-DOCSTART- -X- O O

Subordinated NNP - O
Loan NNP - O
Agreement NNP - O
- : - O
Silicium NNP - I-ORG
de IN - I-ORG
Provence NNP - I-ORG
SAS NNP - I-ORG
and CC - O
Evergreen NNP - I-ORG
Solar NNP - I-ORG
Inc NNP - I-ORG
. . - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
[ CD - O
HERBERT NNP - I-PER
SMITH NNP - I-PER
LOGO NNP - O
] NNP - O
................................ NNP - O
2007 CD - O
SILICIUM NNP - I-ORG
DE NNP - I-ORG
PROVENCE NNP - I-ORG
SAS NNP - I-ORG
and CC - O
EVERGREEN NNP - I-ORG
SOLAR NNP - I-ORG
, , - O
INC NNP - O
. . - O

SUBORDINATED VBN - O
LOAN NNP - O
AGREEMENT NNP - O
HERBERT NNP - I-PER
SMITH NNP - I-PER
LLP NNP - O
Page NNP - O
1 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
TABLE NNP - O
OF NNP - O
CONTENTS NNP - O
Clause NNP - O
Headings NNP - O
Page NNP - O
1 CD - O
. . - O

INTERPRETATION NN - O
3 CD - O
2 CD - O
. . - O

LOAN NN - O
4 CD - O
3 CD - O
. . - O

INTEREST NN - O
AND CC - O
REDEMPTION NNP - O
4 CD - O
4 CD - O
. . - O

EARLY RB - O
REDEMPTIONS NNS - O
5 CD - O
5 CD - O
. . - O

REPRESENTATIONS NNS - O
5 CD - O
6 CD - O
. . - O

UNDERTAKINGS NNS - O
5 CD - O
7 CD - O
. . - O

SUBORDINATION NN - O
6 CD - O
8 CD - O
. . - O

COSTS NNS - O
6 CD - O
9 CD - O
. . - O

PARTIAL JJ - O
PAYMENTS NNS - O
6 CD - O
10 CD - O
. . - O

ASSIGNMENT NN - O
7 CD - O
11 CD - O
. . - O

WHOLE NNP - O
AGREEMENT NNP - O
8 CD - O
12 CD - O
. . - O

VARIATION NN - O
AND CC - O
WAIVER NNP - O
8 CD - O
13 CD - O
. . - O

SEVERANCE NN - O
8 CD - O
14 CD - O
. . - O

NOTICES NNS - O
8 CD - O
15 CD - O
. . - O

CONFIDENTIALITY NN - O
9 CD - O
16 CD - O
. . - O

APPLICABLE JJ - O
LAW NN - O
AND CC - O
LANGUAGE NNP - O
10 CD - O
17 CD - O
. . - O

DISPUTES NNS - O
10 CD - O
Page NNP - O
2 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
SUBORDINATED NNP - O
LOAN NNP - O
AGREEMENT NNP - O
THIS NNP - O
LOAN NNP - O
AGREEMENT NNP - O
is VBZ - O
made VBN - O
on IN - O
7th JJ - O
December NNP - O
, , - O
2007 CD - O
BETWEEN CD - O
: : - O
( : - O
1 CD - O
) CD - O
SILICIUM NNP - I-ORG
DE NNP - I-ORG
PROVENCE NNP - I-ORG
S NNP - O
. . - O
A DT - O
. . - O
S NNP - O
., , - O
a DT - O
private JJ - O
company NN - O
with IN - O
limited JJ - O
liability NN - O
, , - O
incorporated VBN - O
under IN - O
the DT - O
laws NNS - O
of IN - O
France NNP - I-LOC
, , - O
whose WP$ - O
registered VBN - O
office NN - O
is VBZ - O
situated VBN - O
at IN - O
Usine NNP - I-LOC
de IN - I-LOC
Saint NNP - I-LOC
Auban NNP - I-LOC
, , - O
04 CD - I-LOC
600 CD - I-LOC
Saint NNP - I-LOC
Auban NNP - I-LOC
, , - O
France NNP - I-LOC
, , - O
represented VBD - O
by IN - O
Mr NNP - O
. . - O
Frank NNP - I-PER
Wouters NNP - I-PER
, , - O
hereinafter NN - O
referred VBD - O
to TO - O
as IN - O
the DT - O
" NNP - O
Borrower NNP - I-PER
", , - O
and CC - O
( : - O
2 CD - O
) CD - O
EVERGREEN CD - I-ORG
SOLAR NNP - I-ORG
, , - I-ORG
INC NNP - I-ORG
., , - O
a DT - O
company NN - O
incorporated VBN - O
in IN - O
Delaware NNP - O
, , - O
U NNP - O
. . - O
S NNP - O
. . - O
A DT - O
., NN - O
with IN - O
registered VBN - O
number NN - O
2426798 CD - O
, , - O
whose WP$ - O
registered VBN - O
office NN - O
is VBZ - O
situated VBN - O
at IN - O
138 CD - I-LOC
Bartlett NNP - I-LOC
Street NNP - I-LOC
, , - O
Marlboro NNP - I-LOC
, , - O
Massachusetts NNP - I-LOC
01752 CD - I-LOC
, , - O
U NNP - O
. . - O
S NNP - O
. . - O
A DT - O
. . - O
represented VBN - O
by IN - O
Richard NNP - I-PER
Chleboski NNP - I-PER
, , - O
hereinafter NN - O
referred VBD - O
to TO - O
as IN - O
the DT - O
" NNP - O
Lender NNP - I-PER
", , - O
Hereinafter NNP - O
referred VBD - O
to TO - O
severally RB - O
each DT - O
as IN - O
a DT - O
" NN - O
Party NNP - O
" NNP - O
and CC - O
jointly RB - O
as IN - O
the DT - O
" NNP - O
Parties NNP - O
". NNP - O

WHEREAS IN - O
: : - O
( : - O
A DT - O
) NN - O
The DT - O
Borrower NNP - I-PER
intends VBZ - O
to TO - O
develop VB - O
a DT - O
plant NN - O
in IN - O
France NNP - I-LOC
for IN - O
the DT - O
production NN - O
of IN - O
solar JJ - O
grade NN - O
silicon NN - O
. . - O

( NN - O
B NNP - O
) NNP - O
Lender NNP - I-PER
and CC - O
Borrower NNP - I-PER
have VBP - O
entered VBN - O
into IN - O
an DT - O
agreement NN - O
for IN - O
the DT - O
sale NN - O
and CC - O
purchase NN - O
of IN - O
solar JJ - O
grade NN - O
silicon NN - O
on IN - O
the DT - O
same JJ - O
date NN - O
hereof IN - O
( CD - O
the DT - O
" NNP - O
Silicon NNP - O
S NNP - O
& CC - O
P NNP - O
Agreement NNP - O
"). NNP - O

( NN - O
C NNP - O
) NNP - O
Lender NNP - I-PER
and CC - O
Borrower NNP - I-PER
have VBP - O
agreed VBN - O
that IN - O
in IN - O
consideration NN - O
for IN - O
the DT - O
Borrower NNP - I-PER
entering NN - O
into IN - O
the DT - O
Silicon NNP - O
S NNP - O
& CC - O
P NNP - O
Agreement NNP - O
with IN - O
the DT - O
Lender NNP - I-PER
, , - O
the DT - O
Lender NNP - I-PER
shall MD - O
make VB - O
available JJ - O
to TO - O
the DT - O
Borrower NNP - I-PER
, , - O
by IN - O
way NN - O
of IN - O
a DT - O
subordinated VBN - O
loan NN - O
, , - O
an DT - O
amount NN - O
of IN - O
thirty NN - O
million CD - O
Euros NNP - O
( NNP - O
EUR NNP - O
30 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
) : - O
( CD - O
the DT - O
" NNP - O
Loan NNP - O
"). NNP - O

( NN - O
D NNP - O
) NNP - O
The NNP - O
Parties NNP - O
wish NN - O
to TO - O
set VB - O
out RP - O
the DT - O
terms NNS - O
and CC - O
conditions NNS - O
of IN - O
the DT - O
Loan NNP - O
in IN - O
this DT - O
agreement NN - O
( : - O
the DT - O
" NN - O
Loan NNP - O
Agreement NNP - O
"). NNP - O

NOW RB - O
, , - O
THEREFORE NNP - O
THE NNP - O
PARTIES NNP - O
AGREE NNP - O
AS NNP - O
FOLLOWS NNP - O
: : - O
1 LS - O
. . - O

INTERPRETATION NN - O
In IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
unless IN - O
otherwise NN - O
specified VBN - O
or CC - O
the DT - O
context NN - O
otherwise NN - O
requires VBZ - O
: : - O
1 LS - O
. . - O
1 CD - O
words NNS - O
importing VBG - O
the DT - O
singular JJ - O
shall NN - O
include NN - O
the DT - O
plural JJ - O
and CC - O
vice NN - O
versa NN - O
; : - O
1 CD - O
. . - O
2 CD - O
words NNS - O
importing VBG - O
any DT - O
gender NN - O
shall MD - O
include VB - O
all DT - O
other JJ - O
genders NNS - O
; : - O
1 LS - O
. . - O
3 CD - O
words NNS - O
importing VBG - O
the DT - O
whole JJ - O
shall NN - O
be VB - O
treated VBN - O
as IN - O
including VBG - O
reference NN - O
to TO - O
any DT - O
part NN - O
of IN - O
the DT - O
whole JJ - O
; : - O
1 CD - O
. . - O
4 CD - O
reference NN - O
to TO - O
an DT - O
Article NNP - O
is VBZ - O
to TO - O
the DT - O
relevant NN - O
article NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
; : - O
1 CD - O
. . - O
5 CD - O
reference NN - O
to TO - O
this DT - O
Loan NNP - O
Agreement NNP - O
or CC - O
to TO - O
any DT - O
other JJ - O
document NN - O
is VBZ - O
a DT - O
reference NN - O
to TO - O
this DT - O
Loan NNP - O
Agreement NNP - O
or CC - O
to TO - O
that DT - O
other JJ - O
document NN - O
as IN - O
modified JJ - O
, , - O
amended VBN - O
, , - O
varied VBN - O
, , - O
supplemented VBN - O
or CC - O
replaced VBN - O
from IN - O
time NN - O
to TO - O
time VB - O
; : - O
1 CD - O
. . - O
6 CD - O
reference NN - O
to TO - O
a DT - O
provision NN - O
of IN - O
law NN - O
is VBZ - O
a DT - O
reference NN - O
to TO - O
that DT - O
provision NN - O
as IN - O
extended JJ - O
, , - O
applied VBD - O
, , - O
amended VBN - O
, , - O
consolidated VBN - O
or CC - O
re NN - O
- : - O
enacted VBN - O
or CC - O
as IN - O
the DT - O
application NN - O
thereof IN - O
is VBZ - O
modified VBN - O
from IN - O
time NN - O
to TO - O
time VB - O
and CC - O
shall MD - O
be VB - O
construed VBN - O
as IN - O
including VBG - O
reference NN - O
to TO - O
any DT - O
order NN - O
, , - O
instrument NN - O
, , - O
regulation NN - O
or CC - O
other JJ - O
subordinate JJ - O
legislation NN - O
from IN - O
time NN - O
to TO - O
time VB - O
made VBN - O
under IN - O
it PRP - O
, , - O
except IN - O
as IN - O
otherwise NN - O
provided VBN - O
in IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
; : - O
Page NNP - O
3 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
1 CD - O
. . - O
7 CD - O
all DT - O
references NNS - O
to TO - O
the DT - O
words NNS - O
� : - O
include VBP - O
� : - O
and CC - O
� : - O
including VBG - O
� NN - O
shall MD - O
be VB - O
construed VBN - O
without IN - O
limitation NN - O
; : - O
1 CD - O
. . - O
8 CD - O
a DT - O
reference NN - O
to TO - O
writing NN - O
or CC - O
written VBN - O
includes NNS - O
faxes NNS - O
and CC - O
e VB - O
- : - O
mail NN - O
; : - O
1 CD - O
. . - O
9 CD - O
headings NNS - O
used VBN - O
in IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
shall MD - O
not RB - O
affect VB - O
its PRP$ - O
construction NN - O
or CC - O
interpretation NN - O
; : - O
1 CD - O
. . - O
10 CD - O
words NNS - O
and CC - O
phrases NNS - O
defined VBD - O
in IN - O
any DT - O
part NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
bear NN - O
the DT - O
same JJ - O
meanings NNS - O
throughout IN - O
this DT - O
Agreement NNP - O
; : - O
1 CD - O
. . - O
11 CD - O
wherever NN - O
in IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
provision NN - O
is VBZ - O
made VBN - O
for IN - O
the DT - O
giving VBG - O
of IN - O
notice NN - O
, , - O
consent NN - O
or CC - O
approval NN - O
by IN - O
any DT - O
person NN - O
, , - O
unless IN - O
otherwise NN - O
stated VBD - O
, , - O
such JJ - O
shall NN - O
not RB - O
be VB - O
unreasonably RB - O
withheld VBN - O
. . - O

Any DT - O
notice NN - O
, , - O
consent NN - O
or CC - O
approval NN - O
shall MD - O
be VB - O
in IN - O
writing NN - O
and CC - O
the DT - O
word NN - O
� : - O
notify NN - O
� : - O
shall MD - O
be VB - O
construed VBN - O
accordingly RB - O
. . - O

All DT - O
notices NNS - O
shall MD - O
be VB - O
served VBN - O
on IN - O
the DT - O
Parties NNPS - O
designated VBD - O
representative JJ - O
at IN - O
the DT - O
registered VBN - O
address NN - O
of IN - O
the DT - O
Party NNP - O
or CC - O
other JJ - O
address NN - O
that IN - O
a DT - O
Party NNP - O
may MD - O
notify VB - O
the DT - O
other JJ - O
Party NNP - O
of IN - O
from IN - O
time NN - O
to TO - O
time VB - O
. . - O

2 LS - O
. . - O

LOAN NN - O
2 CD - O
. . - O
1 CD - O
The DT - O
Lender NNP - I-PER
grants NNS - O
the DT - O
Borrower NNP - I-PER
a DT - O
loan NN - O
of IN - O
a DT - O
total JJ - O
principal NN - O
amount NN - O
of IN - O
thirty NN - O
million CD - O
Euros NNP - O
( NNP - O
EUR NNP - O
30 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
) : - O
to TO - O
be VB - O
disbursed VBN - O
to TO - O
the DT - O
Borrower NNP - I-PER
in IN - O
two CD - O
instalments NNS - O
, , - O
as IN - O
follows NNS - O
: : - O
2 CD - O
. . - O
1 CD - O
. . - O
1 CD - O
A DT - O
first JJ - O
instalment NN - O
of IN - O
fifteen CD - O
million CD - O
Euros NNP - O
( NNP - O
EUR NNP - O
15 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
) : - O
to TO - O
be VB - O
paid VBN - O
no DT - O
later JJ - O
than IN - O
30 CD - O
November NNP - O
2007 CD - O
; : - O
and CC - O
2 CD - O
. . - O
1 CD - O
. . - O
2 CD - O
A DT - O
second JJ - O
instalment NN - O
of IN - O
fifteen CD - O
million CD - O
Euros NNP - O
( NNP - O
EUR NNP - O
15 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
) : - O
to TO - O
be VB - O
paid VBN - O
no DT - O
later JJ - O
than IN - O
31 CD - O
January NNP - O
2008 CD - O
. . - O

2 LS - O
. . - O
2 CD - O
The DT - O
actual JJ - O
disbursement NN - O
date NN - O
of IN - O
the DT - O
last JJ - O
instalment NN - O
of IN - O
the DT - O
Loan NNP - O
to TO - O
the DT - O
Borrower NNP - I-PER
shall MD - O
be VB - O
the DT - O
" NN - O
Effective NNP - O
Date NNP - O
". NNP - O

2 LS - O
. . - O
3 CD - O
The DT - O
Loan NNP - O
is VBZ - O
to TO - O
be VB - O
paid VBN - O
by IN - O
the DT - O
Lender NNP - I-PER
into IN - O
the DT - O
Borrower NNP - I-PER
' POS - O
s NNS - O
account VBP - O
in IN - O
immediately RB - O
available JJ - O
cleared VBN - O
funds NNS - O
as IN - O
follows NNS - O
: : - O
Bank NNP - I-ORG
: : - O
ING NNP - O
Belgium NNP - I-LOC
S NNP - O
. . - O
A DT - O
., NN - O
Succursale NNP - O
en NN - O
France NNP - I-LOC
Branch NNP - O
: : - O
Immeuble JJ - I-LOC
Les NNS - I-LOC
Caryatides NNP - I-LOC
, , - O
24 CD - I-LOC
/ : - I-LOC
26 CD - I-LOC
boulevard NN - I-LOC
Carnot NNP - I-LOC
, , - O
59042 CD - I-LOC
Lille NNP - I-LOC
cedex NN - I-LOC
Account NNP - O
Number NNP - O
: : - O
30438 CD - O
IBAN NNP - O
number NN - O
: : - O
FR76 NNP - O
3043 CD - O
8000 CD - O
0836 CD - O
8300 CD - O
3000 CD - O
905 CD - O
BIC NNP - O
Number NNP - O
: : - O
INGBFRPP NNP - O
Code NNP - O
Guichet NNP - O
: : - O
00008 CD - O
No DT - O
du NN - O
Compte NNP - O
: : - O
36830 CD - O
03 CD - O
0009 CD - O
Cle NNP - O
RIB NNP - O
: : - O
05 CD - O
or CC - O
to TO - O
such JJ - O
other JJ - O
bank NN - I-ORG
account NN - O
as IN - O
may MD - O
be VB - O
nominated VBN - O
from IN - O
time NN - O
to TO - O
time VB - O
by IN - O
the DT - O
Borrower NNP - I-PER
to TO - O
the DT - O
Lender NNP - I-PER
pursuant NN - O
to TO - O
Article NNP - O
14 CD - O
. . - O

2 LS - O
. . - O
4 CD - O
The DT - O
Loan NNP - O
shall MD - O
be VB - O
used VBN - O
by IN - O
the DT - O
Borrower NNP - I-PER
solely RB - O
to TO - O
finance VB - O
the DT - O
works NNS - O
arising VBG - O
out RP - O
of IN - O
and CC - O
relating VBG - O
to TO - O
the DT - O
construction NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
' POS - O
s NNS - O
plant NN - O
( : - O
the DT - O
" NN - O
Works VBZ - O
"). NNP - O

For IN - O
the DT - O
avoidance NN - O
of IN - O
doubt NN - O
, , - O
the DT - O
Loan NNP - O
shall MD - O
not RB - O
be VB - O
used VBN - O
to TO - O
increase VB - O
management NN - O
remuneration NN - O
, , - O
for IN - O
the DT - O
repayment NN - O
of IN - O
any DT - O
indebtedness NN - O
for IN - O
borrowed VBN - O
money NN - O
or CC - O
for IN - O
any DT - O
capital NN - O
distribution NN - O
to TO - O
the DT - O
Borrower NNP - I-PER
' POS - O
s NNS - O
equity NN - O
holders NNS - O
. . - O

3 LS - O
. . - O

INTEREST NN - O
AND CC - O
REPAYMENT NNP - O
3 CD - O
. . - O
1 CD - O
The DT - O
Borrower NNP - I-PER
shall MD - O
, , - O
from IN - O
the DT - O
Effective NNP - O
Date NNP - O
, , - O
pay NN - O
interest NN - O
in IN - O
arrears NNS - O
to TO - O
the DT - O
Lender NNP - I-PER
on IN - O
the DT - O
Loan NNP - O
outstanding JJ - O
from IN - O
time NN - O
to TO - O
time VB - O
, , - O
such JJ - O
interest NN - O
calculated VBN - O
at IN - O
a DT - O
rate NN - O
of IN - O
three CD - O
percent NN - O
( : - O
3 CD - O
%) CD - O
per IN - O
Calendar NNP - O
Year NNP - O
compounded VBD - O
annually RB - O
on IN - O
the DT - O
actual JJ - O
outstanding JJ - O
amount NN - O
of IN - O
the DT - O
Loan NNP - O
plus CC - O
any DT - O
accrued VBN - O
interest NN - O
and CC - O
any DT - O
other JJ - O
amounts NNS - O
due JJ - O
hereunder NN - O
; : - O
provided VBN - O
that IN - O
upon IN - O
a DT - O
failure NN - O
to TO - O
repay VB - O
a DT - O
part NN - O
of IN - O
the DT - O
Loan NNP - O
when WRB - O
due JJ - O
or CC - O
any DT - O
other JJ - O
default NN - O
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12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
Clause NNP - O
18 CD - O
under IN - O
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Agreement NNP - O
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( VB - O
a DT - O
) NN - O
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- : - O
month NN - O
EURIBOR NNP - O
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on IN - O
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preceding VBG - O
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reported JJ - O
in IN - O
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Street NNP - I-LOC
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( : - O
b NN - O
) : - O
three CD - O
( CD - O
3 CD - O
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. . - O

" NN - O
Calendar NNP - O
Year NNP - O
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365 CD - O
or CC - O
366 CD - O
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, , - O
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January NNP - O
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31st CD - O
December NNP - O
. . - O

3 LS - O
. . - O
2 CD - O
Interest NNP - O
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the DT - O
basis NN - O
of IN - O
the DT - O
actual JJ - O
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elapsed VBN - O
. . - O

3 LS - O
. . - O
3 CD - O
The DT - O
Borrower NNP - I-PER
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repay VB - O
the DT - O
Loan NNP - O
and CC - O
interest NN - O
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, , - O
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five CD - O
( CD - O
5 CD - O
) CD - O
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after IN - O
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Effective NNP - O
Date NNP - O
( NNP - O
the DT - O
" NNP - O
Repayment NNP - O
Date NNP - O
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save VBP - O
that IN - O
the DT - O
Borrower NNP - I-PER
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prepay VB - O
all DT - O
or CC - O
part NN - O
of IN - O
the DT - O
Loan NNP - O
in IN - O
accordance NN - O
with IN - O
Article NNP - O
4 CD - O
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in IN - O
the DT - O
event NN - O
that IN - O
the DT - O
Lender NNP - I-PER
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the DT - O
Silicon NNP - O
S NNP - O
& CC - O
P NNP - O
Agreement NNP - O
pursuant NN - O
to TO - O
Article NNP - O
11 CD - O
. . - O
1 CD - O
thereof IN - O
, , - O
the DT - O
Repayment NNP - O
Date NNP - O
shall MD - O
be VB - O
the DT - O
effective JJ - O
date NN - O
of IN - O
such JJ - O
termination NN - O
. . - O

3 LS - O
. . - O
4 CD - O
The DT - O
interest NN - O
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outstanding JJ - O
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of IN - O
the DT - O
Loan NNP - O
( NNP - O
first RB - O
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second JJ - O
instalments NNS - O
) : - O
shall MD - O
be VB - O
payable JJ - O
in IN - O
whole JJ - O
on IN - O
the DT - O
Repayment NNP - O
Date NNP - O
. . - O

3 LS - O
. . - O
5 CD - O
For NNP - O
the DT - O
purposes NNS - O
of IN - O
Articles NNP - O
L NNP - O
. . - O
313 CD - O
- : - O
1 CD - O
et NN - O
seq NN - O
., : - O
R NNP - O
. . - O
313 CD - O
- : - O
1 CD - O
and CC - O
R NNP - O
. . - O
313 CD - O
- : - O
2 CD - O
of IN - O
the DT - O
French JJ - I-MISC
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, , - O
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in IN - O
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( : - O
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( : - O
3 CD - O
%). : - O

3 LS - O
. . - O
6 CD - O
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Borrower NNP - I-PER
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in IN - O
Euros NNP - O
in IN - O
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Valley NNP - I-LOC
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[�], : - O
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code NN - O
[�], : - O
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[�]. NNP - O

4 LS - O
. . - O

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4 CD - O
. . - O
1 CD - O
The DT - O
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at IN - O
all DT - O
times NNS - O
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allowed VBN - O
to TO - O
prepay VB - O
the DT - O
Loan NNP - O
in IN - O
whole JJ - O
or CC - O
in IN - O
part NN - O
, , - O
without IN - O
premium NN - O
or CC - O
penalty NN - O
, , - O
provided VBN - O
it PRP - O
does VBZ - O
so RB - O
in IN - O
whole JJ - O
multiples NNS - O
of IN - O
EUR NNP - O
100 CD - O
, , - O
000 CD - O
and CC - O
that IN - O
ten CD - O
( CD - O
10 CD - O
) CD - O
days NNS - O
prior RB - O
written VBN - O
notice NN - O
has VBZ - O
been VBN - O
delivered VBN - O
to TO - O
the DT - O
Lender NNP - I-PER
. . - O

4 LS - O
. . - O
2 CD - O
Notwithstanding NNP - O
the DT - O
provisions NNS - O
of IN - O
Clause NNP - O
3 CD - O
. . - O
4 CD - O
, , - O
any DT - O
early JJ - O
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under IN - O
this DT - O
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shall MD - O
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accrued VBN - O
interest NN - O
on IN - O
the DT - O
amount NN - O
prepaid VBD - O
. . - O

5 LS - O
. . - O

REPRESENTATIONS NNS - O
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as IN - O
otherwise NN - O
stated VBD - O
below IN - O
, , - O
each DT - O
of IN - O
the DT - O
Lender NNP - I-PER
and CC - O
the DT - O
Borrower NNP - I-PER
hereby NN - O
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and CC - O
warrants NNS - O
that WDT - O
: : - O
( VBP - O
A DT - O
) NN - O
It PRP - O
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a DT - O
company NN - O
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existing VBG - O
under IN - O
the DT - O
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of IN - O
its PRP$ - O
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of IN - O
incorporation NN - O
; : - O
( : - O
B NNP - O
) : - O
The DT - O
obligations NNS - O
expressed VBN - O
to TO - O
be VB - O
assumed VBN - O
by IN - O
it PRP - O
are VBP - O
valid JJ - O
and CC - O
binding VBG - O
obligations NNS - O
; : - O
( : - O
C NNP - O
) : - O
The DT - O
entry NN - O
into IN - O
and CC - O
performance NN - O
by IN - O
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of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
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and CC - O
will MD - O
not RB - O
conflict VB - O
with IN - O
( CD - O
a DT - O
) NN - O
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provision NN - O
of IN - O
any DT - O
law NN - O
or CC - O
regulation NN - O
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to TO - O
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, , - O
( : - O
b LS - O
) : - O
its PRP$ - O
constitutional JJ - O
documents NNS - O
, , - O
and CC - O
( : - O
c NN - O
) : - O
any DT - O
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binding VBG - O
upon IN - O
it PRP - O
or CC - O
any DT - O
of IN - O
its PRP$ - O
assets NNS - O
; : - O
and CC - O
( : - O
D NNP - O
) : - O
It PRP - O
has VBZ - O
the DT - O
power NN - O
to TO - O
enter VB - O
into IN - O
, , - O
perform NN - O
and CC - O
deliver NN - O
this DT - O
Loan NNP - O
Agreement NNP - O
and CC - O
the DT - O
transactions NNS - O
contemplated VBD - O
therein NN - O
. . - O

6 CD - O
. . - O

UNDERTAKINGS NNS - O
Except IN - O
as IN - O
otherwise NN - O
stated VBD - O
below IN - O
, , - O
each DT - O
of IN - O
the DT - O
Lender NNP - I-PER
and CC - O
the DT - O
Borrower NNP - I-PER
hereby NN - O
undertakes VBZ - O
: : - O
( : - O
A DT - O
) NN - O
To TO - O
do VB - O
all PDT - O
such JJ - O
things NNS - O
as IN - O
are VBP - O
necessary JJ - O
to TO - O
maintain VB - O
its PRP$ - O
corporate JJ - O
existence NN - O
; : - O
Page NNP - O
5 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
( CD - O
B NNP - O
) NNP - O
To NNP - O
obtain VB - O
, , - O
maintain VB - O
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comply RB - O
with IN - O
the DT - O
terms NNS - O
of IN - O
any DT - O
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law NN - O
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to TO - O
( VB - O
i PRP - O
) VBP - O
enable JJ - O
it PRP - O
to TO - O
carry VB - O
out RP - O
its PRP$ - O
activities NNS - O
and CC - O
( : - O
ii NN - O
) : - O
perform NN - O
its PRP$ - O
obligations NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
; : - O
and CC - O
( : - O
C NNP - O
) : - O
To NNP - O
comply RB - O
with IN - O
all DT - O
applicable JJ - O
laws NNS - O
and CC - O
regulations NNS - O
. . - O

7 CD - O
. . - O

SUBORDINATION NN - O
7 CD - O
. . - O
1 CD - O
In NNP - O
the DT - O
event NN - O
that IN - O
insolvency NN - O
proceedings NNS - O
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initiated VBN - O
against IN - O
the DT - O
Borrower NNP - I-PER
or CC - O
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it PRP - O
is VBZ - O
unable JJ - O
to TO - O
pay VB - O
its PRP$ - O
debts NNS - O
as IN - O
they PRP - O
fall VBP - O
due JJ - O
or CC - O
in IN - O
the DT - O
event NN - O
of IN - O
any DT - O
moratorium NN - O
on IN - O
its PRP$ - O
debts NNS - O
or CC - O
if IN - O
the DT - O
Borrower NNP - I-PER
has VBZ - O
proposed VBN - O
any DT - O
composition NN - O
, , - O
assignment NN - O
or CC - O
arrangement NN - O
to TO - O
its PRP$ - O
creditors NNS - O
, , - O
the DT - O
obligation NN - O
to TO - O
repay VB - O
the DT - O
outstanding JJ - O
amount NN - O
of IN - O
the DT - O
Loan NNP - O
: : - O
7 CD - O
. . - O
1 CD - O
. . - O
1 CD - O
shall MD - O
be VB - O
subordinated VBN - O
to TO - O
any DT - O
indebtedness NN - O
of IN - O
the DT - O
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any DT - O
lending VBG - O
or CC - O
financial JJ - O
institution NN - O
in IN - O
any DT - O
way NN - O
related VBN - O
to TO - O
the DT - O
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, , - O
both DT - O
present NN - O
and CC - O
future JJ - O
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whether IN - O
such JJ - O
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is VBZ - O
recoverable JJ - O
by IN - O
process NN - O
of IN - O
law NN - O
or CC - O
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conditional JJ - O
or CC - O
unconditional JJ - O
(" NN - O
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Loans NNP - O
"); : - O
7 CD - O
. . - O
1 CD - O
. . - O
2 CD - O
shall MD - O
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pari NN - O
passu NN - O
with IN - O
the DT - O
rights NNS - O
of IN - O
( NNP - O
i PRP - O
) VBP - O
any DT - O
other JJ - O
lender NN - I-PER
under IN - O
other JJ - O
loans NNS - O
similar JJ - O
to TO - O
the DT - O
Loan NNP - O
, , - O
entered VBD - O
into IN - O
( CD - O
or CC - O
to TO - O
be VB - O
entered VBN - O
into IN - O
) NNP - O
between IN - O
the DT - O
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and CC - O
any DT - O
other JJ - O
silicon NN - O
processor NN - O
or CC - O
photovoltaic JJ - O
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manufacturer NN - O
(" : - O
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Loans NNPS - O
"), NNP - O
and CC - O
( NNP - O
ii NN - O
) : - O
the DT - O
Borrower NNP - I-PER
' POS - O
s NNS - O
shareholders NNS - O
under IN - O
shareholders NNS - O
' POS - O
loans NNS - O
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into IN - O
( CD - O
or CC - O
to TO - O
be VB - O
entered VBN - O
into IN - O
) NNP - O
between IN - O
the DT - O
Borrower NNP - I-PER
and CC - O
any DT - O
of IN - O
its PRP$ - O
shareholders NNS - O
(" : - O
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' POS - O
s NNS - O
Loans NNPS - O
"). NNP - O

7 CD - O
. . - O
2 CD - O
The DT - O
Borrower NNP - I-PER
undertakes VBZ - O
not RB - O
to TO - O
grant VB - O
any DT - O
security NN - O
interest NN - O
of IN - O
any DT - O
kind NN - O
in IN - O
respect NN - O
of IN - O
any DT - O
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Loan NNP - O
or CC - O
Shareholder NNP - O
' '' - O
s VBZ - O
Loan NNP - O
unless IN - O
the DT - O
Loan NNP - O
benefits VBZ - O
from IN - O
similar JJ - O
security NN - O
of IN - O
the DT - O
same JJ - O
rank NN - O
. . - O

7 CD - O
. . - O
3 CD - O
The DT - O
Lender NNP - I-PER
undertakes VBZ - O
, , - O
and CC - O
acknowledges NNS - O
that WDT - O
it PRP - O
is VBZ - O
a DT - O
condition NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
that IN - O
it PRP - O
shall MD - O
not RB - O
grant VB - O
any DT - O
mortgage NN - O
, , - O
charge NN - O
, , - O
pledge NN - O
, , - O
lien VBN - O
or CC - O
other JJ - O
security NN - O
interest NN - O
of IN - O
any DT - O
kind NN - O
or CC - O
arrangement NN - O
that IN - O
would MD - O
adversely RB - O
effect VB - O
the DT - O
rights NNS - O
of IN - O
the DT - O
Borrower NNP - I-PER
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
whether IN - O
to TO - O
its PRP$ - O
creditors NNS - O
or CC - O
any DT - O
other JJ - O
third JJ - O
party NN - O
. . - O

Without IN - O
prejudice NN - O
to TO - O
the DT - O
foregoing NN - O
, , - O
the DT - O
Borrower NNP - I-PER
acknowledges VBZ - O
and CC - O
accepts NNS - O
that WDT - O
the DT - O
assets NNS - O
of IN - O
the DT - O
Lender NNP - I-PER
, , - O
including VBG - O
without IN - O
limitation NN - O
Lender NNP - I-PER
' '' - O
s VBZ - O
rights NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
are VBP - O
currently RB - O
and CC - O
are VBP - O
expected VBN - O
to TO - O
continue VB - O
to TO - O
be VB - O
subject JJ - O
to TO - O
liens NNS - O
in IN - O
favour PRP$ - O
of IN - O
Lender NNP - I-PER
' POS - O
s NNS - O
creditors NNS - O
. . - O

7 CD - O
. . - O
4 CD - O
The DT - O
Lender NNP - I-PER
undertakes VBZ - O
that IN - O
, , - O
on IN - O
the DT - O
written VBN - O
request NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
, , - O
the DT - O
Lender NNP - I-PER
shall MD - O
cooperate VB - O
with IN - O
the DT - O
Borrower NNP - I-PER
and CC - O
any DT - O
creditor NN - O
providing VBG - O
a DT - O
Financial NNP - O
Loan NNP - O
, , - O
Manufacturer NNP - O
Loan NNP - O
or CC - O
Shareholder NNP - O
' '' - O
s VBZ - O
Loan NNP - O
to TO - O
the DT - O
Borrower NNP - I-PER
, , - O
by IN - O
entering NN - O
, , - O
in IN - O
a DT - O
timely JJ - O
manner NN - O
, , - O
into IN - O
such JJ - O
inter NN - O
- : - O
creditor NN - O
agreement NN - O
as IN - O
may MD - O
reasonably RB - O
be VB - O
necessary JJ - O
and CC - O
customary JJ - O
for IN - O
the DT - O
implementation NN - O
of IN - O
Articles NNP - O
7 CD - O
. . - O
1 CD - O
and CC - O
7 CD - O
. . - O
2 CD - O
above IN - O
. . - O

8 CD - O
. . - O

COSTS NNS - O
The DT - O
Lender NNP - I-PER
and CC - O
the DT - O
Borrower NNP - I-PER
shall MD - O
each VB - O
pay NN - O
their PRP$ - O
own JJ - O
respective JJ - O
costs NNS - O
, , - O
taxes NNS - O
and CC - O
fees NNS - O
in IN - O
connection NN - O
with IN - O
the DT - O
implementation NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

9 CD - O
. . - O

PARTIAL JJ - O
PAYMENTS NNS - O
If IN - O
the DT - O
Lender NNP - I-PER
receives VBZ - O
a DT - O
payment NN - O
that WDT - O
is VBZ - O
insufficient NN - O
to TO - O
discharge VB - O
all DT - O
the DT - O
amounts NNS - O
then RB - O
due JJ - O
and CC - O
payable JJ - O
by IN - O
the DT - O
Borrower NNP - I-PER
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
the DT - O
Lender NNP - I-PER
shall MD - O
apply VB - O
that IN - O
payment NN - O
towards NNS - O
the DT - O
obligations NNS - O
of IN - O
the DT - O
Borrower NNP - I-PER
in IN - O
the DT - O
following JJ - O
order NN - O
: : - O
( : - O
A DT - O
) NN - O
in IN - O
or CC - O
towards NNS - O
payment NN - O
of IN - O
any DT - O
unpaid NN - O
fees NNS - O
, , - O
costs NNS - O
and CC - O
expenses NNS - O
; : - O
( : - O
B NNP - O
) : - O
in IN - O
or CC - O
towards NNS - O
payment NN - O
of IN - O
accrued VBN - O
interest NN - O
; : - O
and CC - O
Page NNP - O
6 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
( CD - O
C NNP - O
) NNP - O
in IN - O
or CC - O
towards NNS - O
payment NN - O
of IN - O
any DT - O
principal JJ - O
due JJ - O
but CC - O
unpaid VBD - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

10 CD - O
. . - O

ASSIGNMENT NN - O
10 CD - O
. . - O
1 CD - O
Subject NNP - O
to TO - O
( VB - O
A DT - O
) NN - O
� : - O
( : - O
D NNP - O
) : - O
below IN - O
and CC - O
10 CD - O
. . - O
2 CD - O
neither DT - O
Party NNP - O
may MD - O
, , - O
or CC - O
may MD - O
purport VB - O
to TO - O
, , - O
assign NN - O
, , - O
transfer NN - O
, , - O
mortgage NN - O
, , - O
charge NN - O
, , - O
pledge NN - O
or CC - O
otherwise RB - O
encumber JJR - O
all DT - O
or CC - O
any DT - O
portion NN - O
of IN - O
its PRP$ - O
rights NNS - O
, , - O
interests NNS - O
or CC - O
obligations NNS - O
arising VBG - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
without IN - O
the DT - O
prior JJ - O
written NN - O
consent NN - O
of IN - O
the DT - O
other JJ - O
Party NNP - O
, , - O
except IN - O
that DT - O
: : - O
( : - O
A DT - O
) NN - O
The DT - O
Borrower NNP - I-PER
may MD - O
freely RB - O
assign VB - O
, , - O
transfer VB - O
, , - O
mortgage NN - O
, , - O
charge NN - O
, , - O
pledge NN - O
or CC - O
otherwise RB - O
encumber JJR - O
all DT - O
or CC - O
any DT - O
portion NN - O
of IN - O
its PRP$ - O
rights NNS - O
and CC - O
obligations NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
( NNP - O
or CC - O
any DT - O
document NN - O
or CC - O
legal JJ - O
instrument NN - O
referred VBD - O
to TO - O
in IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
), , - O
( : - O
i PRP - O
) VBP - O
to TO - O
any DT - O
shareholder NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
or CC - O
Affiliate NNP - O
of IN - O
such JJ - O
shareholder NN - O
or CC - O
( CD - O
ii NN - O
) : - O
to TO - O
any DT - O
Creditor NNP - O
. . - O

For IN - O
the DT - O
purposes NNS - O
of IN - O
this DT - O
Article NNP - O
12 CD - O
( CD - O
A DT - O
), NN - O
" : - O
Affiliate NNP - O
" : - O
means VBZ - O
in IN - O
relation NN - O
to TO - O
any DT - O
person NN - O
, , - O
any DT - O
other JJ - O
person NN - O
that IN - O
, , - O
directly RB - O
or CC - O
indirectly RB - O
, , - O
controls NNS - O
or CC - O
is VBZ - O
controlled VBN - O
by IN - O
or CC - O
is VBZ - O
under IN - O
the DT - O
same JJ - O
control NN - O
as IN - O
such JJ - O
person NN - O
and CC - O
the DT - O
term NN - O
" : - O
control NN - O
" : - O
shall MD - O
mean VB - O
the DT - O
ability NN - O
to TO - O
exercise VB - O
, , - O
or CC - O
to TO - O
promote VB - O
the DT - O
exercise NN - O
, , - O
directly RB - O
or CC - O
indirectly RB - O
, , - O
of IN - O
at IN - O
least JJS - O
50 CD - O
% NN - O
of IN - O
the DT - O
voting NN - O
rights NNS - O
attached VBD - O
to TO - O
a DT - O
person NN - O
' '' - O
s NNS - O
equity NN - O
interests NNS - O
or CC - O
shares NNS - O
. . - O

" NN - O
Creditor NNP - O
( NNP - O
s VBZ - O
)" : - O
means NNS - O
any DT - O
bank NN - I-ORG
, , - O
special JJ - O
purpose NN - O
project NN - O
company NN - O
, , - O
trust NN - O
company NN - O
, , - O
mortgage NN - O
company NN - O
, , - O
insurance NN - O
company NN - O
, , - O
pension NN - O
fund NN - O
, , - O
real JJ - O
estate NN - O
investment NN - O
trust NN - O
, , - O
or CC - O
other JJ - O
lending VBG - O
or CC - O
financial JJ - O
institutions NNS - O
( : - O
including VBG - O
indirect NN - O
lenders NNS - O
and CC - O
loan NN - O
participants NNS - O
) : - O
providing VBG - O
debt NN - O
, , - O
equity NN - O
, , - O
lease NN - O
and CC - O
/ CD - O
or CC - O
bond NN - O
financing NN - O
or CC - O
financial JJ - O
services NNS - O
, , - O
or CC - O
credit NN - O
support NN - O
or CC - O
other JJ - O
credit NN - O
enhancement NN - O
in IN - O
any DT - O
way NN - O
related VBN - O
to TO - O
the DT - O
construction NN - O
of IN - O
the DT - O
Works NNP - O
( NNP - O
B NNP - O
) NNP - O
If NNP - O
the DT - O
Borrower NNP - I-PER
does VBZ - O
not RB - O
obtain VB - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
prior RB - O
written VBN - O
consent NN - O
to TO - O
any DT - O
such JJ - O
assignment NN - O
, , - O
transfer NN - O
, , - O
mortgage NN - O
, , - O
charge NN - O
, , - O
pledge NN - O
or CC - O
other JJ - O
encumbrance NN - O
under IN - O
sub NN - O
- : - O
clause NN - O
( : - O
A DT - O
) NN - O
above IN - O
the DT - O
Borrower NNP - I-PER
shall MD - O
not RB - O
be VB - O
released VBN - O
from IN - O
any DT - O
obligation NN - O
hereunder NN - O
unless IN - O
and CC - O
until IN - O
Borrower NNP - I-PER
provides VBZ - O
an DT - O
unconditional JJ - O
repayment NN - O
guarantee NN - O
to TO - O
Lender NNP - I-PER
in IN - O
a DT - O
form NN - O
acceptable JJ - O
to TO - O
Lender NNP - I-PER
in IN - O
its PRP$ - O
sole JJ - O
discretion NN - O
. . - O

( NN - O
C NNP - O
) NNP - O
If NNP - O
the DT - O
Borrower NNP - I-PER
obtains VBZ - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
prior RB - O
written VBN - O
consent NN - O
to TO - O
any DT - O
such JJ - O
assignment NN - O
, , - O
transfer NN - O
, , - O
mortgage NN - O
, , - O
charge NN - O
, , - O
pledge NN - O
or CC - O
other JJ - O
encumbrance NN - O
under IN - O
sub NN - O
- : - O
clause NN - O
( : - O
A DT - O
) NN - O
above IN - O
assignment NN - O
the DT - O
Borrower NNP - I-PER
shall MD - O
not RB - O
have VB - O
to TO - O
provide VB - O
a DT - O
repayment NN - O
guarantee NN - O
to TO - O
Lender NNP - I-PER
and CC - O
the DT - O
Borrower NNP - I-PER
shall MD - O
be VB - O
released VBN - O
from IN - O
any DT - O
obligation NN - O
hereunder NN - O
upon IN - O
the DT - O
execution NN - O
of IN - O
an DT - O
assignment NN - O
and CC - O
assumption NN - O
agreement NN - O
whereby NN - O
Borrower NNP - I-PER
assigns NNS - O
all DT - O
of IN - O
its PRP$ - O
rights NNS - O
to TO - O
the DT - O
assignee NN - O
and CC - O
the DT - O
assignee NN - O
assumes VBZ - O
all DT - O
of IN - O
the DT - O
obligations NNS - O
of IN - O
Borrower NNP - I-PER
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

( NN - O
D NNP - O
) NNP - O
Successive NNP - O
assignments NNS - O
of IN - O
Borrower NNP - I-PER
' POS - O
s NNS - O
rights NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
shall MD - O
remain VB - O
subject JJ - O
to TO - O
this DT - O
Article NNP - O
10 CD - O
. . - O
1 CD - O
provided VBN - O
that IN - O
Silicium NNP - I-ORG
de IN - I-ORG
Provence NNP - I-ORG
S NNP - O
. . - O
A DT - O
. . - O
S NNP - O
. . - O

shall NN - O
not RB - O
be VB - O
released VBN - O
from IN - O
a DT - O
guarantee NN - O
provided VBN - O
in IN - O
satisfaction NN - O
of IN - O
its PRP$ - O
obligations NNS - O
under IN - O
this DT - O
Article NNP - O
10 CD - O
. . - O
1 CD - O
as IN - O
a DT - O
result NN - O
of IN - O
an DT - O
assignment NN - O
that IN - O
occurs NNS - O
after IN - O
the DT - O
initial JJ - O
assignment NN - O
by IN - O
the DT - O
Borrower NNP - I-PER
unless IN - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
consent NN - O
is VBZ - O
obtained VBN - O
in IN - O
which WDT - O
case NN - O
the DT - O
Borrower NNP - I-PER
shall MD - O
be VB - O
released VBN - O
and CC - O
item NN - O
( : - O
C NNP - O
) : - O
above IN - O
shall NN - O
apply RB - O
. . - O

10 CD - O
. . - O
2 CD - O
The DT - O
Lender NNP - I-PER
may MD - O
assign VB - O
or CC - O
transfer VB - O
this DT - O
Loan NNP - O
Agreement NNP - O
without IN - O
the DT - O
consent NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
in IN - O
the DT - O
event NN - O
of IN - O
a DT - O
change NN - O
of IN - O
control NN - O
of IN - O
the DT - O
Lender NNP - I-PER
or CC - O
the DT - O
sale NN - O
of IN - O
all DT - O
or CC - O
substantially RB - O
all DT - O
the DT - O
assets NNS - O
of IN - O
the DT - O
Lender NNP - I-PER
to TO - O
which WDT - O
this DT - O
Loan NNP - O
Agreement NNP - O
relates VBZ - O
. . - O

Page NN - O
7 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
10 CD - O
. . - O
3 CD - O
Any NNP - O
assignment NN - O
, , - O
transfer NN - O
, , - O
mortgage NN - O
, , - O
charge NN - O
, , - O
pledge NN - O
or CC - O
other JJ - O
giving VBG - O
of IN - O
security NN - O
by IN - O
one CD - O
Party NNP - O
hereunder NN - O
shall MD - O
not RB - O
in IN - O
any DT - O
way NN - O
diminish NN - O
the DT - O
other JJ - O
Party NNP - O
' '' - O
s VBZ - O
rights NNS - O
and CC - O
obligations NNS - O
or CC - O
the DT - O
giving NN - O
Parties NNPS - O
successor NN - O
' '' - O
s NNS - O
rights NNS - O
and CC - O
obligations NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
including VBG - O
any DT - O
amendments NNS - O
hereto IN - O
10 CD - O
. . - O
4 CD - O
On NNP - O
the DT - O
written VBN - O
request NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
, , - O
the DT - O
Lender NNP - I-PER
shall MD - O
cooperate VB - O
with IN - O
the DT - O
Borrower NNP - I-PER
and CC - O
any DT - O
Creditors NNP - O
, , - O
by IN - O
entering NN - O
, , - O
in IN - O
a DT - O
timely JJ - O
manner NN - O
, , - O
into IN - O
such JJ - O
direct JJ - O
agreements NNS - O
as IN - O
may MD - O
reasonably RB - O
be VB - O
necessary JJ - O
and CC - O
customary JJ - O
for IN - O
project NN - O
financing VBG - O
of IN - O
the DT - O
Works NNP - O
. . - O

Such JJ - O
agreements NNS - O
may MD - O
include VB - O
provisions NNS - O
which WDT - O
permit NN - O
the DT - O
Creditors NNP - O
, , - O
in IN - O
the DT - O
event NN - O
of IN - O
a DT - O
breach NN - O
of IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
or CC - O
the DT - O
Silicon NNP - O
S NNP - O
& CC - O
P NNP - O
Agreement NNP - O
that IN - O
would MD - O
permit VB - O
the DT - O
Lender NNP - I-PER
to TO - O
terminate VB - O
the DT - O
Loan NNP - O
Agreement NNP - O
, , - O
to TO - O
: : - O
( : - O
i PRP - O
) VBP - O
Take NNP - O
- : - O
over IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
; : - O
( : - O
ii NN - O
) : - O
step NN - O
- : - O
in IN - O
, , - O
rectify NN - O
or CC - O
otherwise RB - O
cure JJ - O
any DT - O
breach NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
; : - O
( : - O
iii NN - O
) : - O
assign NN - O
or CC - O
otherwise RB - O
transfer VBP - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

11 CD - O
. . - O

WHOLE NNP - O
AGREEMENT NNP - O
This NNP - O
Loan NNP - O
Agreement NNP - O
constitutes VBZ - O
the DT - O
entire JJ - O
agreement NN - O
of IN - O
the DT - O
Parties NNPS - O
with IN - O
respect NN - O
to TO - O
the DT - O
subject NN - O
matter NN - O
hereof IN - O
and CC - O
, , - O
except IN - O
as IN - O
herein NN - O
stated VBD - O
and CC - O
in IN - O
the DT - O
instruments NNS - O
and CC - O
documents NNS - O
to TO - O
be VB - O
executed VBN - O
and CC - O
delivered VBN - O
pursuant JJ - O
hereto NN - O
, , - O
contains VBZ - O
all DT - O
of IN - O
the DT - O
representations NNS - O
, , - O
undertakings NNS - O
and CC - O
agreements NNS - O
of IN - O
the DT - O
Parties NNPS - O
. . - O

This DT - O
Loan NNP - O
Agreement NNP - O
supersedes VBZ - O
all DT - O
prior RB - O
meetings NNS - O
, , - O
correspondence NN - O
, , - O
and CC - O
negotiations NNS - O
between IN - O
the DT - O
Parties NNPS - O
. . - O

There EX - O
are VBP - O
no DT - O
representations NNS - O
, , - O
warranties NNS - O
, , - O
covenants NNS - O
, , - O
agreements NNS - O
, , - O
or CC - O
collateral JJ - O
understandings NNS - O
, , - O
oral JJ - O
or CC - O
otherwise RB - O
, , - O
expressed VBN - O
or CC - O
implied VBN - O
, , - O
of IN - O
any DT - O
kind NN - O
between IN - O
the DT - O
Parties NNPS - O
hereto NN - O
, , - O
respecting VBG - O
the DT - O
subject NN - O
matter NN - O
hereof IN - O
, , - O
except IN - O
as IN - O
contained VBN - O
or CC - O
referred VBN - O
herein NN - O
, , - O
and CC - O
neither DT - O
Party NNP - O
has VBZ - O
relied VBN - O
on IN - O
any DT - O
statement NN - O
outside IN - O
of IN - O
the DT - O
written VBN - O
agreement NN - O
. . - O

12 CD - O
. . - O

VARIATION NN - O
AND CC - O
WAIVER NNP - O
12 CD - O
. . - O
1 CD - O
Any NNP - O
variation NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
must MD - O
be VB - O
in IN - O
writing NN - O
and CC - O
signed VBD - O
by IN - O
or CC - O
on IN - O
behalf NN - O
of IN - O
all DT - O
Parties NNPS - O
. . - O

12 CD - O
. . - O
2 CD - O
A DT - O
waiver NN - O
of IN - O
any DT - O
right NN - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
is VBZ - O
only RB - O
effective JJ - O
if IN - O
it PRP - O
is VBZ - O
in IN - O
writing NN - O
and CC - O
it PRP - O
applies VBZ - O
only RB - O
to TO - O
the DT - O
Party NNP - O
to TO - O
which WDT - O
the DT - O
waiver NN - O
is VBZ - O
addressed VBN - O
and CC - O
the DT - O
circumstances NNS - O
for IN - O
which WDT - O
it PRP - O
is VBZ - O
given VBN - O
. . - O

13 CD - O
. . - O

SEVERANCE NN - O
If IN - O
any DT - O
provision NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
( NNP - O
or CC - O
part NN - O
of IN - O
a DT - O
provision NN - O
) : - O
appears NNS - O
to TO - O
be VB - O
invalid JJ - O
, , - O
unenforceable JJ - O
, , - O
illegal JJ - O
, , - O
or CC - O
non NN - O
- : - O
binding VBG - O
the DT - O
other JJ - O
provisions NNS - O
will MD - O
remain VB - O
in IN - O
force NN - O
. . - O

The DT - O
Parties NNPS - O
are VBP - O
obliged VBN - O
to TO - O
replace VB - O
the DT - O
invalid JJ - O
, , - O
unenforceable JJ - O
, , - O
illegal JJ - O
, , - O
or CC - O
non NN - O
- : - O
binding VBG - O
provision NN - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
( NNP - O
or CC - O
part NN - O
of IN - O
a DT - O
provision NN - O
) : - O
with IN - O
other JJ - O
provisions NNS - O
that WDT - O
are VBP - O
valid VBD - O
, , - O
enforceable JJ - O
, , - O
legal JJ - O
and CC - O
binding VBG - O
, , - O
in IN - O
such JJ - O
way NN - O
that IN - O
the DT - O
new JJ - O
provisions NNS - O
differ VBP - O
as IN - O
little JJ - O
as IN - O
possible JJ - O
from IN - O
the DT - O
original JJ - O
provisions NNS - O
, , - O
taking VBG - O
into IN - O
account NN - O
the DT - O
object NN - O
, , - O
purpose NN - O
and CC - O
contents NNS - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

14 CD - O
. . - O

NOTICES NNS - O
14 CD - O
. . - O
1 CD - O
Any NNP - O
notice NN - O
or CC - O
other JJ - O
communication NN - O
required VBD - O
to TO - O
be VB - O
given VBN - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
shall MD - O
be VB - O
in IN - O
writing NN - O
and CC - O
shall MD - O
be VB - O
delivered VBN - O
to TO - O
the DT - O
Party NNP - O
required VBD - O
to TO - O
receive VB - O
the DT - O
notice NN - O
or CC - O
communication NN - O
at IN - O
its PRP$ - O
address NN - O
as IN - O
set NN - O
out IN - O
below IN - O
: : - O
Borrower NNP - I-PER
Usine NNP - O
de IN - O
Saint NNP - I-LOC
Auban NNP - I-LOC
, , - O
Page NNP - O
8 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
04 CD - O
600 CD - O
Saint NNP - I-LOC
Auban NNP - I-LOC
, , - O
France NNP - I-LOC
. . - O

Attention NN - O
: : - O
Frank NNP - I-PER
Wouters NNPS - I-PER
, , - O
CEO NNP - I-LOC
Lender NNP - I-PER
138 CD - I-LOC
Bartlett NNP - I-LOC
Street NNP - I-LOC
Marlboro NNP - I-LOC
, , - O
Massachusetts NNP - I-LOC
, , - O
01752 CD - O
U NNP - O
. . - O
S NNP - O
. . - O
A DT - O
. . - O

Attention NN - O
: : - O
Richard NNP - I-PER
Chleboski NNP - I-PER
, , - O
Vice NNP - O
President NNP - O
or CC - O
at IN - O
such JJ - O
other JJ - O
address NN - O
as IN - O
the DT - O
relevant NN - O
Party NNP - O
may MD - O
specify VB - O
by IN - O
notice NN - O
in IN - O
writing NN - O
to TO - O
the DT - O
other JJ - O
Parties NNS - O
. . - O

Any DT - O
notice NN - O
or CC - O
other JJ - O
communication NN - O
sent NN - O
by IN - O
e NN - O
- : - O
mail NN - O
or CC - O
facsimile JJ - O
must MD - O
be VB - O
confirmed VBN - O
by IN - O
commercial JJ - O
courier NN - O
. . - O

14 CD - O
. . - O
2 CD - O
Any NNP - O
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or CC - O
other JJ - O
communication NN - O
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deemed VBN - O
to TO - O
have VB - O
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duly RB - O
given VBN - O
: : - O
( : - O
A DT - O
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if IN - O
delivered VBN - O
personally RB - O
, , - O
when WRB - O
left VBN - O
at IN - O
the DT - O
address NN - O
referred VBD - O
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in IN - O
Article NNP - O
14 CD - O
. . - O
1 CD - O
; : - O
or CC - O
( : - O
B NNP - O
) : - O
if IN - O
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commercial JJ - O
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receipt VBD - O
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or CC - O
( : - O
C NNP - O
) : - O
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by IN - O
fax NN - O
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transmission NN - O
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D NNP - O
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by IN - O
e NN - O
- : - O
mail NN - O
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time NN - O
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despatch NN - O
; : - O
( : - O
E NNP - O
) : - O
if IN - O
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receipt VBN - O
under IN - O
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16 CD - O
. . - O
2 CD - O
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within IN - O
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meaning VBG - O
9 CD - O
. . - O
00 CD - O
am NN - O
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5 CD - O
. . - O
30 CD - O
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Friday NNP - O
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that WDT - O
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public JJ - O
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receipt NN - O
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15 CD - O
. . - O

CONFIDENTIALITY NN - O
15 CD - O
. . - O
1 CD - O
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at IN - O
any DT - O
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Agreement NNP - O
, , - O
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a DT - O
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5 CD - O
( CD - O
five CD - O
) CD - O
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Agreement NNP - O
, , - O
disclose DT - O
to TO - O
any DT - O
person NN - O
any DT - O
Confidential NNP - O
Information NNP - O
. . - O

15 CD - O
. . - O
2 CD - O
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the DT - O
purpose NN - O
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this DT - O
Article NNP - O
15 CD - O
, , - O
" : - O
Confidential JJ - O
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financial JJ - O
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- : - O
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, , - O
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agreements NNS - O
, , - O
compilations NNS - O
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studies NNS - O
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interpretations NNS - O
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communicated VBN - O
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the DT - O
receiving NN - O
Party NNP - O
orally RB - O
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reduced VBN - O
in IN - O
writing NN - O
. . - O

" NN - O
Confidential JJ - O
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any DT - O
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: : - O
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no DT - O
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action NN - O
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inaction NN - O
by IN - O
the DT - O
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any DT - O
affiliate NN - O
, , - O
agent NN - O
, , - O
consultant NN - O
or CC - O
employee NN - O
) : - O
generally RB - O
available JJ - O
to TO - O
the DT - O
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, , - O
or CC - O
ii NN - O
. . - O

was VBD - O
in IN - O
its PRP$ - O
possession NN - O
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known VBN - O
by IN - O
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prior RB - O
to TO - O
receipt VB - O
from IN - O
the DT - O
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, , - O
provided VBN - O
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with IN - O
restrictions NNS - O
imposed VBN - O
thereon NN - O
by IN - O
third JJ - O
parties NNS - O
, , - O
or CC - O
iii NN - O
. . - O

was VBD - O
rightfully RB - O
disclosed VBN - O
to TO - O
it PRP - O
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a DT - O
third JJ - O
party NN - O
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restrictions NNS - O
imposed VBN - O
thereon NN - O
by IN - O
third JJ - O
parties NNS - O
, , - O
or CC - O
iv NN - O
. . - O

was VBD - O
independently RB - O
developed VBN - O
without IN - O
use NN - O
of IN - O
any DT - O
Confidential JJ - O
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the DT - O
disclosing NN - O
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� NNP - O
15 CD - O
. . - O
3 CD - O
Each DT - O
Party NNP - O
may MD - O
disclose VB - O
the DT - O
other JJ - O
Party NNP - O
' '' - O
s VBZ - O
Confidential NNP - O
Information NNP - O
: : - O
Page NNP - O
9 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
15 CD - O
. . - O
3 CD - O
. . - O
1 CD - O
to TO - O
its PRP$ - O
employees NNS - O
, , - O
officers NNS - O
, , - O
representatives NNS - O
or CC - O
advisers NNS - O
who WP - O
need VBP - O
to TO - O
know VB - O
such JJ - O
information NN - O
for IN - O
the DT - O
purposes NNS - O
of IN - O
carrying VBG - O
out IN - O
the DT - O
Party NNP - O
' POS - O
s NNS - O
obligations NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

Each DT - O
Party NNP - O
shall MD - O
ensure VB - O
that IN - O
its PRP$ - O
employees NNS - O
, , - O
officers NNS - O
, , - O
representatives NNS - O
or CC - O
advisers NNS - O
to TO - O
whom VB - O
it PRP - O
discloses VBZ - O
the DT - O
other JJ - O
Party NNP - O
' '' - O
s VBZ - O
confidential JJ - O
information NN - O
comply RB - O
with IN - O
this DT - O
Article NNP - O
15 CD - O
; : - O
and CC - O
15 CD - O
. . - O
3 CD - O
. . - O
2 CD - O
as IN - O
may MD - O
be VB - O
required VBN - O
by IN - O
law NN - O
, , - O
court NN - O
order NN - O
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any DT - O
governmental JJ - O
or CC - O
regulatory JJ - O
authority NN - O
. . - O

15 CD - O
. . - O
4 CD - O
No DT - O
Party NNP - O
shall MD - O
use VB - O
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Party NNP - O
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s VBZ - O
confidential JJ - O
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perform NN - O
its PRP$ - O
obligations NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

16 CD - O
. . - O

APPLICABLE JJ - O
LAW NN - O
AND CC - O
LANGUAGE NNP - O
16 CD - O
. . - O
1 CD - O
This DT - O
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shall MD - O
be VB - O
governed VBN - O
by IN - O
and CC - O
construed VBN - O
in IN - O
accordance NN - O
with IN - O
French JJ - I-MISC
law NN - O
. . - O

16 CD - O
. . - O
2 CD - O
The DT - O
language NN - O
of IN - O
this DT - O
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all DT - O
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, , - O
notices NNS - O
and CC - O
written VBN - O
communications NNS - O
shall MD - O
be VB - O
English JJ - I-MISC
. . - O

17 CD - O
. . - O

DISPUTES NNS - O
17 CD - O
. . - O
1 CD - O
If IN - O
any DT - O
dispute NN - O
arises VBZ - O
out RP - O
of IN - O
or CC - O
in IN - O
connection NN - O
with IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
directors NNS - O
or CC - O
other JJ - O
senior JJ - O
representatives NNS - O
of IN - O
the DT - O
Parties NNPS - O
with IN - O
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to TO - O
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, , - O
within IN - O
ten CD - O
( CD - O
10 CD - O
) CD - O
days NNS - O
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a DT - O
written VBN - O
request NN - O
from IN - O
one CD - O
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, , - O
meet VBP - O
in IN - O
a DT - O
good JJ - O
faith NN - O
effort NN - O
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resolve VB - O
the DT - O
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. . - O

17 CD - O
. . - O
2 CD - O
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disputes NNS - O
arising VBG - O
out RP - O
of IN - O
or CC - O
in IN - O
connection NN - O
with IN - O
this DT - O
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which WDT - O
are VBP - O
not RB - O
resolved VBN - O
pursuant JJ - O
to TO - O
Article NNP - O
17 CD - O
. . - O
1 CD - O
, , - O
shall MD - O
be VB - O
finally RB - O
settled VBN - O
under IN - O
the DT - O
Rules NNP - O
of IN - O
Arbitration NNP - O
of IN - O
the DT - O
International NNP - O
Chamber NNP - O
of IN - O
Commerce NNP - O
by IN - O
three CD - O
arbitrators NNS - O
appointed VBN - O
in IN - O
accordance NN - O
with IN - O
the DT - O
said VBD - O
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. . - O

The DT - O
arbitration NN - O
shall MD - O
be VB - O
conducted VBN - O
in IN - O
English NNP - I-MISC
and CC - O
the DT - O
seat NN - O
shall MD - O
be VB - O
Paris NNP - I-LOC
. . - O

18 CD - O
. . - O

EVENTS NNS - O
OF IN - O
DEFAULT NNP - O
. . - O

The DT - O
following VBG - O
events NNS - O
shall MD - O
be VB - O
considered VBN - O
events NNS - O
of IN - O
default NN - O
with IN - O
respect NN - O
to TO - O
this DT - O
Loan NNP - O
Agreement NNP - O
: : - O
18 CD - O
. . - O
1 CD - O
. . - O
1 CD - O
The DT - O
Borrower NNP - I-PER
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default VB - O
in IN - O
the DT - O
payment NN - O
of IN - O
any DT - O
part NN - O
of IN - O
the DT - O
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or CC - O
unpaid VBN - O
accrued VBN - O
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on IN - O
the DT - O
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[ NNP - O
for IN - O
more JJR - O
than IN - O
[ CD - O
thirty NN - O
( : - O
30 CD - O
)] CD - O
days NNS - O
] : - O
after IN - O
the DT - O
same JJ - O
shall NN - O
become NN - O
due JJ - O
and CC - O
payable JJ - O
, , - O
whether IN - O
at IN - O
maturity NN - O
or CC - O
at IN - O
a DT - O
date NN - O
fixed VBN - O
for IN - O
prepayment NN - O
or CC - O
by IN - O
acceleration NN - O
or CC - O
otherwise RB - O
; : - O
18 CD - O
. . - O
1 CD - O
. . - O
2 CD - O
The DT - O
Borrower NNP - I-PER
is VBZ - O
unable JJ - O
or CC - O
admits NNS - O
its PRP$ - O
inability NN - O
to TO - O
pay VB - O
its PRP$ - O
debts NNS - O
as IN - O
they PRP - O
fall VBP - O
due JJ - O
, , - O
by IN - O
reason NN - O
of IN - O
actual JJ - O
or CC - O
anticipated VBN - O
financial JJ - O
difficulties NNS - O
or CC - O
suspends NNS - O
making VBG - O
payments NNS - O
on IN - O
any DT - O
of IN - O
its PRP$ - O
debts NNS - O
or CC - O
commences NNS - O
negotiations NNS - O
with IN - O
one CD - O
or CC - O
more JJR - O
of IN - O
its PRP$ - O
creditors NNS - O
with IN - O
a DT - O
view NN - O
to TO - O
rescheduling NN - O
any DT - O
of IN - O
its PRP$ - O
indebtedness NN - O
; : - O
18 CD - O
. . - O
1 CD - O
. . - O
3 CD - O
The DT - O
Borrower NNP - I-PER
is VBZ - O
in IN - O
a DT - O
state NN - O
of IN - O
suspension NN - O
of IN - O
payments NNS - O
( : - O
cessation NN - O
des VBZ - O
paiements NNS - O
) : - O
within IN - O
the DT - O
meaning NN - O
of IN - O
article NN - O
L NNP - O
. . - O
631 CD - O
- : - O
1 CD - O
of IN - O
the DT - O
French JJ - I-MISC
Commercial JJ - O
Code NNP - O
; : - O
18 CD - O
. . - O
1 CD - O
. . - O
4 CD - O
Any NNP - O
corporate JJ - O
action NN - O
, , - O
legal JJ - O
proceedings NNS - O
or CC - O
other JJ - O
procedures NNS - O
or CC - O
steps NNS - O
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taken VBN - O
by IN - O
reason NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
' POS - O
s NNS - O
financial JJ - O
difficulties NNS - O
, , - O
in IN - O
relation NN - O
to TO - O
: : - O
( : - O
A DT - O
) NN - O
The DT - O
suspension NN - O
of IN - O
payments NNS - O
, , - O
a DT - O
moratorium NN - O
of IN - O
any DT - O
indebtedness NN - O
, , - O
winding VBG - O
- : - O
up IN - O
, , - O
dissolution NN - O
administration NN - O
or CC - O
reorganisation NN - O
( : - O
other JJ - O
than IN - O
a DT - O
solvent NN - O
winding VBG - O
- : - O
up IN - O
, , - O
dissolution NN - O
or CC - O
reorganisation NN - O
carried VBD - O
out RP - O
with IN - O
the DT - O
prior JJ - O
written NN - O
consent NN - O
of IN - O
the DT - O
Lender NNP - I-PER
, , - O
such JJ - O
consent NN - O
not RB - O
to TO - O
be VB - O
unreasonably RB - O
withheld VBN - O
or CC - O
delayed VBN - O
) -NONE- - O
of IN - O
the DT - O
Borrower NNP - I-PER
; : - O
( : - O
B NNP - O
) : - O
A DT - O
composition NN - O
, , - O
compromise NN - O
, , - O
assignment NN - O
or CC - O
arrangement NN - O
with IN - O
any DT - O
creditor NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
; : - O
Page NNP - O
10 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
( CD - O
C NNP - O
) NNP - O
The NNP - O
appointment NN - O
of IN - O
a DT - O
liquidator NN - O
, , - O
receiver RB - O
, , - O
administrator NN - O
, , - O
administrative JJ - O
receiver NN - O
, , - O
compulsory NN - O
manager NN - O
or CC - O
other JJ - O
similar JJ - O
officer NN - O
in IN - O
respect NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
or CC - O
any DT - O
of IN - O
its PRP$ - O
assets NNS - O
; : - O
Or CC - O
any DT - O
analogous JJ - O
procedure NN - O
or CC - O
step VB - O
is VBZ - O
taken VBN - O
in IN - O
any DT - O
jurisdiction NN - O
. . - O

18 CD - O
. . - O
1 CD - O
. . - O
5 CD - O
The DT - O
Borrower NNP - I-PER
commences NNS - O
proceedings NNS - O
for IN - O
conciliation NN - O
in IN - O
accordance NN - O
with IN - O
articles NNS - O
L NNP - O
. . - O
611 CD - O
- : - O
4 CD - O
to TO - O
L NNP - O
. . - O
611 CD - O
- : - O
15 CD - O
of IN - O
the DT - O
French JJ - I-MISC
Commercial JJ - O
Code NNP - O
or CC - O
any DT - O
analogous JJ - O
procedure NN - O
or CC - O
step VB - O
is VBZ - O
taken VBN - O
in IN - O
any DT - O
jurisdiction NN - O
; : - O
18 CD - O
. . - O
1 CD - O
. . - O
6 CD - O
A DT - O
judgment NN - O
for IN - O
sauvegarde NN - O
, , - O
redressement NN - O
judiciaire NN - O
or CC - O
liquidation NN - O
judiciaire NN - O
is VBZ - O
entered VBN - O
in IN - O
relation NN - O
to TO - O
the DT - O
Borrower NNP - I-PER
under IN - O
articles NNS - O
L NNP - O
. . - O
620 CD - O
- : - O
1 CD - O
to TO - O
L NNP - O
. . - O
644 CD - O
- : - O
6 CD - O
of IN - O
the DT - O
French JJ - I-MISC
Commercial JJ - O
Code NNP - O
or CC - O
any DT - O
analogous JJ - O
judgment NN - O
is VBZ - O
entered VBN - O
in IN - O
any DT - O
jurisdiction NN - O
; : - O
18 CD - O
. . - O
1 CD - O
. . - O
7 CD - O
The DT - O
Borrower NNP - I-PER
shall MD - O
fail VB - O
to TO - O
observe VB - O
or CC - O
perform NN - O
any DT - O
other JJ - O
obligation NN - O
to TO - O
be VB - O
observed VBN - O
or CC - O
performed VBN - O
by IN - O
it PRP - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
within IN - O
thirty NN - O
( : - O
30 CD - O
) CD - O
days NNS - O
after IN - O
written VBN - O
notice NN - O
from IN - O
the DT - O
Lender NNP - I-PER
to TO - O
perform VB - O
or CC - O
observe VB - O
the DT - O
obligation NN - O
; : - O
and CC - O
18 CD - O
. . - O
1 CD - O
. . - O
8 CD - O
The DT - O
Borrower NNP - I-PER
stops VBZ - O
construction NN - O
of IN - O
the DT - O
Works NNP - O
or CC - O
acknowledges NNS - O
that IN - O
it PRP - O
will MD - O
be VB - O
unable JJ - O
or CC - O
is VBZ - O
unwilling VBG - O
to TO - O
complete VB - O
construction NN - O
of IN - O
the DT - O
works NNS - O
. . - O

19 CD - O
. . - O

REMEDIES NNS - O
. . - O

Upon NNP - O
the DT - O
occurrence NN - O
of IN - O
an DT - O
event NN - O
of IN - O
default NN - O
under IN - O
Article NNP - O
18 CD - O
. . - O
1 CD - O
hereof IN - O
, , - O
at IN - O
the DT - O
option NN - O
and CC - O
upon IN - O
the DT - O
declaration NN - O
of IN - O
the DT - O
Lender NNP - I-PER
, , - O
the DT - O
entire JJ - O
unpaid NN - O
principal NN - O
and CC - O
accrued VBD - O
and CC - O
unpaid VBD - O
interest NN - O
on IN - O
the DT - O
Loan NNP - O
shall MD - O
without IN - O
formal JJ - O
notice NN - O
of IN - O
default NN - O
( : - O
mise NN - O
en NN - O
demeure NN - O
) : - O
or CC - O
any DT - O
other JJ - O
judicial JJ - O
or CC - O
extra JJ - O
- : - O
judicial JJ - O
step NN - O
,, : - O
be VB - O
forthwith IN - O
due JJ - O
and CC - O
payable JJ - O
, , - O
and CC - O
the DT - O
Lender NNP - I-PER
may MD - O
, , - O
immediately RB - O
and CC - O
without IN - O
expiration NN - O
of IN - O
any DT - O
period NN - O
of IN - O
grace NN - O
, , - O
enforce NN - O
payment NN - O
of IN - O
all DT - O
amounts NNS - O
due JJ - O
and CC - O
owing VBG - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
and CC - O
exercise VB - O
any DT - O
and CC - O
all DT - O
other JJ - O
remedies NNS - O
granted VBD - O
to TO - O
it PRP - O
. . - O

Page NN - O
11 CD - O
of IN - O
12 CD - O
7 CD - O
- : - O
December NNP - O
2007 CD - O
20 CD - O
. . - O

EXPENSES NNS - O
. . - O

If IN - O
any DT - O
action NN - O
is VBZ - O
necessary JJ - O
to TO - O
enforce VB - O
or CC - O
interpret VB - O
the DT - O
terms NNS - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
, , - O
the DT - O
prevailing VBG - O
Party NNP - O
shall MD - O
be VB - O
entitled VBN - O
to TO - O
reasonable JJ - O
attorneys NNS - O
' POS - O
fees NNS - O
, , - O
costs NNS - O
and CC - O
necessary JJ - O
disbursements NNS - O
in IN - O
addition NN - O
to TO - O
any DT - O
other JJ - O
relief NN - O
to TO - O
which WDT - O
such JJ - O
Party NNP - O
may MD - O
be VB - O
entitled VBN - O
. . - O

21 CD - O
. . - O

FURTHER RB - O
ASSURANCE NNP - O
. . - O

From IN - O
time NN - O
to TO - O
time VB - O
, , - O
the DT - O
Borrower NNP - I-PER
shall MD - O
execute VB - O
and CC - O
deliver VB - O
to TO - O
the DT - O
Lender NNP - I-PER
such JJ - O
additional JJ - O
documents NNS - O
and CC - O
shall MD - O
provide VB - O
such JJ - O
additional JJ - O
information NN - O
to TO - O
the DT - O
Lender NNP - I-PER
as IN - O
the DT - O
Lender NNP - I-PER
may MD - O
reasonably RB - O
require VB - O
to TO - O
carry VB - O
out RP - O
the DT - O
terms NNS - O
of IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
. . - O

22 CD - O
. . - O

INDEMNITY NN - O
; : - O
COSTS NNS - O
, , - O
EXPENSES NNP - O
AND NNP - O
ATTORNEYs NNP - O
' POS - O
FEES NNS - O
. . - O

22 CD - O
. . - O
1 CD - O
Subject NNP - O
to TO - O
Article NNP - O
22 CD - O
. . - O
2 CD - O
the DT - O
Borrower NNP - I-PER
shall MD - O
indemnify VB - O
and CC - O
hold VB - O
the DT - O
Lender NNP - I-PER
harmless NN - O
from IN - O
any DT - O
reasonable JJ - O
loss NN - O
, , - O
cost NN - O
, , - O
liability NN - O
and CC - O
legal JJ - O
or CC - O
other JJ - O
expense NN - O
, , - O
including VBG - O
reasonable JJ - O
attorneys NNS - O
' POS - O
fees NNS - O
of IN - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
counsel VBP - O
, , - O
which WDT - O
the DT - O
Lender NNP - I-PER
may MD - O
directly RB - O
or CC - O
indirectly RB - O
suffer VBP - O
or CC - O
incur PRP$ - O
by IN - O
reason NN - O
of IN - O
the DT - O
failure NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
to TO - O
perform VB - O
any DT - O
of IN - O
its PRP$ - O
obligations NNS - O
under IN - O
this DT - O
Loan NNP - O
Agreement NNP - O
or CC - O
exercise VB - O
of IN - O
remedies NNS - O
( : - O
collectively RB - O
, , - O
" : - O
Costs NNS - O
"), VBP - O
provided VBN - O
, , - O
however RB - O
, , - O
the DT - O
indemnity NN - O
agreement NN - O
contained VBD - O
in IN - O
this DT - O
Article NNP - O
shall MD - O
not RB - O
apply VB - O
to TO - O
liabilities NNS - O
which WDT - O
the DT - O
Lender NNP - I-PER
may MD - O
directly RB - O
or CC - O
indirectly RB - O
suffer VBP - O
or CC - O
incur PRP$ - O
by IN - O
reason NN - O
of IN - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
own VBP - O
negligence NN - O
or CC - O
misconduct NN - O
. . - O

22 CD - O
. . - O
2 CD - O
Notwithstanding NNP - O
any DT - O
other JJ - O
provision NN - O
of IN - O
this DT - O
Agreement NNP - O
no DT - O
Party NNP - O
shall MD - O
be VB - O
liable JJ - O
to TO - O
the DT - O
other JJ - O
Party NNP - O
for IN - O
loss NN - O
of IN - O
profit NN - O
, , - O
loss NN - O
of IN - O
any DT - O
contract NN - O
or CC - O
for IN - O
any DT - O
other JJ - O
consequential JJ - O
loss NN - O
or CC - O
damage NN - O
which WDT - O
may MD - O
be VB - O
suffered VBN - O
by IN - O
the DT - O
other JJ - O
Party NNP - O
in IN - O
connection NN - O
with IN - O
this DT - O
Agreement NNP - O
. . - O

IN IN - O
WITNESS NNP - O
whereof IN - O
the DT - O
Parties NNPS - O
have VBP - O
executed VBN - O
this DT - O
Loan NNP - O
Agreement NNP - O
on IN - O
the DT - O
date NN - O
first RB - O
mentioned VBD - O
above IN - O
. . - O

Executed NNP - O
in IN - O
Cologne NNP - O
in IN - O
2 CD - O
original JJ - O
copies NNS - O
. . - O

/ NN - O
s NNS - O
/ : - O
Frank NNP - I-PER
Wouters NNP - I-PER
SIGNED NNP - O
by IN - O
Frank NNP - I-PER
Wouters NNP - I-PER
for IN - O
and CC - O
on IN - O
behalf NN - O
of IN - O
SILICIUM NNP - I-ORG
DE NNP - I-ORG
PROVENCE NNP - I-ORG
S NNP - I-ORG
. . - O
A DT - O
. . - O
S NNP - O
/ NNP - O
s VBZ - O
/ : - O
Richard NNP - I-PER
G NNP - I-PER
. . - O
Chleboski NNP - I-PER
SIGNED NNP - O
by IN - O
Richard NNP - I-PER
G NNP - I-PER
. . - O
Chleboski NNP - I-PER
for IN - O
and CC - O
on IN - O
behalf NN - O
of IN - O
EVERGREEN NNP - I-ORG
SOLAR NNP - I-ORG
, , - I-ORG
INC NNP - I-ORG
. . - O

Page NN - O
12 CD - O
of IN - O
12 CD - O
Source NNP - O
: : - O
OneCLE NNP - O
Business NNP - O
Contracts NNPS - O
. . - O

-DOCSTART- -X- O O

Loan NNP - O
Servicing NNP - O
Agreement NNP - O
- : - O
PIM NNP - O
Ashford NNP - I-ORG
Venture NNP - I-ORG
I NNP - I-ORG
LLC NNP - I-ORG
and CC - O
Ashford NNP - I-ORG
Hospitality NNP - I-ORG
Servicing NNP - I-ORG
LLC NNP - I-ORG
LOAN NNP - O
SERVICING NNP - O
AGREEMENT NNP - O
Dated NNP - O
as IN - O
of IN - O
____________ NNP - O
, , - O
2008 CD - O
by IN - O
and CC - O
between IN - O
PIM NNP - O
ASHFORD NNP - I-ORG
VENTURE NNP - I-ORG
I NNP - I-ORG
, , - O
LLC NNP - I-ORG
AND NNP - O
ASHFORD NNP - I-ORG
HOSPITALITY NNP - I-ORG
SERVICING NNP - I-ORG
LLC NNP - I-ORG
THIS NNP - O
LOAN NNP - O
SERVICING NNP - O
AGREEMENT NNP - O
( NNP - O
this DT - O
" NN - O
Agreement NNP - O
"), NNP - O
dated VBD - O
as IN - O
of IN - O
, , - O
2008 CD - O
, , - O
is VBZ - O
made VBN - O
and CC - O
entered VBN - O
into IN - O
by IN - O
and CC - O
between IN - O
PIM NNP - O
Ashford NNP - I-ORG
Venture NNP - I-ORG
I NNP - I-ORG
, , - O
LLC NNP - I-ORG
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
( : - O
the DT - O
" NN - O
Company NNP - O
"), NNP - O
for IN - O
itself PRP - O
and CC - O
on IN - O
behalf NN - O
of IN - O
its PRP$ - O
Subsidiaries NNPS - O
( NNP - O
hereinafter NN - O
defined VBD - O
), CD - O
and CC - O
Ashford NNP - I-ORG
Hospitality NNP - I-ORG
Servicing NNP - I-ORG
LLC NNP - I-ORG
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
( : - O
the DT - O
" NN - O
Ashford NNP - O
"). NNP - O

It PRP - O
is VBZ - O
anticipated VBN - O
by IN - O
the DT - O
parties NNS - O
hereto VBP - O
that IN - O
Subsidiaries NNPS - O
will MD - O
be VB - O
added VBN - O
as IN - O
parties NNS - O
and CC - O
signatories NNS - O
to TO - O
this DT - O
Agreement NNP - O
as IN - O
Investments NNPS - O
are VBP - O
acquired VBN - O
by IN - O
the DT - O
Company NNP - O
. . - O

WITNESSETH NNP - O
: : - O
WHEREAS NNP - O
, , - O
Ashford NNP - I-ORG
and CC - O
Prudential NNP - I-ORG
Investment NNP - I-ORG
Management NNP - I-ORG
, , - O
Inc NNP - O
., , - O
a DT - O
Delaware NNP - O
corporation NN - O
(" : - O
PIM NNP - O
"), , - O
are VBP - O
parties NNS - O
to TO - O
that DT - O
certain JJ - O
Investment NNP - O
Program NNP - O
Agreement NNP - O
dated VBD - O
of IN - O
even RB - O
date NN - O
herewith IN - O
( CD - O
the DT - O
" NNP - O
Program NNP - O
Agreement NNP - O
"). NNP - O

Pursuant JJ - O
to TO - O
the DT - O
Program NN - O
Agreement NNP - O
, , - O
Ashford NNP - I-ORG
and CC - O
PIM NNP - O
agreed VBD - O
to TO - O
establish VB - O
an DT - O
exclusive JJ - O
investment NN - O
program NN - O
( : - O
the DT - O
" NN - O
Program NN - O
") : - O
whereby IN - O
PIM NNP - O
will MD - O
identify VB - O
one CD - O
( CD - O
1 CD - O
) CD - O
or CC - O
more JJR - O
investors NNS - O
to TO - O
invest VB - O
in IN - O
Master NNP - O
Ventures NNP - O
( NNP - O
as IN - O
defined VBN - O
in IN - O
the DT - O
Program NN - O
Agreement NNP - O
) NNP - O
to TO - O
make VB - O
Investments NNS - O
( : - O
as IN - O
defined VBN - O
in IN - O
the DT - O
Program NN - O
Agreement NNP - O
) NNP - O
through IN - O
such JJ - O
Master NNP - O
Ventures NNP - O
and CC - O
Master NNP - O
Venture NNP - O
subsidiaries NNS - O
( : - O
the DT - O
" NN - O
Subsidiaries NNPS - O
"); : - O
WHEREAS NNP - O
, , - O
Ashford NNP - I-ORG
and CC - O
PRISA NNP - I-ORG
III NNP - I-ORG
Investments NNP - O
, , - O
LLC NNP - I-ORG
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
( : - O
the DT - O
" NN - O
Investor NNP - O
"), NNP - O
have VBP - O
formed VBN - O
the DT - O
Company NNP - O
pursuant NN - O
to TO - O
that DT - O
certain JJ - O
Limited NNP - O
Liability NNP - O
Company NNP - O
Agreement NNP - O
of IN - O
the DT - O
Company NNP - O
dated VBD - O
as IN - O
of IN - O
___________ NNP - O
, , - O
2008 CD - O
( : - O
the DT - O
" NN - O
Master NNP - O
Venture NNP - O
Agreement NNP - O
") NNP - O
to TO - O
invest VB - O
through IN - O
one CD - O
or CC - O
more JJR - O
Subsidiaries NNS - O
in IN - O
Investments NNS - O
. . - O

The DT - O
Investments NNS - O
that WDT - O
are VBP - O
the DT - O
subject NN - O
of IN - O
this DT - O
Agreement NNP - O
on IN - O
the DT - O
date NN - O
hereof IN - O
are VBP - O
listed VBN - O
on IN - O
Exhibit NNP - O
A NNP - O
hereto NN - O
, , - O
which WDT - O
exhibit NN - O
shall MD - O
be VB - O
amended VBN - O
from IN - O
time NN - O
to TO - O
time VB - O
as IN - O
additional JJ - O
Investments NNS - O
are VBP - O
acquired VBN - O
; : - O
WHEREAS NNP - O
, , - O
the DT - O
parties NNS - O
hereto VBP - O
desire NN - O
to TO - O
enter VB - O
into IN - O
this DT - O
Agreement NNP - O
to TO - O
define VB - O
the DT - O
relative JJ - O
rights NNS - O
and CC - O
powers NNS - O
of IN - O
the DT - O
Holders NNP - O
( NNP - O
hereinafter NN - O
defined VBD - O
) CD - O
and CC - O
to TO - O
provide VB - O
for IN - O
the DT - O
security NN - O
and CC - O
administration NN - O
of IN - O
the DT - O
Investments NNS - O
. . - O

NOW RB - O
, , - O
THEREFORE NNP - O
, , - O
in IN - O
consideration NN - O
of IN - O
the DT - O
premises NNS - O
and CC - O
the DT - O
mutual JJ - O
promises NNS - O
and CC - O
covenants NNS - O
contained VBD - O
in IN - O
this DT - O
Agreement NN - O
, , - O
and CC - O
for IN - O
other JJ - O
good JJ - O
and CC - O
valuable JJ - O
consideration NN - O
, , - O
the DT - O
receipt NN - O
and CC - O
sufficiency NN - O
of IN - O
which WDT - O
are VBP - O
hereby RB - O
acknowledged VBN - O
, , - O
the DT - O
parties NNS - O
hereby VBP - O
agree JJ - O
as IN - O
follows NNS - O
: : - O
NOW RB - O
, , - O
THEREFORE NNP - O
, , - O
in IN - O
consideration NN - O
of IN - O
the DT - O
mutual JJ - O
covenants NNS - O
herein VBP - O
contained VBN - O
, , - O
the DT - O
parties NNS - O
hereto VBP - O
mutually RB - O
agree JJ - O
as IN - O
follows NNS - O
: : - O
SECTION NN - O
1 CD - O
. . - O

DEFINITIONS NNS - O
; : - O
CONFLICTS NNS - O
. . - O

References NNS - O
to TO - O
a DT - O
" NN - O
Section NN - O
" : - O
or CC - O
the DT - O
" NN - O
recitals NNS - O
" : - O
are VBP - O
, , - O
unless IN - O
otherwise NN - O
specified VBN - O
, , - O
to TO - O
a DT - O
Section NN - O
or CC - O
the DT - O
recitals NNS - O
of IN - O
this DT - O
Agreement NNP - O
. . - O

The DT - O
terms NNS - O
" : - O
include VBP - O
( : - O
s NNS - O
)" VBP - O
or CC - O
" : - O
including VBG - O
" NN - O
shall MD - O
mean VB - O
" : - O
include NN - O
( : - O
s NNS - O
), VBP - O
without IN - O
limitation NN - O
" : - O
and CC - O
" : - O
including VBG - O
, , - O
without IN - O
limitation NN - O
", : - O
respectively RB - O
. . - O

Whenever RB - O
used VBN - O
in IN - O
this DT - O
Agreement NN - O
, , - O
the DT - O
following VBG - O
terms NNS - O
shall MD - O
have VB - O
the DT - O
respective JJ - O
meanings NNS - O
set VBD - O
forth JJ - O
below IN - O
unless NN - O
the DT - O
context NN - O
clearly RB - O
requires VBZ - O
otherwise RB - O
. . - O

Initially RB - O
capitalized VBN - O
terms NNS - O
used VBN - O
and CC - O
not RB - O
otherwise VB - O
defined VBN - O
herein NN - O
shall MD - O
have VB - O
the DT - O
meanings NNS - O
respectively RB - O
ascribed VBN - O
to TO - O
them PRP - O
in IN - O
the DT - O
Master NNP - O
Venture NNP - O
Agreement NNP - O
. . - O
" : - O

Agreement NN - O
" `` - O
shall MD - O
mean VB - O
this DT - O
Agreement NNP - O
, , - O
the DT - O
exhibits NNS - O
and CC - O
schedules NNS - O
hereto IN - O
and CC - O
all DT - O
amendments NNS - O
hereof IN - O
and CC - O
supplements NNS - O
hereto IN - O
. . - O
" : - O

Bankruptcy NNP - O
Code NNP - O
" NNP - O
shall MD - O
mean VB - O
the DT - O
United NNP - I-LOC
States NNPS - I-LOC
Bankruptcy NNP - O
Code NNP - O
, , - O
as IN - O
amended VBN - O
from IN - O
time NN - O
to TO - O
time VB - O
, , - O
any DT - O
successor NN - O
statute NN - O
or CC - O
rule NN - O
promulgated VBD - O
thereto NN - O
. . - O
" NN - O

Borrower NNP - I-PER
", : - O
for IN - O
an DT - O
Investment NNP - O
, , - O
shall MD - O
mean VB - O
, , - O
collectively RB - O
, , - O
the DT - O
borrowers NNS - O
under IN - O
such JJ - O
Investment NNP - O
. . - O
" : - O

Borrower NNP - I-PER
Related NNP - O
Party NNP - O
" NNP - O
shall MD - O
mean VB - O
any DT - O
Affiliate NNP - O
of IN - O
the DT - O
Borrower NNP - I-PER
. . - O

For IN - O
avoidance NN - O
of IN - O
doubt NN - O
, , - O
any DT - O
mezzanine NN - O
lender NN - I-PER
shall MD - O
be VB - O
considered VBN - O
a DT - O
Borrower NNP - I-PER
Related NNP - O
Party NNP - O
if IN - O
any DT - O
such JJ - O
mezzanine NN - O
lender NN - I-PER
becomes VBZ - O
an DT - O
Affiliate NNP - O
of IN - O
the DT - O
Borrower NNP - I-PER
through IN - O
foreclosure NN - O
or CC - O
other JJ - O
conversion NN - O
of IN - O
the DT - O
collateral JJ - O
for IN - O
a DT - O
mezzanine NN - O
loan NN - O
in IN - O
connection NN - O
with IN - O
any DT - O
Property NNP - O
. . - O
" : - O

Borrower NNP - I-PER
Transfer NNP - O
" NNP - O
means VBZ - O
a DT - O
" NN - O
Transfer NNP - O
," NNP - O
as IN - O
defined VBN - O
in IN - O
the DT - O
Loan NNP - O
Documents NNP - O
. . - O
" : - O

Business NN - O
Day NNP - O
" NNP - O
shall MD - O
mean VB - O
any DT - O
day NN - O
that IN - O
is VBZ - O
not RB - O
a DT - O
Saturday NNP - O
or CC - O
Sunday NNP - O
, , - O
and CC - O
that IN - O
is VBZ - O
not RB - O
a DT - O
legal JJ - O
holiday NN - O
in IN - O
New NNP - I-LOC
York NNP - I-LOC
, , - O
New NNP - I-LOC
York NNP - I-LOC
, , - O
nor CC - O
a DT - O
day NN - O
that WDT - O
banking NN - O
institutions NNS - O
or CC - O
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Code NNP - O
" : - O
shall MD - O
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the DT - O
Internal NNP - O
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Code NNP - O
of IN - O
1986 CD - O
, , - O
as IN - O
amended VBN - O
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Company NN - O
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introductory NN - O
paragraph NN - O
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. . - O
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" : - O
shall MD - O
mean VB - O
the DT - O
Employee NNP - O
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Income NNP - O
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1974 CD - O
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as IN - O
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" : - O

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2 CD - O
( CD - O
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Holder NNP - O
" : - O
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the DT - O
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. . - O
" : - O

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. . - O
S NNP - O
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C NNP - O
. . - O

Sec NNP - O
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101 CD - O
et NN - O
seq NN - O
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reorganization NN - O
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Lender NNP - I-PER
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( CD - O
i PRP - O
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, , - O
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company NN - O
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company NN - O
, , - O
bank NN - I-ORG
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, , - O
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, , - O
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legal JJ - O
entity NN - O
. . - O
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Principal NNP - O
Balance NNP - O
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each DT - O
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casualty NN - O
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. . - O
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real JJ - O
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or CC - O
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encumbered VBN - O
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5 CD - O
( CD - O
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). : - O
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( CD - O
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ii NN - O
) : - O
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) : - O
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Company NNP - O
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the DT - O
contrary NN - O
in IN - O
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each DT - O
unfunded JJ - O
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Agreement NNP - O
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Venture NNP - O
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the DT - O
Servicer NNP - O
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full JJ - O
power NN - O
and CC - O
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to TO - O
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or CC - O
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in IN - O
the DT - O
reasonable JJ - O
judgment NN - O
of IN - O
Servicer NNP - O
is VBZ - O
necessary JJ - O
or CC - O
required VBN - O
to TO - O
preserve VB - O
and CC - O
protect VB - O
the DT - O
liens NNS - O
and CC - O
security NN - O
interests NNS - O
created VBD - O
by IN - O
the DT - O
Loan NNP - O
Documents NNP - O
and CC - O
the DT - O
priority NN - O
thereof IN - O
and CC - O
the DT - O
collateral JJ - O
for IN - O
the DT - O
Loan NNP - O
and CC - O
the DT - O
interest NN - O
of IN - O
the DT - O
Holders NNP - O
, , - O
and CC - O
to TO - O
do VB - O
any DT - O
and CC - O
all DT - O
things NNS - O
which WDT - O
it PRP - O
may MD - O
deem VB - O
necessary JJ - O
or CC - O
desirable JJ - O
in IN - O
connection NN - O
with IN - O
the DT - O
servicing NN - O
and CC - O
administration NN - O
of IN - O
the DT - O
Loan NNP - O
in IN - O
accordance NN - O
with IN - O
the DT - O
Loan NNP - O
Documents NNP - O
and CC - O
the DT - O
terms NNS - O
hereof IN - O
, , - O
which WDT - O
Servicer NNP - O
reasonably RB - O
believes VBZ - O
will MD - O
not RB - O
materially RB - O
and CC - O
adversely RB - O
affect VB - O
the DT - O
value NN - O
of IN - O
the DT - O
Loan NNP - O
, , - O
all DT - O
in IN - O
accordance NN - O
with IN - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practices NNP - O
. . - O

Subject JJ - O
to TO - O
the DT - O
below NN - O
provisions NNS - O
of IN - O
this DT - O
Section NN - O
2 CD - O
, , - O
the DT - O
Program NNP - O
Agreement NNP - O
and CC - O
the DT - O
Master NNP - O
Venture NNP - O
Agreement NNP - O
, , - O
the DT - O
Servicer NNP - O
shall MD - O
have VB - O
authority NN - O
to TO - O
act VB - O
on IN - O
behalf NN - O
of IN - O
the DT - O
Lender NNP - I-PER
and CC - O
the DT - O
Holders NNPS - O
with IN - O
respect NN - O
to TO - O
the DT - O
Loan NNP - O
, , - O
to TO - O
transact VB - O
with IN - O
the DT - O
Borrower NNP - I-PER
and CC - O
to TO - O
grant VB - O
or CC - O
withhold VB - O
consents NNS - O
or CC - O
approvals NNS - O
under IN - O
the DT - O
Loan NNP - O
Documents NNP - O
, , - O
enforce NN - O
the DT - O
Loan NNP - O
Documents NNP - O
and CC - O
otherwise VB - O
act NN - O
on IN - O
behalf NN - O
of IN - O
the DT - O
Lender NNP - I-PER
and CC - O
the DT - O
Holders NNPS - O
, , - O
all DT - O
in IN - O
accordance NN - O
with IN - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practices NNP - O
. . - O

None NN - O
of IN - O
the DT - O
following JJ - O
actions NNS - O
may MD - O
be VB - O
undertaken VBN - O
by IN - O
the DT - O
Servicer NNP - O
without IN - O
the DT - O
prior JJ - O
written NN - O
consent NN - O
of IN - O
the DT - O
Company NNP - O
: : - O
4 CD - O
( CD - O
i PRP - O
) VBP - O
modify JJ - O
, , - O
amend NN - O
or CC - O
waive JJ - O
in IN - O
any DT - O
respect NN - O
whatsoever NN - O
( : - O
A DT - O
) NN - O
the DT - O
interest NN - O
rate NN - O
, , - O
monthly RB - O
payment NN - O
, , - O
or CC - O
other JJ - O
monetary JJ - O
or CC - O
economic JJ - O
provisions NNS - O
( : - O
including VBG - O
with IN - O
respect NN - O
to TO - O
the DT - O
date NN - O
or CC - O
time NN - O
upon IN - O
which WDT - O
any DT - O
obligations NNS - O
are VBP - O
due JJ - O
) NN - O
of IN - O
the DT - O
Loan NNP - O
, , - O
including VBG - O
to TO - O
defer VB - O
interest NN - O
payments NNS - O
; : - O
( : - O
B NNP - O
) : - O
any DT - O
provision NN - O
in IN - O
the DT - O
Loan NNP - O
Documents NNP - O
that IN - O
restricts NNS - O
Borrower NNP - I-PER
from IN - O
incurring VBG - O
additional JJ - O
indebtedness NN - O
; : - O
or CC - O
( : - O
C NNP - O
) : - O
any DT - O
other JJ - O
provisions NNS - O
in IN - O
the DT - O
Loan NNP - O
Documents NNP - O
other JJ - O
than IN - O
non NN - O
- : - O
monetary JJ - O
, , - O
non NN - O
- : - O
economic JJ - O
or CC - O
administrative JJ - O
amendments NNS - O
or CC - O
modifications NNS - O
which WDT - O
the DT - O
Servicer NNP - O
believes VBZ - O
in IN - O
good JJ - O
faith NN - O
and CC - O
in IN - O
accordance NN - O
with IN - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practices NNP - O
will MD - O
not RB - O
in IN - O
any DT - O
material NN - O
and CC - O
adverse JJ - O
way NN - O
affect NN - O
any DT - O
Holder NNP - O
' POS - O
s NNS - O
rights NNS - O
under IN - O
this DT - O
Agreement NNP - O
, , - O
the DT - O
Loan NNP - O
Documents NNP - O
or CC - O
the DT - O
value NN - O
of IN - O
the DT - O
Property NNP - O
; : - O
( : - O
ii NN - O
) : - O
waive JJ - O
or CC - O
reduce VB - O
the DT - O
amount NN - O
of IN - O
any DT - O
reserves NNS - O
required VBN - O
to TO - O
be VB - O
maintained VBN - O
by IN - O
Borrower NNP - I-PER
, , - O
except IN - O
as IN - O
explicitly RB - O
permitted VBN - O
by IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
; : - O
( : - O
iii NN - O
) : - O
modify NN - O
the DT - O
principal NN - O
amount NN - O
of IN - O
the DT - O
Loan NNP - O
; : - O
( NNP - O
iv NN - O
) : - O
extend NN - O
or CC - O
shorten VBN - O
the DT - O
maturity NN - O
date NN - O
of IN - O
the DT - O
Loan NNP - O
or CC - O
any DT - O
note NN - O
, , - O
other JJ - O
than IN - O
in IN - O
accordance NN - O
with IN - O
the DT - O
express NN - O
provisions NNS - O
of IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
; : - O
( : - O
v NN - O
) : - O
waive JJ - O
, , - O
compromise NN - O
or CC - O
settle VB - O
any DT - O
material NN - O
claim NN - O
against IN - O
Borrower NNP - I-PER
or CC - O
any DT - O
or CC - O
other JJ - O
Person NNP - O
liable JJ - O
for IN - O
payment NN - O
of IN - O
the DT - O
Loan NNP - O
in IN - O
whole JJ - O
or CC - O
in IN - O
part NN - O
or CC - O
for IN - O
the DT - O
observance NN - O
and CC - O
performance NN - O
by IN - O
Borrower NNP - I-PER
of IN - O
any DT - O
of IN - O
the DT - O
terms NNS - O
, , - O
covenants NNS - O
, , - O
provisions NNS - O
and CC - O
conditions NNS - O
of IN - O
the DT - O
Loan NNP - O
Documents NNP - O
, , - O
or CC - O
release VB - O
Borrower NNP - I-PER
or CC - O
any DT - O
other JJ - O
Person NNP - O
liable JJ - O
for IN - O
payment NN - O
of IN - O
the DT - O
Loan NNP - O
in IN - O
whole JJ - O
or CC - O
in IN - O
part NN - O
from IN - O
any DT - O
obligation NN - O
or CC - O
liability NN - O
under IN - O
the DT - O
Loan NNP - O
Documents NNP - O
; : - O
( : - O
vi NN - O
) : - O
approve VBP - O
or CC - O
consent NN - O
to TO - O
a DT - O
Borrower NNP - I-PER
Transfer NNP - O
; : - O
( : - O
vii NN - O
) : - O
encumber NN - O
, , - O
release NN - O
, , - O
or CC - O
modify VB - O
, , - O
in IN - O
whole JJ - O
or CC - O
in IN - O
part NN - O
, , - O
any DT - O
collateral JJ - O
or CC - O
security NN - O
interest NN - O
held VBD - O
under IN - O
the DT - O
Loan NNP - O
Documents NNP - O
other JJ - O
than IN - O
in IN - O
accordance NN - O
with IN - O
the DT - O
terms NNS - O
hereof IN - O
or CC - O
any DT - O
of IN - O
the DT - O
express NN - O
provisions NNS - O
of IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
; : - O
( : - O
viii NN - O
) : - O
enforce NN - O
or CC - O
refrain NN - O
from IN - O
enforcing VBG - O
all DT - O
of IN - O
the DT - O
rights NNS - O
, , - O
remedies NNS - O
and CC - O
privileges NNS - O
afforded VBD - O
or CC - O
available JJ - O
to TO - O
the DT - O
respective JJ - O
Holders NNS - O
under IN - O
the DT - O
terms NNS - O
of IN - O
the DT - O
Loan NNP - O
Documents NNP - O
, , - O
including VBG - O
, , - O
without IN - O
limitation NN - O
, , - O
accelerating VBG - O
the DT - O
Loan NNP - O
( NNP - O
unless IN - O
such JJ - O
acceleration NN - O
is VBZ - O
automatic JJ - O
under IN - O
the DT - O
Loan NNP - O
Documents NNP - O
), , - O
foreclosing VBG - O
on IN - O
any DT - O
mortgage NN - O
or CC - O
pledge NN - O
or CC - O
accepting VBG - O
a DT - O
deed NN - O
in IN - O
lieu NN - O
of IN - O
foreclosure NN - O
; : - O
( : - O
ix CD - O
) CD - O
following VBG - O
a DT - O
foreclosure NN - O
of IN - O
the DT - O
Mortgage NNP - O
or CC - O
any DT - O
pledge NN - O
or CC - O
acceptance NN - O
of IN - O
a DT - O
deed NN - O
in IN - O
lieu NN - O
of IN - O
foreclosure NN - O
, , - O
approve VBP - O
a DT - O
recommended VBN - O
course NN - O
of IN - O
action NN - O
for IN - O
the DT - O
Property NNP - O
, , - O
approve VBP - O
the DT - O
property NN - O
manager NN - O
and CC - O
selling VBG - O
agent NN - O
, , - O
and CC - O
approve VBP - O
the DT - O
sale NN - O
price NN - O
of IN - O
the DT - O
Property NNP - O
; : - O
( : - O
x NN - O
) : - O
the DT - O
approval NN - O
or CC - O
adoption NN - O
of IN - O
any DT - O
plan NN - O
of IN - O
bankruptcy NN - O
, , - O
reorganization NN - O
, , - O
restructuring NN - O
or CC - O
similar JJ - O
event NN - O
in IN - O
an DT - O
Insolvency NNP - O
Proceeding NNP - O
with IN - O
respect NN - O
to TO - O
the DT - O
Borrower NNP - I-PER
or CC - O
any DT - O
guarantor NN - O
; : - O
( : - O
xi NN - O
) : - O
any DT - O
incurrence NN - O
of IN - O
additional JJ - O
debt NN - O
by IN - O
the DT - O
Borrower NNP - I-PER
or CC - O
any DT - O
mezzanine NN - O
financing VBG - O
by IN - O
any DT - O
direct JJ - O
or CC - O
indirect JJ - O
beneficial JJ - O
owner NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
( NNP - O
to TO - O
the DT - O
extent NN - O
that IN - O
the DT - O
Lender NNP - I-PER
has VBZ - O
consent NN - O
rights NNS - O
pursuant JJ - O
to TO - O
the DT - O
Loan NNP - O
Documents NNP - O
with IN - O
respect NN - O
thereto IN - O
); : - O
5 CD - O
( CD - O
xii NN - O
) : - O
any DT - O
waiver NN - O
of IN - O
the DT - O
enforcement NN - O
of IN - O
any DT - O
insurance NN - O
requirements NNS - O
under IN - O
the DT - O
Loan NNP - O
Documents NNP - O
with IN - O
respect NN - O
to TO - O
terrorism NN - O
, , - O
earthquake NN - O
, , - O
flooding VBG - O
, , - O
windstorm NN - O
or CC - O
political JJ - O
risk NN - O
; : - O
( : - O
xiii NN - O
) : - O
any DT - O
material NN - O
amendment NN - O
to TO - O
the DT - O
special JJ - O
purpose NN - O
entity NN - O
provisions NNS - O
in IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
; : - O
( : - O
xiv NN - O
) : - O
the DT - O
subordination NN - O
of IN - O
any DT - O
mortgage NN - O
or CC - O
pledge NN - O
to TO - O
any DT - O
other JJ - O
mortgage NN - O
or CC - O
pledge NN - O
or CC - O
other JJ - O
material NN - O
monetary NN - O
claim NN - O
against IN - O
the DT - O
Property NNP - O
; : - O
or CC - O
( : - O
xv NN - O
) : - O
waiver NN - O
of IN - O
any DT - O
material NN - O
default NN - O
or CC - O
Event NNP - O
of IN - O
Default NNP - O
. . - O

( NN - O
d VBD - O
) CD - O
The DT - O
Servicer NNP - O
shall MD - O
have VB - O
no DT - O
liability NN - O
to TO - O
any DT - O
other JJ - O
Holder NNP - O
for IN - O
any DT - O
action NN - O
taken VBN - O
, , - O
or CC - O
for IN - O
refraining NN - O
from IN - O
the DT - O
taking NN - O
of IN - O
any DT - O
action NN - O
, , - O
in IN - O
good JJ - O
faith NN - O
and CC - O
in IN - O
accordance NN - O
with IN - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practices NNP - O
pursuant NN - O
to TO - O
this DT - O
Agreement NNP - O
, , - O
and CC - O
/ : - O
or CC - O
the DT - O
Loan NNP - O
Documents NNP - O
, , - O
so RB - O
long RB - O
as IN - O
Servicer NNP - O
is VBZ - O
acting VBG - O
in IN - O
accordance NN - O
with IN - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practices NNP - O
; : - O
provided VBN - O
, , - O
however RB - O
, , - O
that IN - O
the DT - O
Servicer NNP - O
will MD - O
not RB - O
be VB - O
protected VBN - O
against IN - O
any DT - O
liability NN - O
which WDT - O
would MD - O
otherwise VB - O
be VB - O
imposed VBN - O
by IN - O
reason NN - O
of IN - O
gross NN - O
negligence NN - O
, , - O
a DT - O
breach NN - O
of IN - O
an DT - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practice NNP - O
, , - O
which WDT - O
breach DT - O
is VBZ - O
not RB - O
cured VBN - O
within IN - O
ten CD - O
( CD - O
10 CD - O
) CD - O
Business NNP - O
Days NNP - O
following VBG - O
notice NN - O
thereof IN - O
, , - O
willful JJ - O
misfeasance NN - O
, , - O
bad JJ - O
faith NN - O
or CC - O
fraud NN - O
in IN - O
the DT - O
performance NN - O
of IN - O
duties NNS - O
or CC - O
obligations NNS - O
hereunder VBP - O
. . - O

Without IN - O
limiting NN - O
the DT - O
generality NN - O
of IN - O
the DT - O
foregoing NN - O
, , - O
the DT - O
Servicer NNP - O
, , - O
acting VBG - O
on IN - O
behalf NN - O
of IN - O
the DT - O
Holders NNP - O
in IN - O
accordance NN - O
with IN - O
the DT - O
terms NNS - O
of IN - O
this DT - O
Agreement NNP - O
, , - O
may MD - O
rely RB - O
on IN - O
the DT - O
advice NN - O
of IN - O
legal JJ - O
counsel NN - O
, , - O
accountants NNS - O
and CC - O
other JJ - O
experts NNS - O
( : - O
including VBG - O
those DT - O
retained VBN - O
by IN - O
the DT - O
Borrower NNP - I-PER
) NNP - O
and CC - O
upon IN - O
any DT - O
written VBN - O
communication NN - O
or CC - O
telephone NN - O
conversation NN - O
which WDT - O
the DT - O
Servicer NNP - O
believes VBZ - O
to TO - O
be VB - O
genuine JJ - O
and CC - O
correct JJ - O
or CC - O
to TO - O
have VB - O
been VBN - O
signed VBN - O
, , - O
sent NN - O
or CC - O
made VBN - O
by IN - O
the DT - O
proper NN - O
Person NNP - O
. . - O

( NN - O
e NN - O
) : - O
Notwithstanding NNP - O
any DT - O
direction NN - O
to TO - O
act VB - O
, , - O
or CC - O
approval NN - O
or CC - O
disapproval NN - O
of IN - O
, , - O
or CC - O
right RB - O
to TO - O
give VB - O
direction NN - O
to TO - O
or CC - O
to TO - O
approve VB - O
or CC - O
disapprove VB - O
an DT - O
action NN - O
of IN - O
the DT - O
Servicer NNP - O
by IN - O
any DT - O
other JJ - O
Holder NNP - O
, , - O
as IN - O
applicable JJ - O
, , - O
in IN - O
no DT - O
event NN - O
shall MD - O
the DT - O
Servicer NNP - O
be VB - O
obligated VBN - O
to TO - O
take VB - O
any DT - O
action NN - O
that IN - O
would MD - O
violate VB - O
, , - O
or CC - O
refrain VB - O
from IN - O
taking VBG - O
any DT - O
action NN - O
necessary JJ - O
to TO - O
avoid VB - O
violation NN - O
of IN - O
, , - O
any DT - O
applicable JJ - O
law NN - O
, , - O
or CC - O
be VB - O
inconsistent JJ - O
with IN - O
or CC - O
violate JJ - O
any DT - O
provisions NNS - O
of IN - O
this DT - O
Agreement NNP - O
. . - O

( NN - O
f NN - O
) : - O
Each DT - O
Holder NNP - O
hereby NN - O
undertakes VBZ - O
and CC - O
agrees NNS - O
, , - O
upon IN - O
the DT - O
request NN - O
of IN - O
the DT - O
Servicer NNP - O
, , - O
to TO - O
execute VB - O
, , - O
verify NN - O
, , - O
deliver RB - O
and CC - O
file VB - O
in IN - O
a DT - O
timely JJ - O
manner NN - O
any DT - O
proofs NNS - O
of IN - O
claim NN - O
, , - O
consents NNS - O
, , - O
assignments NNS - O
or CC - O
other JJ - O
action NN - O
necessary JJ - O
or CC - O
appropriate JJ - O
to TO - O
permit VB - O
the DT - O
Servicer NNP - O
to TO - O
enforce VB - O
the DT - O
obligations NNS - O
of IN - O
Borrower NNP - I-PER
to TO - O
the DT - O
Lender NNP - I-PER
in IN - O
respect NN - O
of IN - O
the DT - O
Loan NNP - O
, , - O
and CC - O
to TO - O
vote VB - O
any DT - O
claims NNS - O
at IN - O
any DT - O
meeting NN - O
of IN - O
creditors NNS - O
or CC - O
for IN - O
any DT - O
plan NN - O
or CC - O
with IN - O
respect NN - O
to TO - O
any DT - O
matter NN - O
as IN - O
the DT - O
Servicer NNP - O
shall MD - O
direct VB - O
, , - O
subject JJ - O
to TO - O
the DT - O
provisions NNS - O
of IN - O
this DT - O
Section NN - O
2 CD - O
and CC - O
otherwise RB - O
in IN - O
accordance NN - O
with IN - O
the DT - O
terms NNS - O
of IN - O
this DT - O
Agreement NNP - O
, , - O
all DT - O
in IN - O
order NN - O
to TO - O
preserve VB - O
and CC - O
maintain VB - O
all DT - O
claims NNS - O
against IN - O
Borrower NNP - I-PER
for IN - O
sums NNS - O
due JJ - O
under IN - O
the DT - O
Loan NNP - O
so RB - O
that IN - O
the DT - O
Lender NNP - I-PER
will MD - O
have VB - O
the DT - O
benefit NN - O
of IN - O
such JJ - O
claims NNS - O
as IN - O
provided VBN - O
in IN - O
the DT - O
Loan NNP - O
Documents NNP - O
or CC - O
under IN - O
applicable JJ - O
law NN - O
. . - O

( NN - O
g NN - O
) : - O
Servicer NNP - O
shall MD - O
not RB - O
, , - O
without IN - O
the DT - O
consent NN - O
of IN - O
the DT - O
Company NNP - O
, , - O
assign NN - O
its PRP$ - O
rights NNS - O
or CC - O
delegate VB - O
its PRP$ - O
duties NNS - O
hereunder NN - O
unless IN - O
such JJ - O
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to TO - O
an DT - O
Affiliate NNP - O
of IN - O
Ashford NNP - I-ORG
( NNP - O
as IN - O
defined VBN - O
in IN - O
the DT - O
Master NNP - O
Venture NNP - O
Agreement NNP - O
) NNP - O
and CC - O
does VBZ - O
not RB - O
constitute VB - O
a DT - O
Change NNP - O
in IN - O
Control NNP - O
( NNP - O
as IN - O
defined VBN - O
in IN - O
the DT - O
Master NNP - O
Venture NNP - O
Agreement NNP - O
). NNP - O

6 CD - O
( `` - O
h NN - O
) : - O
If IN - O
title NN - O
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the DT - O
Property NNP - O
or CC - O
any DT - O
Interests NNPS - O
is VBZ - O
to TO - O
be VB - O
acquired VBN - O
after IN - O
a DT - O
foreclosure NN - O
sale NN - O
or CC - O
by IN - O
a DT - O
deed NN - O
in IN - O
lieu NN - O
of IN - O
foreclosure NN - O
, , - O
title NN - O
shall MD - O
be VB - O
held VBN - O
as IN - O
directed VBN - O
by IN - O
the DT - O
Company NNP - O
. . - O

If IN - O
, , - O
at IN - O
this DT - O
time NN - O
, , - O
any DT - O
Holder NNP - O
is VBZ - O
an DT - O
employee NN - O
benefit NN - O
plan NN - O
subject NN - O
to TO - O
Part NNP - O
4 CD - O
of IN - O
Title NNP - O
I NNP - O
of IN - O
ERISA NNP - O
or CC - O
to TO - O
which WDT - O
Section NN - O
4975 CD - O
of IN - O
the DT - O
Code NNP - O
applies VBZ - O
, , - O
or CC - O
an DT - O
entity NN - O
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deemed VBN - O
to TO - O
hold VB - O
assets NNS - O
of IN - O
such JJ - O
a DT - O
plan NN - O
, , - O
such JJ - O
limited JJ - O
liability NN - O
company NN - O
( : - O
or CC - O
other JJ - O
special JJ - O
purpose NN - O
entity NN - O
) : - O
shall MD - O
be VB - O
structured VBN - O
and CC - O
operated VBN - O
in IN - O
a DT - O
manner NN - O
which WDT - O
, , - O
under IN - O
the DT - O
ERISA NNP - O
" NNP - O
plan NN - O
asset NN - O
regulations NNS - O
," : - O
29 CD - O
C NNP - O
. . - O
F NNP - O
. . - O
R NNP - O
. . - O

� NN - O
2510 CD - O
. . - O
3 CD - O
- : - O
101 CD - O
, , - O
as IN - O
modified JJ - O
by IN - O
Section NN - O
3 CD - O
( CD - O
42 CD - O
) CD - O
of IN - O
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, , - O
is VBZ - O
intended VBN - O
to TO - O
cause VB - O
the DT - O
limited VBN - O
liability NN - O
company NN - O
( : - O
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special JJ - O
purpose NN - O
entity NN - O
) : - O
either DT - O
( NN - O
A DT - O
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company NN - O
(" : - O
REOC NNP - O
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underlying VBG - O
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any DT - O
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4 CD - O
of IN - O
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which WDT - O
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4975 CD - O
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Code NNP - O
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such JJ - O
limited JJ - O
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advise VB - O
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Holders NNP - O
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underlying JJ - O
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( NN - O
i PRP - O
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full JJ - O
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fee NN - O
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0 -NONE- - O
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25 CD - O
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Master NNP - O
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Notwithstanding VBG - O
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Default NNP - O
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a DT - O
workout NN - O
fee NN - O
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50 CD - O
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Contributions NNP - O
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the DT - O
Investor NNP - O
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( NNP - O
as IN - O
defined VBN - O
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to TO - O
acquire VB - O
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Workout NNP - O
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prorated VBN - O
for IN - O
any DT - O
partial JJ - O
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( : - O
i PRP - O
. . - O
e NN - O
. . - O

less JJR - O
than IN - O
365 CD - O
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) : - O
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( CD - O
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cure NN - O
of IN - O
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applicable JJ - O
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of IN - O
Default NNP - O
, , - O
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( : - O
ii NN - O
) : - O
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Notwithstanding VBG - O
anything NN - O
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contained VBD - O
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direction NN - O
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relating VBG - O
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each DT - O
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of IN - O
Default NNP - O
. . - O

SECTION NN - O
3 CD - O
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PAYMENT NN - O
PROCEDURE NN - O
. . - O

If IN - O
a DT - O
court NN - O
of IN - O
competent NN - O
jurisdiction NN - O
orders NNS - O
, , - O
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any DT - O
time NN - O
that IN - O
any DT - O
amount NN - O
received VBD - O
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collected VBN - O
in IN - O
respect NN - O
of IN - O
the DT - O
Loan NNP - O
must MD - O
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pursuant JJ - O
to TO - O
any DT - O
insolvency NN - O
, , - O
bankruptcy NN - O
, , - O
fraudulent NN - O
conveyance NN - O
, , - O
preference NN - O
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law NN - O
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be VB - O
returned VBN - O
to TO - O
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or CC - O
paid VBD - O
to TO - O
any DT - O
Holder NNP - O
or CC - O
any DT - O
other JJ - O
Person NNP - O
, , - O
then RB - O
, , - O
notwithstanding IN - O
any DT - O
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provision NN - O
of IN - O
this DT - O
Agreement NNP - O
, , - O
the DT - O
Servicer NNP - O
shall MD - O
not RB - O
be VB - O
required VBN - O
to TO - O
distribute VB - O
any DT - O
portion NN - O
thereof IN - O
to TO - O
any DT - O
Holder NNP - O
, , - O
and CC - O
all DT - O
Holders NNPS - O
shall MD - O
promptly RB - O
on IN - O
demand NN - O
repay NN - O
to TO - O
the DT - O
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portion NN - O
thereof IN - O
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theretofore RBR - O
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interest NN - O
thereon NN - O
at IN - O
such JJ - O
rate NN - O
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required VBN - O
to TO - O
pay VB - O
to TO - O
the DT - O
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respect NN - O
thereto IN - O
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Each DT - O
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at IN - O
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any DT - O
source NN - O
whatsoever NN - O
( : - O
other JJ - O
than IN - O
as IN - O
a DT - O
distribution NN - O
from IN - O
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any DT - O
payment NN - O
on IN - O
account NN - O
of IN - O
the DT - O
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of IN - O
amounts NNS - O
due JJ - O
such JJ - O
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, , - O
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will MD - O
promptly RB - O
remit VB - O
such JJ - O
excess JJ - O
to TO - O
the DT - O
Servicer NNP - O
. . - O

The DT - O
Servicer NNP - O
shall MD - O
have VB - O
the DT - O
right NN - O
to TO - O
offset VB - O
any DT - O
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due JJ - O
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any DT - O
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with IN - O
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to TO - O
the DT - O
Loan NNP - O
against IN - O
any DT - O
future NN - O
payments NNS - O
due JJ - O
to TO - O
such JJ - O
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from IN - O
the DT - O
Loan NNP - O
; : - O
provided VBN - O
, , - O
that IN - O
the DT - O
obligations NNS - O
of IN - O
each DT - O
Holder NNP - O
under IN - O
this DT - O
Section NN - O
3 CD - O
are VBP - O
separate JJ - O
and CC - O
distinct JJ - O
obligations NNS - O
from IN - O
one CD - O
another DT - O
. . - O

The DT - O
obligations NNS - O
of IN - O
each DT - O
Holder NNP - O
under IN - O
this DT - O
Section NN - O
3 CD - O
constitute NN - O
absolute NN - O
, , - O
unconditional JJ - O
and CC - O
continuing VBG - O
obligations NNS - O
. . - O

SECTION NN - O
4 CD - O
. . - O

LIMITATION NN - O
ON IN - O
LIABILITY NNP - O
. . - O

No DT - O
Holder NNP - O
shall MD - O
have VB - O
any DT - O
liability NN - O
to TO - O
any DT - O
other JJ - O
Holder NNP - O
hereunder NN - O
, , - O
except IN - O
with IN - O
respect NN - O
to TO - O
losses NNS - O
actually RB - O
suffered VBD - O
due JJ - O
to TO - O
the DT - O
gross NN - O
negligence NN - O
, , - O
willful JJ - O
misconduct NN - O
or CC - O
breach VB - O
of IN - O
this DT - O
Agreement NNP - O
on IN - O
the DT - O
part NN - O
of IN - O
such JJ - O
Holder NNP - O
. . - O

SECTION NN - O
5 CD - O
. . - O

ADDITIONAL NNP - O
UNDERSTANDINGS NNP - O
. . - O

( NN - O
a DT - O
) NN - O
Notices NNPS - O
of IN - O
Transfer NNP - O
Etc NNP - O
. . - O

The DT - O
Servicer NNP - O
shall MD - O
notify VB - O
the DT - O
Holders NNP - O
promptly RB - O
if IN - O
the DT - O
Borrower NNP - I-PER
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or CC - O
requests NNS - O
a DT - O
release NN - O
of IN - O
the DT - O
lien NN - O
with IN - O
respect NN - O
to TO - O
the DT - O
Loan NNP - O
or CC - O
seeks VBZ - O
or CC - O
requests NNS - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
consent NN - O
to TO - O
, , - O
or CC - O
takes VBZ - O
any DT - O
action NN - O
in IN - O
connection NN - O
with IN - O
or CC - O
in IN - O
furtherance NN - O
of IN - O
, , - O
any DT - O
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Transfer NNP - O
, , - O
incurring VBG - O
additional JJ - O
indebtedness NN - O
or CC - O
a DT - O
Principal NNP - O
Prepayment NNP - O
of IN - O
the DT - O
Loan NNP - O
. . - O

If IN - O
the DT - O
Borrower NNP - I-PER
requests VBZ - O
consent NN - O
to TO - O
a DT - O
Borrower NNP - I-PER
Transfer NNP - O
or CC - O
incurring VBG - O
any DT - O
incur NN - O
additional JJ - O
indebtedness NN - O
, , - O
the DT - O
Servicer NNP - O
shall MD - O
obtain VB - O
the DT - O
prior JJ - O
written NN - O
consent NN - O
of IN - O
the DT - O
Company NNP - O
prior RB - O
to TO - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
granting VBG - O
consent NN - O
or CC - O
agreement NN - O
thereto NN - O
( : - O
which WDT - O
consent NN - O
shall MD - O
be VB - O
subject JJ - O
to TO - O
the DT - O
same JJ - O
standard JJ - O
applicable JJ - O
to TO - O
the DT - O
Lender NNP - I-PER
' POS - O
s NNS - O
ability NN - O
to TO - O
withhold VB - O
such JJ - O
consent NN - O
set NN - O
forth NN - O
in IN - O
the DT - O
Loan NNP - O
Documents NNP - O
). NNP - O

( NN - O
b NN - O
) : - O
Replacement NNP - O
of IN - O
Servicer NNP - O
. . - O

An DT - O
event NN - O
of IN - O
default NN - O
by IN - O
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( NNP - O
a DT - O
" NN - O
Servicer NNP - O
Default NNP - O
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shall MD - O
exist VB - O
in IN - O
the DT - O
event NN - O
that IN - O
one CD - O
or CC - O
more JJR - O
of IN - O
the DT - O
following JJ - O
events NNS - O
shall MD - O
occur VB - O
and CC - O
be VB - O
continuing VBG - O
beyond IN - O
any DT - O
applicable JJ - O
grace NN - O
or CC - O
cure NN - O
periods NNS - O
: : - O
( : - O
i PRP - O
) VBP - O
a DT - O
decree NN - O
or CC - O
order NN - O
of IN - O
a DT - O
court NN - O
or CC - O
agency NN - O
or CC - O
supervisory NN - O
authority NN - O
having VBG - O
jurisdiction NN - O
for IN - O
the DT - O
appointment NN - O
of IN - O
a DT - O
conservator NN - O
or CC - O
receiver RB - O
or CC - O
liquidator NN - O
in IN - O
any DT - O
insolvency NN - O
, , - O
readjustment NN - O
of IN - O
debt NN - O
, , - O
marshalling VBG - O
of IN - O
assets NNS - O
and CC - O
liabilities NNS - O
or CC - O
similar JJ - O
proceedings NNS - O
, , - O
or CC - O
for IN - O
the DT - O
winding VBG - O
- : - O
up IN - O
or CC - O
liquidation NN - O
of IN - O
its PRP$ - O
affairs NNS - O
, , - O
shall MD - O
have VB - O
been VBN - O
entered VBN - O
against IN - O
Servicer NNP - O
; : - O
( : - O
ii NN - O
) : - O
Servicer NNP - O
shall MD - O
consent VB - O
to TO - O
the DT - O
appointment NN - O
of IN - O
a DT - O
conservator NN - O
or CC - O
receiver RB - O
or CC - O
liquidator NN - O
or CC - O
liquidating VBG - O
committee NN - O
in IN - O
any DT - O
insolvency NN - O
, , - O
readjustment NN - O
of IN - O
debt NN - O
, , - O
marshalling VBG - O
of IN - O
assets NNS - O
and CC - O
liabilities NNS - O
, , - O
voluntary JJ - O
liquidation NN - O
or CC - O
similar JJ - O
proceedings NNS - O
of IN - O
or CC - O
relating VBG - O
to TO - O
Servicer NNP - O
or CC - O
of IN - O
or CC - O
relating VBG - O
to TO - O
all DT - O
or CC - O
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; : - O
( : - O
iii NN - O
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Servicer NNP - O
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in IN - O
writing NN - O
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the DT - O
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its PRP$ - O
creditors NNS - O
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payment NN - O
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; : - O
( : - O
iv NN - O
) : - O
any DT - O
failure NN - O
on IN - O
the DT - O
part NN - O
of IN - O
Servicer NNP - O
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or CC - O
perform NN - O
in IN - O
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respect NN - O
any DT - O
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part NN - O
of IN - O
Servicer NNP - O
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this DT - O
Agreement NN - O
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for IN - O
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15 CD - O
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, , - O
requiring VBG - O
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remedied VBN - O
, , - O
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by IN - O
a DT - O
Holder NNP - O
( NNP - O
except IN - O
that DT - O
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( -NONE- - O
15 CD - O
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Day NNP - O
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8 CD - O
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( : - O
60 CD - O
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( : - O
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) : - O
any DT - O
failure NN - O
by IN - O
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the DT - O
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a DT - O
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by IN - O
Borrower NNP - I-PER
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the DT - O
Loan NNP - O
Documents NNP - O
within IN - O
five CD - O
( CD - O
5 CD - O
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Servicer NNP - O
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of IN - O
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notice NN - O
thereof IN - O
. . - O

In IN - O
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a DT - O
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Default NNP - O
in IN - O
addition NN - O
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hereunder NN - O
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law NN - O
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in IN - O
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Company NNP - O
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all DT - O
of IN - O
the DT - O
rights NNS - O
and CC - O
obligations NNS - O
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as IN - O
servicer NN - O
of IN - O
the DT - O
Loan NNP - O
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such JJ - O
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terms NNS - O
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. . - O

In IN - O
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of IN - O
such JJ - O
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, , - O
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servicer NN - O
in IN - O
the DT - O
transition NN - O
of IN - O
such JJ - O
servicing NN - O
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, , - O
turning VBG - O
over IN - O
all DT - O
Loan NNP - O
Documents NNP - O
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Servicer NNP - O
' POS - O
s NNS - O
possession NN - O
( : - O
other JJ - O
than IN - O
, , - O
if IN - O
applicable JJ - O
, , - O
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and CC - O
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servicer NN - O
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to TO - O
each DT - O
of IN - O
the DT - O
Holders NNP - O
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writing NN - O
in IN - O
recordable JJ - O
form NN - O
whereby NN - O
it PRP - O
assumes VBZ - O
all DT - O
of IN - O
the DT - O
obligations NNS - O
of IN - O
Servicer NNP - O
hereunder NN - O
. . - O

( NN - O
c NN - O
) : - O
Appointment NNP - O
of IN - O
Special NNP - O
Servicer NNP - O
. . - O

The DT - O
Holders NNP - O
shall MD - O
have VB - O
the DT - O
right NN - O
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appoint VB - O
a DT - O
special JJ - O
servicer NN - O
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two CD - O
( CD - O
2 CD - O
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Days NNP - O
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notice NN - O
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Servicer NNP - O
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respect NN - O
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any DT - O
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subject JJ - O
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of IN - O
Default NNP - O
. . - O

In IN - O
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appointed VBN - O
with IN - O
respect NN - O
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an DT - O
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, , - O
( NNP - O
1 CD - O
) CD - O
Servicer NNP - O
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cooperate VB - O
with IN - O
the DT - O
Holders NNS - O
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any DT - O
special JJ - O
servicer NN - O
in IN - O
the DT - O
transition NN - O
of IN - O
such JJ - O
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obligations NNS - O
, , - O
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, , - O
without IN - O
limitation NN - O
, , - O
turning VBG - O
over IN - O
all DT - O
Loan NNP - O
Documents NNP - O
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possession NN - O
with IN - O
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such JJ - O
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special JJ - O
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or CC - O
as IN - O
otherwise NN - O
directed VBN - O
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2 CD - O
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entitled VBN - O
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SECTION NN - O
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REPRESENTATIONS NNS - O
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. . - O

With IN - O
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Servicer NNP - O
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warrants NNS - O
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of IN - O
the DT - O
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on IN - O
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such JJ - O
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the DT - O
Holders NNP - O
: : - O
( : - O
a DT - O
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Servicer NNP - O
or CC - O
any DT - O
Affiliate NNP - O
( NNP - O
as IN - O
defined VBN - O
in IN - O
the DT - O
Master NNP - O
Venture NNP - O
Agreement NNP - O
) NNP - O
of IN - O
Servicer NNP - O
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the DT - O
Loan NNP - O
, , - O
Servicer NNP - O
and CC - O
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or CC - O
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conveying NN - O
the DT - O
Loan NNP - O
to TO - O
the DT - O
Holders NNP - O
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good JJ - O
title NN - O
to TO - O
, , - O
and CC - O
are VBP - O
the DT - O
sole JJ - O
holders NNS - O
of IN - O
the DT - O
Loan NNP - O
, , - O
free JJ - O
and CC - O
clear JJ - O
of IN - O
any DT - O
liens NNS - O
, , - O
security NN - O
interests NNS - O
, , - O
claims VBZ - O
, , - O
charges NNS - O
or CC - O
other JJ - O
encumbrances NNS - O
; : - O
( : - O
b NN - O
) : - O
Servicer NNP - O
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not RB - O
assigned VBN - O
, , - O
pledged VBN - O
, , - O
transferred VBN - O
or CC - O
encumbered VBN - O
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or CC - O
any DT - O
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the DT - O
Loan NNP - O
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( NNP - O
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Servicer NNP - O
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agreements NNS - O
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other JJ - O
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as IN - O
set NN - O
forth NN - O
in IN - O
the DT - O
Loan NNP - O
Documents NNP - O
, , - O
( NNP - O
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) NNP - O
none NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
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collateral JJ - O
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released VBN - O
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; : - O
( NNP - O
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) : - O
the DT - O
Servicer NNP - O
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in IN - O
accordance NN - O
with IN - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practices NNP - O
in IN - O
acquiring NN - O
the DT - O
Loan NNP - O
; : - O
and CC - O
( : - O
f NN - O
) : - O
the DT - O
Servicer NNP - O
will MD - O
report VB - O
the DT - O
Loan NNP - O
as IN - O
a DT - O
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of IN - O
an DT - O
interest NN - O
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under IN - O
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. . - O

SECTION NN - O
7 CD - O
. . - O

NOT RB - O
A DT - O
SECURITY NNP - O
. . - O

No DT - O
Investment NN - O
shall MD - O
be VB - O
deemed VBN - O
to TO - O
be VB - O
a DT - O
security NN - O
within IN - O
the DT - O
meaning NN - O
of IN - O
the DT - O
Securities NNP - O
Act NNP - O
of IN - O
1933 CD - O
or CC - O
the DT - O
Securities NNP - O
Exchange NNP - O
Act NNP - O
of IN - O
1934 CD - O
. . - O

SECTION NN - O
8 CD - O
. . - O

EXERCISE NNP - O
OF IN - O
REMEDIES NNPS - O
. . - O

Each DT - O
Holder NNP - O
acknowledges VBZ - O
that IN - O
, , - O
subject JJ - O
to TO - O
the DT - O
terms NNS - O
of IN - O
this DT - O
Agreement NNP - O
, , - O
( NNP - O
i PRP - O
) VBP - O
each DT - O
Holder NNP - O
may MD - O
exercise VB - O
or CC - O
refrain VB - O
from IN - O
exercising VBG - O
any DT - O
rights NNS - O
that WDT - O
such JJ - O
Holder NNP - O
may MD - O
have VB - O
hereunder NN - O
in IN - O
a DT - O
manner NN - O
that WDT - O
may MD - O
be VB - O
adverse JJ - O
to TO - O
the DT - O
interests NNS - O
of IN - O
the DT - O
other JJ - O
Holder NNP - O
, , - O
so RB - O
long RB - O
as IN - O
such JJ - O
actions NNS - O
are VBP - O
in IN - O
accordance NN - O
with IN - O
the DT - O
terms NNS - O
of IN - O
this DT - O
Agreement NNP - O
, , - O
( NNP - O
ii NN - O
) : - O
a DT - O
Holder NNP - O
shall MD - O
have VB - O
no DT - O
liability NN - O
whatsoever NN - O
to TO - O
the DT - O
other JJ - O
Holder NNP - O
as IN - O
a DT - O
result NN - O
of IN - O
such JJ - O
Holder NNP - O
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s VBZ - O
exercise NN - O
of IN - O
such JJ - O
rights NNS - O
or CC - O
any DT - O
omission NN - O
by IN - O
such JJ - O
Holder NNP - O
to TO - O
exercise VB - O
such JJ - O
rights NNS - O
, , - O
except IN - O
as IN - O
expressly RB - O
provided VBN - O
herein NN - O
or CC - O
for IN - O
acts NNS - O
or CC - O
omissions NNS - O
that IN - O
are VBP - O
taken VBN - O
or CC - O
omitted VBN - O
to TO - O
be VB - O
taken VBN - O
by IN - O
such JJ - O
Holder NNP - O
that IN - O
constitute NN - O
the DT - O
gross NN - O
negligence NN - O
or CC - O
willful JJ - O
misconduct NN - O
of IN - O
such JJ - O
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or CC - O
a DT - O
breach NN - O
of IN - O
this DT - O
Agreement NNP - O
, , - O
and CC - O
( : - O
iii NN - O
) : - O
the DT - O
Servicer NNP - O
shall MD - O
service VB - O
and CC - O
administer VB - O
the DT - O
Loan NNP - O
on IN - O
behalf NN - O
of IN - O
the DT - O
Holders NNP - O
in IN - O
accordance NN - O
with IN - O
the DT - O
terms NNS - O
of IN - O
this DT - O
Agreement NNP - O
, , - O
taking VBG - O
into IN - O
account NN - O
the DT - O
interests NNS - O
of IN - O
the DT - O
Holders NNP - O
and CC - O
in IN - O
accordance NN - O
with IN - O
Accepted NNP - O
Loan NNP - O
Servicing NNP - O
Practices NNP - O
. . - O

SECTION NN - O
9 CD - O
. . - O

SEVERABILITY NN - O
. . - O

Wherever RB - O
possible JJ - O
, , - O
each DT - O
provision NN - O
of IN - O
this DT - O
Agreement NNP - O
shall MD - O
be VB - O
interpreted VBN - O
in IN - O
such JJ - O
a DT - O
manner NN - O
as IN - O
to TO - O
be VB - O
effective JJ - O
and CC - O
valid JJ - O
under IN - O
applicable JJ - O
law NN - O
, , - O
but CC - O
if IN - O
any DT - O
provision NN - O
of IN - O
this DT - O
Agreement NNP - O
shall MD - O
be VB - O
prohibited VBN - O
by IN - O
or CC - O
invalid JJ - O
under IN - O
applicable JJ - O
laws NNS - O
, , - O
such JJ - O
provision NN - O
shall MD - O
be VB - O
ineffective JJ - O
to TO - O
the DT - O
extent NN - O
of IN - O
such JJ - O
prohibition NN - O
or CC - O
invalidity NN - O
, , - O
without IN - O
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the DT - O
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of IN - O
such JJ - O
provision NN - O
or CC - O
the DT - O
remaining VBG - O
provisions NNS - O
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this DT - O
Agreement NNP - O
. . - O

SECTION NN - O
10 CD - O
. . - O

NO DT - O
PLEDGE NN - O
OR CC - O
LOAN NNP - O
; : - O
CHARACTERIZATION NNP - O
. . - O

This DT - O
Agreement NN - O
shall MD - O
not RB - O
be VB - O
deemed VBN - O
to TO - O
represent VB - O
a DT - O
pledge NN - O
of IN - O
any DT - O
interest NN - O
in IN - O
the DT - O
Loan NNP - O
by IN - O
any DT - O
Holder NNP - O
to TO - O
any DT - O
other JJ - O
Holder NNP - O
, , - O
or CC - O
a DT - O
loan NN - O
from IN - O
any DT - O
Holder NNP - O
to TO - O
any DT - O
other JJ - O
Holder NNP - O
. . - O

No DT - O
Holder NNP - O
shall MD - O
have VB - O
any DT - O
interest NN - O
in IN - O
any DT - O
property NN - O
taken VBN - O
as RB - O
security NN - O
for IN - O
the DT - O
Loan NNP - O
. . - O

The DT - O
Holders NNP - O
acknowledge NN - O
and CC - O
agree VB - O
that IN - O
the DT - O
Loan NNP - O
represents VBZ - O
a DT - O
single JJ - O
" NN - O
claim NN - O
" : - O
under IN - O
Section NN - O
101 CD - O
of IN - O
the DT - O
Bankruptcy NNP - O
Code NNP - O
, , - O
and CC - O
that IN - O
no DT - O
Holder NNP - O
would MD - O
be VB - O
a DT - O
separate JJ - O
creditor NN - O
of IN - O
the DT - O
Borrower NNP - I-PER
under IN - O
the DT - O
Bankruptcy NNP - O
Code NNP - O
. . - O

The DT - O
obligations NNS - O
of IN - O
the DT - O
Holders NNP - O
under IN - O
this DT - O
Agreement NNP - O
are VBP - O
separate JJ - O
and CC - O
distinct JJ - O
and CC - O
no DT - O
such JJ - O
Holder NNP - O
shall MD - O
be VB - O
liable JJ - O
for IN - O
defaults NNS - O
by IN - O
the DT - O
other JJ - O
. . - O

10 CD - O
SECTION NN - O
11 CD - O
. . - O

GOVERNING NN - O
LAW NN - O
; : - O
WAIVER NNP - O
OF IN - O
JURY NNP - O
TRIAL NNP - O
. . - O

THIS DT - O
AGREEMENT NN - O
AND CC - O
THE NNP - O
RESPECTIVE NNP - O
RIGHTS NNP - O
AND NNP - O
OBLIGATIONS NNP - O
OF NNP - O
THE NNP - O
PARTIES NNP - O
HEREUNDER NNP - O
SHALL NNP - O
BE NNP - O
CONSTRUED NNP - O
IN NNP - O
ACCORDANCE NNP - O
WITH NNP - O
AND NNP - O
GOVERNED NNP - O
BY NNP - O
THE NNP - O
LAWS NNP - O
OF NNP - O
THE NNP - O
STATE NNP - O
OF NNP - O
NEW NNP - O
YORK NNP - O
APPLICABLE NNP - O
TO NNP - O
CONTRACTS NNP - O
MADE NNP - O
AND NNP - O
TO NNP - O
BE NNP - O
PERFORMED NNP - O
ENTIRELY NNP - O
WITHIN NNP - O
SUCH NNP - O
STATE NNP - O
. . - O

EACH DT - O
OF IN - O
THE DT - O
PARTIES NNPS - O
HEREBY NNP - O
IRREVOCABLY NNP - O
WAIVES NNP - O
ALL NNP - O
RIGHT NNP - O
TO NNP - O
TRIAL NNP - O
BY NNP - O
JURY NNP - O
IN NNP - O
ANY NNP - O
ACTION NNP - O
, , - O
PROCEEDING NNP - O
OR CC - O
COUNTERCLAIM NNP - O
ARISING NNP - O
OUT NNP - O
OF NNP - O
OR NNP - O
RELATING NNP - O
TO NNP - O
THIS NNP - O
AGREEMENT NNP - O
. . - O

SECTION NN - O
12 CD - O
. . - O

MODIFICATIONS NNS - O
. . - O

This DT - O
Agreement NN - O
shall MD - O
not RB - O
be VB - O
modified VBN - O
, , - O
cancelled VBN - O
or CC - O
terminated VBN - O
except IN - O
by IN - O
an DT - O
instrument NN - O
in IN - O
writing NN - O
signed VBN - O
by IN - O
the DT - O
parties NNS - O
hereto VBP - O
. . - O

The DT - O
party NN - O
seeking VBG - O
modification NN - O
of IN - O
this DT - O
Agreement NNP - O
shall MD - O
be VB - O
solely RB - O
responsible JJ - O
for IN - O
any DT - O
and CC - O
all DT - O
expenses NNS - O
that WDT - O
may MD - O
arise VB - O
in IN - O
order NN - O
to TO - O
modify VB - O
this DT - O
Agreement NNP - O
. . - O

SECTION NN - O
13 CD - O
. . - O

SUCCESSORS NNS - O
AND CC - O
ASSIGNS NNP - O
; : - O
THIRD NNP - O
PARTY NNP - O
BENEFICIARIES NNP - O
. . - O

This DT - O
Agreement NN - O
shall MD - O
inure VB - O
to TO - O
the DT - O
benefit NN - O
of IN - O
and CC - O
be VB - O
binding VBG - O
upon IN - O
the DT - O
parties NNS - O
hereto VBP - O
and CC - O
their PRP$ - O
respective JJ - O
successors NNS - O
and CC - O
assigns NNS - O
; : - O
provided VBN - O
that IN - O
no DT - O
successors NNS - O
or CC - O
assigns NNS - O
of IN - O
any DT - O
Holder NNP - O
shall MD - O
have VB - O
any DT - O
liability NN - O
for IN - O
a DT - O
breach NN - O
of IN - O
a DT - O
representation NN - O
or CC - O
warranty NN - O
set NN - O
forth NN - O
in IN - O
this DT - O
Agreement NN - O
or CC - O
any DT - O
side NN - O
agreement NN - O
( : - O
but CC - O
the DT - O
liability NN - O
of IN - O
the DT - O
Holder NNP - O
that IN - O
made VBD - O
such JJ - O
representation NN - O
shall MD - O
survive VB - O
). NNP - O

Except IN - O
as IN - O
provided VBN - O
in IN - O
the DT - O
preceding NN - O
sentence NN - O
, , - O
none NN - O
of IN - O
the DT - O
provisions NNS - O
of IN - O
this DT - O
Agreement NNP - O
shall MD - O
be VB - O
for IN - O
the DT - O
benefit NN - O
of IN - O
or CC - O
enforceable JJ - O
by IN - O
any DT - O
Person NNP - O
not RB - O
a DT - O
party NN - O
hereto NN - O
or CC - O
a DT - O
successor NN - O
or CC - O
assign NN - O
of IN - O
a DT - O
party NN - O
hereto NN - O
. . - O

SECTION NN - O
14 CD - O
. . - O

COUNTERPARTS NNS - O
. . - O

This DT - O
Agreement NN - O
may MD - O
be VB - O
executed VBN - O
in IN - O
any DT - O
number NN - O
of IN - O
counterparts NNS - O
and CC - O
all DT - O
of IN - O
such JJ - O
counterparts NNS - O
shall MD - O
together RB - O
constitute VB - O
one CD - O
and CC - O
the DT - O
same JJ - O
instrument NN - O
. . - O

This DT - O
Agreement NN - O
may MD - O
be VB - O
executed VBN - O
by IN - O
signature NN - O
( : - O
s NNS - O
) VBP - O
transmitted VBN - O
by IN - O
facsimile JJ - O
or CC - O
PDF NNP - O
provided VBD - O
that IN - O
original JJ - O
signature NN - O
pages NNS - O
follow VBP - O
. . - O

SECTION NN - O
15 CD - O
. . - O

CAPTIONS NNS - O
. . - O

The DT - O
titles NNS - O
and CC - O
headings NNS - O
of IN - O
the DT - O
paragraphs NNS - O
of IN - O
this DT - O
Agreement NNP - O
have VBP - O
been VBN - O
inserted VBN - O
for IN - O
convenience NN - O
of IN - O
reference NN - O
only RB - O
and CC - O
are VBP - O
not RB - O
intended VBN - O
to TO - O
summarize VB - O
or CC - O
otherwise VB - O
describe NN - O
the DT - O
subject NN - O
matter NN - O
of IN - O
the DT - O
paragraphs NNS - O
and CC - O
shall MD - O
not RB - O
be VB - O
given VBN - O
any DT - O
consideration NN - O
in IN - O
the DT - O
construction NN - O
of IN - O
this DT - O
Agreement NNP - O
. . - O

SECTION NN - O
16 CD - O
. . - O

NOTICES NNS - O
. . - O

All DT - O
notices NNS - O
required VBN - O
hereunder NN - O
shall MD - O
be VB - O
given VBN - O
by IN - O
( NNP - O
a DT - O
) NN - O
telephone NN - O
( : - O
confirmed VBD - O
in IN - O
writing NN - O
if IN - O
the DT - O
sender NN - O
on IN - O
the DT - O
same JJ - O
day NN - O
sends NNS - O
a DT - O
confirming NN - O
copy NN - O
of IN - O
such JJ - O
notice NN - O
by IN - O
reputable JJ - O
overnight NN - O
delivery NN - O
service NN - O
( : - O
charges NNS - O
prepaid VBD - O
)) CD - O
or CC - O
shall MD - O
be VB - O
in IN - O
writing NN - O
and CC - O
personally RB - O
delivered VBN - O
, , - O
( NNP - O
b NN - O
) : - O
facsimile JJ - O
transmission NN - O
or CC - O
e VB - O
- : - O
mail NN - O
if IN - O
the DT - O
sender NN - O
on IN - O
the DT - O
same JJ - O
day NN - O
sends NNS - O
a DT - O
confirming NN - O
copy NN - O
of IN - O
such JJ - O
notice NN - O
by IN - O
reputable JJ - O
overnight NN - O
delivery NN - O
service NN - O
( : - O
charges NNS - O
prepaid VBD - O
), CD - O
( CD - O
c NN - O
) : - O
reputable JJ - O
overnight NN - O
delivery NN - O
11 CD - O
service NN - O
( : - O
charges NNS - O
prepaid VBD - O
) CD - O
or CC - O
( CD - O
d NN - O
) : - O
certified JJ - O
United NNP - O
States NNPS - O
mail NN - O
, , - O
postage NN - O
prepaid VBD - O
return NN - O
receipt NN - O
requested VBD - O
, , - O
and CC - O
addressed VBD - O
to TO - O
the DT - O
respective JJ - O
parties NNS - O
at IN - O
their PRP$ - O
addresses NNS - O
set VBD - O
forth JJ - O
in IN - O
the DT - O
Master NNP - O
Venture NNP - O
Agreement NNP - O
, , - O
or CC - O
at IN - O
such JJ - O
other JJ - O
address NN - O
as IN - O
any DT - O
party NN - O
shall MD - O
hereafter VB - O
inform NN - O
the DT - O
other JJ - O
party NN - O
by IN - O
written VBN - O
notice NN - O
given VBN - O
as IN - O
aforesaid JJ - O
. . - O

All DT - O
written VBN - O
notices NNS - O
so RB - O
given VBN - O
shall MD - O
be VB - O
deemed VBN - O
effective JJ - O
upon IN - O
receipt NN - O
or CC - O
, , - O
if IN - O
mailed VBN - O
, , - O
upon IN - O
the DT - O
earlier JJR - O
to TO - O
occur VB - O
of IN - O
receipt NN - O
or CC - O
the DT - O
expiration NN - O
of IN - O
the DT - O
fourth JJ - O
( NN - O
4th CD - O
) CD - O
day NN - O
following VBG - O
the DT - O
date NN - O
of IN - O
mailing NN - O
. . - O

SECTION NN - O
17 CD - O
. . - O

REGISTRATION NN - O
OF IN - O
TRANSFERS NNP - O
. . - O

The DT - O
Lender NNP - I-PER
or CC - O
the DT - O
Servicer NNP - O
on IN - O
its PRP$ - O
behalf NN - O
, , - O
as IN - O
agent NN - O
for IN - O
the DT - O
Holders NNPS - O
, , - O
shall MD - O
maintain VB - O
a DT - O
register NN - O
for IN - O
the DT - O
recording VBG - O
of IN - O
the DT - O
names NNS - O
and CC - O
addresses NNS - O
of IN - O
the DT - O
Holders NNP - O
, , - O
the DT - O
name NN - O
and CC - O
address NN - O
of IN - O
each DT - O
Holder NNP - O
' POS - O
s NNS - O
agent NN - O
for IN - O
service NN - O
of IN - O
process NN - O
( : - O
the DT - O
" NN - O
Register NNP - O
"). NNP - O

The DT - O
entries NNS - O
in IN - O
the DT - O
Register NNP - O
shall MD - O
be VB - O
conclusive JJ - O
and CC - O
binding VBG - O
for IN - O
all DT - O
purposes NNS - O
, , - O
absent NN - O
manifest NN - O
error NN - O
, , - O
and CC - O
the DT - O
Servicer NNP - O
and CC - O
the DT - O
Holders NNPS - O
may MD - O
treat VB - O
each DT - O
person NN - O
or CC - O
entity NN - O
whose WP$ - O
name NN - O
is VBZ - O
recorded VBN - O
in IN - O
the DT - O
Register NNP - O
as IN - O
a DT - O
Holder NNP - O
hereunder NN - O
for IN - O
all DT - O
purposes NNS - O
of IN - O
this DT - O
Agreement NNP - O
. . - O

The DT - O
Register NNP - O
shall MD - O
be VB - O
available JJ - O
for IN - O
inspection NN - O
and CC - O
copying VBG - O
by IN - O
any DT - O
Holder NNP - O
during IN - O
normal JJ - O
business NN - O
hours NNS - O
upon IN - O
reasonable JJ - O
prior NN - O
notice NN - O
to TO - O
the DT - O
Servicer NNP - O
. . - O

12 CD - O
IN IN - O
WITNESS NNP - O
WHEREOF NNP - O
, , - O
each DT - O
of IN - O
the DT - O
parties NNS - O
hereto VBP - O
have VBP - O
caused VBN - O
this DT - O
Agreement NNP - O
to TO - O
be VB - O
duly RB - O
executed VBN - O
as IN - O
of IN - O
the DT - O
day NN - O
and CC - O
year NN - O
first RB - O
above IN - O
written VBN - O
. . - O

PIM NNP - O
ASHFORD NNP - I-ORG
VENTURE NNP - I-ORG
I NNP - I-ORG
, , - O
LLC NNP - I-ORG
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
By IN - O
: : - O
PRISA NNP - O
III NNP - O
Investments NNP - O
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
By IN - O
: : - O
PRISA NNP - O
III NNP - O
REIT NNP - O
Operating NNP - O
LP NNP - O
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
partnership NN - O
, , - O
its PRP$ - O
sole JJ - O
member NN - O
By IN - O
: : - O
PRISA NNP - O
III NNP - O
OP NNP - O
GP NNP - O
, , - O
LLC NNP - O
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
, , - O
its PRP$ - O
general JJ - O
partner NN - O
By IN - O
: : - O
PRISA NNP - O
III NNP - O
Fund NNP - O
LP NNP - O
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
partnership NN - O
, , - O
its PRP$ - O
manager NN - O
By NNP - O
: : - O
PRISA NNP - O
III NNP - O
Fund NNP - O
GP NNP - O
, , - O
LLC NNP - O
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
, , - O
its PRP$ - O
general JJ - O
partner NN - O
By IN - O
: : - O
PRISA NNP - O
III NNP - O
Fund NNP - O
PIM NNP - O
, , - O
LLC NNP - O
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
, , - O
its PRP$ - O
sole JJ - O
member NN - O
By IN - O
: : - O
Prudential JJ - O
Investment NN - O
Management NNP - O
, , - O
Inc NNP - O
., , - O
a DT - O
Delaware NNP - O
corporation NN - O
, , - O
its PRP$ - O
sole JJ - O
member NN - O
By IN - O
: : - O
Name NNP - O
: : - O
James NNP - I-PER
P NNP - I-PER
. . - O
Walker NNP - O
Title NNP - O
: : - O
Vice NNP - O
President NNP - O
By NNP - O
: : - O
Ashford NNP - I-ORG
Hospitality NNP - I-ORG
Finance NNP - I-ORG
LP NNP - I-ORG
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
partnership NN - O
By IN - O
: : - O
Ashford NNP - I-ORG
Hospitality NNP - I-ORG
Finance NNP - I-ORG
General NNP - I-ORG
Partner NNP - I-ORG
LLC NNP - I-ORG
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
, , - O
its PRP$ - O
general JJ - O
partner NN - O
By IN - O
: : - O
Name NNP - O
: : - O
David NNP - I-PER
Brooks NNP - I-PER
Title NNP - O
: : - O
Vice NNP - O
President NNP - O
Signature NNP - O
Page NNP - O
to TO - O
Loan NNP - O
Servicing NNP - O
Agreement NNP - O
ASHFORD NNP - I-ORG
HOSPITALITY NNP - I-ORG
SERVICING NNP - I-ORG
LLC NNP - I-ORG
, , - O
a DT - O
Delaware NNP - O
limited VBD - O
liability NN - O
company NN - O
By IN - O
: : - O
Name NNP - O
: : - O
David NNP - I-PER
Brooks NNP - I-PER
Title NNP - O
: : - O
Vice NNP - O
President NNP - O
Signature NNP - O
Page NNP - O
to TO - O
Loan NNP - O
Servicing NNP - O
Agreement NNP - O
SCHEDULE NNP - O
1 CD - O
LOAN NNP - O
DOCUMENTS NNP - O
Source NNP - O
: : - O
OneCLE NNP - O
Business NNP - O
Contracts NNPS - O
. . - O

-DOCSTART- -X- O O

Loan NNP - O
Agreement NNP - O
[ NNP - O
Amendment NNP - O
No NNP - O
. . - O

1 LS - O
] `` - O
- : - O
Union NNP - I-ORG
Bank NNP - I-ORG
of IN - O
California NNP - I-LOC
NA NNP - O
and CC - O
Crocs NNP - O
Inc NNP - O
. . - O
[ : - O
UNION NN - I-ORG
BANK NNP - I-ORG
OF NNP - O
CALIFORNIA NNP - I-LOC
LOGO NNP - O
] NNP - O
AMENDMENT NNP - O
NO NNP - O
. . - O

1 LS - O
TO TO - O
LOAN NNP - O
AGREEMENT NNP - O
THIS NNP - O
AMENDMENT NNP - O
NO NNP - O
. . - O

1 LS - O
TO TO - O
LOAN NNP - O
AGREEMENT NNP - O
( NNP - O
this DT - O
" NN - O
Amendment NNP - O
"), NNP - O
dated VBD - O
as IN - O
of IN - O
November NNP - O
21 CD - O
, , - O
2007 CD - O
, , - O
is VBZ - O
entered VBN - O
into IN - O
by IN - O
and CC - O
among IN - O
Union NNP - I-ORG
Bank NNP - I-ORG
of IN - O
California NNP - I-LOC
, , - O
N NNP - O
. . - O
A DT - O
., NN - O
(" : - O
Bank NNP - I-ORG
"), , - O
and CC - O
Crocs NNP - O
, , - O
Inc NNP - O
., , - O
a DT - O
Delaware NNP - I-ORG
corporation NN - O
(" : - O
Borrower NNP - I-PER
"), , - O
with IN - O
reference NN - O
to TO - O
the DT - O
following VBG - O
facts NNS - O
: : - O
RECITALS NNS - O
A DT - O
. . - O

The DT - O
Borrower NNP - I-PER
and CC - O
Bank NNP - I-ORG
are VBP - O
parties NNS - O
to TO - O
that DT - O
certain JJ - O
Loan NNP - O
Agreement NNP - O
, , - O
dated VBD - O
as IN - O
of IN - O
May NNP - O
8 CD - O
, , - O
2007 CD - O
, , - O
( : - O
the DT - O
" NN - O
Loan NNP - O
Agreement NNP - O
"), , - O
as IN - O
amended VBN - O
from IN - O
time NN - O
to TO - O
time VB - O
, , - O
pursuant JJ - O
to TO - O
which WDT - O
the DT - O
Bank NNP - I-ORG
has VBZ - O
provided VBN - O
the DT - O
Borrower NNP - I-PER
with IN - O
certain JJ - O
credit NN - O
facilities NNS - O
. . - O

B LS - O
. . - O
Borrower NNP - I-PER
has VBZ - O
requested VBN - O
that IN - O
Bank NNP - I-ORG
increase NN - O
the DT - O
commitment NN - O
amount NN - O
of IN - O
certain JJ - O
of IN - O
the DT - O
existing VBG - O
credit NN - O
facilities NNS - O
, , - O
extend VBP - O
maturity NN - O
dates NNS - O
, , - O
and CC - O
make VB - O
certain JJ - O
other JJ - O
modifications NNS - O
to TO - O
the DT - O
Loan NNP - O
Agreement NNP - O
. . - O

C NNP - O
. . - O
Bank NNP - I-ORG
is VBZ - O
willing JJ - O
to TO - O
grant JJ - O
such JJ - O
accommodations NNS - O
to TO - O
Borrower NNP - I-PER
on IN - O
the DT - O
terms NNS - O
and CC - O
conditions NNS - O
set VBD - O
forth JJ - O
below IN - O
. . - O

NOW RB - O
, , - O
THEREFORE NNP - O
, , - O
the DT - O
parties NNS - O
hereby VBP - O
agree JJ - O
as IN - O
follows NNS - O
: : - O
1 LS - O
. . - O

Defined NNP - O
Terms NNP - O
. . - O

Any DT - O
and CC - O
all DT - O
initially RB - O
capitalized VBN - O
terms NNS - O
used VBN - O
in IN - O
this DT - O
Amendment NNP - O
( NNP - O
including VBG - O
, , - O
without IN - O
limitation NN - O
, , - O
in IN - O
the DT - O
recitals NNS - O
hereto VBP - O
) : - O
without IN - O
definition NN - O
shall MD - O
have VB - O
the DT - O
respective JJ - O
meanings NNS - O
specified VBN - O
in IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
. . - O

2 LS - O
. . - O

Increase NN - O
to TO - O
Revolving NNP - O
Loan NNP - O
Amount NNP - O
. . - O

Section NN - O
1 CD - O
. . - O
1 CD - O
. . - O
1 CD - O
of IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
is VBZ - O
hereby JJ - O
amended VBN - O
by IN - O
substituting NN - O
the DT - O
words NNS - O
" : - O
Twenty NNP - O
- : - O
Five CD - O
Million CD - O
Dollars NNS - O
($ : - O
25 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
)" : - O
for IN - O
the DT - O
words NNS - O
" : - O
Fifteen NNP - O
Million NNP - O
Dollars NNP - O
($ NNP - O
15 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
)". : - O

3 LS - O
. . - O

Add NNP - O
Minimum NNP - O
Net NNP - O
Domestic NNP - O
Accounts NNP - O
Receivable NNP - O
covenant NN - O
. . - O

Section NN - O
4 CD - O
. . - O
14 CD - O
of IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
is VBZ - O
hereby JJ - O
added VBN - O
to TO - O
read VB - O
in IN - O
full JJ - O
as IN - O
follows NNS - O
: : - O
" : - O
4 CD - O
. . - O
14 CD - O
Minimum NNP - O
Domestic NNP - O
Accounts NNP - O
Receivable NNP - O
. . - O

Borrower NNP - I-PER
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maintain VB - O
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Accounts NNS - O
Receivable JJ - O
of IN - O
not RB - O
less JJR - O
than IN - O
$ $ - O
35 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
as IN - O
of IN - O
the DT - O
fiscal JJ - O
quarter NN - O
ended VBD - O
December NNP - O
31 CD - O
, , - O
2007 CD - O
and CC - O
not RB - O
less RBR - O
than IN - O
$ $ - O
40 CD - O
, , - O
000 CD - O
, , - O
000 CD - O
as IN - O
of IN - O
the DT - O
fiscal JJ - O
quarter NN - O
ended VBD - O
March NNP - O
31 CD - O
, , - O
2008 CD - O
and CC - O
thereafter NN - O
. . - O

" NN - O
Domestic JJ - O
Accounts NNS - O
Receivable JJ - O
" NN - O
means VBZ - O
accounts NNS - O
receivable JJ - O
owing NN - O
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Borrower NNP - I-PER
, , - O
payable JJ - O
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United NNP - I-LOC
States NNPS - I-LOC
dollars NNS - O
, , - O
arising VBG - O
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the DT - O
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lease VB - O
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goods NNS - O
or CC - O
the DT - O
rendition NN - O
of IN - O
services NNS - O
by IN - O
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, , - O
with IN - O
respect NN - O
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account NN - O
debtor NN - O
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a DT - O
resident NN - O
of IN - O
the DT - O
United NNP - I-LOC
States NNPS - I-LOC
." NNP - O

4 LS - O
. . - O

Conditions NNS - O
Precedent NNP - O
. . - O

The DT - O
effectiveness NN - O
of IN - O
this DT - O
Amendment NNP - O
shall MD - O
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subject JJ - O
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prior NN - O
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of IN - O
each DT - O
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following JJ - O
conditions NNS - O
: : - O
( : - O
a DT - O
) NN - O
This DT - O
Amendment NNP - O
. . - O

The DT - O
Bank NNP - I-ORG
shall MD - O
have VB - O
received VBN - O
an DT - O
original JJ - O
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, , - O
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executed VBN - O
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Borrower NNP - I-PER
and CC - O
the DT - O
Bank NNP - I-ORG
; : - O
( NNP - O
b NN - O
) : - O
Other JJ - O
Documents NNS - O
. . - O

The DT - O
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executed VBN - O
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delivered VBN - O
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Bank NNP - I-ORG
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such JJ - O
other JJ - O
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instruments NNS - O
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Bank NNP - I-ORG
may MD - O
reasonably RB - O
require VB - O
. . - O

5 LS - O
. . - O

Miscellaneous JJ - O
. . - O

( NN - O
a DT - O
) NN - O
Survival NNP - O
of IN - O
Representations NNPS - O
and CC - O
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. . - O

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representations NNS - O
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in IN - O
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Agreement NNP - O
or CC - O
in IN - O
any DT - O
other JJ - O
document NN - O
or CC - O
documents NNS - O
relating VBG - O
thereto NN - O
, , - O
including VBG - O
, , - O
without IN - O
limitation NN - O
, , - O
any DT - O
Loan NNP - O
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furnished VBD - O
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connection NN - O
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, , - O
shall MD - O
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and CC - O
delivery NN - O
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this DT - O
Amendment NNP - O
and CC - O
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other JJ - O
Loan NNP - O
Documents NNP - O
, , - O
and CC - O
no DT - O
1 CD - O
investigation NN - O
by IN - O
the DT - O
Bank NNP - I-ORG
or CC - O
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closing JJ - O
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and CC - O
warranties NNS - O
or CC - O
the DT - O
right NN - O
of IN - O
the DT - O
Bank NNP - I-ORG
to TO - O
rely RB - O
thereon VB - O
. . - O

( NN - O
b NN - O
) : - O
No DT - O
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of IN - O
Default NNP - O
. . - O

The DT - O
Borrower NNP - I-PER
is VBZ - O
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aware JJ - O
of IN - O
any DT - O
events NNS - O
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now RB - O
constitute VBP - O
, , - O
or CC - O
with IN - O
the DT - O
passage NN - O
of IN - O
time NN - O
or CC - O
the DT - O
giving NN - O
of IN - O
notice NN - O
, , - O
or CC - O
both DT - O
, , - O
would MD - O
constitute VB - O
, , - O
an DT - O
Event NNP - O
of IN - O
Default NNP - O
under IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
. . - O

( NN - O
c NN - O
) : - O
Reference NNP - O
to TO - O
Loan NNP - O
Agreement NNP - O
. . - O

The DT - O
Loan NNP - O
Agreement NNP - O
, , - O
each DT - O
of IN - O
the DT - O
other JJ - O
Loan NNP - O
Documents NNP - O
, , - O
and CC - O
any DT - O
and CC - O
all DT - O
other JJ - O
agreements NNS - O
, , - O
documents NNS - O
or CC - O
instruments NNS - O
now RB - O
or CC - O
hereafter JJR - O
executed VBN - O
and CC - O
delivered VBN - O
pursuant JJ - O
to TO - O
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terms NNS - O
hereof IN - O
, , - O
or CC - O
pursuant JJ - O
to TO - O
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terms NNS - O
of IN - O
the DT - O
Loan NNP - O
Agreement NNP - O
as IN - O
amended VBN - O
hereby NN - O
, , - O
are VBP - O
hereby RB - O
amended VBN - O
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that IN - O
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reference NN - O
therein NN - O
to TO - O
the DT - O
Loan NNP - O
Agreement NNP - O
shall MD - O
mean VB - O
a DT - O
reference NN - O
to TO - O
the DT - O
Loan NNP - O
Agreement NNP - O
as IN - O
amended VBN - O
hereby NN - O
. . - O

( NN - O
d VBD - O
) CD - O
Loan NNP - O
Agreement NNP - O
Remains NNP - O
in IN - O
Effect NNP - O
. . - O

The DT - O
Loan NNP - O
Agreement NNP - O
and CC - O
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other JJ - O
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full JJ - O
force NN - O
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its PRP$ - O
agreements NNS - O
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covenants NNS - O
contained VBD - O
therein NN - O
. . - O

The DT - O
Borrower NNP - I-PER
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, , - O
after IN - O
giving VBG - O
effect NN - O
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this DT - O
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, , - O
no DT - O
Event NNP - O
of IN - O
Default NNP - O
or CC - O
Default NNP - O
exists NNS - O
as IN - O
of IN - O
such JJ - O
date NN - O
. . - O

( NN - O
e NN - O
) : - O
Severability NNP - O
. . - O

Any DT - O
provision NN - O
of IN - O
this DT - O
Amendment NNP - O
held VBD - O
by IN - O
a DT - O
court NN - O
of IN - O
competent NN - O
jurisdiction NN - O
to TO - O
be VB - O
invalid JJ - O
or CC - O
unenforceable JJ - O
shall NN - O
not RB - O
impair JJ - O
or CC - O
invalidate JJ - O
the DT - O
remainder NN - O
of IN - O
this DT - O
Amendment NNP - O
and CC - O
the DT - O
effect NN - O
thereof IN - O
shall NN - O
be VB - O
confined VBN - O
to TO - O
the DT - O
provision NN - O
so RB - O
held VBN - O
to TO - O
be VB - O
invalid JJ - O
or CC - O
unenforceable JJ - O
. . - O

( NN - O
f NN - O
) : - O
APPLICABLE NNP - O
LAW NNP - O
. . - O

THIS DT - O
AMENDMENT NN - O
AND CC - O
ALL DT - O
OTHER NNP - O
LOAN NNP - O
DOCUMENTS NNP - O
EXECUTED NNP - O
PURSUANT NNP - O
HERETO NNP - O
SHALL NNP - O
BE NNP - O
DEEMED NNP - O
TO NNP - O
HAVE NNP - O
BEEN NNP - O
MADE NNP - O
AND NNP - O
TO NNP - O
BE NNP - O
PERFORMABLE NNP - O
IN NNP - O
THE NNP - O
STATE NNP - O
OF NNP - O
CALIFORNIA NNP - I-LOC
AND NNP - O
SHALL NNP - O
BE NNP - O
GOVERNED NNP - O
BY NNP - O
AND NNP - O
CONSTRUED NNP - O
IN NNP - O
ACCORDANCE NNP - O
WITH NNP - O
THE NNP - O
LAWS NNP - O
OF NNP - O
THE NNP - O
STATE NNP - O
OF NNP - O
CALIFORNIA NNP - I-LOC
. . - O

( NN - O
g NN - O
) : - O
Successors NNS - O
and CC - O
Assigns NNP - O
. . - O

This DT - O
Amendment NNP - O
is VBZ - O
binding VBG - O
upon IN - O
and CC - O
shall MD - O
inure VB - O
to TO - O
the DT - O
benefit NN - O
of IN - O
the DT - O
Bank NNP - I-ORG
and CC - O
the DT - O
Borrower NNP - I-PER
and CC - O
their PRP$ - O
respective JJ - O
successors NNS - O
and CC - O
assigns NNS - O
; : - O
provided VBN - O
, , - O
however RB - O
, , - O
that IN - O
the DT - O
Borrower NNP - I-PER
may MD - O
not RB - O
assign VB - O
or CC - O
transfer VB - O
any DT - O
of IN - O
its PRP$ - O
rights NNS - O
or CC - O
obligations NNS - O
hereunder VBP - O
without IN - O
the DT - O
prior JJ - O
written NN - O
consent NN - O
of IN - O
the DT - O
Bank NNP - I-ORG
. . - O

( NN - O
h NN - O
) : - O
Counterparts NNS - O
. . - O

This DT - O
Amendment NNP - O
may MD - O
be VB - O
executed VBN - O
in IN - O
one CD - O
or CC - O
more JJR - O
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, , - O
each DT - O
of IN - O
which WDT - O
when WRB - O
so RB - O
executed VBN - O
shall MD - O
be VB - O
deemed VBN - O
to TO - O
be VB - O
an DT - O
original JJ - O
, , - O
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all DT - O
of IN - O
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taken VBN - O
together RP - O
shall MD - O
constitute VB - O
one CD - O
and CC - O
the DT - O
same JJ - O
instrument NN - O
. . - O

( NN - O
i PRP - O
) VBP - O
Headings NNS - O
. . - O

The DT - O
headings NNS - O
, , - O
captions NNS - O
and CC - O
arrangements NNS - O
used VBN - O
in IN - O
this DT - O
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are VBP - O
for IN - O
convenience NN - O
only RB - O
and CC - O
shall MD - O
not RB - O
affect VB - O
the DT - O
interpretation NN - O
of IN - O
this DT - O
Amendment NNP - O
. . - O

( NN - O
j NN - O
) : - O
NO DT - O
ORAL NNP - O
AGREEMENTS NNP - O
. . - O

THIS DT - O
AMENDMENT NN - O
, , - O
TOGETHER NNP - O
WITH NNP - O
THE NNP - O
OTHER NNP - O
LOAN NNP - O
DOCUMENTS NNP - O
AS NNP - O
WRITTEN NNP - O
, , - O
REPRESENTS NNP - O
THE NNP - O
FINAL NNP - O
AGREEMENT NNP - O
BETWEEN NNP - O
THE NNP - O
LENDERS NNP - O
AND NNP - O
THE NNP - O
BORROWER NNP - I-PER
AND NNP - O
MAY NNP - O
NOT NNP - O
BE NNP - O
CONTRADICTED NNP - O
BY NNP - O
EVIDENCE NNP - O
OF NNP - O
PRIOR NNP - O
, , - O
CONTEMPORANEOUS NNP - O
OR CC - O
SUBSEQUENT NNP - O
ORAL NNP - O
AGREEMENTS NNP - O
OF NNP - O
THE NNP - O
PARTIES NNP - O
. . - O

THERE EX - O
ARE VBP - O
NO DT - O
UNWRITTEN NNP - O
ORAL NNP - O
AGREEMENTS NNP - O
BETWEEN NNP - O
THE NNP - O
BANK NNP - I-ORG
AND NNP - O
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BORROWER NNP - I-PER
. . - O

2 LS - O
IN IN - O
WITNESS NNP - O
WHEREOF NNP - O
, , - O
the DT - O
parties NNS - O
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entered VBN - O
into IN - O
this DT - O
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by IN - O
their PRP$ - O
respective JJ - O
duly RB - O
authorized VBN - O
officers NNS - O
as IN - O
of IN - O
the DT - O
date NN - O
first RB - O
above IN - O
written VBN - O
. . - O

CROCS NNS - O
, , - O
INC NNP - O
. . - O
By NNP - O
: : - O
/ : - O
s NNS - O
/ VBP - O
Peter NNP - I-PER
Case NNP - I-PER
Peter NNP - I-PER
Case NNP - I-PER
Title NNP - O
: : - O
Chief NNP - O
Financial NNP - O
Officer NNP - O
Address NNP - O
: : - O
6328 CD - I-LOC
Monarch NNP - I-LOC
Park NNP - I-LOC
Place NNP - I-LOC
Niwot NNP - I-LOC
, , - O
Colorado NNP - I-LOC
80503 CD - I-LOC
Attention NNP - O
: : - O
Keith NNP - I-PER
Love NNP - I-PER
, , - O
Treasury NNP - O
Manager NNP - O
Telecopier NNP - O
: : - O
( : - O
303 CD - O
) CD - O
858 CD - O
- : - O
7048 CD - O
Telephone NNP - O
: : - O
( : - O
303 CD - O
) CD - O
848 CD - O
- : - O
7084 CD - O
UNION NN - I-ORG
BANK NNP - I-ORG
OF NNP - O
CALIFORNIA NNP - I-LOC
, , - O
N NNP - O
. . - O
A DT - O
. . - O

By IN - O
: : - O
/ : - O
s NNS - O
/ VBP - O
Douglas NNP - I-PER
S NNP - I-PER
. . - O
Lambell NNP - O
Douglas NNP - I-PER
S NNP - I-PER
. . - O
Lambell NNP - O
Title NNP - O
: : - O
Vice NNP - O
President NNP - O
Address NNP - O
: : - O
530 CD - I-LOC
B NNP - I-LOC
Street NNP - I-LOC
, , - O
4th JJ - I-LOC
Floor NNP - I-LOC
San NNP - I-LOC
Diego NNP - I-LOC
, , - O
California NNP - I-LOC
92101 CD - O
Attention NNP - O
: : - O
Douglas NNP - I-PER
S NNP - I-PER
. . - O
Lambell NNP - O
, , - O
VP NNP - O
Telecopier NNP - O
: : - O
( : - O
619 CD - O
) CD - O
230 CD - O
- : - O
3766 CD - O
Telephone NNP - O
: : - O
( : - O
619 CD - O
) CD - O
230 CD - O
- : - O
3029 CD - O
3 CD - O
Source NNP - O
: : - O
OneCLE NNP - O
Business NNP - O
Contracts NNPS - O
. . - O