upon termination (prior to expiration of the term thereof) of the Ground Lease for any reason, including rejection or disaffirmation of the Ground Lease in a bankruptcy proceeding. 
  
 (i) Insurance Proceeds. Under the terms of the Ground Lease and the
Mortgage, taken together, any related insurance and condemnation proceeds that are paid or awarded with respect to the leasehold interest will be applied either to the repair or restoration of all or part of the El Con Individual Property, with
Lender having the right to hold and disburse the proceeds as the repair or restoration progresses, or to the payment of the outstanding principal balance of the Loan together with any accrued interest thereon. 
  
 (j) Subleasing. The Ground Lease permits subleasing subject to the
limitations set forth in the Ground Lease. 
  
 4.1.41 WKA
Ground Lease. Borrower hereby represents and warrants to Lender the following with respect to the WKA Ground Lease: (i) the WKA Ground Lease permits the interest of the respective Borrower to be encumbered by a mortgage; (ii) the WKA Ground
Lease may not be terminated, surrendered or amended without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed; provided that WKA Ground Lessor shall not be prevented from exercising
its remedies in accordance with the WKA Ground Lease if the obligations of Borrower under the WKA Ground Lease are not performed as provided in the WKA Ground Lease, subject, however, to the rights of Lender (x) to cure any default that is curable
by Lender, and (y) to receive a new lease on substantially the same terms as the WKA Ground Lease in the case of a default that is not susceptible of cure by Lender; and (iii) as of the date hereof, the WKA Ground Lease is in full force and effect
and no default has occurred under the WKA Ground Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of the WKA Ground Lease. 
  
 4.1.42 Submerged Land Lease. Borrower hereby represents and
warrants to Lender the following with respect to the Submerged Land Lease relating to the Reach Individual Property: (i) Borrower has heretofore provided Lender with a true and correct copy of the Submerged Land Lease; (ii) there have not been
amendments or modifications to the terms of the Submerged Land Lease other than pursuant to written instruments, copies of which have been previously provided to Lender; (iii) except for the Permitted Encumbrances and other encumbrances of record,
Borrower’s interest in the Submerged Land Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; (iv) Borrower’s interest in the Submerged Land Lease, as a result of a comfort letter
delivered to Lender by the lessor under the Submerged Land Lease is assignable without the consent of the lessor thereunder to Lender in the event Lender acquires title to the riparian upland property adjacent to 

  

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the submerged land described in the Submerged Land Lease and Lender assumes the duties and responsibilities of Borrower under the Submerged Land Lease; and
(v) as of the date hereof, the Submerged Land Lease is in full force and effect and no default by Borrower, or to the best knowledge of Borrower, any other party thereto has occurred under the Submerged Land Lease and there is no existing condition
which, but for the passage of time or the giving of notice, could result in a default under the terms of the Submerged Land Lease. 
  
 4.1.43 Concession Agreements. Borrower hereby represents and warrants to Lender the following with respect to each of the Concession
Agreements: (i) Borrower has heretofore provided Lender with a true and correct copy of the Concession Agreement; (ii) there have not been amendments or modifications to the terms of the Concession Agreements other than pursuant to written
instruments, copies of which have been previously provided to Lender; (iii) Borrower’s interests in the Concession Agreements are not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; and (iv) as of the
date hereof, each of the Concession Agreements is in full force and effect and no default by Borrower, or to the best knowledge of Borrower, any other party thereto has occurred under either of the Concession Agreements and there is no existing
condition which, but for the passage of time or the giving of notice, could result in a default under the terms of either the Concession Agreements. 
  
 4.1.44 Parking Lease. Borrower hereby represents and warrants to Lender the following with respect to the Parking Lease: (i) Borrower has
heretofore provided Lender with a true and correct copy of the Parking Lease; (ii) the Parking Lease permits the interest of Borrower to be encumbered by a mortgage (provided that the mortgage is at all times subject and subordinate to the Parking
Lease); (iii) there have not been amendments or modifications to the terms of the Parking Lease other than pursuant to written instruments, copies of which have been previously provided to Lender; (iv) except for the Permitted Encumbrances and other
encumbrances of record, Borrower’s interest in the Parking Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; (v) Borrower’s interest in the Parking Lease for Land Lot 78 is assignable
upon a sale, lease or transfer of the Atlanta Individual Property without the consent of the Parking Lessor; and (vi) as of the date hereof, the Parking Lease is in full force and effect and no default by Borrower, or to the best knowledge of
Borrower, any other party thereto has occurred under the Parking Lease and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of the Parking Lease. 
  
 4.1.45 Ferryboat Charters. (a) Borrower hereby represents and
warrants the following with respect to each of the Ferryboat Charters: (i) Borrower has heretofore provided Lender with a true and correct copy of the Ferryboat Charter; (ii) there have not been amendments or modifications to the terms of the
Ferryboat Charter other than pursuant to written instruments, copies of which have been previously provided to Lender; (iii) Borrower’s interests in the Ferryboat Charters are not subject to any Liens or encumbrances superior to, or of equal
priority with, the Ship Mortgages; and (iv) as of the date hereof, each of the Ferryboat Charters is in full force and effect and no default by Borrower or Ferryboat Affiliate has occurred under either of the Ferryboat Charters and there is no
existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of any of the Ferryboat Charters. 
  

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 (b) Borrower hereby represents and warrants that El Con Borrower or Ferryboat Affiliate own the
ferryboats encumbered by the Ship Mortgages, free and clear of all Liens whatsoever except the Liens created by the Loan Documents and all Liens of record for which the underlying indebtedness or obligations secured by such Liens have been paid or
discharged and with respect to which Borrower or El Con Borrower is using commercially reasonable efforts to discharge. 
  
 Section 4.2. Survival of Representations. Borrower and Baltimore Owner agree that all of the representations and warranties of Borrower and
Baltimore Owner set forth in Section 4.1 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower and
Baltimore Owner. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower and Baltimore Owner shall be deemed to have been relied upon by Lender notwithstanding any investigation
heretofore or hereafter made by Lender or on its behalf. 
  

	 	V.	BORROWER COVENANTS 

  
 Section 5.1. Affirmative Covenants. From the date hereof and until payment and performance in full of all obligations of Borrower and
Baltimore Owner under the Loan Documents or the earlier release of the Liens of all Mortgages encumbering the Properties (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents (or with respect to
any Individual Borrower, Baltimore Owner and their Principals, the earlier release of the Lien of the Mortgages encumbering the Individual Property owned by such Individual Borrower or Baltimore Owner), Borrower and Baltimore Owner hereby covenant
and agree with Lender that: 
  
 5.1.1 Existence; Compliance
with Legal Requirements. Borrower and Baltimore Owner shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, and its material rights, licenses, permits and franchises and comply
in all material respects with all Legal Requirements applicable to Borrower and the Properties, including, without limitation, Prescribed Laws. There shall never be committed by Borrower or Baltimore Owner and neither Borrower nor Baltimore Owner
shall permit any other Person in occupancy of or involved with the operation or use of the Properties to commit any act or omission affording the federal government or any state or local government the right of forfeiture against any Individual
Property or any part thereof or any monies paid in performance of Borrower’s or Baltimore Owner’s obligations under any of the Loan Documents. Borrower and Baltimore Owner hereby covenant and agree not to commit, permit or suffer to exist
any act or omission affording such right of forfeiture. Borrower and Baltimore Owner shall at all times maintain, preserve and protect all material franchises and trade names and preserve all the material remainder of its property used or useful in
the conduct of its business and shall keep the Properties in good working order and repair in all material respects, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and
improvements thereto, all as more fully provided in the Mortgages. Borrower and Baltimore Owner shall keep the Properties insured at all times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability
and such other insurance, as is more fully provided in this Agreement. Borrower and Baltimore Owner shall operate any Individual 

  

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Property that is the subject of an O&M Agreement in accordance with the terms and provisions thereof in all material respects. After prior notice to
Lender, Borrower and Baltimore Owner, at its own expense, may contest by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal
Requirement to Borrower, Baltimore Owner or any Individual Property or any alleged violation of any Legal Requirement, provided that (a) no Event of Default has occurred and remains uncured; (b) Borrower or Baltimore Owner is permitted to do so
under the provisions of any mortgage or deed of trust superior in lien to the applicable Mortgage; (c) such proceeding shall be permitted under and be conducted in accordance with the provisions of any material instrument to which Borrower or
Baltimore Owner is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (d) neither the applicable Individual Property nor any part thereof or
interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (e) Borrower and/or Baltimore Owner, as applicable, shall promptly upon final determination thereof comply with any such Legal Requirement determined to be
valid or applicable or cure any violation of any Legal Requirement; (f) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower or Baltimore Owner and the applicable Individual Property; and (g) Borrower or
Baltimore Owner shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection
therewith. Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally
established or the applicable Individual Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 
  
 5.1.2 Taxes and Other Charges. Subject to Borrower’s right to contest the same in accordance with the
terms of this Section 5.1.2, Borrower shall pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Properties or any part thereof as the same become due and payable; provided, however,
Borrower’s obligation to directly pay Taxes shall be suspended for so long as Borrower and Baltimore Owner comply with the terms and provisions of Section 7.2 hereof. Borrower will deliver to Lender receipts for payment or other evidence
reasonably satisfactory to Lender that the Taxes and Other Charges have been so paid or are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid. Borrower
shall furnish to Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent provided, however, Borrower is not required to furnish such receipts for payment of Taxes in the
event that such Taxes have been paid by Lender pursuant to Section 7.2 hereof. Except for Permitted Encumbrances, Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever which may be or
become a Lien or charge against the Properties, and shall promptly pay for all utility services provided to the Properties. After prior notice to Lender, Borrower or Baltimore Owner, at its own expense, may contest by appropriate legal proceeding,
promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that (a) no Event of Default has occurred and remains uncured; (b) Borrower or
Baltimore Owner is permitted to do so under the provisions of any mortgage or deed of trust superior in lien to the applicable Mortgage; (c) such proceeding shall be permitted under and be 

  

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conducted in accordance with the provisions of any other instrument to which Borrower or Baltimore Owner is subject and shall not constitute a default
thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (d) no Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled
or lost; (e) Borrower and/or Baltimore Owner shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (f) such
proceeding shall suspend the collection of such contested Taxes or Other Charges from the applicable Individual Property; and (g) Borrower or Baltimore Owner shall furnish such security as may be required in the proceeding, or as may be requested by
Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the
reasonable judgment of Lender, the entitlement of such claimant is finally established or any Individual Property (or part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 
  
 5.1.3 Litigation. Borrower shall give prompt notice to Lender
after obtaining knowledge of any litigation or governmental proceedings pending or threatened against Borrower, Baltimore Owner and Principal which might materially adversely affect Borrower’s, Baltimore Owner’s or Principal’s
condition (financial or otherwise) or business or any Individual Property. 
  
 5.1.4 Access to Properties. Borrower and Baltimore Owner shall permit agents, representatives and employees of Lender to inspect the Properties or any part thereof at reasonable hours upon reasonable
advance notice, subject to the rights of tenants, licensees, concessionaires, patrons or guests. 
  
 5.1.5 Notice of Default. Borrower and Baltimore Owner shall promptly advise Lender of any material adverse change in Borrower’s,
Baltimore Owner’s or Principal’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which Borrower or Baltimore Owner has knowledge. 
  
 5.1.6 Cooperate in Legal Proceedings. Borrower and Baltimore Owner shall cooperate reasonably with Lender with
respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection therewith, permit
Lender, at its election, to participate in any such proceedings. 
  
 5.1.7 Perform Loan Documents. Borrower and Baltimore Owner shall observe, perform and satisfy all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required
under the Loan Documents executed and delivered by, or applicable to, Borrower and Baltimore Owner. 
  
 5.1.8 Award and Insurance Benefits. Borrower and Baltimore Owner shall cooperate with Lender in obtaining for Lender the benefits of any
Awards or Insurance Proceeds to which Lender is entitled under the Loan Documents and which is lawfully or equitably payable in connection with any Individual Property, and Lender shall be reimbursed for any 

  

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reasonable out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements) out of such Insurance
Proceeds or Award. 
  
 5.1.9 Further Assurances.
Borrower and Baltimore Owner shall, at Borrower’s and Baltimore Owner’s sole cost and expense: 
  
 (a) furnish to Lender all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals,
title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower and Baltimore Owner pursuant to the terms of the Loan Documents or which are reasonably
requested by Lender in connection therewith; 
  
 (b) execute and
deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the
obligations of Borrower and Baltimore Owner under the Loan Documents, as Lender may reasonably require, including, without limitation, the execution and delivery of all such writings necessary to transfer any liquor licenses with respect to any
Individual Property into the name of Lender or its designee after the occurrence and during the continuance of an Event of Default; and 
  
 (c) do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the
intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time. 
  
 5.1.10 Mortgage Taxes Paid. Borrower and Baltimore Owner represent that they have paid all state, county and municipal recording and all
other taxes imposed upon the execution and recordation of the Mortgages. 
  
 5.1.11 Financial Reporting. (a) Borrower and Baltimore Owner will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis, in accordance with the Uniform System of Accounts and
reconciled in accordance with GAAP (or such other accounting basis acceptable to Lender), proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and Baltimore Owner and all items of income and expense in
connection with the operation on an individual basis of the Properties. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice to examine such books, records and accounts at the office of
Borrower or Baltimore Owner or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence and during the continuance of an Event of Default, Borrower and
Baltimore Owner shall pay any reasonable out-of-pocket costs and expenses incurred by Lender to examine Borrower’s and Baltimore Owner’s accounting records with respect to the Properties, as Lender shall determine to be necessary or
appropriate in the protection of Lender’s interest. 
  
 (b)
Borrower and Baltimore Owner will furnish to Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of Borrower, a complete copy of Borrower’s and Baltimore Owner’s annual financial statements audited
by a “Big Four” 

  

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accounting firm or other independent certified public accountant reasonably acceptable to Lender in accordance with the Uniform System of Accounts and
reconciled in accordance with GAAP (or such other accounting basis acceptable to Lender) covering the Properties on a combined basis for such Fiscal Year and containing statements of profit and loss for Borrower, Baltimore Owner and the Properties
and a balance sheet for Borrower and Baltimore Owner. Such statements shall set forth the financial condition and the results of operations for the Properties for such Fiscal Year, and shall include, but not be limited to, amounts representing
annual Net Cash Flow, Net Operating Income, Gross Income from Operations and Operating Expenses. Such statements shall also been accompanied by a certification from each Individual Borrower or Baltimore Owner setting forth the results of its
applicable Individual Property. Borrower’s and Baltimore Owner’s annual financial statements shall be accompanied by (i) an unaudited comparison of the budgeted income and expenses and the actual income and expenses for the prior Fiscal
Year certified by Borrower and Baltimore Owner, (ii) an unqualified opinion of a “Big Four” accounting firm or other independent certified public accountant reasonably acceptable to Lender, (iii) a list of tenants, if any, under Material
Leases, (iv) a schedule audited by such independent certified public accountant reconciling Net Operating Income to Net Cash Flow (the “Net Cash Flow Schedule”), which shall itemize all adjustments made to Net Operating Income to
arrive at Net Cash Flow deemed material by such independent certified public accountant, and (v) an Officer’s Certificate certifying that each annual financial statement presents fairly the financial condition and the results of operations of
Borrower and Baltimore Owner and the Properties being reported upon in all material respects and that such financial statements have been prepared in accordance with the Uniform System of Accounts and reconciled in accordance with GAAP and as of the
date thereof, to Borrower’s and Baltimore Owner’s knowledge, whether in any material respect there exists an event or circumstance which constitutes a Default or Event of Default under the Loan Documents executed and delivered by, or
applicable to, Borrower and Baltimore Owner, and if such Default or Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same. 
  
 (c) Borrower and Baltimore Owner will furnish, or cause to be furnished, to
Lender on or before thirty (30) days after the end of each calendar month the following items, accompanied by an Officer’s Certificate stating that, to Borrower’s and/or Baltimore Owner’s knowledge, such items are true, correct,
accurate, and complete in all material respects and fairly present in all material respects the financial condition and results of the operations of Borrower, Baltimore Owner and the Properties on an Individual Property basis (subject to normal
year-end adjustments) as applicable: (i) an occupancy report for the subject month, including an average daily rate in a separate schedule; (ii) monthly and year-to-date unaudited operating statements (including Capital Expenditures on a separate
schedule) prepared for each calendar month, noting Net Operating Income, Gross Income from Operations, and Operating Expenses (not including any contributions to the Replacement Reserve Fund), and, upon Lender’s reasonable request, other
information necessary and sufficient to fairly represent the financial position and results of operation of the Properties during such calendar month, and containing a comparison of budgeted income and expenses and the actual income and expenses
together with a detailed explanation of any variances of five percent (5%) (and at least $50,000) or more between budgeted and actual amounts for such periods, all in form satisfactory to Lender; (iii) a calculation reflecting the annual Debt
Service Coverage Ratio for the immediately preceding twelve (12) month period as of the last day of such month; and (iv) a Net Cash Flow Schedule. 

  

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In addition, such Officer’s Certificate shall also state, to Borrower’s and Baltimore Owner’s knowledge, that the representations and
warranties of Borrower and Baltimore Owner set forth in Section 4.1.30 are true and correct in all material respects as of the date of such certificate and that there are no trade payables outstanding for more than sixty (60) days or such
longer period of time as permitted under clause (t) in the definition of the term “Special Purpose Entity” or under any other provision of this Agreement, or shall set forth any deviations from such statement that may exist. On or before
thirty (30) days after the end of each calendar month, Borrower and Baltimore Owner also will furnish, or cause to be furnished, to Lender the most current Smith Travel Research Reports in the form of Schedule 5.1.11 hereto then available to
Borrower and Baltimore Owner reflecting market penetration and relevant hotel properties competing with each Individual Property. 
  
 (d) For the partial year period commencing on the date hereof Borrower and Baltimore Owner have submitted, and for each Fiscal Year thereafter, Borrower
and Baltimore Owner shall submit to Lender an Annual Budget not later than thirty (30) days prior to the commencement of such period or Fiscal Year in form reasonably satisfactory to Lender. The Annual Budget shall be subject to Lender’s
reasonable approval (each such Annual Budget, an “Approved Annual Budget”). In the event that Lender objects to a proposed Annual Budget submitted by Borrower and Baltimore Owner, Lender shall advise Borrower and Baltimore Owner of
such objections within fifteen (15) days after receipt thereof (and deliver to Borrower and Baltimore Owner a reasonably detailed description of such objections) and Borrower and Baltimore Owner shall promptly revise such Annual Budget and resubmit
the same to Lender. If Lender does not approve or object to Borrower’s and Baltimore Owner’s proposed Annual Budget within such fifteen (15) day period, Borrower and Baltimore Owner shall re-submit such proposed Annual Budget to Lender
(with appropriate notification on such resubmission that failure to respond will constitute approval) and if Lender again fails to approve or object to such re-submitted proposed Annual Budget after an additional fifteen (15) day period, such
proposed Annual Budget shall be deemed approved by Lender. Lender shall advise Borrower and Baltimore Owner of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower and Baltimore Owner a
reasonably detailed description of such objections) and Borrower and Baltimore Owner shall promptly revise the same in accordance with the process described in this subsection until Lender approves the Annual Budget. If Lender does not approve or
object to any revised Annual Budget within such ten (10) day period, Borrower shall resubmit such proposed revised Annual Budget to Lender (with appropriate notification on such resubmission), and if Lender again fails to approve or object to such
resubmitted revised Annual Budget after an additional ten (10) day period, such revised proposed Annual Budget shall be deemed approved by Lender. Until such time that Lender approves or is deemed to have approved a proposed Annual Budget, the most
recently Approved Annual Budget shall apply; provided that such Approved Annual Budget shall be adjusted to reflect (x) matters in the proposed Annual Budget approved by Lender and (y) as to matters in the proposed Annual Budget not yet
approved by Lender (“Disapproved Budget Category”) (i) increases for expenses actually incurred which vary in relation to gross revenues (“Variable Expenses”) in an amount equal to the percentage increase of actual
fiscal year-to-date gross revenues over estimated fiscal year-to-date gross revenues for the period in question set forth in the most recent Approved Annual Budget (“Gross Revenues Percentage Increase”) through the date of the
actual expenditure and (ii) expenses actually incurred which are beyond the reasonable control of Borrower such as Taxes, Insurance Premiums and costs of Utilities 

  

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(“Uncontrollable Expenses”). Notwithstanding anything in any of the Loan Documents to the contrary, expenditures shall be deemed in
compliance with and made pursuant to the Approved Annual Budget even though such expenditures exceed the amount budgeted therefore in the Approved Annual Budget if such expenditures are (i) Uncontrollable Expenses and (ii) Variable Expenses which
exceed the amounts budgeted therefore by not more than the Gross Revenues Percentage Increase. Lender acknowledges that the Annual Budget for Fiscal Year 2005 is satisfactory to Lender for purposes of this Section 5.1.11(d). 
  
 (e) In the event that Borrower or Baltimore Owner must incur an extraordinary
Operating Expense or Capital Expenditure not set forth in the Approved Annual Budget (each, an “Extraordinary Expense”), then Borrower or Baltimore Owner shall promptly deliver to Lender a reasonably detailed explanation of such
proposed Extraordinary Expense for Lender’s approval. Lender shall respond to Borrower’s or Baltimore Owner’s request for approval of an Extraordinary Expense not later than and in the manner provided for in subparagraph (d) above;
and if Lender fails to do so, the Extraordinary Expense shall be deemed approved. 
  
 (f) If requested by Lender, Borrower and Baltimore Owner shall provide Lender, promptly upon request, with the following financial statements if, at the time a Disclosure Document is being prepared for a
Securitization, it is expected that the principal amount of the Loan together with any Affiliated Loans at the time of Securitization may, or if the principal amount of the Loan together with any Affiliated Loans at any time during which the Loan
and any Affiliated Loans are included in a Securitization does, equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in such Securitization: 
  
 (i) A balance sheet with respect to each Individual Property
for the two most recent fiscal years, meeting the requirements of Section 210.3-01 of Regulation S-X of the Securities Act and statements of income and statements of cash flows with respect to each Individual Property for the three most recent
fiscal years, meeting the requirements of Section 210.3-02 of Regulation S-X, and, to the extent that such balance sheet is more than one hundred thirty-five (135) days old as of the date of the document in which such financial statements are
included, interim financial statements of each Individual Property meeting the requirements of Section 210.3-01 and 210.3-02 of Regulation S-X (all of such financial statements, collectively, the “Standard Statements”);
provided, however, that with respect to each Individual Property (other than properties that are hotels, nursing homes, or other properties that would be deemed to constitute a business and not real estate under Regulation S-X or other
legal requirements) that has been acquired by Borrower from an unaffiliated third party (each such Individual Property, “Acquired Property”), as to which the other conditions set forth in Section 210.3-14 of Regulation S-X for
provision of financial statements in accordance with such Section have been met, in lieu of the Standard Statements otherwise required by this Section, Borrower and/or Baltimore Owner shall instead provide the financial statements required by such
Section 210.3-14 of Regulation S-X (“Acquired Property Statements”). 
  
 (ii) Not later than thirty (30) days after the end of each fiscal quarter following the date hereof, a balance sheet of each Individual
Property as of the end of such fiscal 

  

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quarter, meeting the requirements of Section 210.3-01 of Regulation S-X, and statements of income and statements of cash flows of each Individual Property
for the period commencing following the last day of the most recent fiscal year and ending on the date of such balance sheet and for the corresponding period of the most recent fiscal year, meeting the requirements of Section 210.3-02 of Regulation
S-X (provided, that if for such corresponding period of the most recent fiscal year Acquired Property Statements were permitted to be provided hereunder pursuant to clause (i) above, Borrower and/or Baltimore Owner shall instead provide
Acquired Property Statements for such corresponding period). 
  
 (iii) Not later than seventy-five (75) days after the end of each fiscal year following the date hereof, a balance sheet of each Individual Property as of the end of such fiscal year, meeting the requirements of
Section 210.3-01 of Regulation S-X, and statements of income and statements of cash flows of the each Individual Property for such fiscal year, meeting the requirements of Section 210.3-02 of Regulation S-X. 
  
 (iv) Within ten (10) Business Days after notice from Lender
in connection with the Securitization of this Loan, such additional financial statements, such that, as of the date (each, an “Offering Document Date”) of each Disclosure Document, Borrower and Baltimore Owner shall have provided
Lender with all financial statements as described in subsection (f)(i) above; provided, that the fiscal year and interim periods for which such financial statements shall be provided shall be determined as of such Offering Document
Date. 
  
 (g) If requested by Lender, Borrower and Baltimore Owner
shall provide Lender, promptly upon request, with summaries of the financial statements referred to in Section 5.1.11(f) hereof if, at the time a Disclosure Document is being prepared for a Securitization, it is expected that the principal
amount of the Loan and any Affiliated Loans at the time of Securitization may, or if the principal amount of the Loan and any Affiliated Loans at any time during which the Loan and any Affiliated Loans are included in a Securitization does, equal or
exceed ten percent (10%) (but is less than twenty percent (20%)) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in such Securitization. Such summaries shall meet the requirements for
“summarized financial information,” as defined in Section 210.1-02(bb) of Regulation S-X, or such other requirements as may be determined to be necessary or appropriate by Lender. 
  
 (h) All financial statements provided by Borrower and Baltimore Owner
hereunder pursuant to Sections 5.1.11(f) and (g) hereof shall be prepared in accordance with GAAP, and shall meet the requirements of Regulation S-X and other applicable legal requirements. All financial statements referred to in
Sections 5.1.11(f)(i) and 5.1.11(f)(iii) above shall be audited by independent accountants of Borrower and Baltimore Owner acceptable to Lender in accordance with Regulation S-X and all other applicable legal requirements, shall be
accompanied by the manually executed report of the independent accountants thereon, which report shall meet the requirements of Regulation S-X and all other applicable legal requirements, and shall be further accompanied by a manually executed
written consent of the independent accountants, in form and substance acceptable to Lender, to the inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name 

  

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of such independent accountants and the reference to such independent accountants as “experts” in any Disclosure Document and Exchange Act Filing,
all of which shall be provided at the same time as the related financial statements are required to be provided. All financial statements (audited or unaudited) provided by Borrower and Baltimore Owner under Sections 5.1.11(f) and (g)
shall be accompanied by an Officer’s Certificate, which shall state that such financial statements meet the requirements set forth in the first sentence of this Section 5.1.11(h). 
  
 (i) If requested by Lender, Borrower and Baltimore Owner shall provide
Lender, promptly upon request, with any other or additional financial statements, or financial, statistical or operating information, as Lender shall determine to be required pursuant to Regulation S-X or any amendment, modification or replacement
thereto or other legal requirements in connection with any Disclosure Document or any filing under or pursuant to the Exchange Act in connection with or relating to a Securitization (hereinafter, an “Exchange Act Filing”) or as
shall otherwise be reasonably requested by the Lender. 
  
 (j) In
the event Lender determines, in connection with a Securitization, that the financial statements required in order to comply with Regulation S-X or other legal requirements are other than as provided herein, then notwithstanding the provisions of
Sections 5.1.11(f), (g) and (h) hereof, Lender may request, and Borrower and Baltimore Owner shall promptly provide, such combination of Acquired Property Statement and/or Standard Statements or such other financial statements
as Lender determines to be necessary or appropriate for such compliance. 
  
 (k) Any reports, statements or other information required to be delivered under this Agreement shall be delivered (i) in paper form, (ii) on a diskette, and (iii) if requested by Lender and within the capabilities of
Borrower’s and Baltimore Owner’s data systems without change or modification thereto, in electronic form and prepared using a Microsoft Word for Windows or WordPerfect for Windows files (which files may be prepared using a spreadsheet
program and saved as word processing files). Provided Lender is complying with applicable laws, Borrower and Baltimore Owner agree that Lender may disclose information regarding the Properties, Borrower and Baltimore Owner that is provided to Lender
pursuant to this Section 5.1.11(k) in connection with the Securitization to such parties requesting such information in connection with such Securitization. 
  
 5.1.12 Business and Operations. Borrower and Baltimore Owner will continue to engage in the businesses
presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Properties. Borrower and Baltimore Owner will qualify to do business and will remain in good standing under the
laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of the Properties. Borrower and Baltimore Owner shall at all times during the term of the Loan, continue to own (or lease
as permitted hereunder) all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Mortgages) which are necessary to operate the Properties in the manner required hereunder and in the manner in which it is currently
operated, as modified by any changes in operations permitted hereunder. At the request of Lender, Borrower and Baltimore Owner shall execute a certificate in form reasonably satisfactory to Lender listing the trade names under which Borrower or
Baltimore Owner intends to operate each Individual Property, and representing and warranting 

  

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that neither Borrower nor Baltimore Owner does business under any other trade name with respect to such Individual Property. 
  
 5.1.13 Title to the Properties. Borrower and Baltimore Owner
will warrant and defend (a) the title to each Individual Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Liens of the Mortgages and the
Assignments of Leases, subject only to Liens permitted hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower and Baltimore Owner shall reimburse Lender for any losses, costs, damages or
expenses (including reasonable attorneys’ fees and court costs) incurred by Lender if an interest in any Individual Property, other than as permitted hereunder, is claimed by another Person. 
  
 5.1.14 Costs of Enforcement. In the event (a) that any Mortgage
encumbering any Individual Property is foreclosed in whole or in part or that any such Mortgage is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior to or subsequent to any
Mortgage encumbering any Individual Property in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower, Baltimore Owner or any of their constituent Persons or
an assignment by Borrower, Baltimore Owner or any of their constituent Persons for the benefit of its creditors, Borrower, Baltimore Owner, and their successors or assigns, shall be chargeable with and agrees to pay all reasonable costs of
collection and defense, including reasonable attorneys’ fees and costs, incurred by Lender or Borrower or Baltimore Owner in connection therewith and in connection with any appellate proceeding or post-judgment action involved therein, together
with all required service or use taxes. 
  
 5.1.15 Estoppel
Statement. (a) After written request by Lender, but not more than twice in any calendar year (unless requested in connection with a Securitization), Borrower and Baltimore Owner shall within fifteen (15) days furnish Lender with a statement,
duly acknowledged and certified, setting forth (i) the original principal amount of the Loan, (ii) the unpaid principal amount of the Loan, (iii) the Applicable Interest Rate of the Loan, (iv) the date installments of interest and/or principal were
last paid, (v) any then known offsets or defenses to the payment of the Debt or the payment of the other obligations under the Loan Documents, if any, and (vi) that the Note, this Agreement, the Mortgages and the other Loan Documents are valid,
legal and binding obligations and have not been modified or if modified, giving particulars of such modification. 
  
 (b) Borrower and Baltimore Owner shall use commercially reasonable efforts to deliver to Lender upon request, tenant estoppel certificates from each
commercial tenant leasing space at the Properties under a Material Lease in form and substance reasonably satisfactory to Lender provided that Borrower and Baltimore Owner shall not be required to deliver such certificates more frequently than two
(2) times in any calendar year. 
  
 (c) After written request by
Borrower and Baltimore Owner, but not more than twice in any calendar year, Lender shall within fifteen (15) days furnish Borrower, Baltimore Owner and their designees with a statement setting forth (i) the original principal amount of the Loan,
(ii) the unpaid principal amount of the Loan, (iii) the Applicable Interest 

  

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Rate of the Loan, (iv) the date installments of interest and/or principal were last paid, and (v) to the knowledge of Lender, no Event of Default exists.

  
 5.1.16 Loan Proceeds. Borrower and Baltimore
Owner shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4 hereof. 
  
 5.1.17 Performance by Borrower and Baltimore Owner. Borrower and Baltimore Owner shall in a timely manner observe, perform and fulfill each
and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower and Baltimore Owner, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other
modification of any Loan Document executed and delivered by, or applicable to, Borrower and Baltimore Owner without the prior consent of Lender. 
  
 5.1.18 Confirmation of Representations. Borrower and Baltimore Owner shall deliver, in connection with any Securitization, (a) one (1) or
more Officer’s Certificates certifying to the knowledge of Borrower and Baltimore Owner, as to the accuracy of all representations made by Borrower and Baltimore Owner in the Loan Documents as of the date of the closing of such Securitization
in all relevant jurisdictions (or if any such representations are no longer accurate, providing an explanation as to the reason for such inaccuracy), and (b) certificates of the relevant Governmental Authorities in all relevant jurisdictions
indicating the good standing and qualification of Borrower, Baltimore Owner and Principal as of the date of the Securitization. 
  
 5.1.19 No Joint Assessment. Neither Borrower nor Baltimore Owner shall suffer, permit or initiate the joint assessment of any Individual
Property (a) with any other real property constituting a tax lot separate from such Individual Property, and (b) which constitutes real property with any portion of such Individual Property which may be deemed to constitute personal property, or any
other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Individual Property. 
  
 5.1.20 Leasing Matters. Borrower and Baltimore Owner shall have
the right, without the consent of Lender, to enter into any Lease (other than a Material Lease). Upon request, Borrower and Baltimore Owner shall furnish Lender with executed copies of all Leases. All proposed Material Leases shall be on
commercially reasonable terms and shall not contain any terms which would materially affect Lender’s rights under the Loan Documents. All Leases executed after the date hereof shall provide that they are subordinate to the Mortgage encumbering
the applicable Individual Property and that the lessee agrees to attorn to Lender or any purchaser at a sale by foreclosure or power of sale. Borrower and Baltimore Owner (a) shall observe and perform the obligations imposed upon the lessor under
the Material Leases in a commercially reasonable manner; (b) shall have the right, without the consent of Lender, to amend, modify, or waive the provisions of any Lease (other than a Material Lease except to the extent required pursuant to the terms
of an existing Material Lease and provided Lender receives notice thereof) or terminate, reduce rents under, accept the surrender of space under, or shorten the term of, any Lease (other than a Material Lease) or of any guaranty, letter of credit or
other 

  

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credit support with respect thereto, so long as such action does not have a material adverse affect on the value of the applicable Individual Property taken
as a whole, provided, however, that a termination of a Lease (other than a Material Lease) with a tenant who is in default beyond applicable notice and cure periods shall not be considered an action which has a material adverse affect
on the value of the Individual Property taken as a whole; (c) shall enforce the terms, covenants and conditions contained in the Material Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner
and in a manner not to impair the value of the Individual Property involved; (d) shall not collect any of the rents more than one (1) month in advance (other than security deposits); (e) shall not execute any other assignment of lessor’s
interest in the Leases or the Rents (except as contemplated by the Loan Documents); (f) shall not alter, modify or change the terms of the Leases in a manner inconsistent with the provisions of the Loan Documents; and (g) shall execute and deliver
at the request of Lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require. Lender shall not unreasonably withhold, condition or delay its consent with
respect to the entering into, renewal, extension, amendment, modification, waiver of provisions of, termination, reduction of rents under, acceptance of a surrender of space or the shortening of the term of any Material Lease. Notwithstanding
anything to the contrary contained herein, neither Borrower nor Baltimore Owner shall enter into a lease of all or substantially all of any Individual Property without Lender’s prior consent, which consent may be withheld or conditioned in
Lender’s sole discretion. To the extent Lender’s prior written approval is required pursuant to this Section 5.1.20, Lender shall have fifteen (15) days from receipt of written request and any and all reasonably required information
and documentation relating thereto in which to approve or disapprove such request and such written request shall state thereon in bold letters of 14 point font or larger that action is required by Lender and Lender’s consent will be deemed
given if there is no response by Lender. If Lender fails to approve or disapprove the request within such fifteen (15) days, Lender’s approval shall be deemed given. Should Lender fail to approve any such request, Lender shall give Borrower and
Baltimore Owner written notice setting forth in reasonable detail the basis for such disapproval. Lender shall not unreasonably withhold, condition or delay approval of the execution of any subordination and non-disturbance or similar recognition
agreement requested by any tenant under a lease provided (i) Lender has approved such lease, which approval shall not be unreasonably withheld, conditioned or delayed, and (ii) such agreement is in form, scope and substance reasonably acceptable to
Lender. 
  
 5.1.21 Alterations. Borrower and
Baltimore Owner shall obtain Lender’s prior consent to any alterations to any Improvements, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, Lender’s consent shall not be required in
connection with any alterations that will not have a material adverse effect on any Individual Borrower’s or Baltimore Owner’s financial condition, the value of the applicable Individual Property or the Net Operating Income, provided that
such alterations with respect to the applicable Individual Property (a) are made in connection with tenant improvement work performed pursuant to the terms of any Lease executed on or before the date hereof or any Lease executed after the date
hereof in accordance with the terms of this Agreement, (b) related solely to furniture, fixtures and equipment, (c) have been provided for in the Approved Annual Budget, (d) do not adversely affect any structural component of any Improvements on the
applicable Individual Property, any utility or HVAC system contained in any Improvements or the exterior of any building constituting a part of any Improvements and the aggregate cost thereof does not 

  

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exceed the lesser of One Million and 00/100 Dollars ($1,000,000) or three percent (3%) of the Release Amount attributed to such Individual Property or (e)
are performed in connection with the Restoration of an Individual Property after the occurrence of a Casualty or Condemnation in accordance with the terms and provisions of this Agreement. To the extent Lender’s prior written approval is
required pursuant to this Section 5.1.21, Lender shall have thirty (30) days from receipt of written request and any and all reasonably required information and documentation relating thereto in which to approve or disapprove such request and
such written request shall state thereon in bold letters of 14 point font or larger that action is required by Lender and Lender’s consent will be deemed given if there is no response by Lender. If Lender fails to approve or disapprove the
request within such thirty (30) days, Lender’s approval shall be deemed given. Should Lender fail to approve any such request, Lender shall give Borrower and Baltimore Owner written notice setting forth in reasonable detail the basis for such
disapproval. If the total unpaid amounts due and payable with respect to alterations to the Improvements at any Individual Property (other than such amounts to be paid or reimbursed by tenants under the Leases or from Reserves) shall at any time
exceed the lesser of One Million and 00/100 Dollars ($1,000,000) or three percent (3%) of the Release Amount attributed to such Individual Property (the “Alteration Threshold Amount”), Borrower and Baltimore Owner shall promptly
deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s and Baltimore Owner’s obligations under the Loan Documents any of the following: (A) cash or a Letter of Credit, (B) U.S. Obligations,
(C) other securities having a rating acceptable to Lender and that the Rating Agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher, then current ratings
assigned to any Securities or any class thereof in connection with any Securitization, or (D) a completion and payment bond issued by a financial institution having a rating by S&P of not less than “A-1+” if the term of such bond no
longer than three (3) months or, if such term is in excess of three (3) months, issued by a financial institution having a rating that is reasonably acceptable to Lender and that, if required by Lender, the Rating Agencies have confirmed in writing
will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher, then current ratings assigned to any Securities or any class thereof in connection with any Securitization. Such security shall be, and
shall be adjusted from time to time to be, in an amount equal to the excess of the total unpaid amounts with respect to alterations to the Improvements on the applicable Individual Property (other than such amounts to be paid or reimbursed by
tenants under the Leases or Reserves) over the Alteration Threshold Amount and Lender may apply such security from time to time at the option of Lender to pay for such alterations. 
  
 5.1.22 Operation of Property; Minimum Capital Expenditure. (a) Borrower and Baltimore Owner shall cause the
Properties to be operated, in all material respects, in accordance with the Management Agreements (or Replacement Management Agreements, as applicable). In the event that any Management Agreement expires or is terminated (without limiting any
obligation of Borrower and Baltimore Owner to obtain Lender’s consent to any termination or modification of any Management Agreement in accordance with the terms and provisions of this Agreement), the applicable Individual Borrower shall
promptly enter into a Replacement Management Agreement with Manager or Qualified Manager, as applicable. In the event that any Franchise Agreement expires or is terminated (without limiting any obligation of Borrower or Baltimore Owner, as the case
may be, to obtain Lender’s consent to any termination or modification of any Franchise Agreement in accordance with the terms and 

  

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provisions of this Agreement), the applicable Individual Borrower or Baltimore Owner, as the case may be, shall promptly enter into a Replacement Franchise
Agreement with Franchisor or Qualified Franchisor, as applicable. 
  
 (b) Borrower and Baltimore Owner shall: (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by it under the Management Agreements and the Franchise
Agreements and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under any Management Agreement or Franchise Agreement of which it is aware; (iii) promptly
deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under any Management Agreement; and (iv) enforce the performance and observance in all material respects of
the covenants and agreements required to be performed and/or observed by Manager under each Management Agreement, in a commercially reasonable manner. 
  
 (c) Subject to the receipt of any required lender approvals (provided that Borrower and Baltimore Owner shall have acted in good faith to obtain such
approvals in a timely manner) and Unavoidable Delays, Borrower and Baltimore Owner shall expend for Capital Expenditures (including the Capital Expenditures identified in Section 5.1.22(d) below, but exclusive of any Capital Expenditures
financed with the proceeds of any (1) Net Proceeds, (2) Required Repair Fund or (3) Replacement Reserve Fund except as provided in the next sentence) not less than, with respect to all Properties in the aggregate, the Minimum Aggregate Cap Ex Amount
on or prior to the Initial Maturity Date. Any amounts financed with the proceeds of Replacement Reserve Fund shall be credited against the Minimum Aggregate Cap Ex Amount to be expended in accordance with this Section 5.1.22(c), provided that
such credit shall be limited to an amount not to exceed two percent (2%) of the Gross Income from Operations for the period from the Closing Date through and including the Initial Maturity Date In the event that Borrower and Baltimore Owner have not
expended such amount by the Initial Maturity Date, then prior to or contemporaneously with the extension of the term pursuant to Section 2.7, Borrower and Baltimore Owner shall deposit with Lender cash or cash equivalents (including a Letter
of Credit) in an amount equal to the amount of such deficiency and upon such deposit (but subject to Section 5.1.22(d)), Borrower and Baltimore Owner shall be deemed not to be in default of this Section 5.1.22(c). The amount so
deposited (or the proceeds of such Letter of Credit) shall constitute a Reserve Fund hereunder and, in connection with a Capital Expenditure (other than a Capital Expenditure financed with the proceeds of any Net Proceeds or Required Repair Funds)
during the applicable Extension Option shall be released to Borrower and Baltimore Owner in accordance with and subject to the same terms and conditions applicable to disbursements from the Replacement Reserve Account set forth in Section
7.3.2 hereof. Notwithstanding anything to the contrary contained in the foregoing provisions of this Section 5.1.22(c), in the event of a release of an Individual Property in accordance with Section 2.5.1 hereof, (i) the Minimum
Aggregate Cap Ex Amount shall be reduced by an amount equal to the product of (A) the Minimum Aggregate Cap Ex Amount immediately prior to such release and (B) a ratio determined by dividing the Release Price of such Individual Property by the
aggregate Release Price of all Properties (including such Individual Property) and (ii) the aggregate amount expended by Borrower and Baltimore Owner on Capital Expenditures relating to the Properties shall be calculated for purposes of this
Section 5.1.22(c) without regard to any amounts 

  

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expended by Borrower and Baltimore Owner on Capital Expenditures relating to such released Individual Property. 
  
 (d) Subject to Unavoidable Delays, Borrower shall expend (i) $650,000 for
elevator repairs at the Baltimore Individual Property within twelve (12) months of the date hereof, (ii) $2,500,000 to replace back-up generators at the El Con Individual Property within eighteen (18) months of the date hereof and (iii) $1,200,000
to replace back-up generators at the El San Juan Individual Property within eighteen (18) months of the date hereof. 
  
 5.1.23 Ground Lease. (a) El Con Borrower shall, at its sole cost and expense, promptly and timely perform and observe all the material
terms, covenants and conditions required to be performed and observed by El Con Borrower as lessee under the Ground Lease (including, but not limited to, the payment of all rent, additional rent, percentage rent and other charges required to be paid
under the Ground Lease). 
  
 (b) If El Con Borrower shall be in
default in any material respect under the Ground Lease, then, subject to the terms of the Ground Lease, El Con Borrower shall grant Lender the right (but not the obligation), to cause such default or defaults under the Ground Lease to be remedied
and otherwise exercise any and all rights of El Con Borrower under the Ground Lease, as may be necessary to prevent or cure any such default provided such actions are necessary to protect Lender’s interest under the Loan Documents, and Lender
shall have the right to enter all or any portion of the applicable Individual Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. 
  
 (c) The actions or payments of Lender to cure any default by El Con Borrower under the Ground Lease shall not remove or
waive, as between El Con Borrower and Lender, the default that occurred under this Agreement by virtue of the default by El Con Borrower under the Ground Lease. However, it will not be a default by El Con Borrower if there are sufficient funds in
the Ground Lease Reserve to pay rent under the Ground Lease and such funds are not promptly paid to the lessor under the Ground Lease. All sums expended by Lender to cure any such default shall be paid by El Con Borrower to Lender, upon demand, with
interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the related Mortgage.

  
 (d) El Con Borrower shall notify Lender promptly in writing
after obtaining knowledge thereof of the occurrence of any material default by the lessor under the Ground Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a material default by the
lessor under the Ground Lease, and the receipt by El Con Borrower of any notice (written or otherwise) from the lessor under the Ground Lease noting or claiming the occurrence of any default by El Con Borrower under the Ground Lease or the
occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by El Con Borrower under the Ground Lease. El Con Borrower shall promptly deliver to Lender a copy of any such written notice of
default. 
  
 (e) Within ten (10) days after receipt of written
demand by Lender, but not more than once in any calendar year, El Con Borrower shall use reasonable efforts to obtain from 

  

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the lessor under the Ground Lease and furnish to Lender the estoppel certificate of such lessor stating the date through which rent has been paid and whether
or not to the knowledge of such lessor there are any defaults thereunder and specifying the nature of such claimed defaults, if any. 
  
 (f) El Con Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender, subject to
the terms of the Ground Lease, to cure any default under the Ground Lease or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of Lender under the Loan
Documents with respect to the leasehold estate under the Ground Lease. Upon the occurrence and during the continuance of an Event of Default, El Con Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or
otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of El Con Borrower under or with respect to the Ground Lease, including, without limitation, the right to effectuate any extension or renewal
of the Ground Lease, or to preserve any rights of El Con Borrower whatsoever in respect of any part of the Ground Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable until the Loan is paid in full).

  
 (g) Notwithstanding anything to the contrary contained in this
Agreement with respect to the Ground Lease: 
  
 (i) The lien of the related Mortgage attaches to all of El Con Borrower’s rights and remedies at any time arising under or pursuant to Subsection 365(h) of the Bankruptcy Code, including, without limitation, all of El Con
Borrower’s rights, as debtor, to remain in possession of the applicable Individual Property. 
  
 (ii) El Con Borrower shall not, without Lender’s written consent, elect to treat the Ground Lease as terminated under subsection
365(h)(l) of the Bankruptcy Code. Any such election made without Lender’s prior written consent shall be void. 
  
 (iii) As security for the Debt, El Con Borrower unconditionally assigns, transfers and sets over to Lender all of El Con Borrower’s
claims and rights to the payment of damages arising from any rejection by the lessor under the Ground Lease under the Bankruptcy Code. Lender and El Con Borrower shall proceed jointly or in the name of El Con Borrower in respect of any claim, suit,
action or proceeding relating to the rejection of the Ground Lease, including, without limitation, the right to file and prosecute any proofs of claim, complaints, motions, applications, notices and other documents in any case in respect of lessor
under the Bankruptcy Code. This assignment constitutes a present, irrevocable and unconditional assignment of the foregoing claims, rights and remedies, and shall continue in effect until all of the Debt shall have been satisfied and discharged in
full. Any amounts received by Lender or El Con Borrower as damages arising out of the rejection of the Ground Lease as aforesaid shall be made available to El Con Borrower for the replacement of the amenities lost as a result of such rejection,
subject to reasonable terms and conditions, with any excess applied to the Debt in accordance with the applicable provisions of this Agreement. 
  

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 (iv) If, pursuant to subsection 365(h) of the Bankruptcy Code, El Con Borrower seeks to
offset, against the rent reserved in the Ground Lease, the amount of any damages caused by the nonperformance by the lessor of any of its obligations thereunder after the rejection by lessor of the Ground Lease under the Bankruptcy Code, then El Con
Borrower shall not effect any offset of the amounts so objected to by Lender. If Lender has failed to object as aforesaid within ten (10) days after notice from El Con Borrower in accordance with the first sentence of this subsection, El Con
Borrower may proceed to offset the amounts set forth in El Con Borrower’s notice. 
  
 (v) If any action, proceeding, motion or notice shall be commenced or filed in respect of any lessor of all or any part of the applicable
Individual Property subject to the Ground Lease in connection with any case under the Bankruptcy Code, Lender and El Con Borrower shall cooperatively conduct and control any such litigation with counsel agreed upon between El Con Borrower and Lender
in connection with such litigation. El Con Borrower shall, upon demand, pay to Lender all out-of-pocket costs and expenses (including reasonable attorneys’ fees and costs) actually paid or actually incurred by Lender in connection with the
cooperative prosecution or conduct of any such proceedings. All such costs and expenses shall be secured by the lien of the related Mortgage. 
  
 (vi) El Con Borrower shall promptly, after obtaining knowledge of such filing notify Lender orally of any filing by or against the lessor
under the Ground Lease of a petition under the Bankruptcy Code. El Con Borrower shall thereafter promptly give written notice of such filing to Lender, setting forth any information available to El Con Borrower as to the date of such filing, the
court in which such petition was filed, and the relief sought in such filing. El Con Borrower shall promptly deliver to Lender any and all notices, summonses, pleadings, applications and other documents received by El Con Borrower in connection with
any such petition and any proceedings relating to such petition. 
  
 5.1.24 WKA Ground Leases. (a) Borrower shall, at its sole cost and expense, promptly and timely perform and observe all the material terms, covenants and conditions required to be performed and observed by Borrower as lessee
under the WKA Ground Lease (including, but not limited to, the payment of all rent, additional rent, percentage rent and other charges required to be paid under the WKA Ground Lease). 
  
 (b) If Borrower shall be in default in any material respect under the WKA Ground Lease, then, subject to the terms of the
WKA Ground Lease, Borrower shall grant Lender the right (but not the obligation), to cause the default or defaults under the WKA Ground Lease to be remedied and otherwise exercise any and all rights of Borrower under the WKA Ground Lease, as may be
necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest under the Loan Documents, and Lender shall have the right to enter all or any portion of the WKA Ground Lease Property at such times and
in such manner as Lender deems necessary, to prevent or to cure any such default. All sums expended by Lender to cure any such default shall be paid by Borrower to Lender, upon demand, with interest on such sum at the Default Rate from the date such
sum is expended to and including the date the 

  

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reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Mortgage. 
  
 (c) Borrower shall notify Lender promptly in writing of the occurrence of any
material default by the lessor under the WKA Ground Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a material default by the lessor under the WKA Ground Lease, and the receipt by
Borrower of any notice (written or otherwise) from the lessor under the WKA Ground Lease noting or claiming the occurrence of any default by Borrower under the WKA Ground Lease or the occurrence of any event that, with the passage of time or service
of notice, or both, would constitute a default by Borrower under the WKA Ground Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default. 
  
 (d) Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to
permit Lender to cure any default under the WKA Ground Lease or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of Lender under the Loan Documents with
respect to the WKA Ground Lease Property. Upon the occurrence and during the continuation of an Event of Default, Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to
execute any and all documents that are necessary to preserve any rights of Borrower under or with respect to the WKA Ground Lease, including, without limitation, the right to effectuate any extension or renewal of the WKA Ground Lease, or to
preserve any rights of Borrower whatsoever in respect of any part of the WKA Ground Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable). 
  
 (e) In the event that the WKA Ground Lease is terminated, Borrower shall promptly provide for replacement employee parking
and a water cistern to the extent necessary for the operation of the hotel and the related facilities on the El Con Individual Property, the location and construction of which shall be subject to Lender’s reasonable approval and consent.

  
 5.1.25 Submerged Land Leases. The Borrower
hereby covenants and agrees with Lender with respect to the Submerged Land Leases as follows: 
  
 (a) Borrower shall not, without Lender’s prior written consent, materially amend, modify or supplement, or consent to or suffer the material amendment, modification or supplementation of the Submerged Land
Leases; 
  
 (b) Borrower shall pay all charges and other sums to
be paid by Borrower pursuant to the terms of the Submerged Land Leases, if any, as the same shall become due and payable and prior to the expiration of any applicable grace period therein provided; 
  
 (c) Borrower shall comply, in all material respects, with all of the terms,
covenants and conditions on the Borrower’s part to be complied with pursuant to terms of the Submerged Land Leases; 
  

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 (d) Borrower shall not, without the prior written consent of Lender, which consent shall not be
unreasonably withheld, conditioned or delayed, terminate or surrender, the Submerged Land Leases; 
  
 (e) Borrower shall promptly furnish to Lender any notice of default or other communication delivered in connection with the Submerged Land Leases by any
party to the Submerged Land Leases other than routine correspondence and invoices; 
  
 (f) Borrower shall not assign (other than to Lender) or encumber its rights under the Submerged Land Leases; 
  
 (g) If Lender, its nominee, designee, successor, or assignee acquires title and/or rights of Borrower under the Submerged Land Leases by reason of
foreclosure of the Mortgage, deed-in-lieu of foreclosure or otherwise, such party shall (x) succeed to all of the rights of and benefits accruing to Borrower under the Submerged Land Leases, and (y) be entitled to exercise all of the rights and
benefits accruing to Borrower under the Submerged Land Leases. At such time as Lender shall request, Borrower agrees to execute and deliver to Lender such documents as Lender and its counsel may reasonably require in order to insure that the
provisions of this section will be validly and legally enforceable and effective against Borrower and all parties claiming by, through, under or against Borrower. 
  
 5.1.26 Concession Agreements. Borrower shall (a) cause the parking to be operated pursuant to the related
Concession Agreements; (b) promptly perform and/or observe in all material respects all of the covenants, agreements and obligations required to be performed and observed by Borrower under the Concession Agreements and do all things necessary to
preserve and to keep unimpaired its material rights thereunder; (c) promptly notify Lender of any default under any Concession Agreements upon becoming aware of the same; (d) to the extent reasonably requested by Lender, promptly deliver to Lender a
copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by Borrower under the Concession Agreements; and (e) promptly enforce to the extent commercially reasonable the performance and
observance of all of the covenants and agreements required to be performed and/or observed by the Operator under the Concession Agreements. 
  
 5.1.27 Parking Lease. (a) Borrower shall, at its sole cost and expense, promptly and timely perform and observe in all material respects all
the terms, covenants and conditions required to be performed and observed by Borrower as lessee under the Parking Lease (including, but not limited to, the payment of all rent and other charges required to be paid under the Parking Lease).

  
 (b) If Borrower shall be in default in any material respect
under the Parking Lease, then, subject to the terms of the Parking Lease, Borrower shall grant Lender the right (but not the obligation), to cause the default or defaults under the Parking Lease to be remedied and otherwise exercise any and all
rights of Borrower under the Parking Lease, as may be necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest under the Loan Documents, and Lender shall have the right to enter all or any
portion of the Parking Lease Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. All sums expended by Lender to cure any such default shall be paid 

  

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by Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the
date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the Mortgage. 
  
 (c) Promptly upon becoming aware thereof, Borrower shall notify Lender in writing of the occurrence of any material default by the lessor under the
Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a material default by the lessor under the Parking Lease, and the receipt by Borrower of any notice (written or otherwise)
from the lessor under the Parking Lease noting or claiming the occurrence of any default by Borrower under the Parking Lease or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by
Borrower under the Parking Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default. 
  
 (d) Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default
under the Parking Lease or permit Lender to take such other action required to enable Lender to cure or remedy the matter in default and preserve the security interest of Lender under the Loan Documents with respect to the Parking Lease. Upon the
occurrence and during the continuation of an Event of Default, Borrower irrevocably appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to
preserve any rights of Borrower under or with respect to the Parking Lease, including, without limitation, the right to effectuate any extension or renewal of the Parking Lease, or to preserve any rights of Borrower whatsoever in respect of any part
of the Parking Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable). 
  
 5.1.28 Tax Exemption Decrees. El Con Borrower, at its sole cost and expense, shall (a) timely submit all required documentation with the
applicable governmental and/or taxing authority having jurisdiction over the El Con Individual Property, and perform all acts necessary in connection therewith, in order to effectuate an extension of that certain Tax Exemption Decree currently in
effect and issued in connection with the El Con Individual Property (the “El Con Tax Decree”); (b) timely submit an application for such extension and submit reasonably satisfactory evidence thereof to Lender and promptly upon
receipt of said extension, deliver to Lender reasonably satisfactory evidence of such extension and (c) subject to Unavoidable Delays, timely comply and perform in all material respects with all terms and conditions or requirements under the El Con
Tax Decree currently in effect or as extended or renewed, as applicable, and provide and deliver to Lender reasonably satisfactory evidence of such compliance. El San Juan Borrower, at its sole cost and expense, shall (i) timely submit all required
documentation with the applicable governmental and/or taxing authority having jurisdiction over the El San Juan Individual Property, and perform all acts necessary in connection therewith, in order to effectuate the continuance of that certain Tax
Exemption Decree currently in effect and issued in connection with the El San Juan Individual Property (the “El San Juan Tax Decree”); and (ii) subject to Unavoidable Delays, timely comply with all terms and conditions set forth in
the El San Juan Tax Decree and provide and deliver to Lender reasonably satisfactory evidence of such compliance. 
  

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 5.1.29 Ferryboat Charters; Ferryboats. 
  
 (a) Borrower shall, at its sole cost and expense, promptly and timely perform
and observe all the material terms, covenants and conditions required to be performed and observed by Borrower as lessee under the Ferryboat Charters (including, but not limited to, the payment of all rent and other charges required to be paid under
the Ferryboat Charters). 
  
 (b) If Borrower shall be in default
in any material respect under any of the Ferryboat Charters, then, subject to the terms of such Ferryboat Charter, Borrower shall grant Lender the right (but not the obligation), to cause the default or defaults under the Ferryboat Charter to be
remedied and otherwise exercise any and all rights of Borrower under the Ferryboat Charter, as may be necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest under the Loan Documents, and Lender
shall have the right to board or otherwise take possession of the applicable ferryboat at such times and in such manner as Lender deems necessary, to prevent or to cure any such default. All sums expended by Lender to cure any such default shall be
paid by Borrower to Lender, upon demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be
deemed to be secured by the Loan Documents. 
  
 (c) Promptly upon
becoming aware thereof, Borrower shall notify Lender in writing of the occurrence of any material default by the lessor under any of the Ferryboat Charters or the occurrence of any event that, with the passage of time or service of notice, or both,
would constitute a material default by the lessor under any of the Ferryboat Charters, and the receipt by Borrower of any notice (written or otherwise) from the lessor under any of the Ferryboat Charters noting or claiming the occurrence of any
default by Borrower under such Ferryboat Charter or the occurrence of any event that, with the passage of time or service of notice, or both, would constitute a default by Borrower under any of the Ferryboat Charters. Borrower shall promptly deliver
to Lender a copy of any such written notice of default. 
  
 (d)
Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default under the Ferryboat Charters or permit Lender to take such other action required to enable Lender
to cure or remedy the matter in default and preserve the security interest of Lender under the Loan Documents with respect to the Ferryboat Charters. Upon the occurrence and during the continuation of an Event of Default, Borrower irrevocably
appoints Lender as its true and lawful attorney-in-fact to do, in its name or otherwise, any and all acts and to execute any and all documents that are necessary to preserve any rights of Borrower under or with respect to the Ferryboat Charters,
including, without limitation, the right to effectuate any extension or renewal of the Ferryboat Charters, or to preserve any rights of Borrower whatsoever in respect of any of the Ferryboat Charters (and the above powers granted to Lender are
coupled with an interest and shall be irrevocable). 
  
 (e)
Borrower shall use, or cause Ferryboat Affiliate to use, commercially reasonable efforts to discharge all Liens of record relating to the ferryboats encumbered by the Ship Mortgages, with respect to which Liens the underlying indebtedness or
obligations secured by such Liens have been paid or discharged. 
  

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 (f) In the event any Ferryboat Charter is terminated, Borrower shall promptly provide for a replacement
of the ferryboat subject thereto to the extent necessary for the operation of the hotel and related facilities on the El Con Individual Property, such replacement to be reasonably acceptable to Lender. 
  
 Section 5.2. Negative Covenants. From the date hereof until
payment and performance in full of all obligations of Borrower and Baltimore Owner under the Loan Documents or the earlier release of the Liens of all Mortgages in accordance with the terms of this Agreement and the other Loan Documents (or with
respect to any Individual Borrower, Baltimore Owner and their Principals, the earlier release of the Lien of the Mortgages encumbering the Individual Property owned by such Individual Borrower or Baltimore Owner), each of Borrower and Baltimore
Owner covenants and agrees with Lender that it will not do, directly or indirectly, any of the following: 
  
 5.2.1 Operation of Property. (a) Neither Borrower nor Baltimore Owner shall, without Lender’s prior consent (which consent shall not be
unreasonably withheld, conditioned or delayed): (i) surrender, terminate, cancel, or amend or modify in any material respect any Management Agreement; provided, that Borrower and Baltimore Owner may, without Lender’s consent, replace the
Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement; (ii) surrender, terminate, cancel, amend or modify in any material respect any Franchise Agreement; provided, that Borrower and
Baltimore Owner may, without Lender’s consent, replace the Franchisor so long as the replacement franchisor is a Qualified Franchisor pursuant to a Replacement Franchise Agreement; (iii) reduce or consent to the reduction of the term of any
Management Agreement or Franchise Agreement; (iv) increase or consent to the increase of the amount of any charges under any Management Agreement or Franchise Agreement; or (v) otherwise modify, change, supplement, alter or amend, or waive or
release any of its rights and remedies under, any Management Agreement or Franchise Agreement in any material respect. 
  
 (b) Notwithstanding anything to the contrary contained in this Agreement, Borrower and Baltimore Owner shall have the right, without Lender’s
consent, to change the brand of any hotel or resort at any Individual Property to a brand of a Qualified Franchisor. 
  
 (c) Following the occurrence and during the continuance of an Event of Default, Borrower and Baltimore Owner shall not exercise any rights, make any
decisions, grant any approvals or otherwise take any action under any Management Agreement or Franchise Agreement without the prior consent of Lender, which consent may be withheld or conditioned in Lender’s sole discretion. 
  
 5.2.2 Liens. Neither Borrower nor Baltimore Owner shall create,
incur, assume or suffer to exist any Lien on any portion of any Individual Property or permit any such action to be taken, except: 
  

	 	(i)	Permitted Encumbrances; 

  

	 	(ii)	Liens created by or permitted pursuant to the Loan Documents; and 

  

	 	(iii)	Liens for Taxes or Other Charges not yet delinquent. 

  

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 5.2.3 Dissolution. Neither Individual Borrower nor Baltimore Owner shall (a) engage in any
dissolution, liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity not related to the ownership and operation of its Individual Property, (c) transfer, lease or sell, in one transaction or
any combination of transactions, the assets or all or substantially all of its properties or assets except to the extent permitted by the Loan Documents, (d) modify, amend or waive any provision or term of its organizational documents not permitted
to be modified, amended or waived, (e) terminate its organizational documents or its qualification and good standing in any jurisdiction where it is required hereunder to be qualified and in good standing, or (f) cause Principal to (i) dissolve,
wind up or liquidate or take any action, or omit to take an action, as a result of which the Principal would be dissolved, wound up or liquidated in whole or in part, or (ii) amend, modify, waive or terminate the certificate of incorporation or
bylaws (or other organizational documents) of Principal, in each case, without obtaining the prior consent of Lender, which shall not be unreasonably withheld, conditioned or delayed. 
  
 5.2.4 Change in Business. Borrower and Baltimore Owner shall not enter into any line of business other than
the ownership and operation of the Properties and business that is incident and appropriate thereto. 
  
 5.2.5 Debt Cancellation. Borrower and Baltimore Owner shall not cancel or otherwise forgive or release any claim or debt (other than
termination of Leases in accordance herewith) owed to Borrower and Baltimore Owner by any Person, except for adequate consideration or as is prudent and commercially reasonable and in the ordinary course of Borrower’s and Baltimore Owner’s
business. 
  
 5.2.6 Zoning. Borrower and Baltimore
Owner shall not initiate or consent to any zoning reclassification of any portion of any Individual Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of any Individual Property in any manner
that could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior consent of Lender, which consent shall not be unreasonably withheld, conditioned or
delayed. 
  
 5.2.7 Intentionally Omitted.

  
 5.2.8 Principal Place of Business and
Organization. Neither Borrower nor Baltimore Owner shall change its principal place of business set forth in the introductory paragraph of this Agreement without first giving Lender thirty (30) days prior notice. Neither Borrower nor
Baltimore Owner shall change the place of its organization as set forth in Section 4.1.28 without the consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. Upon Lender’s written request, Borrower
and Baltimore Owner shall execute and deliver additional financing statements, security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in the Property as a result of such
change of principal place of business or place of organization. 
  
 5.2.9 ERISA. (a) Neither Borrower nor Baltimore Owner shall engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note,
this Agreement or the other Loan 

  

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Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA. 
  
 (b) Borrower and Baltimore Owner further covenant and agree to deliver to
Lender such certifications or other evidence from time to time throughout the term of the Loan, as requested by Lender in its sole discretion, that (i) no Individual Borrower nor Baltimore Owner sponsors, is obligated to contribute to or is itself
an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “governmental plan” within the meaning of Section 3(32) of ERISA; (ii) no Individual Borrower nor Baltimore Owner is
subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans; and (iii) one or more of the following circumstances is true: 
  
 (A) Equity interests in Individual Borrower and Baltimore Owner are publicly offered securities, within the
meaning of 29 C.F.R. §2510.3-101(b)(2); 
  
 (B) Less than twenty-five percent (25%) of each outstanding class of equity interests in Individual Borrower or Baltimore Owner is held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or

  
 (C) Individual Borrower and Baltimore Owner
each qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R. §2510.3-101(c) or (e). 
  
 5.2.10 Transfers. (a) Borrower and Baltimore Owner acknowledge that Lender has examined and relied on the experience of Borrower, Baltimore
Owner and their general partners, members, principals and (if Borrower is a trust) beneficial owners in owning and operating properties such as the Properties in agreeing to make the Loan, and will continue to rely on Borrower’s and Baltimore
Owner’s ownership of the Properties as a means of maintaining the value of the Properties as security for repayment of the Debt and the performance of the obligations contained in the Loan Documents. Borrower and Baltimore Owner acknowledge
that Lender has a valid interest in maintaining the value of the Properties so as to ensure that, should Borrower and/or Baltimore Owner default in the repayment of the Debt or the performance of the obligations contained in the Loan Documents,
Lender can recover the Debt by a sale of the Properties. 
  
 (b)
Except in connection with a release of an Individual Property or an Out Parcel pursuant to the terms and conditions set forth in Sections 2.5 and 2.9 hereof, the substitution of an Individual Property pursuant to the terms and
conditions set forth in Section 2.8 or the permissible easements provided for in Section 2.10, Borrower and Baltimore Owner shall not sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to, or
otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) any Individual Property or any part thereof or any legal or beneficial
interest therein or permit a Sale or Pledge of an interest in any Restricted Party (collectively, a “Transfer”), other than pursuant to Leases of space in the Improvements to tenants in accordance with the 

  

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provisions of Section 5.1.20 hereof and encumbrances described in Section 5.2.10(d)(vi) below, without (i) the prior written consent of Lender
and (ii) if a Securitization has occurred or is pending within thirty (30) days, delivery to Lender of written confirmation from the Rating Agencies that the Transfer will not result in the downgrade, withdrawal or qualification of the then current
ratings assigned to any Securities or the proposed rating of any Securities. 
  
 (c) A Transfer shall include, but not be limited to: (i) an installment sales agreement wherein any Individual Borrower or Baltimore Owner agrees to sell its Individual Property or any part thereof for a price to be
paid in installments; (ii) an agreement by Borrower and/or Baltimore Owner leasing all or a substantial part of any Individual Property for other than actual occupancy by a space tenant thereunder or a sale, assignment or other transfer of, or the
grant of a security interest in, its right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance
of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any
general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests or any profits or proceeds relating to such limited partnership interests or the creation or issuance of new
limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or
the Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership interest, or the Sale or Pledge of non-managing membership interests or the creation or
issuance of new non-managing membership interests; or (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of
new legal or beneficial interests. 
  
 (d) Notwithstanding the
provisions of Sections 5.2.10(a), (b) and (c) hereof, the following transfers shall not be deemed a Transfer: (i) a transfer by devise or descent or by operation of law upon the death of a member, partner or shareholder of a
Restricted Party; (ii) the Sale or Pledge, in one or a series of transactions, of not more than forty-nine percent (49%) of the stock, general partnership interest or managing membership interest (as the case may be) in a Restricted Party;
provided, however, no such transfers shall result in the change of voting control in the Restricted Party, and as a condition to each such transfer, Lender shall receive not less than thirty (30) days prior written notice of such
proposed transfer, (iii) the Sale or Pledge, in one or a series of transactions, of not more than forty-nine percent (49%) of the limited partnership interests or non-managing membership interests (as the case may be) in a Restricted Party;
provided, however, as a condition to each such transfer, Lender shall receive not less than thirty (30) days prior written notice of such proposed transfer, (iv) transfers, issuances, pledges and redemptions of stock in Wyndham, so
long as (A) Wyndham (or its permitted successor) is (or is Controlled by) a Public Company and (B) the surviving entity is primarily involved in, or has a significant business line involving, the ownership and operation of real estate similar to the
Properties, (v) the merger or consolidation of Wyndham, provided that the surviving entity of such merger or consolidation is (or is Controlled by) (A) a Public Company, and (B) primarily involved in, or has a significant business line involving,
the ownership or operation of real estate similar to the Properties, (vi) the granting of easements, cross-easements, agreements, 

  

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restrictions, reservations and rights in the ordinary course of business for use, access, water and sewer lines, telephone and telegraph lines, electric
lines or other utilities or for other similar purposes, provided that no such easements, agreements, restrictions or rights shall materially impair the utility and/or operation of any Individual Property or any Individual Borrower’s or
Baltimore Owner’s ability to repay the Debt as it becomes due, (vii) transfers of direct or indirect interests in any Individual Borrower, Baltimore Owner or Principal to Affiliates of Wyndham (or its permitted successor) provided that after
such transfers (A) Wyndham (or its permitted successor) owns, directly or indirectly, not less than fifty-one percent (51%) of the legal and beneficial ownership interests in such Individual Borrower, Baltimore Owner and Principal and (B) such
Individual Borrower, Baltimore Owner and Principal are Controlled, directly or indirectly, by Wyndham (or its permitted successor), (viii) pledges of direct and indirect interests in any Individual Borrower, Baltimore Owner and any Mezzanine
Borrower to any Mezzanine Lender as collateral for a Mezzanine Loan and the exercise by any Mezzanine Lender of its remedies under the Mezzanine Loan Documents, (ix) a conversion of Wyndham’s preferred stock to common stock and/or the
conversion of Wyndham to a real estate investment trust and (x) the recapitalization of Wyndham and the related transactions contemplated by the Recapitalization and Merger Agreement dated as of April 14, 2005 by and among Wyndham International,
Inc., WI Merger Sub, Inc., Apollo Investment Fund IV L.P., AIF/THL PAH LLC, BCP Voting Trust, as Trustee for the Beacon Partners Voting Trust, Thomas H. Lee Equity Fund IV, L.P., Thomas H. Lee Foreign Fund IV, L.P. and Thomas H. Lee Foreign Fund
IV-B, L.P., as the same may be amended, restated, supplemented or otherwise modified from time to time (the “Recap Agreement”). In addition (but not including and in addition to the mergers and consolidations pursuant to the Recap
Agreement), on a one time basis, Wyndham may merge or consolidate with a public or private entity or engage in a transaction described in Section 5.2.10(d)(iv) above in which the surviving entity is not, and is not Controlled by, a Public
Company provided that (A) after such merger, consolidation, or Sale or Pledge described in Section 5.2.10(d)(iv), each Individual Borrower and Principal shall continue to comply with the terms of Section 4.1.30 hereof, (B) such merger
or consolidation or Sale or Pledge is to a Qualified Transferee or to a Person Controlled by a Qualified Transferee which Qualified Transferee shall Control and own, directly or indirectly, not less than 50% of the direct or indirect legal and
beneficial ownership interests of each Individual Borrower and Baltimore Owner, and (C) the surviving entity is primarily involved in, or has a significant business line involving, the ownership and operation of real estate similar to the
Properties. Furthermore, notwithstanding the provisions of Sections 5.2.10(a), (b) and (c) hereof, in the event that an entity, which is an indirect owner of a Minority Interest Property and which is not a Principal of an
Individual Borrower or Baltimore Owner, forms a subsidiary to acquire an asset and thereafter redeems the interests of one or more minority interest holders of such indirect owner (which redeemed minority interest holders shall not be Affiliates of
Guarantor) by transferring all or a portion of the direct legal and beneficial interests in such newly formed subsidiary to such minority interest holders (or their designees), such formation, redemption and transfer shall not constitute a Transfer
and shall not otherwise be a violation of the terms of this Agreement or require Lender’s consent. In connection with any transfer or merger permitted under this Section 5.2.10, Borrower and/or Baltimore Owner shall deliver an Additional
Insolvency Opinion if, after such transfer or merger, more than forty-nine percent (49%) of any direct legal or beneficial interest in any Individual Borrower or Baltimore Owner, as the case may be (or in any constituent entity of any Individual
Borrower or Baltimore Owner that is required to comply 

  

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with the terms of Section 4.1.30 hereof), is owned by a new or successor entity. Such Additional Insolvency Opinion shall be reasonably acceptable to
(I) Lender, prior to a Securitization or (II) the Rating Agencies, if a Securitization has occurred. Notwithstanding anything to the contrary contained herein, pledges and hypothecations of indirect equity interests in any Individual Borrower or
Baltimore Owner shall be permitted provided (A) Wyndham (or its permitted successors) maintains Control of, and owns, directly or indirectly, not less than fifty-one percent (51%) of the legal and beneficial ownership interests in such Individual
Borrower or Baltimore Owner, as the case may be, and (B) any such pledges or hypothecations are in connection with the corporate credit facilities of Wyndham (or its permitted successors) and JPMorgan Chase Bank, N.A., as administrative agent, and
Bear Stearns Corporate Lending Inc., as syndication agent, and the lenders party to that certain First-Lien Credit Agreement dated as of the date hereof, and JPMorgan Chase Bank, N.A., as administrative agent, and Bear Stearns Corporate Lending
Inc., as syndication agent, and the lenders party to that certain Second-Lien Credit Agreement dated as of the date hereof, as amended, or another credit agreement with an institutional lender or a public bond offering to prepay or refinance in full
or in part any such credit facility which an institutional lender or bondholders (or the trustee on their behalf), as applicable, shall be making or holding a loan to Wyndham (or its permitted successors) or its Affiliates (other than any Individual
Borrower, Baltimore Owner or its general partner or managing member). A foreclosure sale (or transfer in lieu thereof) of any such pledge or hypothecation to JPMorgan Chase Bank, N.A., or another institutional lender as collateral agent for
syndicate lenders or another institutional lender, or the bond trustee, shall be permitted provided (1) Lender is given at least sixty (60) days prior written notice of the proposed foreclosure sale or transfer in lieu thereof; (2) the transferee is
a reputable entity or person, creditworthy, with sufficient financial worth considering any obligations assumed and undertaken with respect to the Loan, as evidenced by financial statements and other information reasonably requested by Lender; (3)
the Properties at all times shall continue to be managed by a Qualified Manager, and (4) any and all such entities will comply with all of the requirements set forth in the Note, this Agreement, the Mortgages and the other Loan Documents.

  
 (e) Lender shall not be required to demonstrate any actual
impairment of its security or any increased risk of default hereunder in order to declare the Debt immediately due and payable upon a Transfer without Lender’s consent to the extent required hereunder. This provision shall apply to every
Transfer regardless of whether voluntary or not, or whether or not Lender has consented to any previous Transfer. Notwithstanding anything to the contrary contained in this Section 5.2.10, (i) no transfer (whether or not such transfer shall
constitute a Transfer) shall be made to any Prohibited Person and (ii) in the event any transfer (whether or not such transfer shall constitute a Transfer) results in any Person owning in excess of forty-nine percent (49%) of the ownership interest
in a Restricted Party, Borrower and Baltimore Owner shall, prior to such transfer, deliver an updated Insolvency Opinion to Lender, which opinion shall be in form, scope and substance reasonably acceptable in all respects to Lender and the Rating
Agencies. 
  
 (f) Notwithstanding anything to the contrary
contained in this Section 5.2.10, Lender shall not withhold its consent to a one-time sale, assignment, or other transfer of all of the Properties provided that (i) Lender receives thirty (30) days prior written notice of such transfer, (ii)
no Event of Default has occurred and is continuing and (iii) upon the satisfaction (in the reasonable determination of Lender) of the following matters: 
  
 (A) Borrower (or Baltimore Owner, as the case may be) or Transferee shall pay any and all reasonable out-of-pocket costs incurred in
connection with the transfer (including, without limitation, Lender’s reasonable counsel fees and disbursements and all recording fees, title insurance premiums and mortgage and intangible taxes); 
  

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 (B) The proposed transferee (the “Transferee”) shall be one or more
special purpose bankruptcy remote entities, each of which (i) complies with all of the requirements of Section 4.1.30 hereof and whose organizational documents are substantially similar to Borrower’s and Baltimore Owner’s
organizational documents, or if not substantially similar, acceptable to the Rating Agencies and (ii) is Controlled by a Qualified Transferee, which Qualified Transferee shall own, directly or indirectly, not less than fifty percent (50%) of the
legal and beneficial ownership interests in such Transferee; 
  
 (C) Transferee shall assume all of the obligations of Borrower and Baltimore Owner under the Note, this Agreement, the Mortgages and the other Loan Documents in a manner reasonably satisfactory to Lender in all
respects, including, without limitation, by entering into an assumption agreement in form and substance reasonably satisfactory to Lender and delivering such legal opinions as Lender may reasonably require; 
  
 (D) The Properties shall be managed by Manager or a
Qualified Manager following such transfer; 
  
 (E) The proposed transfer is permitted pursuant to the Franchise Agreements or Franchisor consents to such proposed transfer if Franchisor has the right to consent to such proposed transfer; 
  
 (F) To the extent available in the applicable jurisdiction,
Transferee shall deliver an endorsement to the existing Title Insurance Policies insuring the Mortgages as modified by the assumption agreement, as a valid first lien on each Individual Property and naming the Transferee as owner of the fee or
leasehold estate, as applicable, of each Individual Property, which endorsement shall insure that as of the recording of the assumption agreement, each Individual Property shall not be subject to any additional exceptions or Liens other than
Permitted Encumbrances; 
  
 (G) Transferee shall
deliver to Lender an Additional Insolvency Opinion from an independent law firm with respect to the substantive non-consolidation of Transferee and its constituent entities, which law firm and opinion shall be reasonably satisfactory in all respects
to (i) Lender, if prior to a Securitization, or (ii) Lender and the Rating Agencies, if a Securitization has occurred; 
  

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 (H) Qualified Transferee or another entity reasonably satisfactory to Lender shall have
assumed all of the liabilities and obligations of Guarantor under, or enter into, a guaranty in form substantially similar to the Guaranty; and 
  
 (I) Lender shall have received such other documents, certificates and opinions as shall be reasonably requested and each shall be in form
and substance reasonably satisfactory to Lender. 
  
 (g)
Notwithstanding anything to the contrary contained in this Section 5.2.10, Lender’s consent shall not be required for the leasing or financing of personal property, including, without limitation, furniture, fixtures and equipment, as to
any leases or financings not existing on the date hereof, that is used in connection with the operation of the Properties (“Equipment”), provided Lender has received prior written notification of such Borrower’s or Baltimore
Owner’s intent to lease or finance such Equipment, and provided, further, that (i) any such lease or financing is subject to commercially prudent terms and conditions and at market rates, (ii) the Equipment leased or financed is readily
replaceable without material interference or interruption to the operation of the Properties as required pursuant to the provisions of this Agreement and the Mortgages and the other Loan Documents, (iii) the aggregate annual payment in respect of
such financing for Equipment located on or used in connection with each Individual Property shall be (1) with respect to months 1 through 36 of the Loan, no greater than the larger of the Current Annual Payment Amount identified on Schedule
5.2.10 plus $25,000 and, with respect to the additional amounts allowed for casinos, the Planned Annual Payment identified on Schedule 5.2.10 plus $25,000, or the applicable equipment lease annual threshold amount set forth on Schedule
5.2.10 in the column entitled “Years 1- 3”, (2) with respect to months 37 through 60 of the Loan, no greater than the larger of the applicable equipment lease annual threshold amount set forth on Schedule 5.2.10 in the column
entitled “Years 1- 3” plus $25,000 or the applicable equipment lease annual threshold amount set forth on Schedule 5.2.10 in the column entitled “Years 4-5”, and (3) with respect to months 61 through 84 of the Loan, no
greater than the larger of the applicable equipment lease annual threshold amount set forth on Schedule 5.2.10 in the column entitled “Years 4- 5” plus $25,000 or the applicable equipment lease annual threshold amount set forth on
Schedule 5.2.10 in the column entitled “Years 6-7” and (iv) the financing does not create a lien on any Properties other than the Equipment financed. 
  
 (h) Notwithstanding anything to the contrary contained in this Section 5.2.10, Lender shall not withhold its consent
to a Transfer of Wyndham Management Corporation (or any of its Affiliates which are managing the Properties in accordance with this Agreement) to a Qualified Manager or to a Qualified Transferee. 
  
 5.2.11 Ground Lease. (a) El Con Borrower shall not, without
Lender’s written consent, fail to exercise any option or right to renew or extend the term of the Ground Lease in accordance with the terms of the Ground Lease, and shall give immediate written notice to Lender and shall execute, acknowledge,
deliver and record any document reasonably requested by Lender to evidence the Lien of the related Mortgage on such extended or renewed lease term; provided, however, El Con Borrower shall not be required to exercise any particular
such option or right to renew or extend to the extent El Con Borrower shall have received the prior written consent of Lender (which consent shall not be unreasonably withheld, conditioned, or delayed) 

  

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allowing El Con Borrower to forego exercising such option or right to renew or extend. If El Con Borrower shall fail to exercise any such option or right as
aforesaid, Lender may exercise the option or right as El Con Borrower’s agent and attorney-in-fact as provided above in Lender’s own name or in the name of and on behalf of a nominee of Lender, as Lender may determine in the exercise of
its sole and absolute discretion. 
  
 (b) El Con Borrower shall
not waive, excuse, condone or in any way release or discharge Ground Lessor of or from Ground Lessor’s material obligations, covenants and/or conditions under the Ground Lease without the prior written consent of Lender, which consent shall not
be unreasonably withheld, conditioned or delayed. 
  
 (c) El Con
Borrower shall not, without Lender’s prior written consent, surrender, terminate, forfeit, or suffer or permit the surrender, termination or forfeiture of, or change, modify or amend in a material and adverse manner, the Ground Lease. Consent
to one amendment, change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. Any acquisition of lessor’s interest in the
Ground Lease by El Con Borrower or any Affiliate of El Con Borrower shall be accomplished by El Con Borrower in such a manner so as to avoid a merger of the interests of lessor and lessee in the Ground Lease, unless consent to such merger is granted
by Lender. 
  
 5.2.12 WKA Ground Lease. (a) Borrower
shall not waive, excuse, condone or in any way release or discharge the lessor under any WKA Ground Lease of or from such lessor’s material obligations, covenant and/or conditions under the related WKA Ground Lease without the prior written
consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. 
  
 (b) Borrower shall not, without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, surrender, terminate, forfeit, or suffer or permit the surrender,
termination or forfeiture of, or change, modify or amend in a material or adverse manner, any WKA Ground Lease. Consent to one amendment, change, agreement or modification shall not be deemed to be a waiver of the right to require consent to other,
future or successive amendments, changes, agreements or modifications. Any acquisition of lessor’s interest in any WKA Ground Lease by Borrower or any Affiliate of Borrower shall be accomplished by Borrower in such a manner so as to avoid a
merger of the interests of lessor and lessee in such WKA Ground Lease, unless consent to such merger is granted by Lender, which consent shall not be unreasonably withheld, conditioned or delayed. 
  
 5.2.13 Submerged Land Lease. Without Lender’s prior
written consent, which consent shall not be unreasonably withheld, conditioned or delayed, Borrower shall not (a) surrender, terminate or cancel the Submerged Land Lease; (b) reduce or consent to the reduction of the term of the Submerged Land
Lease; (c) increase or consent to the increase of the amount of any charges under the Submerged Land Lease; (d) modify, change, supplement, alter or amend in any material respect the Submerged Land Lease or waive or release in any material respect
any of Borrower’s rights and remedies under the Submerged Land Lease; or (e) grant its consent or approval as may be requested in connection with the terms and provisions of the Submerged Land Lease except as may be required thereunder.

  

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 5.2.14 Concession Agreement. Without Lender’s prior written consent, which consent
shall not be unreasonably withheld, conditioned or delayed, Borrower shall not (a) surrender, terminate or cancel the Concession Agreement; (b) reduce or consent to the reduction of the term of the Concession Agreement; (c) decrease or consent to
the decrease of the amount of any charges due by the Operator under the Concession Agreement; or (d) modify, change, supplement, alter or amend, in any material respect the Concession Agreement or waive or release, in any material respect any of
Borrower’s rights and remedies under the Concession Agreement; 
  
 5.2.15 Parking Lease. (a) Borrower shall not waive, excuse, condone or in any way release or discharge the lessor under any Parking Lease of or from such lessor’s material obligations, covenant and/or conditions under the
related Parking Lease without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. 
  
 (b) Borrower shall not, without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, surrender,
terminate, forfeit, or suffer or permit the surrender, termination or forfeiture of, or change, modify or amend in any materially adverse respect, any Parking Lease. Consent to one amendment, change, agreement or modification shall not be deemed to
be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. Any acquisition of lessor’s interest in any Parking Lease by Borrower or any Affiliate of Borrower shall be
accomplished by Borrower in such a manner so as to avoid a merger of the interests of lessor and lessee in such Parking Lease, unless consent to such merger is granted by Lender, which consent shall not be unreasonably withheld, conditioned or
delayed. 
  

	 	VI.	INSURANCE; CASUALTY; CONDEMNATION; REQUIRED REPAIRS 

  
 Section 6.1. Insurance. (a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower, Baltimore Owner and the
Properties providing at least the following coverages: 
  
 (i) comprehensive all risk insurance on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements, in each case (A) in an
amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a
waiver of depreciation, but the amount in the aggregate for all of the Properties shall in no event be less than the outstanding principal balance of the Loan and with respect to each Individual Property no less than the outstanding principal
balance of the Release Amount for the applicable Individual Property; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co-insurance provisions; (C) providing for no deductible in excess
of Five Hundred Thousand and No/100 Dollars ($500,000) for all such insurance coverage; and (D) containing an “Ordinance or Law Coverage” or “Enforcement” endorsement if any of the Improvements or the use of the Individual

  

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Property shall at any time constitute legal non-conforming structures or uses. In addition, Borrower shall obtain: (x) if any portion of the Improvements is
currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard insurance in an amount equal to the lesser of (1) the Release Amount for the applicable Individual Property or (2) the
maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended or such greater amount as Lender shall
require; (y) in case of the El Con Individual Property and the El San Juan Individual Property, earthquake insurance an amount equal to the Required Earthquake Insurance and otherwise in form and substance reasonably satisfactory to Lender and
providing for no deductible in excess of five percent (5%) of Full Replacement cost for such Individual Property and (z) in case of, coastal windstorm insurance for the Properties in amounts in form and substance satisfactory to Lender and providing
for no deductible in excess of five percent (5%) of Full Replacement cost for such Individual Property, provided that the insurance pursuant to clauses (x), (y) and (z) hereof shall be on terms otherwise consistent with the comprehensive all risk
insurance policy required under this clause (i); 
  
 (ii) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Individual Property, such insurance (A) to be on the so-called “occurrence”
form with a combined limit of not less than Two Million and No/100 Dollars ($2,000,000) in the aggregate and One Million and No/100 Dollars ($1,000,000) per occurrence (and, if on a blanket policy, containing an “Aggregate Per Location”
endorsement); (B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1)
premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all legal contracts; and (5) contractual liability covering the indemnities contained
in Article 8 of the Mortgages to the extent the same is available; 
  
 (iii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above; (C) containing an extended period of
indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the
loss, or the expiration of eighteen (18) months from the date that the applicable Individual Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such
period; and (D) in an amount equal to one hundred percent (100%) of the projected gross income on an actual loss sustained basis providing coverage for each Individual Property for a period from the date of such Casualty until the applicable
Individual Property is restored and operations resumed (assuming such Casualty had not occurred) and notwithstanding that the policy may expire at the end of such period. Notwithstanding anything to the contrary in Section 2.6 hereof, all
proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to (1) the obligations secured by the Loan Documents from time to time due and payable hereunder 

  

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and under the Note or (2) Operating Expenses reasonably approved by Lender; provided, however, that nothing herein contained shall be deemed to
relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the
proceeds of such business income insurance. Upon restoration of the applicable Individual Property and the return of income to substantially the same level it was at prior to the loss, any proceeds of business income insurance not theretofore
applied by Lender to the Debt or Operating Expenses shall be released to Borrower; 
  
 (iv) at all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only
if the Individual Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above mentioned commercial general liability
insurance policy; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i)
above, (3) including permission to occupy the Individual Property, and (4) with an agreed amount endorsement waiving co-insurance provisions; 
  
 (v) if an Individual Property includes commercial property, worker’s compensation insurance with respect to any employees of Borrower
and Baltimore Owner, as required by any Governmental Authority or Legal Requirement; 
  
 (vi) comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent
with the commercial property insurance policy required under subsection (i) above; 
  
 (vii) umbrella liability insurance in an amount not less than One Hundred Million and No/100 Dollars ($100,000,000) per occurrence on
terms consistent with the commercial general liability insurance policy required under subsection (ii) above; 
  
 (viii) motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum
limits per occurrence, including umbrella coverage, of One Million and No/100 Dollars ($1,000,000); 
  
 (ix) intentionally omitted; 
  
 (x) the insurance required under Section 6.1(a) above shall cover perils of terrorism and acts of terrorism and Borrower shall
maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Section 6.1; provided, however, in the event that losses arising from perils and acts of
terrorism (collectively, “Terrorism Losses”) are excluded from the insurance required under Sections 6.1(a) above, then Borrower shall either (i) maintain such coverage through a policy or policies covering multiple locations
so long as such coverage is on terms consistent with those required under this Section 6.1(a), or (ii) Borrower shall obtain a stand-alone policy or policies that covers only the Properties 

  

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against Terrorism Losses, which stand-alone policy or policies shall be on terms consistent with those required under this Sections 6.1(a).
Notwithstanding the foregoing, if the Borrower has not obtained coverage for Terrorism Losses through a policy covering multiple locations then Borrower shall not be required to pay annual premiums for a stand-alone policy or policies covering
Terrorism Losses for only the Properties (which insures the Full Replacement Cost for the Individual Property with the greatest such replacement cost) in excess of a premium amount equal to 200% of the amount of the premium that would be payable on
a comprehensive all risk policy covering only the Properties with eighteen (18) months of business income insurance for the Properties and meeting the requirements of this Section 6.1(a) (and if the cost exceeds such limit, Borrower shall
obtain as much coverage as is available at a cost equal to such limit); and 
  
 (xi) upon sixty (60) days’ written notice, such other reasonable insurance and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time
are commonly insured against for property similar to the Individual Property located in or around the region in which the Individual Property is located. 
  
 (b) All insurance provided for in Section 6.1(a) shall be obtained under valid and enforceable policies (collectively, the
“Policies” or in the singular, the “Policy”), and shall be subject to the reasonable approval of Lender. The Policies shall be issued by financially sound and responsible insurance companies authorized to do
business in the State and having a claims paying ability rating of “A-” or better by S&P (or the equivalent thereof by the Rating Agencies rating the Securities) (provided, however, if five (5) or more insurance companies
issue the Policies required hereunder, then at least (1) forty percent (40%) of the applicable insurance coverage required hereunder must be provided by insurance companies having a claims-paying ability rating of “AA-” or better by
S&P (or the equivalent thereof by the Rating Agencies rating the Securities), (2) eighty-five percent (85%) of the applicable insurance coverage is provided by insurance companies having a claims-paying ability rating of “A-” or better
by S&P (or the equivalent thereof by the Rating Agencies rating the Securities) and (3) one hundred percent (100%) of the applicable insurance coverage is provided by insurance companies having a claims-paying ability rating of “BBB-”
or better by S&P (or the equivalent thereof by the Rating Agencies rating the Securities). Notwithstanding the foregoing, Borrower shall be permitted to maintain the Policies required hereunder with insurance companies which do not meet the
foregoing requirements (an “Otherwise Rated Insurer”), provided Borrower obtains a “cut-through” endorsement (that is, an endorsement which permits recovery against the provider of such endorsement) with respect to any
Otherwise Rated Insurer from an insurance company which meets the claims paying ability ratings required above. The Policies described in Section 6.1(a) (other than those strictly limited to liability protection) shall designate Lender as
loss payee. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, certificates for the Policies accompanied by evidence reasonably satisfactory to Lender of payment of the premiums due thereunder
(the “Insurance Premiums”) shall be delivered by Borrower to Lender and the Policies shall thereafter be promptly delivered by Borrower to Lender. 
  
 (c) Any blanket insurance Policy shall specifically allocate to the Individual Property the amount of coverage from time to
time required hereunder and shall otherwise 

  

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provide the same protection as would a separate Policy insuring only the Properties in compliance with the provisions of Section 6.1(a). 

 
 (d) All Policies provided for or contemplated by Section 6.1(a),
except for the Policy referenced in Section 6.1(a)(v), shall name Borrower and Baltimore Owner as the insured and Lender as the additional insured, as its interests may appear, and in the case of property damage, boiler and machinery, flood
and earthquake insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender. 
  
 (e) All Policies provided for in Section 6.1 shall contain clauses or endorsements to the effect that: 
  
 (i) no act or negligence of Borrower and/or Baltimore Owner,
or anyone acting for Borrower and/or Baltimore Owner, or of any tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way
affect the validity or enforceability of the insurance insofar as Lender is concerned; 
  
 (ii) the Policies shall not be materially changed (other than to increase the coverage provided thereby) or canceled without at least
thirty (30) days’ notice to Lender and any other party named therein as an additional insured; 
  
 (iii) the issuers thereof shall give notice to Lender if the Policies have not been renewed fifteen (15) days prior to its expiration; and

  
 (iv) Lender shall not be liable for any
Insurance Premiums thereon or subject to any assessments thereunder. 
  
 (f) If at any time Lender is not in receipt of written evidence that all Policies required hereunder are in full force and effect, Lender shall have the right, without notice to Borrower or Baltimore Owner, to take such reasonable action as
Lender deems necessary in good faith to protect its interest in the Properties, including, without limitation, the obtaining of such insurance coverage as Lender in its sole but good faith discretion deems appropriate after five (5) Business
Days’ written notice to Borrower or Baltimore Owner if the date upon which any such coverage will lapse is five (5) or more Business Days or any time Lender deems necessary (regardless of prior written notice to Borrower) to avoid a lapse of
such coverage. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Mortgages and shall bear
interest at the Default Rate. 
  
 Section 6.2.
Casualty. If any Individual Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall give prompt notice of such damage to Lender and shall with reasonable
diligence commence and prosecute the completion of the Restoration of such Individual Property as nearly as possible to the condition the Individual Property was in immediately prior to such Casualty, with such alterations as may be reasonably
approved by Lender and otherwise in accordance with Section 6.4. Borrower shall pay all costs of such Restoration whether or not such costs are 

  

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covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. 
  
 Section 6.3. Condemnation. Borrower and Baltimore Owner shall
promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of any Individual Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may
participate in any such proceedings, and Borrower and Baltimore Owner shall from time to time deliver to Lender all instruments requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings,
and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including,
but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower and Baltimore Owner shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement
and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on
the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any Individual Property or any portion thereof is taken by a condemning authority, Borrower and
Baltimore Owner shall with reasonable diligence commence and prosecute the Restoration of the applicable Individual Property or any portion thereof and otherwise comply with the provisions of Section 6.4. If any Individual Property is sold,
through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof
sufficient to pay the Debt. Notwithstanding the foregoing, or any other provision herein to the contrary, Borrower’s and Baltimore Owner’s obligation to commence and pursue Restoration of an Individual Property shall not be deemed to
obligate Borrower and Baltimore Owner to acquire any additional land to substitute for any portion of any Individual Property which may be taken by Condemnation. 
  
 Section 6.4. Restoration. The following provisions shall apply in connection with the Restoration of any
Individual Property: 
  
 (a) In the event that the projected Net
Proceeds and the costs of completing the Restoration are each less than the Restoration Threshold Amount, Borrower may settle and adjust any claim without the consent of Lender and agree with the insurance company or companies or the condemnation
authority on the amount to be paid upon the loss; provided that such adjustment is carried out in a competent and timely manner. Provided that all of the conditions set forth in clauses (A), (D), (F), (G), (I) and (J) of Section
6.4(b)(i) hereof are met and Borrower delivers to Lender a written undertaking to expeditiously commence and satisfactorily complete with due diligence the Restoration in accordance with the terms herein, Borrower is hereby authorized to collect
and receive any such Insurance Proceeds or Award and apply them to the costs of the Restoration in accordance with the terms of this Agreement. 
  
 (b) In the event that either the projected Net Proceeds or the costs of completing the Restoration are either equal to or exceed the Restoration Threshold
Amount, 

  

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Borrower may settle and adjust any claim with the prior consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed;
provided, however, that (A) if Borrower has not diligently commenced or diligently pursued the claims process with the applicable insurance company or companies, Lender shall have the right to take over the claims process and Lender
may then settle and adjust such claims in a reasonable and expeditious manner and (B) upon the occurrence and during the continuance of an Event of Default, Lender may settle and adjust any claim without the consent of Borrower. In such events,
Borrower or Lender, as the case may be, may agree with the insurance company or companies on the amount to be paid on the loss. All reasonable efforts will be made to ensure that the proceeds of any applicable Policy shall be paid solely to Lender
but, if for any reason Borrower or Wyndham shall also be a dual payee, then Borrower and/or Wyndham, as applicable, shall endorse and/or deliver to Lender all such proceeds within three (3) Business Days following Borrower’s and/or
Wyndham’s, as applicable, receipt thereof, and provided no Event of Default has occurred and is continuing, Lender shall make the Net Proceeds available for the Restoration in accordance with this Section 6.4. The term “Net
Proceeds” for purposes of this Section 6.4 shall mean: (i) the net amount of all insurance proceeds received pursuant to Section 6.1(a) as a result of such damage or destruction, after deduction of reasonable costs and
expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”), or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited
to, reasonable counsel fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be, plus (in the case of (i) and (ii) above) any interest or other income earned on the investment of the Insurance Proceeds
or Condemnation Proceeds pursuant to the terms hereof. 
  
 (i) The Net Proceeds shall be made available to Borrower for Restoration provided that each of the following conditions are met: 
  
 (A) no Event of Default shall have occurred and be continuing; 
  
 (B) (1) in the event the Net Proceeds are Insurance Proceeds, less than forty percent (40%) of the total
floor area of the Improvements on the Individual Property has been materially damaged, destroyed and rendered unusable for a period of at least thirty (30) calendar days as a result of such Casualty or (2) in the event the Net Proceeds are
Condemnation Proceeds, less than ten percent (10%) of the land constituting the Individual Property is taken, and such land is located along the perimeter or periphery of the Individual Property, and no portion of the Improvements is located on such
land; 
  
 (C) intentionally omitted; 

 
 (D) Borrower shall commence the Restoration as soon as
reasonably practicable (but, subject to Unavoidable Delays, in no event later than thirty (30) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion (it being
understood and agreed that a Restoration shall be deemed to have been commenced upon Borrower’s engagement 

  

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of an architect if Borrower elects to do so or, if, in the commercially reasonable judgment of Lender, an architect is necessary and the commencing of
cleaning of the applicable Individual Property to effectuate Restoration) and in accordance with the terms of the applicable Franchise Agreement; 
  
 (E) Lender shall be reasonably satisfied that any operating deficits, including all scheduled payments of principal and interest under the
Note, which will be incurred with respect to the Individual Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to
in Section 6.1(a)(iii), if applicable, or (3) by other funds of Borrower including funds reasonably anticipated by Lender to be generated from the operation of the Properties during the Restoration; 
  
 (F) Lender shall be reasonably satisfied that the
Restoration will be substantially completed on or before the earliest to occur of (1) six (6) months prior to the Maturity Date, or (2) twelve (12) months after the occurrence of such Casualty or Condemnation, or (3) the date required for such
completion under the terms of the applicable Management Agreement or (4) the earliest date required for such completion pursuant to the applicable Franchise Agreement, or (5) such time as may be required under applicable Legal Requirements in order
to repair and restore the applicable Individual Property as nearly as possible to the condition it was in immediately prior to such Casualty or Condemnation or (6) the expiration of the insurance coverage referred to in Section 6.1(a)(iii)
unless Borrower has provided Lender with evidence reasonably acceptable to Lender that Borrower has sufficient funds after the expiration of such insurance to (x) operate the Properties in a manner consistent with the manner in which the Properties
were operated immediately prior to such Casualty or Condemnation and (y) pay all sums as they become due under the Loan Documents in a timely manner; 
  
 (G) the Individual Property and the use thereof after the Restoration will be in compliance in all material respects with and permitted
under all applicable Legal Requirements; 
  
 (H)
the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable Legal Requirements (including, without limitation, all applicable environmental laws) and the terms and condition of
the applicable Management Agreement; 
  
 (I) such
Casualty or Condemnation, as applicable, does not result in the permanent loss of access to any material portion of the Individual Property or the related Improvements; 
  

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 (J) Lender shall be reasonably satisfied that the projected Debt Service Coverage Ratio
for the affected Individual Property for the twelve (12) month period beginning three (3) months after the completion of the Restoration, shall be equal to or greater than the Debt Service Coverage Ratio for such Individual Property for the twelve
(12) full calendar months immediately prior to the Closing Date; 
  
 (K) if the Net Proceeds or the cost of Restoration is reasonably anticipated by Lender to exceed the Restoration Threshold Amount, Borrower shall deliver, or cause to be delivered, to Lender a signed reasonably
detailed initial budget containing Borrower’s reasonable estimates of the cost of completing the Restoration and shall furnish to Lender no less frequently than one time each calendar month an updated budget prepared by Borrower containing all
revisions and refinements to such budget and the amounts incurred through the date of such budget. Such initial budget and all subsequent budgets shall be reasonably acceptable to Lender, 
  
 (L) the Net Proceeds received and reasonably estimated to be
received together with any cash or cash equivalent (including any Letter of Credit received by Lender) deposited by Borrower with Lender are sufficient in Lender’s reasonable discretion to cover the cost of the Restoration and uncompleted
Replacements (to the extent provided in the next sentence). If and to the extent that the Restoration includes Replacements which were included in the Approved Annual Budget for the year in which the Casualty or Condemnation occurred or which were
or would reasonably be expected to be included in the Approved Annual Budget for the immediately following year in which the Casualty or Condemnation occurred, then Borrower shall be given a credit for having made the actual expenditures for such
Replacements as and when such expenditures are made during the course of Restoration; 
  
 (M)the applicable Management Agreement in effect as of the date of the occurrence of such Casualty or Condemnation shall (1) remain in
full force and effect during the Restoration and shall not otherwise terminate as a result of the fire, other casualty or the Restoration or (2) if terminated, shall have been replaced with a Replacement Management Agreement with a Qualified
Manager, prior to the opening or reopening of the applicable Individual Property or any portion thereof for business with the public; 
  
 (N) intentionally omitted; and 
  
 (O) the applicable Franchise Agreement remains in full force and effect during the Restoration and following the completion of the
Restoration. 
  

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 (ii) The Net Proceeds (or the proceeds of any cash or cash equivalents or of any Letter
of Credit if and when drawn upon, delivered pursuant to Section 6.4(b)(i)(L) hereof) shall be held by Lender in an interest-bearing Eligible Account and shall bear interest at a money market rate selected by Lender (provided, however,
Borrower may instruct Lender to invest the Net Proceeds (or such other proceeds) in Permitted Investments, provided, that, (A) such investments are then regularly offered by Lender for accounts of this size, category and type, (B) such investments
are permitted by applicable Legal Requirements, (C) no Event of Default shall have occurred and be continuing and (D) all risks relating thereto shall be borne solely by Borrower) and, until disbursed in accordance with the provisions of this
Section 6.4(b), shall constitute additional security for the Debt and other obligations under the Loan Documents. The Net Proceeds (or such other proceeds) shall be disbursed by Lender to, or as directed by, Borrower from time to time during
the course of the Restoration, upon receipt of evidence satisfactory to Lender that (1) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with the
Restoration have been paid for in full, and (2) there exist no notices of pendency, stop orders, mechanic’s or materialmen’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever (except
for Liens being contested in good faith in accordance with the terms hereof or Permitted Encumbrances) on the applicable Individual Property which have not either been fully bonded to the satisfaction of Lender and discharged of record or in the
alternative fully insured to the satisfaction of Lender by the title insurance company issuing the Title Insurance Policy for the applicable Individual Property. 
  
 (iii) All plans and specifications (to the extent reasonably required by Borrower) required in connection
with a Restoration reasonably anticipated by Lender to cost in excess of $1,000,000 shall be subject to prior review and acceptance in all respects by Lender (which acceptance shall not be unreasonably withheld, conditioned or delayed) and by an
independent consulting engineer selected by Lender and reasonably acceptable to Borrower (the “Casualty Consultant”). Borrower may require the Casualty Consultant to execute reasonably requested confidentiality agreements with
respect to Borrower’s confidential non-public information provided such agreements are customarily given for similarly situated properties. Lender shall have the use of the plans and specifications and all permits, licenses and approvals
required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen providing work and/or materials in excess of $500,000 in connection with a Restoration, as well as the contracts under which
they have been engaged, shall be subject to prior review and acceptance by Lender and the Casualty Consultant, such acceptance not to be unreasonably withheld, conditioned or delayed and such acceptance shall be deemed given as to any entity not
disapproved within ten (10) Business Days after written request for such acceptance. Any disapproval shall include the reason for such disapproval. All reasonable out-of-pocket costs and expenses incurred by Lender in connection with making the Net
Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. 
  

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 (iv) In no event shall Lender be obligated to make disbursements of the Net Proceeds in
excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” shall mean
an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed; provided, however, to the extent that
retainer fees and other advances paid or payable to contractors, consultants and/or engineers constitute an approved loss by the applicable insurance company or companies and Insurance Proceeds have been received with respect to such fees, provided
no Event of Default shall have occurred and be continuing, Lender will permit such amounts to be paid or reimbursed to Borrower from the Net Proceeds to the extent such Insurance Proceeds have actually been received by Lender, without any such
Casualty Retainage. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and
materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b) and that
all approvals necessary for the re-occupancy and use of the Individual Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of
the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or
materialmen engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialmen has satisfactorily completed all work and has supplied all materials in accordance with
the provisions of the contractor’s, subcontractor’s or materialman’s contract; the contractor, subcontractor or materialmen delivers the lien waivers and evidence of payment in full of (subject to receipt of the applicable Casualty
Retainage) all sums due to the contractor, subcontractor or materialmen as may be reasonably requested by Lender or by the title insurance company issuing the Title Insurance Policy for the applicable Individual Property, and Lender, upon its
reasonable request, receives an endorsement to such Title Insurance Policy insuring the continued priority of the Lien of the related Mortgage and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of
any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialmen. 
  
 (v) Lender shall not be obligated to make disbursements of
the Net Proceeds or other proceeds more frequently than (A) once every seven (7) calendar days during the first (30) calendar days following a Casualty or Condemnation, (B) once every fourteen (14) calendar days during the next one hundred eighty
(180) calendar days and (C) once every thirty (30) calendar days thereafter. 
  
 (vi) If at any time the Net Proceeds (including a reasonable estimate of the amount to be received as Restoration progresses) or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in
consultation with the Casualty Consultant, be 

  

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sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the
Restoration based upon the then current budget for the Restoration, Borrower shall deposit funds sufficient to pay for the deficiency (the “Net Proceeds Deficiency”) or a Letter of Credit in an amount equal to the Net Proceeds
Deficiency with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender (or the proceeds of any Letter of Credit delivered pursuant to the preceding sentence of this Section
6.4(b)(vi) if and when drawn upon) shall be held by Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds (or the proceeds of any
Letter of Credit delivered pursuant to Section 6.4(b)(i) hereof), and until so disbursed pursuant to this Section 6.4(b) shall constitute additional security for the Debt and other obligations under the Loan Documents. 
  
 (vii) The excess, if any, of the Net Proceeds (or cash or
cash equivalent or any Letter of Credit or proceeds thereof delivered pursuant to Section 6.4(b)(i)) and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender (or any Letter of Credit or proceeds thereof
delivered pursuant to Section 6.4(b)(vi) hereof) after the Casualty Consultant certifies to Lender that the Restoration has been substantially completed in accordance with the provisions of this Section 6.4(b), and the receipt by
Lender of evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall have occurred and shall be
continuing. 
  
 (c) All Net Proceeds (or other sums or any Letter
of Credit or proceeds thereof delivered pursuant to Section 6.4(b)(i) hereof) not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 6.4(b)(vii) may be
retained and applied by Lender toward the payment of either (or both) (1) any then outstanding portion of the Debt or (2) the principal balance of the Debt whether or not then due and payable, in either case in such order, priority and proportions
as Lender in its sole discretion shall deem proper, or, at the sole discretion of Lender, the same maybe paid, either in whole or in part, to Borrower for such purposes as Lender shall approve in its sole discretion. If Lender shall receive and
retain Net Proceeds (or other sums or the proceeds of any Letter of Credit delivered pursuant to Sections 6.4(b)(i) or (vi) hereof), the Lien of the Mortgages shall be reduced only by the amount thereof received and retained by Lender
and actually applied by Lender in reduction of the Debt. 
  
 (d)
Notwithstanding the provisions of this Section 6.4 to the contrary and provided no Event of Default has occurred and is continuing, a portion of the Net Proceeds not to exceed (i) $2,500,000 (in case of any Individual Property that is a
resort hotel, including, but not limited to, the El Con Individual Property and the El San Juan Individual Property) and (ii) $1,000,000 (in case of any other Individual Property) shall be made available to Borrower after receipt thereof by Lender
or Borrower, as applicable, to pay or reimburse Borrower for any immediate and necessary repairs or other work required to be made to the applicable Individual Property (A) to protect the health or safety of any hotel guest or any of Borrower’s
employees or agents or (B) to allow the applicable Individual Property to operate as a hotel (collectively, the “Emergency Repairs”) provided (1) Borrower provides written notice to Lender that such 

  

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casualty has occurred and Emergency Repairs are needed and Lender’s response is required in twenty-four (24) hours; (2) Lender has approved such
Emergency Repairs in writing, which approval shall not be unreasonably withheld, conditioned or delayed and such approval shall be deemed given if Lender shall not have disapproved within 24 hours of such notice by Borrower (and any non-approval by
Lender shall state the reasons for such non-approval); and (3) the Emergency Repairs are (x) substantially completed and paid for within twenty (20) days after the occurrence of the Casualty and (y) completed in a good and workman like manner and in
compliance with all applicable Legal Requirements. 
  
 (e) In the
event of foreclosure of the Mortgage with respect to any Individual Property, or other transfer of title to any Individual Property in extinguishment in whole or in part of the Debt all right, title and interest of Borrower and Baltimore Owner in
and to the Policies that are not blanket Policies then in force concerning such Individual Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such
other transfer of title. 
  

	 	VII.	RESERVE FUNDS 

  
 Section 7.1. Required Repair Funds. 
  
 7.1.1 Deposits. Borrower and Baltimore Owner shall perform the repairs at the Properties, as more particularly set forth on Schedule 7.1.1
hereto (such repairs hereinafter collectively referred to as “Required Repairs”). Subject to Unavoidable Delays, Borrower and Baltimore Owner shall complete the Required Repairs within the time frames set forth on Schedule
7.1.1 hereto. It shall be an Event of Default under this Agreement if subject to Unavoidable Delays, Borrower and Baltimore Owner do not complete the Required Repairs at each Individual Property by the required dates. Upon the occurrence of such
an Event of Default, Lender, at its option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion of the Required Repairs at one or more of the Properties or toward payment of
the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to withdraw and apply Required Repair Funds shall be in addition to all other rights and remedies provided to Lender under this
Agreement and the other Loan Documents. On the Closing Date, Borrower and Baltimore Owner shall deposit with Lender the amount for each Individual Property set forth on such Schedule 7.1.1 hereto to perform the Required Repairs for such Individual
Property multiplied by one hundred twenty-five percent (125%) (or a Letter of Credit in lieu thereof). Amounts so deposited with Lender (or the proceeds of any Letter of Credit delivered in lieu thereof) shall be held by Lender in accordance with
Section 7.5 hereof. Amounts so deposited (and the proceeds of any Letter of Credit delivered pursuant to this Section 7.1.1) shall hereinafter be referred to as Borrower’s “Required Repair Fund” and the account in which
such amounts are held shall hereinafter be referred to as Borrower’s “Required Repair Account.” 
  
 7.1.2 Release of Required Repair Funds. Lender shall disburse to Borrower and Baltimore Owner the Required Repair Funds from the Required
Repair Account from time to time, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower and Baltimore Owner of each of the following conditions: (a) Borrower and Baltimore Owner, as applicable, shall submit a
written request for payment to Lender at least thirty (30) 

  

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days prior to the date on which Borrower and Baltimore Owner, as applicable, request such payment be made and specifies the Required Repairs to be paid, (b)
on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (c) Lender shall have received an Officer’s Certificate (i) stating that all Required Repairs at the
applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner (or any materials to be reimbursed by the requested disbursement are on site at the Individual Property and are properly
secured or in a bonded warehouse or have been installed in the Individual Property) and in accordance with all applicable Legal Requirements, such Officer’s Certificate to be accompanied by a copy of any license, permit or other approval by any
Governmental Authority required to commence and/or complete the Required Repairs, (ii) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual Property to be funded by the
requested disbursement, and (iii) stating that each such Person has been paid in full or will be paid in full upon such disbursement (except for customary retainage), such Officer’s Certificate to be accompanied by lien waivers or other
evidence of payment satisfactory to Lender from each Person receiving $50,000 or more in payment, (d) at Lender’s option, a title search for such Individual Property indicating that such Individual Property is free from all liens, claims and
other encumbrances not previously approved by Lender which are not Permitted Encumbrances, and (e) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs at such Individual Property to be funded
by the requested disbursement have been completed (or any materials to be reimbursed by the requested disbursement are on site at the Individual Property and are properly secured or in a bonded warehouse or have been installed in the Individual
Property) and are paid for or will be paid upon such disbursement to Borrower (except for customary retainage). Lender shall not be required to make disbursements from the Required Repair Account with respect to any Individual Property unless such
requested disbursement is in an amount greater than $25,000 (or a lesser amount if the total amount in the Required Repair Account is less than $25,000, in which case only one (1) disbursement of the amount remaining in the account shall be made)
and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2 in all material respects. Provided no Event of Default has occurred and is continuing, any funds remaining in the Required Repairs
Account after completion of all Required Repairs and the delivery of evidence thereof in accordance with the terms and conditions of this Agreement will be disbursed to Borrower or Baltimore Owner, as applicable. In the event Borrower delivers a
Letter of Credit to Lender in lieu of depositing cash into the Required Repair Account, provided Borrower and Baltimore Owner delivers evidence reasonably acceptable to Lender that certain of the applicable Required Repairs have been completed in a
good and workman-like-manner and such Required Repairs have been paid for in full, Borrower shall be permitted to deliver a replacement Letter of Credit in an amount equal to 125% of the then remaining outstanding Required Repairs in substitution
for the Letter of Creditor previously delivered to Lender. 
  
 7.1.3 Repair Fund for Minority Properties. In addition and as a modification of the provisions set forth in this Section 7.1 set forth above, Lender acknowledges and agrees that the deposits to the Required Repair Fund
for each of the Minority Interest Properties shall be segregated and separated from the deposits to the Required Repair Fund for all other Properties and disbursements from the Required Repair Fund for each of the Minority 

  

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Interest Properties shall only be made from the segregated deposits for such Minority Interest Property and used only for such Minority Interest Property.

  
 Section 7.2. Tax and Insurance Escrow Fund. (a)
Borrower and Baltimore Owner shall deposit with Lender on each Payment Date, in cash or cash equivalent (including a Letter of Credit), (i) one-twelfth of the Taxes that Lender estimates will be payable during the next ensuing twelve (12) months in
order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective due dates, and (ii) at the option of Lender, if the liability or casualty Policy maintained by Borrower and Baltimore Owner
covering the Properties shall not constitute a blanket of Policy, one-twelfth of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate
with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (such amounts, together with the proceeds of any Letter of Credit delivered pursuant to this Section 7.2,
collectively, the “Tax and Insurance Escrow Fund”). The Tax and Insurance Escrow Fund and the payment of the monthly Debt Service, shall be added together and shall be paid as an aggregate sum by Borrower and Baltimore Owner to
Lender. Lender will apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower and Baltimore Owner pursuant to Section 5.1.2 hereof and under the Mortgages. In making any payment
relating to the Tax and Insurance Escrow Fund, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without
inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof provided, however, Borrower and Baltimore Owner shall have the right to contest the same
in good faith and in accordance with the provisions of the Loan Documents. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall, at
Borrower’s and Baltimore Owner’s option, return any excess to Borrower and Baltimore Owner or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. Any amount remaining in the Tax and Insurance Escrow
Fund after the Debt has been paid in full shall be returned to Borrower and Baltimore Owner. Any amount remaining in the Tax Insurance Escrow Fund allocable to an Individual Property being released in accordance with the provisions hereof shall be
returned to the Individual Borrower or Baltimore Owner whose Individual Property is being released. In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the Properties. If at any time Lender
reasonably determines that the Tax and Insurance Escrow Fund is not, or will not be, sufficient to pay Taxes and Insurance Premiums by the dates set forth in the first sentence of this Section 7.2, Lender shall notify Borrower and Baltimore
Owner of such determination and Borrower and Baltimore Owner shall increase its monthly payments (or deliver a Letter of Credit in the amount of such increase) by the amount that Lender estimates is sufficient to make up the deficiency at least
thirty (30) days prior to the due date of the Taxes and/or thirty (30) days prior to expiration of the Policies, as the case may be. 
  
 (b) In addition and as a modification of the provisions set forth above in this Section 7.2, Lender acknowledges and agrees that the deposits to
Tax and Insurance Escrow Fund for each of the Minority Properties shall be segregated and separated from the deposits to Tax and Insurance Escrow Fund for all other Properties and disbursements from the Tax and 

  

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Insurance Escrow Fund for each of the Minority Interest Properties shall only be made from the segregated deposits for such Minority Interest Property and
used only for such Minority Interest Property. 
  
 Section 7.3.
Replacements and Replacement Reserve. 
  
 7.3.1 Replacement Reserve Fund. (a) Borrower and Baltimore Owner shall be required, on each Payment Date, to make a payment (or, in lieu of such payment, deliver a Letter of Credit) into an escrow account to accumulate funds
to be drawn upon for costs incurred in connection with Replacements at the Properties. Amounts so deposited (or the proceeds of such Letter of Credit) shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund”
and the account in which such amounts (or proceeds) are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account.” The monthly deposit (the “Replacement Reserve Monthly Deposit”)
shall be equal to the positive amount, if any, obtained by subtracting (a) the actual amount (the “Actual Amount”) incurred by Borrower or Baltimore Owner for Replacements at the Properties during the month which is two (2) months
prior to the month in which the applicable Replacement Reserve Monthly Deposit is due (the “Applicable Month”) from (b) the Gross Income from Operations from the Properties during the Applicable Month multiplied by four percent
(4.0%) (or, in the case of casino revenues, one percent (1.0%) of Net Wins) (the amount determined pursuant to clause (b), the “Required Monthly Expenditure”). Borrower and Baltimore Owner shall have broad discretion to use the
Replacement Reserve Fund for legitimate Replacements at the Properties (including furnishings, fixtures and equipment in the guest rooms, hallways, lobbies, restaurants, lounges, meeting and banquet rooms, casinos, parking facilities and other
public areas), provided that each Individual Borrower or Baltimore Owner shall spend not less than two percent (2%) of the Gross Income from Operations attributable to its Individual Property (or, in the case of casino revenues, one percent (1.0%)
of Net Wins) for Replacements at such Individual Property. Notwithstanding the foregoing flexibility to allocate the Replacement Reserve Fund among the Properties, upon the sale of any Individual Property, Borrower and Baltimore Owner shall use a
portion of the applicable sale proceeds to make a payment into the Replacement Reserve Account, in an amount equal to the excess, if any, of (i) the aggregate Actual Amount spent for such sold Individual Property from the date of this Agreement
until the time of such sale less (ii) the aggregate Required Monthly Expenditures of such sold Individual Property during the same period, provided that such payment into the Replacement Reserve Account shall only be required in the event and
to the extent that the aggregate Actual Amount for Replacements at any Individual Property (other than such sold Individual Property or an Individual Property theretofore released pursuant to the provisions of Section 2.5 or 2.8
hereof) is less than the aggregate Required Monthly Expenditures of such Individual property during the corresponding period. 
  
 (b) In the event that any Individual Property is released from the Lien of its related Mortgage, any amount held in the Replacement Reserve Account and
allocated to such Individual Property shall be released to the applicable Individual Borrower or Baltimore Owner. Borrower and Baltimore Owner covenant and agree to provide Lender evidence reasonably acceptable to Lender, within thirty (30) days
after the start of each calendar month, of the Actual Amount for each Individual Property for the immediately preceding calendar month period. (For example, with respect to the Replacement Reserve Monthly Deposit payable on the Payment 

  

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Date in June, Borrower and Baltimore Owner shall provide Lender evidence of the Actual Amount for the month of April (the “Subject Month”)
by May 30th.) In the event the Actual Amount spent by Borrower and Baltimore Owner in any given Subject Month
exceeds the Required Monthly Expenditure (such amount, the “Excess”), Borrower and Baltimore Owner may request payment or reimbursement from the Replacement Reserve Account (or may request a reduction in the amount of any Letter of
Credit delivered to Lender in lieu of a cash deposit to the Replacement Reserve Account) for the Excess, up to the amount of funds on deposit in the Replacement Reserve Account (or the undrawn balance of all Letters of Credit delivered pursuant to
Section 7.3.1); provided, however, at no time shall Borrower or Baltimore Owner be entitled to receive funds (or reduce the amount of any Letter of Credit) in excess of the Actual Amount for the applicable Subject Month. To the
extent the Replacement Reserve Account has no funds on deposit or there are no outstanding Letters of Credit or the aggregate amount of such funds and the undrawn balance of outstanding Letters of Credit is less than the amount of the Excess,
Borrower and Baltimore Owner will be permitted to carry forward the amount of the Excess that was not paid or reimbursed (such amount, the “Shortfall”) as a credit against future Replacement Reserve Monthly Deposits until the
Shortfall is exhausted. In other words, Borrower and Baltimore Owner shall be reimbursed for the cost of Replacements relating to any Individual Property first by reduction of the current month’s Replacement Reserve Monthly Deposit, second from
any funds on deposit in the Replacement Reserve Account (and by reductions in the amount of Letters of Credit delivered to Lender in lieu of cash deposits) (using first the funds and then reductions in the Letters of Credit), and third as an ongoing
credit toward future months’ required Replacement Reserve Monthly Deposits until Borrower and Baltimore Owner has been fully reimbursed for the cost of all Replacements from the beginning of the first Subject Month to date. 
  
 7.3.2 Disbursements from Replacement Reserve Account.
(a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower and Baltimore Owner only for the costs of the Replacements. 
  
 (b) Lender shall, upon written request from Borrower and Baltimore Owner and satisfaction of the requirements set forth in this Section 7.3.2,
disburse to Borrower and Baltimore Owner amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower and Baltimore Owner therefor, upon completion of such Replacements (or,
upon requests for deposits or partial completion in the case of Replacements made pursuant to Section 7.3.2(e) hereof) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a
Default or an Event of Default exists. 
  
 (c) Each request for
disbursement from the Replacement Reserve Account shall be in a form reasonably specified or approved by Lender and shall specify (i) the specific Replacements spent by Borrower and Baltimore Owner for which the disbursement is requested, (ii) the
quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of
specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement is made. With each request Borrower and Baltimore Owner shall certify that all Replacements have been
made in accordance with all applicable Legal Requirements of any 

  

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Governmental Authority having jurisdiction over the applicable Individual Property to which Replacements are being provided. Each request for disbursement
shall include copies of invoices for all items or materials purchased and all contracted labor or services provided and for all deposits for items or materials or labor or services being purchased and, unless Lender has agreed to issue joint checks
as described below in connection with a particular Replacement, each request shall include evidence reasonably satisfactory to Lender of payment of all such amounts. Except as provided in Section 7.3.2(e) hereof, each request for disbursement
from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion of the subject Replacement satisfactory to Lender in its reasonable
judgment. 
  
 (d) Borrower and Baltimore Owner shall pay all
invoices in connection with the Replacements with respect to which a disbursement is requested (i) prior to submitting such request for disbursement from the Replacement Reserve Account or (ii) with funds received from the applicable disbursement
from the Replacement Reserve Account, or, at the request of Borrower and Baltimore Owner, Lender will issue joint checks, payable to Borrower (or Baltimore Owner, as applicable) and the contractor, supplier, materialman, mechanic, subcontractor or
other party to whom payment is due in connection with a Replacement. In the case of payments in an amount equal to or greater than $50,000 made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to
Lender’s disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender may require Borrower and Baltimore Owner to obtain lien waivers from each contractor, supplier, materialman, mechanic or
subcontractor who receives payment in an amount equal to or greater than $50,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and shall cover all
work performed and materials supplied for the applicable Individual Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such
contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check or from funds received by Borrower from disbursements from the Replacement Reserve Account, the release of lien shall be effective through the date covered
by the previous release of funds request). 
  
 (e) If (i) the cost
of a Replacement exceeds $50,000, and (ii) the contractor performing such Replacement requires a deposit or periodic payments pursuant to terms of a written contract, a request for reimbursement from the Replacement Reserve Account may be made for
such deposit or after completion of a portion of the work under such contract; provided (A) such contract requires such deposit or payment upon completion of such portion of the work, (B) the materials for which the request (other than a
request for a deposit) is made are on site at the applicable Individual Property and are properly secured or are in bonded warehouse or have been installed in such Individual Property, (C) all other conditions in this Agreement applicable to
disbursement have been satisfied, and (D) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor.

  
 (f) Neither Borrower nor Baltimore Owner shall make a request
for disbursement from the Replacement Reserve Account more frequently than once in any thirty 

  

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(30) day period and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $25,000.

  
 7.3.3 Balance in the Replacement Reserve
Account. The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower nor Baltimore Owner from their obligation to fulfill all applicable preservation and maintenance covenants in the Loan Documents.

  
 7.3.4 Repair Funds for Minority Properties. In
addition and as a modification of the provisions set forth above in this Section 7.3, Lender acknowledges and agrees that the deposits to the Replacement Reserve Fund for each of the Minority Interest Properties shall be segregated and
separated from the deposits to Replacement Reserve Fund for all other Properties and disbursements from the Replacement Reserve Fund for each of the Minority Interest Properties shall only be made from the segregated deposits for such Minority
Interest Property and used only for such Minority Interest Property. 
  
 Section 7.4. Ground Lease Escrow Fund. On the Closing Date, Borrower or Baltimore Owner shall deposit with Lender, in cash or cash equivalent (including a Letter of Credit), the Ground Rent which may be due during the month
immediately following the month in which the Closing Date occurs (the “Initial Ground Lease Escrow Deposit”). Thereafter, on each Payment Date occurring during a Cash Sweep Period, Borrower or Baltimore Owner shall deposit with
Lender, in cash or cash equivalent (including a Letter of Credit), the Ground Rent which may be due during the following month in order to accumulate with Lender sufficient funds to pay such Ground Rent at least ten (10) Business Days prior to the
date due (said amount, together with the Initial Ground Lease Escrow Deposit or the Subsequent Ground Lease Escrow Deposit, as applicable, and the proceeds of any Letter of Credit delivered pursuant to this Section 7.4, collectively, the
“Ground Lease Escrow Fund”). During any period in which Ground Rent is being escrowed on a monthly basis pursuant to this Section 7.4, Lender will apply the Ground Lease Escrow Fund to payments of the Ground Rent. Upon a Cash
Sweep Cure, Borrower or Baltimore Owner shall deposit with Lender in cash or cash equivalent (including a Letter of Credit) to the extent necessary to achieve a balance in the Ground Lease Escrow Fund equal to the Ground Rent which may be due during
the month immediately following the month in which monthly escrows are discontinued (the amount then remaining in the Ground Lease Escrow Fund after giving effect to such deposit, the “Subsequent Ground Lease Escrow Deposit”). If
the amount of the Ground Lease Escrow Fund (excluding the Initial Ground Lease Escrow Deposit or the Subsequent Ground Lease Escrow Deposit, as applicable) shall exceed the amounts due for Ground Rent, Lender shall, at the option of Borrower or
Baltimore Owner, return any excess to Borrower or Baltimore Owner or credit such excess against future payments to be made to the Ground Lease Escrow Fund. Any amount remaining in the Ground Lease Escrow Fund after the Debt has been paid in full or
the Individual Property subject to the Ground Lease has been released shall be returned to Borrower (or Baltimore Owner, as applicable). In allocating such excess, Lender may deal with the Person shown on the records of Lender to be the owner of the
applicable Individual Property. If at any time during a Cash Sweep Period, Lender reasonably determines that the Ground Lease Escrow Fund (excluding the Initial Ground Lease Escrow Deposit or the Subsequent Ground Lease Escrow Deposit, as
applicable) is not, or will not be, sufficient to pay the Ground Rent by the date set forth in the second sentence of this Section 7.4, Lender shall notify Borrower of such 

  

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determination and Borrower or Baltimore Owner shall increase its monthly payment (or deliver a Letter of Credit in the amount of such increase) by the amount
that Lender estimates is sufficient to make up the deficiency at least ten (10) Business Days prior to the due date of the Ground Rent. 
  
 Section 7.5. Reserve Funds, Generally. (a) Borrower and Baltimore Owner grant to Lender a first-priority perfected security interest
in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Funds shall constitute additional
security for the Debt. Upon the occurrence and during a continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the
payment of the Debt in any order in its sole discretion. The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. 
  
 (b) Neither Borrower nor Baltimore Owner shall, without obtaining the prior consent of Lender, further pledge, assign or
grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party,
to be filed with respect thereto. 
  
 (c) The Reserve Funds shall
be held in an Eligible Account and shall bear interest at a money market rate reasonably selected by Lender. All interest or other earnings on a Reserve Fund shall be added to and become a part of such Reserve Fund and shall be disbursed in the same
manner as other monies deposited in such Reserve Fund. Borrower and Baltimore Owner shall have the right to direct Lender to invest sums on deposit in the Eligible Account in Permitted Investments, provided (i) such investments are then
regularly offered by Lender for accounts of this size, category and type, (ii) such investments are permitted by applicable Legal Requirements, (iii) the maturity date of the Permitted Investment is not later than the date on which the applicable
Reserve Fund is required for payment of an obligation for which such Reserve Fund was created, and (iv) no Event of Default shall have occurred and be continuing. Borrower and Baltimore Owner shall be responsible for payment of any federal, state or
local income or other tax applicable to the interest or income earned on the Reserve Funds. No other investments of the sums on deposit in the Reserve Funds shall be permitted except as set forth in this Section 7.5. Borrower and Baltimore
Owner shall bear all reasonable costs associated with the investment of the sums in the account in Permitted Investments. Such costs shall be deducted from the income or earnings on such investment, if any, and to the extent such income or earnings
shall not be sufficient to pay such costs, such costs shall be paid by Borrower and Baltimore Owner promptly on demand by Lender. Lender shall have no liability for the rate of return earned or losses incurred on the investment of the sums in
Permitted Investments (it being understood and agreed that all risks relating thereto shall be borne solely by Borrower and Baltimore Owner), except for Lender’s or its agents or employees’ gross negligence, bad faith, fraud, illegal acts
or willful misconduct. 
  
 (d) Borrower and Baltimore Owner shall
indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys 

  

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fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were
established except if they arise from Lender’s or its agents’ or employees’ gross negligence, bad faith fraud, illegal acts or willful misconduct. Borrower and Baltimore Owner shall assign to Lender all rights and claims Borrower and
Baltimore Owner may have against all Persons supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim unless an Event
of Default has occurred and remains uncured. 
  
 (e) (i) Each
Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of
Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine.
Lender’s right to draw on any Letter of Credit and apply the proceeds thereof in accordance with this Section 7.5(e) shall be in addition to all other rights and remedies provided to Lender under the Loan Documents. 
  
 (ii) In addition to any other right Lender may have to draw
upon a Letter of Credit pursuant to the terms and conditions of this Agreement, Lender shall have the additional right to draw in full any Letter of Credit: (A) with respect to any evergreen Letter of Credit, if Lender has received a notice from the
issuing bank that the Letter of Credit will not be renewed and a substitute Letter of Credit or cash or other cash equivalent is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled to
expire; (B) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of
Credit is scheduled to expire and an extension of such Letter of Credit or a substitute Letter of Credit or cash or other cash equivalent is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is
scheduled to expire; (C) upon receipt of notice from the issuing bank that the Letter of Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions of this Agreement or a
substitute Letter of Credit is provided); or (D) if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Eligible Institution and within ten (10) Business Days after Lender notifies Borrower in writing of such
circumstance, Borrower and Baltimore Owner shall fail to deliver to Lender a substitute Letter of Credit or cash or other cash equivalent issued by an Eligible Institution. Notwithstanding anything to the contrary contained in the above, Lender is
not obligated to draw any Letter of Credit upon the happening of an event specified in (A), (B), (C) or (D) above and shall not be liable for any losses sustained by Borrower and Baltimore Owner due to the insolvency of the bank issuing the Letter
of Credit if Lender has not drawn the Letter of Credit. 
  
 (f) In
the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to
a Non-Minority Property. 
  

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	 	VIII. 	DEFAULTS 

  
 Section 8.1. Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an “Event of
Default”): 
  
 (i) if (A) any monthly
installment of principal and/or interest due under the Loan Documents or monthly deposit to the Ground Lease Escrow Fund, the Replacement Reserve Fund or the Tax and Insurance Escrow Fund is not paid in full on or before the date on which it is due,
or (B) the payment due on the Maturity Date is not paid when due; 
  
 (ii) if any of the Taxes or Other Charges are not paid when the same are due and payable, subject to the provisions of Section 5.1.2 hereof; 
  
 (iii) if the Policies are not kept in full force and effect, or if certified copies of the Policies are not
delivered to Lender upon request if and as required pursuant to the provisions hereof; 
  
 (iv) if any Individual Borrower or Baltimore Owner Transfers or otherwise encumbers any portion of any Individual Property without
Lender’s prior consent in violation of the provisions of this Agreement or Article 6 of the applicable Mortgage; 
  
 (v) if any representation or warranty made by any Individual Borrower or Baltimore Owner herein or in any other Loan Document, or in any
report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect as of the date the representation or warranty was made; provided,
however, that if such Individual Borrower or Baltimore Owner did not have actual knowledge at the time of representation or warranty that such representation or warranty was false or misleading in any material respect and the same is
susceptible of being cured, the same shall be an Event of Default hereunder only if the same is not cured within thirty (30) days after written notice to Borrower and Baltimore Owner from Lender; 
  
 (vi) if any Individual Borrower, Guarantor, Principal or
Baltimore Owner shall make an assignment for the benefit of creditors; 
  
 (vii) if a receiver, liquidator or trustee shall be appointed for any Individual Borrower, Guarantor, Principal or Baltimore Owner or if any Individual Borrower, Guarantor, Principal or Baltimore Owner shall be
adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, any
Individual Borrower, Guarantor, Principal or Baltimore Owner, or if any proceeding for the dissolution or liquidation of any Individual Borrower, Guarantor, Principal or Baltimore Owner shall be instituted; provided, however, if such
appointment, adjudication, petition or proceeding was involuntary and not consented to by such Individual Borrower, Guarantor, Principal or Baltimore Owner, upon the same not being discharged, stayed or dismissed within sixty (60) days; 

 

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 (viii) if Borrower attempts to assign its rights under this Agreement or any of the other
Loan Documents or any interest herein or therein in contravention of the Loan Documents; 
  
 (ix) if Borrower or Baltimore Owner breaches any covenant contained in Section 4.1.30 hereof provided, however, such
violation or breach shall not constitute an Event of Default in the event that (1) such violation or breach is not knowing and intentional, (2) such violation or breach is immaterial, (3) such violation or breach shall be remedied within a timely
manner and (4) within fifteen (15) Business Days of the request of Lender, Borrower or Baltimore Owner, as applicable, delivers to Lender an Additional Insolvency Opinion, or a modification of the Insolvency Opinion, to the effect that such breach
or violation shall not change the opinions rendered in the Insolvency Opinion, which opinion or modification and any counsel delivering such opinion or modification shall be acceptable to Lender in its reasonable discretion; 
  
 (x) with respect to any term, covenant or provision set
forth herein or any other Loan Document which specifically contains a notice requirement or grace period, if Borrower or Baltimore Owner shall be in default under such term, covenant or condition after the giving of such notice or the expiration of
such grace period; 
  
 (xi) if any of the
assumptions contained in the Insolvency Opinion delivered to Lender in connection with the Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect; 

 
 (xii) if a material default has occurred and continues
beyond any applicable notice and cure period under any Management Agreement (or any Replacement Management Agreement) and if such default permits Manager (or Qualified Franchisor) to terminate or cancel such Management Agreement (or such Replacement
Management Agreement); 
  
 (xiii) if a material
default has occurred and continues beyond any applicable notice and cure period under any Franchise Agreement (including any Replacement Franchise Agreement, as applicable) and if such default permits Franchisor (including any Qualified Franchisor,
as applicable), to terminate or cancel such Franchise Agreement (including any Replacement Franchise Agreement, as applicable); 
  
 (xiv) if any Individual Borrower or Baltimore Owner ceases to do business as a hotel or resort at its Individual Property or terminates
such business for any reason whatsoever (other than temporary cessation in connection with a Restoration of such Individual Property following a Casualty or Condemnation or due to an event or cause described in the definition of the term
“Unavoidable Delay”); 
  
 (xv) If (A) a
breach or default by El Con Borrower in any material respect under any condition or obligation contained in the Ground Lease is not cured within any applicable cure period provided therein, (B) there occurs any event or condition that gives Ground
Lessor a right to terminate or cancel the Ground Lease, (C) the leasehold estate of El Con Borrower under the Ground Lease shall be surrendered or the Ground Lease 

  

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shall be terminated or cancelled for any reason or under any circumstances whatsoever, or (D) any of the material terms, covenants or conditions of the
Ground Lease shall in any manner be modified, changed, supplemented, altered, or amended without the prior written consent of Lender except as may be expressly permitted hereunder; 
  
 (xvi) if Borrower or Baltimore Owner fails to comply with the covenants as to Prescribed Laws set forth in
Section 5.1.1 hereof; 
  
 (xvii) if
Borrower or Baltimore Owner shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement or any other Loan Document not specified in clauses (i) to (xvi) above, for ten (10) days after notice to Borrower
and Baltimore Owner from Lender, in the case of any Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if such
non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower and/or Baltimore Owner, as applicable, shall have commenced to cure such Default within
such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower and/or Baltimore Owner, as applicable, in the
exercise of due diligence to cure such Default, such additional period not to exceed an additional ninety (90) days; or 
  
 (xviii) if any other event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity of
any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt under this Agreement or any other Loan Document. 
  
 (b) Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii)
above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems
advisable to protect and enforce its rights against Borrower and Baltimore Owner and in and to any or all of the Properties, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself
of any or all rights or remedies provided in the Loan Documents against Borrower, Baltimore Owner and any or all of the Properties, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default
described in clauses (vi), (vii) or (viii) above, the Debt and all other obligations of Borrower and Baltimore Owner hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand,
and Borrower and Baltimore Owner hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 
  
 (c) If an Event of Default occurs, an Individual Borrower or Baltimore Owner owning such Individual Property may obtain a
release of such Minority Interest Property notwithstanding the existence or continuance of such Event of Default by payment only of the Debt attributable to such Minority Interest Property due and payable at the time of such payment, 

  

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subject to compliance with the terms set forth in Section 2.4.3 and clauses (b)(i), (b)(ii), (d), (e) and (f) of Section 2.5.1. If Borrower
exercises this right in accordance with the terms and provisions contained herein, such Event of Default shall be cured as a result of Borrower’s exercise of the release only with respect to such Minority Interest Property. 
  
 Section 8.2. Remedies. (a) Upon the occurrence and during the
continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower and Baltimore Owner under this Agreement or any of the other Loan Documents executed and delivered
by, or applicable to, Borrower and Baltimore Owner or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have
commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to any or all of the Properties. Any such actions taken by Lender shall be cumulative and concurrent and
may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other
rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing to the extent Borrower and Baltimore Owner may lawfully do so under Applicable
Law, Borrower and Baltimore Owner agree that if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges
provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Properties and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has
been paid in full. 
  
 (b) With respect to Borrower, Baltimore
Owner and the Properties, nothing contained herein or in any other Loan Document shall be construed as requiring Lender to resort to any Individual Property for the satisfaction of any of the Debt in preference or priority to any other Individual
Property, and Lender may seek satisfaction out of all of the Properties or any part thereof, in its absolute discretion in respect of the Debt. In addition, Lender shall have the right from time to time to partially foreclose the Mortgages in any
manner and for any amounts secured by the Mortgages then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event Borrower or Baltimore Owner default beyond any
applicable grace period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose one or more of the Mortgages to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the
entire outstanding principal balance of the Loan, Lender may foreclose one or more of the Mortgages to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by one or more of the Mortgages as
Lender may elect. Notwithstanding one or more partial foreclosures, the Properties shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered. 
  
 (c) Upon the occurrence and during the continuation of an Event of Default,
Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender
shall determine in its sole discretion for purposes 

  

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of evidencing and enforcing its rights and remedies provided hereunder. Borrower and Baltimore Owner shall execute and deliver to Lender from time to time,
promptly after the request of Lender, a severance agreement and such other documents as Lender shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to
Lender. Borrower and Baltimore Owner hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid
severance, Borrower and Baltimore Owner ratifying all that its said attorney shall lawfully do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) Business Days
after written notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. Neither Borrower nor Baltimore Owner shall be obligated to pay any costs or expenses (other than its own attorneys fees)
incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents, and (ii) the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any
such representations and warranties contained in the Severed Loan Documents will be given by Borrower and Baltimore Owner only as of the Closing Date. 
  
 (d) Remedies Cumulative; Waivers. Upon the occurrence and during the continuation of an Event of Default, the rights, powers and remedies of Lender
under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower and/or Baltimore Owner pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or
otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or
power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver
of one Default or Event of Default with respect to Borrower and/or Baltimore Owner shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower and/or Baltimore Owner or to impair any remedy, right or power
consequent thereon. 
  
 (e) Upon the occurrence and during the
continuation of an Event of Default, Lender may, but without any obligation to do so and without notice to or demand on Borrower and/or Baltimore Owner and without releasing Borrower and Baltimore Owner from any obligation hereunder or being deemed
to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower and Baltimore Owner hereunder in such manner and to such extent as Lender may deem necessary. All such costs and expenses incurred by Lender in remedying
such Event of Default or such failed payment or act shall bear interest at the Default Rate, for the period after such cost or expense was incurred until the date of payment to Lender. All such costs and expenses incurred by Lender together with
interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Lender under the Loan Documents and shall be immediately due and payable upon
demand by Lender therefor. 
  

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	 	IX.	SPECIAL PROVISIONS 

  
 Section 9.1. Sale of Notes and Securitization. 
  
 9.1.1 General. Borrower and Baltimore Owner acknowledge and agree that the Lender may sell, in one or more
transactions, all or any portion of the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private securitizations of rated single- or multi-class securities (the “Securities”)
secured by or evidencing ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations and/or securitizations, collectively, a
“Securitization”). At the request of Lender, and to the extent not already required to be provided by or on behalf of Borrower and Baltimore Owner under this Agreement, Borrower and Baltimore Owner shall use reasonable efforts to
assist Lender in such Securitization and to provide information not in the possession of Lender or which may be reasonably required by Lender in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably
required by prospective investors and/or the Rating Agencies in connection with any such Securitization including, without limitation, to: 
  
 (a) provide additional and/or updated Provided Information to the extent available to Borrower and Baltimore Owner or within their commercially reasonable
control to deliver; 
  
 (b) assist in preparing descriptive
materials for presentations to any or all of the Rating Agencies, and work with, third-party service providers engaged to obtain, collect, and deliver information reasonably requested or reasonably required by Lender, prospective investors or the
Rating Agencies; 
  
 (c) deliver (i) updated opinions of counsel
as to non-consolidation, due execution and enforceability with respect to Borrower, Baltimore Owner, Guarantor, Principal and their respective Affiliates and the Loan Documents, and (ii) revised organizational documents for Borrower and/or Baltimore
Owner, which counsel opinions and organizational documents shall be reasonably satisfactory to Lender, and the Rating Agencies; 
  
 (d) if required by any Rating Agency, use commercially reasonable efforts to deliver such additional tenant estoppel letters, subordination agreements or
other agreements from parties to agreements that affect the Properties, which estoppel letters, subordination agreements or other agreements shall be reasonably satisfactory to Lender, and the Rating Agencies; 
  
 (e) make such representations and warranties as of the closing date of the
Securitization with respect to the Properties, Borrower, Baltimore Owner, Guarantor, Principal including the representations and warranties made in the Loan Documents consistent with the facts covered by such representations and warranties as they
exist on the date thereof; 
  
 (f) if requested by Lender, review
any information regarding the Properties, Borrower, Baltimore Owner, Guarantor, Principal, Manager, Franchisor and the Loan which is contained in a preliminary or final private placement memorandum, (including any amendment 

  

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or supplement to either thereof), or other disclosure document to be used by Lender or any affiliate thereof; and 
  
 (g) supply to Lender such documentation, financial statements and reports in
form and substance required in order to comply with any securities laws applicable to a private offering of securities to the extent available to Borrower and Baltimore Owner. 
  
 9.1.2 Loan Components. Borrower and Baltimore Owner covenant and agree that in connection with any
Securitization of the Loan, upon Lender’s request Borrower shall deliver one or more new component notes to replace the original note or modify the original note to reflect multiple components of the Loan (and such new notes or modified note
shall have the same weighted average spread as the original note, but the weighted average spread may subsequently change due to involuntary prepayments or if an Event of Default shall occur), and modify the Cash Management Agreement and/or resize
the Interest Rate Cap Agreement with respect to the newly created components such that the pricing and marketability of the Securities and the size of each class of Securities and the rating assigned to each such class by the Rating Agencies shall
provide the most favorable rating levels and achieve the optimum bond execution for the Loan. 
  
 9.1.3 Mezzanine Loans. Notwithstanding the provisions of Section 9.1 to the contrary, Borrower and Baltimore Owner covenant and agree that after the Closing Date and prior to a Securitization,
Lender shall have the right to create one or more additional mezzanine loans (each, a “New Mezzanine Loan”), to establish different interest rates and to reallocate the principal balances (including, without limitation, the
reallocation of the Release Amounts on a pro rata basis) of each of the Loan, the Mezzanine Loan and any New Mezzanine Loan(s) amongst each other and to require the payment of the Loan, the Mezzanine Loan and any New Mezzanine Loan(s) in such order
of priority as may be designated by Lender; provided, that in no event shall the weighted average spread of the Loan, the Mezzanine Loan and any New Mezzanine Loan(s) following any such reallocation or modification change from the weighted
average spread for all in effect immediately preceding such reallocation, modification or creation of any New Mezzanine Loan(s) (but the weighted average spread may subsequently change due to involuntary prepayments or if an Event of Default shall
occur). Borrower and Baltimore Owner shall execute and deliver such documents as shall reasonably be required by Lender as promptly as possible under the circumstances in connection with this Section 9.1.3, all in form and substance
reasonably satisfactory to Lender and the Rating Agencies, including, without limitation, in connection with the creation of any New Mezzanine Loan, a promissory note and loan documents necessary to evidence such New Mezzanine Loan, and Borrower and
Baltimore Owner shall execute such amendments to the Loan Documents and the Mezzanine Loan Documents as are necessary in connection with the creation of such New Mezzanine Loan. In addition, Borrower and Baltimore Owner shall cause the formation of
one or more special purpose, bankruptcy remote entities as required by Lender in order to serve as the borrower under any New Mezzanine Loan (each, a “New Mezzanine Borrower”) and the applicable organizational documents of Borrower,
Baltimore Owner and Mezzanine Borrower shall be amended and modified as reasonably necessary or required in the formation of any New Mezzanine Borrower. Further, in connection with any New Mezzanine Loan, Borrower and Baltimore Owner shall deliver
to Lender opinions of legal counsel with respect to due execution, authority and enforceability of the New Mezzanine Loan and the Loan Documents and 

  

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Mezzanine Loan Documents, as amended and an Additional Insolvency Opinion for the Loan and the Mezzanine Loan and a substantive non-consolidation opinion
with respect to any New Mezzanine Loan, each as reasonably acceptable to Lender, prospective investors and/or the Rating Agencies, but subject to substantially the same qualifications and exclusions as contained in the opinions delivered in
connection with the closing of the Loan. 
  
 9.1.4 Lender
shall pay all costs in connection with complying with Sections 9.1.1, 9.1.2 and 9.1.3, except as set forth in Section 10.13(c) hereof with respect to the Rating Agency review of the initial successful Securitization of
the Loan and except that Borrower shall pay the fees of legal counsel employed by Borrower, Baltimore Owner, Guarantor, Principal and/or any of their Affiliates, in connection with any modifications to the Loan Documents or execution of new Loan
Document or review of opinions, documents, agreements or similar items which are delivered by Borrower, Baltimore Owner, Guarantor, Principal and/or any of their Affiliates in connection with complying with Section 9.1.1, 9.1.2 or
9.1.3. The limitation on costs and expenses set forth in the foregoing sentence shall in no way affect Borrower’s and Baltimore Owner’s obligation to comply with such sections. 
  
 9.1.5 Except as expressly provided for in Sections 9.1 or
9.2 to the contrary, Borrower shall not be required to modify or amend any organizational document or Loan Document if such modification or amendment would (i) cause a change in the Maturity Date or the monthly amortization payments, (ii)
cause the aggregate scheduled amortization payments to exceed the monthly scheduled amortization payments, or (iii) modify or amend any other material economic or material non-economic term of the organizational documents or Loan Documents in a
manner materially adverse to Borrower or any of its Affiliates. 
  
 Section 9.2. Securitization Indemnification. (a) Borrower and Baltimore Owner understand that certain of the Provided Information may be included in Disclosure Documents in connection with the Securitization or the Securities
and Exchange Act of 1934, as amended (the “Exchange Act”), or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization. In the
event that the Disclosure Document is required to be revised prior to the sale of all Securities, Borrower and Baltimore Owner will cooperate with the holder of the Note in updating the Disclosure Document by providing all current information
necessary to keep the Disclosure Document accurate and complete in all material respects. 
  
 (b) The Indemnifying Persons agree to provide, in connection with the Securitization, an indemnification agreement (i) certifying that (A) the Indemnifying Persons have carefully examined the Disclosure Documents,
including, without limitation, the sections entitled “Risk Factors,” “Special Considerations,” “Description of the Mortgages,” “Description of the Mortgage Loans and Mortgaged Property,” “The
Manager,” “The Borrower” and “Certain Legal Aspects of the Mortgage Loan,” and (B) such sections and such other information in the Disclosure Documents (to the extent such information relates to or includes any Provided
Information or any information regarding the Properties, Borrower, Baltimore Owner, Guarantor, Principal, Manager, Franchisor (and/or the Loan), other than information regarding other loans and assets in a pool of loans which includes the Loan
(collectively with the Provided Information, the “Covered Disclosure Information”) do not (and with respect to any portion of the Disclosure Documents prepared in reliance on the reports of third parties, to the best of their

  

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knowledge do not) contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the
light of the circumstances under which they were made, not misleading, (ii) jointly and severally indemnifying Lender, any Affiliate of Lender that has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender
that acts as a placement agent or initial purchaser of Securities issued in the Securitization, any other co-placement agents or co-initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors,
partners, employees, representatives, agents and Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Indemnified
Persons”), for any losses, claims, damages, liabilities, costs or expenses (including, without limitation, legal fees and expenses for enforcement of these obligations (collectively, the “Liabilities”) to which any such
Indemnified Person may become subject insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Covered Disclosure Information or arise out of or are based upon
the omission or alleged omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure Information, in light of the circumstances under
which they were made, not misleading (other than a statement or omission based upon the reports of third parties that do not to the Indemnified Persons knowledge contain any untrue statement or omission of a material fact necessary in order to make
the statements made, in light of the circumstances under which they were made, not misleading) provided, however, that Indemnified Persons will be liable in any case above but only to the extent that such Liabilities arise out of or are based upon
any such untrue statement or omission made thereon in reliance upon and in conformity with information furnished to Lender by or on behalf of Borrower, Baltimore Owner and their Affiliates in connection with the preparation of the Disclosure
Documents or in connection with the Securitization, including, without limitation, financial statements of Borrower, Baltimore Owner or their Affiliates, operating statements, rent rolls, environmental site assessment reports and property condition
reports with respect to the Properties (other than third party reports which to the Borrower’s and Baltimore Owner’s knowledge do not contain any untrue statement or omission of a material fact necessary in order to make the statement
made, in light of the circumstances under which they were made, not misleading) but excluding any projections made in good faith by Borrower, Baltimore Owner or their Affiliates; and provided that this Section shall not apply to any Liabilities to
the extent arising out of any untrue statement, misstatement or omission or alleged untrue statement, misstatement or omission made in reliance upon and in connection with the written information furnished to Borrower, Baltimore Owner or their
Affiliates by Lender or any Indemnified Person expressly for use in the Disclosure Documents unless Borrower, Baltimore Owner, Principal, or Guarantor fails to correct any such untrue statement, misstatement or omission that is known to Borrower,
Baltimore Owner, Principal or Guarantor or that, with the exercise of customary reasonable efforts, should be known to Borrower, Baltimore Owner, Principal or Guarantor and (iii) agreeing to reimburse each Indemnified Person for any legal or other
out-of-pocket expenses reasonably incurred by such Indemnified Person, as they are incurred, in connection with investigating or defending the Liabilities. The foregoing indemnity with respect to any untrue statement or misstatement contained in, or
omission from, Disclosure Documents shall not inure to the benefit of any Indemnified Person if Borrower, Baltimore Owner or their Affiliates shall sustain the burden of proving that any such loss, liability, claim, damager or expense resulted

  

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from the fact that a Person was not provided with a copy of the final Disclosure Documents at or prior to the written confirmation of the sale of such
securities to such Person and the loss, liability, claim, damager or expense resulted from an untrue statement or misstatement contained in, or omission from, the preliminary Disclosure Documents that were corrected in the final Disclosure
Documents. This indemnity agreement will be in addition to any liability which Borrower and Baltimore Owner may otherwise have. Moreover, the indemnification provided for in clauses (ii) and (iii) above shall be effective whether or not an
indemnification agreement described in clause (i) above is provided. 
  
 (c) Intentionally Omitted. 
  
 (d) Promptly after receipt
by an Indemnified Person of notice of any claim or the commencement of any action, the Indemnified Person shall, if a claim in respect thereof is to be made against any Indemnifying Person, notify such Indemnifying Person in writing of the claim or
the commencement of that action; provided, however, that the failure to notify such Indemnifying Person shall not relieve it from any liability which it may have under the indemnification provisions of this Section 9.2 except to
the extent that it has been materially prejudiced by such failure and, provided, further that the failure to notify such Indemnifying Person shall not relieve it from any liability which it may have to an Indemnified Person otherwise
than under the provisions of this Section 9.2. If any such claim or action shall be brought against an Indemnified Person, and it shall notify any Indemnifying Person thereof, such Indemnifying Person shall be entitled to participate therein
and, to the extent that it wishes, assume the defense thereof with counsel reasonably satisfactory to the Indemnified Person. After notice from any Indemnifying Person to the Indemnified Person of its election to assume the defense of such claim or
action, such Indemnifying Person shall not be liable to the Indemnified Person for any legal or other expenses subsequently incurred by the Indemnified Person in connection with the defense thereof except as provided in the following sentence;
provided, however, if the defendants in any such action include both an Indemnifying Person, on the one hand, and one or more Indemnified Persons on the other hand, and an Indemnified Person shall have reasonably concluded that there
are any legal defenses available to it and/or other Indemnified Persons that are different or in addition to those available to the Indemnifying Person, the Indemnified Person or Persons shall have the right to select separate counsel to assert such
legal defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Person or Persons. The Indemnified Person shall have the right to employ separate counsel in any such action and to participate in the defense
thereof but the fees and expenses of such counsel shall be the expense of such Indemnified Person unless: (i) the employment thereof has been specifically authorized by Borrower and Baltimore Owner in writing; or (ii) in such claims or action there
is, in the reasonable opinion of independent counsel, a conflict concerning any material issue between the position of Borrower, Baltimore Owner and such Indemnified Person in which case if such Indemnified Person notifies Borrower and/or Baltimore
Owner in writing that it elects to employ separate counsel at the expense of Indemnifying Persons, then such counsel shall have the right to assume the defense of such action on behalf of such Indemnified Person; provided, however,
that unless, in the reasonable opinion of independent counsel, an actual or potential conflict exists between tow or more Indemnified Persons, Borrower and Baltimore Owner shall not be required to pay the fees and disbursements of more than one
separate counsel for all Indemnified Persons. Nothing set forth herein is intended to or shall impair the right of any Indemnified Person to retain separate counsel at its own expense. 

  

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The Indemnified Person shall instruct its counsel to maintain reasonably detailed billing records for fees and disbursements for which such Indemnified
Person is seeking reimbursement hereunder and shall submit copies of such detailed billing records to substantiate that such counsel’s fees and disbursements are reasonable and solely related to the defense of a claim for which the Indemnifying
Person is required hereunder to indemnify such Indemnified Person. No Indemnifying Person shall be liable for the expenses of more than one (1) such separate counsel unless such Indemnified Person shall have reasonably concluded that there may be
legal defenses available to it that are different from or additional to those available to another Indemnified Person. 
  
 (e) Without the prior consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed), no Indemnifying Person shall settle or
compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual or potential party to
such claim, action, suit or proceeding) unless the Indemnifying Person shall have given Lender reasonable prior notice thereof and shall have obtained an unconditional release of each Indemnified Person hereunder from all liability arising out of
such claim, action, suit or proceedings. As long as an Indemnifying Person has complied with its obligations to defend and indemnify hereunder, such Indemnifying Person shall not be liable for any settlement made by any Indemnified Person without
the consent of such Indemnifying Person (which consent shall not be unreasonably withheld, conditioned or delayed). 
  
 (f) The Indemnifying Persons agree that if any indemnification or reimbursement sought pursuant to this Section 9.2 is finally judicially
determined to be unenforceable by any Indemnified Person harmless (with respect only to the Liabilities that are the subject of and which would otherwise be indemnifiable under this Section 9.2), then the Indemnifying Persons, on the one
hand, and such Indemnified Person, on the other hand, shall contribute to the Liabilities for which such indemnification or reimbursement is held unenforceable: (x) in such proportion as is appropriate to reflect the relative benefits to the
Indemnifying Persons, on the one hand, and such Indemnified Person, on the other hand, from the transactions to which such indemnification or reimbursement relates; or (y) if the allocation provided by clause (x) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (x) but also the relative faults of the Indemnifying Persons, on the one hand, and all Indemnified Persons, on the other hand, as well as any
other equitable considerations. Notwithstanding the provisions of this Section 9.2, (A) no party found liable for a fraudulent misrepresentation shall be entitled to contribution from any other party who is not also found liable for such
fraudulent misrepresentation, and (B) the Indemnifying Persons agree that in no event shall the amount to be contributed by the Indemnified Persons collectively pursuant to this paragraph exceed the amount of the fees (by underwriting discount or
otherwise) actually received by the Indemnified Persons in connection with the closing of the Loan or the Securitization. 
  
 (g) The Indemnifying Persons agree that the indemnification, contribution and reimbursement obligations set forth in this Section 9.2 shall apply
whether or not any Indemnified Person is a formal party to any lawsuits, claims or other proceedings. The 

  

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Indemnifying Persons further agree that the Indemnified Persons are intended third party beneficiaries under this Section 9.2. 
  
 (h) The liabilities and obligations of the Indemnified Persons and the
Indemnifying Persons under this Section 9.2 shall survive the termination of this Agreement and the satisfaction and discharge of the Debt. 
  
 (i) Notwithstanding anything to the contrary contained herein, neither Borrower nor Baltimore Owner shall have an obligation to act as depositor with
respect to the Loan or an issuer or registrant with respect to the Securities issued in any Securitization. Any Securitization shall be effectuated only by private offerings which are exempt from registration under the Securities Act of 1933.

  
 Section 9.3. Intentionally Omitted. 

 
 Section 9.4. Exculpation. (a) Except as otherwise provided
herein, Lender shall not enforce the liability and obligation of Borrower or Baltimore Owner to perform and observe the representations warranties and obligations contained in the Note, this Agreement, the Mortgages or the other Loan Documents by
any action or proceeding wherein a money judgment shall be sought against Borrower or Baltimore Owner, except that Lender may bring a foreclosure action, action for specific performance or other appropriate action or proceeding to enable Lender to
enforce and realize upon its interest in the Note, this Agreement, the Mortgages, the other Loan Documents, and the interest in the Properties, the Rents and any other collateral given to Lender pursuant to the Note, this Agreement, the Mortgages or
the other Loan Documents; provided, however, that any judgment in any such action or proceeding shall be enforceable against Borrower and Baltimore Owner only to the extent of their interest in the Properties, the Rent and any other
collateral given to Lender. In no event shall any Related Party have any personal liability for the payment of the indebtedness or any other sums due hereunder, under the Note, the Mortgages or the other Loan Documents, or for the performance or
observance of any other obligation of Borrower or Baltimore Owner other than pursuant to a written instrument executed by such Related Party specifically providing for such liability. Lender, by accepting the Note, this Agreement and the Mortgages,
agrees that it shall not, except as otherwise provided herein sue for, seek or demand any deficiency judgment against Borrower, Baltimore Owner and/or any Related Party in any such action or proceeding, under or by reason of or under or in
connection with the Note, this Agreement, the Mortgages or the other Loan Documents. The provisions of this Section 9.4 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by the Note,
this Agreement, the Mortgages or the other Loan Documents; (ii) impair the right of Lender to name Borrower or Baltimore Owner as a party defendant in any action or suit for judicial foreclosure and sale under the Mortgages; (iii) affect the
validity or enforceability of any indemnity (including, without limitation, the Environmental Indemnity), guaranty, master lease or similar instrument made in connection with the Note, this Agreement, the Mortgages or the other Loan Documents, (iv)
impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the Assignment of Leases; (vi) impair the right of Lender to enforce the provisions of Sections 4.1.9, 4.1.29, 5.1.10 and 5.2.9 of this
Agreement; or (vii) impair the right of Lender to obtain a deficiency judgment or other judgment on the Note against Borrower or Baltimore Owner if necessary to preserve or enforce its rights and remedies against any collateral 

  

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given to Lender pursuant to the Loan Documents, including any Awards or Insurance Proceeds to which Lender would otherwise be entitled under this Agreement
or the other Loan Documents; provided, however, Lender shall only enforce such judgment against such collateral, including the Awards and/or Insurance Proceeds, as applicable. 
  
 (b) Notwithstanding the provisions of this Section 9.4 to the
contrary, Borrower and Baltimore Owner shall be personally liable to Lender for the direct, actual losses, damages, costs, expenses, liabilities, claims or other obligations incurred by Lender (collectively, “Losses”) due to: (i) fraud or
intentional misrepresentation by any Individual Borrower, Baltimore Owner or any other person or entity in connection with the execution and the delivery of the Note, this Agreement, the Mortgages or the other Loan Documents; (ii) any intentional
misapplication or misappropriation of Rents received by any Individual Borrower or Baltimore Owner after the occurrence of an Event of Default; (iii) any intentional misapplication or misappropriation by any Individual Borrower or Baltimore Owner of
tenant security deposits or Rents collected more than one (1) month in advance; (iv) the intentional misapplication or the misappropriation of any Awards or Insurance Proceeds; (v) any failure to pay Taxes, Ground Rent, Other Charges, charges for
labor or materials or other charges that can create liens on any of the Properties (except to the extent that sums sufficient to pay such amounts have been deposited in the Cash Management Account or are otherwise in escrow with Lender pursuant to
the terms of this Agreement) but only to the extent that the Net Operating Income from the Properties available to Borrower or Baltimore Owner was sufficient to permit Borrower or Baltimore Owner to pay the same when due; (vi) any failure by
Borrower or Baltimore Owner to return or to reimburse Lender for all Personal Property taken from any of the Properties by or on behalf of Borrower or Baltimore Owner after the occurrence of an Event of Default and in violation of the terms of this
Agreement and the other Loan Documents and not replaced with Personal Property of the same utility and of the same or greater value; (vii) any act of actual intentional waste or arson by any Individual Borrower, Baltimore Owner or any affiliate,
general partner, managing member or principal thereof or by Guarantor that is not attributable to a lack of sufficient Net Operating Income from the Properties available to Borrower or Baltimore Owner to perform all of Borrower’s, Baltimore
Owner’s or such affiliate’s, general partner’s, managing member’s, principal’s, or Guarantor’s obligations under the Note, this Agreement, the Mortgages or the other Loan Documents; (viii) any fees or commissions paid
by any Individual Borrower or Baltimore Owner to affiliate, general partner, managing member or principal thereof or Guarantor in violation of the terms of the Note, this Agreement, the Mortgages or the other Loan Documents; (ix) the breach by
Borrower or Baltimore Owner or, if applicable, Guarantor of any representation, warranty, covenant or indemnification provision in the Environmental Indemnity or of any environmental representation, warranty, covenant or indemnification provision in
any Mortgage; or (x) if any Individual Property or any part thereof shall become an asset in any involuntary bankruptcy or insolvency proceeding commenced by any Person (other than Lender) and Borrower and Baltimore Owner fail to use its
commercially reasonable efforts to obtain a dismissal of such proceedings. 
  
 (c) Notwithstanding the foregoing, the agreement of Lender not to pursue recourse liability as set forth in subsection (a) above SHALL BECOME NULL AND VOID and shall be of no further force and effect as to
Borrower and Baltimore Owner (but not to any other Person other than pursuant to a written instrument executed by such Person specifically providing for such liability) (i) in the event of any Borrower’s and Baltimore Owner’s willful

  

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default to provide any financial statement, report or information under Section 5.1.11(b), (c), (d), (f), (g), (h), (i) and (j) hereof, but a
failure to provide such financial statements, reports and information shall not be deemed willful if such failure is the result of good faith error and is cured within ten (10) Business Days after written notice is delivered to Borrower and
Baltimore Owner; provided, however, that if (A) Borrower and Baltimore Owner is prevented by an unaffiliated third party from delivering such information and (B) Borrower and/or Baltimore Owner uses reasonable efforts (including the
reasonable expenditure of money) to obtain such financial statements, report and information, then such failure shall not be deemed willful so long as Borrower and Baltimore Owner continuously endeavors in good faith to obtain the required financial
statements, reports and information and delivers same to Lender as soon as it becomes available to Borrower, (ii) in the event of a default under Section 4.1.30 or 4.1.38 of this Agreement such that either (A) such failure was
considered by a court as a factor in the court’s finding for a consolidation of the assets of any Individual Borrower or Baltimore Owner with the assets of another person or entity or (B) as a result thereof, Lender suffers any material Losses
(including reasonable attorneys’ fees and disbursements, whether or not litigation has commenced); provided, however, that in the absence of an actual consolidation, recourse may be had against Borrower and Baltimore Owner only to
the extent of Losses for its failure to comply with the provisions of Section 4.1.30 or 4.1.38 of this Agreement or (iii) in the event of a default under Section 5.2.10 of this Agreement or Article 6 of any Mortgage;
provided, however, if an agent or employee of any Individual Borrower or Baltimore Owner or the manager of any Individual Property enters into an Equipment lease or Equipment financing in violation of any Mortgage and without express
authorization from an executive officer of such Individual Borrower, Baltimore Owner or Guarantor, then such violation for purposes of this clause (iii) shall not result in a nullification of Section 9.4(a) hereof (but Borrower and Baltimore
Owner shall be liable for all Losses related to such violation) so long as such Equipment lease or Equipment financing is terminated and released to Lender’s reasonable satisfaction within ten (10) Business Days of the earlier of (A)
Lender’s written notice to Borrower and Baltimore Owner of such violation or (B) the date that any executive officer of any Individual Borrower, Baltimore Owner or Guarantor actually becomes aware of such violation; (iv) if the first full
payment of monthly Debt Service is not paid when due or (v) in the event any Individual Property or any part thereof shall become an asset in (A) the filing by any Individual Borrower, Baltimore Owner or Principal of a voluntary petition under any
creditors rights laws, (B) any Individual Borrower, Baltimore Owner, Principal or any Affiliate of any Individual Borrower or Principal joining in the filing of, or filing an answer consenting to or otherwise acquiescing in (unless in the opinion of
Borrower and Baltimore Owner, upon advice of counsel, there are no valid grounds to contest) an involuntary petition against any Individual Borrower under any creditors rights laws, or (C) any Individual Borrower, Baltimore Owner, Principal or any
Affiliate of any Individual Borrower or Principal, Baltimore Owner, soliciting or causing to be solicited petitioning creditors for any such involuntary petition against any Individual Borrower, or Baltimore Owner. 
  
 (d) Nothing herein shall be deemed to be a waiver of any right which Lender
may have under Section 506(a), 506(6) or 1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the indebtedness secured by the Mortgages or to require that all collateral shall continue to secure all of the
indebtedness owing to Lender in accordance with the Note, this Agreement, the Mortgages and the other Loan Documents. 
  

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 Section 9.5. Matters Concerning Manager. (a) Lender acknowledges that (i) a manager
unaffiliated with Borrower and Baltimore Owner may terminate any applicable management agreement if it is not being paid the management fees due under such management agreement and (ii) an affiliated manager (A) shall not be entitled to a management
fee but shall be entitled to reimbursement of reasonable out-of-pocket expenses spent by said manager for the operation of the Properties during the continuance of an Event of Default and (B) may terminate any applicable management agreement after
Lender takes title to the related Individual Property in the event said manager is not being paid all fees due under such management agreement. 
  
 (b) Lender shall have the right to cause Borrower and Baltimore Owner to terminate any management agreement upon the occurrence of any one or more of the
following: (i) at any time following the occurrence of and during the continuation of an Event of Default (unless the applicable management agreement to be terminated is then between Borrower (and/or Baltimore Owner) and a Qualified Manager not an
Affiliate of the Borrower), (ii) the Manager is subject to a Bankruptcy Action, (iii) the Manager defaults under such management agreement beyond all applicable notice and cure periods and (iv) Lender (or its designee) takes title to the related
Individual Property. 
  
 Section 9.6. Servicer.
At the option of Lender, the Loan may be serviced by a servicer/trustee meeting all applicable criteria by the Rating Agencies for a servicer in a Securitization (the “Servicer”) selected by Lender. Lender may delegate all or
any portion of its responsibilities under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing Agreement”) between Lender and the Servicer. Notwithstanding the foregoing, (a)
Lender shall endeavor not to use, or permit the use of, any servicer identified by Borrower and listed on Schedule 9.6 attached hereto as the initial Servicer and (b) Lender agrees that (i) ORIX Capital Markets, LLC shall not be permitted to
service all or any part of the Loan and (ii) Wachovia Securities shall not be the initial primary or special servicer of the Loan. Neither Borrower nor Baltimore Owner shall be responsible for any set-up fees to the Servicer or any other initial
costs of the Servicer or Lender relating to or arising under the Servicing Agreement. Neither Borrower nor Baltimore Owner shall be responsible for payment of the monthly servicing fee due to the Servicer under the Servicing Agreement. 

 
 Section 9.7. Matters Concerning Franchisor. Lender
shall have the right to cause Borrower to terminate any Franchise Agreement upon the occurrence of any one or more of the following: (a) at any time following the occurrence of and during the continuation of an Event of Default (unless the
applicable Franchise Agreement to be terminated is then between Borrower or Baltimore Owner and a Qualified Franchisor not an Affiliate of Borrower or Baltimore Owner), (b) Franchisor shall become bankrupt or insolvent or (c) Franchisor defaults
under any Franchise Agreement beyond all applicable notice and cure periods or (d) Lender (or its designee) takes title to the related Individual Property. Lender acknowledges that a franchisor unaffiliated with Borrower or Baltimore Owner may
terminate any applicable franchise agreement if it is not being paid the franchise fees due under such franchise agreement. 
  

	 	X.	MISCELLANEOUS 

  
 Section 10.1. Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the
certificates delivered pursuant hereto shall 

  

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survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or
any of the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal
representatives, successors and assigns of such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower and/or Baltimore Owner, shall inure to the benefit of the legal representatives, successors and assigns of
Lender. 
  
 Section 10.2. Lender’s Discretion.
Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether
arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole but good faith discretion of Lender and if decided in good faith shall be final and conclusive. Whenever this
Agreement expressly provides that Lender may not withhold its consent or its approval of an arrangement or term, such provisions shall also be deemed to prohibit Lender from conditioning or delaying such consent or approval. When it is expressly
provided herein that Lender act reasonably, Lender shall apply the standards of an ordinary prudent lender with respect to real estate collateral of similar size, scope and value as the Properties. 
  
 Section 10.3. Governing Law. (A) THIS AGREEMENT WAS NEGOTIATED IN
THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER AND BALTIMORE OWNER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE
HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE
NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND
PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE INDIVIDUAL PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE
LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER AND BALTIMORE OWNER HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVE ANY CLAIM TO ASSERT 

  

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THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN
DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
  
 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER OR BALTIMORE OWNER ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER AND BALTIMORE
OWNER WAIVE ANY OBJECTIONS WHICH THEY MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER AND BALTIMORE OWNER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN
ANY SUIT, ACTION OR PROCEEDING. BORROWER AND BALTIMORE OWNER DO HEREBY DESIGNATE AND APPOINT: 
  
 CORPORATION SERVICE COMPANY 
 80
STATE STREET 
 ALBANY, NEW YORK 12207-2543 
  
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER AND BALTIMORE OWNER IN THE MANNER PROVIDED HEREIN
SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER AND BALTIMORE OWNER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER AND BALTIMORE OWNER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED
ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR
SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
  
 Section 10.4. Modification, Waiver in Writing. No
modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the
same shall be in a writing signed by the 

  

 -158- 

 
party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which
given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower or Baltimore Owner, shall entitle Borrower or Baltimore Owner to any other or future notice or demand in the same, similar or other circumstances. 

 
 Section 10.5. Delay Not a Waiver. Neither any failure
nor any delay on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or under any
other instrument given as security therefore, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In
particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment
when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
  
 Section 10.6. Notices. All notices, consents, approvals and requests required or permitted hereunder or
under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery
service, either commercial or United States Postal Service, with proof of attempted delivery, and by telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by
any party hereto, as the case may be, in a notice to the other parties hereto in the manner provided for in this Section 10.6): 
  

			
	 If to Lender:
	  	JPMorgan Chase Bank, N.A.
	 	  	c/o ARCap Servicing, Inc.
	 	  	5605 N. MacArthur Boulevard, Suite 950
	 	  	Irving, Texas 75038
	 	  	Attention: Clyde Greenhouse – Director of Administration
	 	  	Facsimile No.: (972) 580-3888
		
	 	  	 and

		
	 	  	Bear Stearns Commercial Mortgage, Inc.
	 	  	383 Madison Avenue
	 	  	New York, New York 10179
	 	  	Attention: J. Christopher Hoeffel
	 	  	Facsimile No.: (212) 272-7047
		
	 with a copy to:
	  	Cadwalader, Wickersham & Taft LLP
	 	  	One World Financial Center
	 	  	New York, New York 10281
	 	  	Attention: William P. McInerney, Esq.
	 	  	Facsimile No.: (212) 504-6666

  

 -159- 

			
	 If to Borrower:
	  	c/o Wyndham International, Inc.
	 	  	1950 Stemmons Freeway, Suite 6001
	 	  	Dallas, Texas 75207
	 	  	Attention: Chief Financial Officer
	 	  	Facsimile No.: (214) 863-1282
		
	 with a copy to:
	  	Akin Gump Strauss Hauer & Feld LLP
	 	  	1700 Pacific Avenue, Suite 4100
	 	  	Dallas, Texas 75201
	 	  	Attention: Carl B. Lee, P.C.
	 	  	Facsimile No.: (214) 969-4343

  
 A notice shall be deemed to have been
given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first
attempted delivery on a Business Day; or in the case of telecopy, upon sender’s receipt of a machine-generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming. To the fullest
extent permitted by applicable law, and notwithstanding anything to the contrary contained herein or in any other Loan Document, each Individual Borrower hereby acknowledges and agrees that Lender shall be entitled to rely upon any notice give by
any Individual Borrower as constituting a notice by such Individual Borrower or Borrower. 
  
 Section 10.7. Trial by Jury. BORROWER AND BALTIMORE OWNER HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY
SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND BALTIMORE
OWNER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF
THIS WAIVER BY BORROWER AND BALTIMORE OWNER. 
  
 Section
10.8. Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

  
 Section 10.9. Severability. Wherever possible,
each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

 -160- 

 Section 10.10. Preferences. Lender shall have the continuing and exclusive right to apply
or reverse and reapply any and all payments by Borrower and Baltimore Owner to any portion of the obligations of Borrower and Baltimore Owner hereunder. To the extent Borrower and Baltimore Owner makes a payment or payments to Lender, which payment
or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or
equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been
received by Lender. 
  
 Section 10.11. Waiver of
Notice. Borrower and Baltimore Owner hereby expressly waive, and neither Borrower nor Baltimore Owner shall be entitled to, any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other
Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and Baltimore Owner and except with respect to matters for which Borrower and Baltimore Owner is not, pursuant to applicable Legal Requirements,
permitted to waive the giving of notice. 
  
 Section 10.12.
Remedies of Borrower and Baltimore Owner. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other
Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower and Baltimore Owner agree that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s and
Baltimore Owner’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be
determined by an action seeking declaratory judgment. 
  
 Section 10.13. Expenses; Indemnity. (a) Except as otherwise expressly provided herein or in any of the other Loan Documents, Borrower and Baltimore Owner covenant and agree to pay or, if Borrower or Baltimore Owner fails to
pay, to reimburse, Lender upon receipt of notice from Lender for all reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) the preparation,
negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower and Baltimore Owner
(including without limitation any opinions requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Properties); (ii) Borrower’s and Baltimore Owner’s ongoing performance of
and compliance with Borrower’s and Baltimore Owner’s respective agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without
limitation, confirming compliance with environmental and insurance requirements; (iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be
performed or complied with after the Closing Date; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement 

  

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and the other Loan Documents and any other documents or matters requested by Lender in accordance with the terms hereof; (v) securing Borrower’s and
Baltimore Owner’s compliance with any requests made pursuant to the provisions of this Agreement and the other Loan Documents; (vi) the filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for
providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, either in
response to third party claims or in prosecuting or defending any action or proceeding or other litigation, in each case against, under or affecting Borrower and Baltimore Owner, this Agreement, the other Loan Documents, the Properties, or any other
security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower and Baltimore Owner under this Agreement, the other Loan Documents or with respect to the Properties or in connection with any
refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency or bankruptcy proceedings; provided, however, that Borrower and Baltimore Owner shall
not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any
amounts in the Property Account. 
  
 (b) Borrower and Baltimore
Owner shall indemnify, defend and hold harmless Lender from and against any and all direct, actual liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature
whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for Lender in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not Lender shall be designated a
party thereto), that may be imposed on, incurred by, or asserted against Lender in any manner relating to or arising out of (i) any breach by Borrower or Baltimore Owner of their obligations under, or any material misrepresentation by Borrower or
Baltimore Owner contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower and
Baltimore Owner shall not have any obligation to Lender hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud, bad faith or willful misconduct of Lender, its employees or agents. To the extent
that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower and Baltimore Owner shall pay the maximum portion that it is permitted to pay
and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Lender. 
  
 (c) Borrower and Baltimore Owner covenant and agree to pay for or, if Borrower or Baltimore Owner fails to pay, to reimburse Lender for, any fees and
expenses incurred by any Rating Agency in connection with (i) any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby as a result of the initial successful Securitization of the Loan, or (ii) any consent,
approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document and the Lender shall be entitled to require payment of such fees and expenses as a condition
precedent to the obtaining of any such consent, approval, waiver or confirmation. 
  

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 Section 10.14. Schedules Incorporated. The Schedules annexed hereto are hereby incorporated
herein as a part of this Agreement with the same effect as if set forth in the body hereof. 
  
 Section 10.15. Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all
offsets, counterclaims or defenses which are unrelated to such documents which Borrower or Baltimore Owner may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by
Borrower or Baltimore Owner in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby
expressly waived by Borrower. 
  
 Section 10.16. No Joint
Venture or Partnership; No Third Party Beneficiaries. (a) Borrower, Baltimore Owner and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or
therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower, Baltimore Owner and Lender nor to grant Lender any interest in the Properties other than that of mortgagee, beneficiary or
lender. 
  
 (b) This Agreement and the other Loan Documents are
solely for the benefit of Lender, Borrower and Baltimore Owner and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender, Borrower and Baltimore Owner any right to insist upon or to
enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person
shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall
under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 
  
 Section 10.17. Publicity. All news releases, publicity or
advertising by Borrower or Baltimore Owner or their Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or any of their Affiliates shall be
subject to the prior reasonable approval of Lender. 
  
 Section
10.18. Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets. (a) Borrower and Baltimore Owner acknowledge that (except with respect to and subject to the terms and conditions set forth herein concerning the Minority
Interest Properties) Lender has made the Loan to Borrower and Baltimore Owner upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral
security than the sum of each Individual Property taken separately. Borrower and Baltimore Owner agree that the Mortgages are and will be cross-collateralized (except with respect to and subject to the terms and conditions set forth herein
concerning the Minority Interest Properties) and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of 

  

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Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Loan Agreement shall constitute an Event of
Default under each Mortgage; (iii) each Mortgage (except with respect to and subject to the terms and conditions set forth herein concerning the Minority Interest Properties) shall constitute security for the Note as if a single blanket lien were
placed on all of the Properties as security for the Note; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance. No Minority Interest Property shall constitute security for the Debt or Obligations
attributable to any other Property and no Individual Borrower of a Minority Interest Property shall be liable for the Debt or other Obligations of any other Individual Borrower. 
  
 (b) To the fullest extent permitted by law, Borrower and Baltimore Owner, for itself and its successors and assigns, waives
all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, Baltimore Owner, Baltimore Owner’s partners and others with interests in Baltimore Owner, and of the Properties, or to a sale
in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the
administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Properties for the collection of the Debt without any prior or different resort for
collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties in preference to every other claimant whatsoever. In addition, Borrower and Baltimore Owner, for itself and its successors and assigns, waives
in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to Borrower or Baltimore Owner which would require the separate sale of the Properties or require Lender to exhaust its remedies against any
Individual Property or any combination of the Properties before proceeding against any other Individual Property or combination of Properties; and further in the event of such foreclosure each of Borrower and Baltimore Owner does hereby expressly
consent to and authorize, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Properties. 
  
 Section 10.19. Waiver of Counterclaim. Borrower and Baltimore Owner hereby waive the right to assert a counterclaim, other than a compulsory
counterclaim, in any action or proceeding brought against it by Lender or its agents, but neither Borrower nor Baltimore Owner waives any right to assert any such claim in a separate action. 
  
 Section 10.20. Conflict; Construction of Documents; Reliance.
In the event of any conflict between the provisions of this Loan Agreement and any of the other Loan Documents, the provisions of this Loan Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in
connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower and Baltimore Owner
acknowledge that, with respect to the Loan, Borrower and Baltimore Owner shall rely solely on their own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or
any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the
Loan by virtue of the 

  

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ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower or Baltimore Owner, and Borrower
and Baltimore Owner hereby irrevocably waive the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower and Baltimore Owner acknowledge that Lender
engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower, Baltimore Owner or their Affiliates. 
  
 Section 10.21. Brokers and Financial Advisors. Borrower,
Baltimore Owner and Lender each hereby represent that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower and Baltimore
Owner hereby agree to indemnify, defend and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s reasonable attorneys’ fees and expenses) in any way relating to or
arising from a claim by any Person that such Person acted on behalf of Borrower, Baltimore Owner or Lender in connection with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration and
termination of this Agreement and the payment of the Debt. 
  
 Section 10.22. Prior Agreements. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior
agreements among or between such parties, whether oral or written, including, without limitation, the Commitment Letter dated March 23, 2005 (as amended) between Borrower, Baltimore Owner and Lender are superseded by the terms of this Agreement and
the other Loan Documents. 
  
 Section 10.23. Joint and
Several Liability. The parties hereto acknowledge that the defined term “Borrower” has been defined to collectively include each Individual Borrower. It is the intent of the parties hereto in determining whether (a) a breach of a
representation or a covenant has occurred, (b) there has occurred a Default or Event of Default, or (c) an event has occurred which would create recourse obligations under Section 9.4 of this Agreement, that any such breach, occurrence or
event with respect to any Individual Borrower shall be deemed to be such a breach, occurrence or event with respect to each Individual Borrower and that each Individual Borrower need not have been involved with such breach, occurrence or event in
order for the same to be deemed such a breach, occurrence or event with respect to each and every Individual Borrower. The obligations and liabilities of each Individual Borrower shall be joint and several, subject to the terms and conditions set
forth herein concerning the Minority Interest Properties. In addition, with respect to any indemnities set forth herein or in the other Loan Documents, an Individual Borrower of a Minority Interest Property shall only indemnify Lender for the acts
and omissions of such Individual Borrower and the activities and occurrences relating to its Minority Interest Property. 
  
 Section 10.24. Co-Lenders. (a) Each of Borrower and Baltimore Owner hereby acknowledges and agrees that notwithstanding the fact that the
Loan may be serviced by Servicer, prior to a Securitization of the Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or approval is required, each of Borrower and Baltimore Owner shall be
required to obtain the consent and approval of each Co-Lender and all 

  

 -165- 

 
copies of documents, reports, requests and other delivery obligations of Borrower and Baltimore Owner required hereunder shall be delivered by Borrower and
Baltimore Owner to each Co-Lender. 
  
 (b) Following the Closing
Date (i) the liabilities of Lender shall be several and not joint, (ii) neither Co-Lender shall be responsible for the obligations of the other Co-Lender, and (iii) each Co-Lender shall be liable to Borrower and Baltimore Owner only for their
respective Ratable Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and Baltimore Owner and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender
in accordance with its Ratable Share. 
  
 (c) Each Co-Lender
agrees that it has, independently and without reliance on the other Co-Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower, Baltimore Owner and their Affiliates and decision to
enter into this Agreement and that it will, independently and without reliance upon the other Co-Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking
or not taking action under this Agreement or under any other Loan Document. 
  
 Section 10.25. Maximum Principal Indebtedness on Minority Interest Properties. Notwithstanding any provision set forth herein or in the other Loan Documents to the contrary, the maximum amount of
principal indebtedness secured by this Agreement and the other Loan Documents with respect to each Minority Interest Property shall be equal to such Minority Interest Property’s Release Amount. 
  
 In the event that a Minority Interest Property becomes a Non-Minority
Property, then the amount of indebtedness secured by such Individual Property shall not be limited in accordance with the foregoing provisions of this Section 10.25 and such Individual Property shall secure the full amount of the Debt.

  
 Section 10.26. Certain Additional Rights of Lender
(VCOC). Notwithstanding anything to the contrary contained in this Agreement, Lender shall have: 
  
 (a) the right to routinely consult with and make suggestions to Borrower’s and Baltimore Owner’s management regarding the significant business
activities and business and financial developments of Borrower and Baltimore Owner; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous
substances. Consultations and suggestions may occur no more than once each quarter for Lender and all Mezzanine Lenders, together, at times as are reasonably satisfactory to Borrower and if conducted or made in meetings at Guarantor’s principal
place of business or such other locations as are reasonably satisfactory to Borrower; 
  
 (b) the right, at the Lender’s expense and in accordance with the terms of this Agreement, to examine the books and records of Borrower and Baltimore Owner at any reasonable times upon reasonable advance notice;

  

 -166- 

 (c) the right, in accordance with the terms of this Agreement, including, without limitation, Section
5.1.11 hereof, to receive monthly, quarterly and year end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness as and to the
extent provided for by the terms of this Agreement; and 
  
 (d)
the right, without restricting any other rights of Lender under this Agreement (including any similar right), to approve any acquisition by Borrower or Baltimore Owner outside the ordinary course of business of any other significant property
(excluding, without limitation, personal property required for the day-to-day operations of any Individual Property), property to be acquired pursuant to any Approved Budget, and property to be acquired pursuant to any alteration or Restoration made
pursuant to the terms of this Agreement, which approval shall not be unreasonably withheld, conditioned or delayed. 
  
 The rights described above in this Section 10.26 may be exercised by any entity which owns and controls, directly or indirectly, substantially all of the interests
in Lender. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

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

			
	BORROWER:
	
	W-#2 BALTIMORE, LLC,
	      a Delaware limited liability company

					
		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  

			
	W-BOSTON, LLC,
	      a Delaware limited liability company 

					
		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  

			
	CASA MARINA OWNER, LLC,
	      a Delaware limited liability company

					
		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  

			
	KEY WEST REACH OWNER, LLC,
	      a Delaware limited liability company

					
		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  
 [BORROWER
SIGNATURES CONTINUE ON FOLLOWING PAGE] 

			
	EL CONQUISTADOR PARTNERSHIP L.P., S.E.,
	      a Delaware limited partnership

					
		
	By:	 	 Conquistador Holding (SPE), Inc., a Delaware corporation, its general partner

		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  

			
	POSADAS DE SAN JUAN ASSOCIATES,
	      a New York general partnership

					
		
	By:	 	 W-San Juan Hotel Corp., a Delaware corporation, its general partner

							
			
	 	 	By:	 	 /s/ Gregory J. Moundas

	 	 	 	 	 Name: Gregory J. Moundas

	 	 	 	 	 Title: Vice President

					
		
	By:	 	 W-San Juan Holding Corp., a Delaware corporation, its general partner

		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  

			
	ATLANTA AMERICAN OWNER, LLC,
	      a Delaware limited liability company

					
		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  

			
	FT. LAUDERDALE OWNER, LLC,
	      a Delaware limited liability company

		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

  

			
	BALTIMORE OWNER:

  

			
	TRAVIS REAL ESTATE GROUP JOINT VENTURE,
	      a Texas general partnership

					
		
	By:	 	 W-Baltimore #2 Majority GP, LLC, a Delaware limited liability company, its general partner

							
			
	 	 	By:	 	 /s/ Gregory J. Moundas

	 	 	 	 	 Name: Gregory J. Moundas

	 	 	 	 	 Title: Vice President

					
		
	By:	 	 W-Baltimore #2 Minority GP, LLC, a Delaware limited liability company, its general partner

		
	By:	 	 /s/ Gregory J. Moundas

	 	 	 Name: Gregory J. Moundas

	 	 	 Title: Vice President

			
	LENDER:
	
	JPMORGAN CHASE BANK, N.A.,
	      a national banking association

					
		
	By:	 	 /s/ Thomas M. Cosenza

	 	 	 Name: Thomas M. Cosenza

	 	 	 Title: Vice President

  

			
	 BEAR STEARNS COMMERCIAL
MORTGAGE, INC.,
a New York corporation

	 

					
		
	By:	 	 Richard A. Ruffer Jr.

	 	 	 Name: Richard A. Ruffer Jr.

	 	 	 Title: Managing Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00088-of-00352.parquet"}]]