Common use of Investments, Loans, Future Properties Clause in Contracts

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estate, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) Liquid Investments; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Hotel Properties and operating the business of the Borrower and its Subsidiaries; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Property or a Permitted Non‑Unencumbered Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Value; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value; (e) Investments in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07; (f) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that the aggregate Investment Amount for all Investments made pursuant to this clause (g) shall not exceed 0.50

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estateProperty, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) the purchase of Liquid InvestmentsInvestments with any Person which qualifies as an Eligible Assignee; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Parent Hotel Properties and operating the business of the Borrower and its SubsidiariesProperties; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Eligible Property or a Permitted Non‑Unencumbered Property; provided that no such individual Hotel Non-Eligible Property shall exceed 30and which does not have a Investment Amount which exceeds 20% of the Consolidated Total Book Parent Aggregate Asset Value;; and (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Parent Aggregate Asset Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Parent Aggregate Asset Value, (iii) Unconsolidated Entities which are not Guarantors which do not in the aggregate have an Investment Amount which exceeds 1520% of the Consolidated Total Book Parent Aggregate Asset Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that which are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, bond which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Parent Aggregate Asset Value; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Parent Aggregate Asset Value; . Notwithstanding the foregoing, neither the Borrower, nor the Parent, nor their respective Subsidiaries shall acquire a Future Property or otherwise make an Investment which would (a) cause the Eligible Properties in the aggregate to violate the Borrowing Base Requirements, (b) cause the Parent Hotel Properties in the aggregate to violate in any material way the Parent Hotel Property Requirements without the Administrative Agent's written consent, (c) cause a Default, (d) cause or result in the Borrower or the Parent failing to comply with any of the financial covenants contained herein, (e) Investments in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07; (f) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that cause the aggregate Investment Amount for (i) all Future Properties located outside the United States and (ii) all Investments made pursuant to this clause Section 6.07(d) which are either located outside the United States or in an Unconsolidated Entity which has at least 50% of its assets located outside the United States to exceed 15% of the Parent Aggregate Asset Value, (gf) shall not cause the Parent's or any Subsidiary's Investment in the Personal Property for any Hotel Property to equal or exceed 0.50fifteen percent (15%) of the Investment Amount for such Hotel Property.

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estate, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) Liquid Investments; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Hotel Properties and operating the business of the Borrower and its Subsidiaries; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Property or a Permitted Non‑Unencumbered Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Value; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value; (e) Investments in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07; ; (f) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that the aggregate Investment Amount for all Investments made pursuant to this clause (g) shall not exceed 0.50

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estate, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) Liquid Investments; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Hotel Properties and operating the business of the Borrower and its Subsidiaries; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Property or a Permitted Non‑Unencumbered Non-Unencumbered Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Value; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value; (e) Investments in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07; (f) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that the aggregate Investment Amount for all Investments made pursuant to this clause (g) shall not exceed 0.50

Investments, Loans, Future Properties. Neither the Parent ------------------------------------- nor the Borrower shall, nor or shall permit any of their respective Subsidiaries to, acquire by purchase, purchase or otherwise, otherwise all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estateProperty, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) the purchase of Liquid InvestmentsInvestments with any Person which qualifies as an Eligible Assignee; (b) trade and customer accounts receivable (including in connection with the sale of used FF&E) which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Hotel Properties and operating the business of the Borrower and its Subsidiaries; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Eligible Property or a Permitted Non‑Unencumbered Non-Eligible Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in unimproved land that either (i) unimproved is under development for operation of a Hotel Property or with respect to which such Hotel Property development is planned to commence within twelve months of the acquisition of such land which do or (ii) does not qualify under the preceding clause (i) and does not in the aggregate have an Investment Amount a Cost Basis which exceeds 5% of the Consolidated Total Book Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Value; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value$20,000,000; (e) Investments Stock or Stock Equivalents (i) received in Subsidiaries that are used by settlement of liabilities created in the ordinary course of business, and (ii) if the Leverage Ratio on the date of such Subsidiaries Investment is less than or equal to make Investments permitted under this Section 6.0750%, then additional Stock or Stock Equivalents of publicly-traded Unconsolidated Entities which in the aggregate do not exceed $25,000,000; (f) Capital Expenditures in Hotel Properties; and (g) any Stock, Stock Equivalents, and other Investments in Unconsolidated Entities which are not covered by the preceding paragraphs of this Section 6.07 publicly-traded Persons, and not otherwise prohibited by this AgreementPermitted Non-Voting Stock Investments, provided that the aggregate Investment Amount for of all such Stock, Stock Equivalents, Investments made pursuant to this clause (g) and Permitted Non-Voting Stock Investments shall not exceed 0.50$50,000,000 in the aggregate without the approval of the Majority Banks;

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estate, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests Equity Interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) Liquid Investments; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Hotel Properties and operating the business of the Borrower and its Subsidiaries; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Property or a Permitted Non‑Unencumbered Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that are secured by pledges of equity interests Equity Interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Value; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value; (e) Investments in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07; (f) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that the aggregate Investment Amount for all Investments made pursuant to this clause (g) shall not exceed 0.50

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall they permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estate, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) Liquid Investments; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Hotel Properties and operating the business of the Borrower and its Subsidiaries; (c) a Future Property or Existing Carve-out Property (or a Person that owns a Future Property or Existing Carve-Out Property) which qualifies as an Unencumbered Property or make a Permitted Non‑Unencumbered PropertyJoint Venture Investment in connection therewith; provided that no such individual Hotel Property Investments in Future Properties (or a Person that owns any Future Properties) and Joint Venture Investments in connection therewith (other than in connection with Existing Carve-Out Properties) shall not exceed in the aggregate 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book ValueSubsidiaries, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Value; provided that the aggregate Investment Amount for all including Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value; (e) Investments in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07; (fe) Capital Expenditures in Hotel Properties; and (gf) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that the aggregate Investment Amount for amount of all Investments made pursuant to this clause (gf) shall not exceed 0.500.5

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estate, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) Liquid Investments; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Hotel Properties and operating the business of the Borrower and its Subsidiaries; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Property or a Permitted Non‑Unencumbered Non-Unencumbered Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that which are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, bond which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Value; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value; (e) Investments in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07; (f) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that the aggregate Investment Amount for all Investments made pursuant to this clause (g) shall not exceed 0.50

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estateProperty, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) the purchase of Liquid InvestmentsInvestments with any Person which qualifies as an Eligible Assignee; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Parent Hotel Properties and operating the business of the Borrower and its SubsidiariesProperties; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Eligible Property or a Permitted Non‑Unencumbered Non-Eligible Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book ValueAssets; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book ValueAssets; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book ValueAssets, (iii) Unconsolidated Entities (A) which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book ValueAssets, (B) for which the Investment Amounts for those Investments which are in the form of preferred stock or a loan or advance do not exceed $5,000,000 in the aggregate, and (C) which have not for any individual Unconsolidated Entity incurred Indebtedness which exceeds 75% of the lesser of the appraised value or the Investment Amount of the Hotel Properties owned by such Unconsolidated Entity, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that which are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, bond which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book ValueAssets; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value;Assets; and (e) Investments the Investment in LaSalle Leasing. Notwithstanding the foregoing, neither the Borrower, nor the Parent, nor their respective Subsidiaries that are used by such Subsidiaries shall acquire a Future Property or otherwise make an Investment which would (a) cause the Eligible Properties in the aggregate to make Investments permitted under this Section 6.07; violate the Borrowing Base Requirements, (fb) Capital Expenditures cause a Default, (c) cause or result in Hotel Properties; and the Borrower or the Parent failing to comply with any of the financial covenants contained herein, (gd) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that cause the aggregate Investment Amount for (i) all Future Properties located outside the United States and (ii) all Investments made pursuant to Section 6.07(d) which are either located outside the United States or in an Unconsolidated Entity which has at least 50% of its assets located outside the United States to exceed 10% of the Consolidated Total Assets or (e) cause the Parent’s or any Subsidiary’s Investment in the Personal Property for any Hotel Property to cause a potential Event of Default under Section 8.01(o) of this clause (g) shall not exceed 0.50Agreement.

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estateProperty, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) the purchase of Liquid InvestmentsInvestments with any Person which qualifies as an Eligible Assignee; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Parent Hotel Properties and operating the business of the Borrower and its SubsidiariesProperties; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Property or a Permitted Non‑Unencumbered Non-Unencumbered Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book ValueAssets; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book ValueAssets; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book ValueAssets, (iii) Unconsolidated Entities (A) which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book ValueAssets, (B) for which the Investment Amounts for those Investments which are in the form of preferred stock or a loan or advance do not exceed the aggregate .5% of Consolidated Total Assets, and (C) which have not for any individual Unconsolidated Entity incurred Indebtedness which exceeds 75% of the lesser of the appraised value or the Investment Amount of the Hotel Properties owned by such Unconsolidated Entity, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that which are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, bond which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book ValueAssets; provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Value;Assets; and (e) Investments the Investment in LaSalle Leasing. Notwithstanding the foregoing, neither the Borrower, nor the Parent, nor their respective Subsidiaries that are used by such Subsidiaries shall acquire a Future Property or otherwise make an Investment which would (a) cause a Default, (b) cause or result in the Borrower or the Parent failing to make Investments permitted under this Section 6.07; comply with any of the financial covenants contained herein, (fc) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that cause the aggregate Investment Amount for (i) all Future Properties located outside the United States and (ii) all Investments made pursuant to Section 6.07(d) which are either located outside the United States or in an Unconsolidated Entity which has at least 50% of its assets located outside the United States to exceed 10% of the Consolidated Total Assets or (e) cause the Parent’s or any Subsidiary’s Investment in the Personal Property for any Hotel Property to cause a potential Event of Default under Section 8.01(o) of this clause (g) shall not exceed 0.50Agreement.

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estateProperty, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) the purchase of Liquid InvestmentsInvestments with any Person which qualifies as an Eligible Assignee; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Parent Hotel Properties and operating the business of the Borrower and its SubsidiariesProperties; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Eligible Property or a Permitted Non‑Unencumbered Non-Eligible Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Parent Aggregate Asset Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 1520% of the Consolidated Total Book Parent Aggregate Asset Value, (iii) Unconsolidated Entities (A) which do not in the aggregate have an Investment Amount which exceeds 1520% of the Consolidated Total Book Parent Aggregate Asset Value, (B) for which the Investment Amounts for those Investments which are in the form of preferred stock or a loan or advance do not exceed $5,000,000 in the aggregate, and (C) which have not for any individual Unconsolidated Entity incurred Indebtedness which exceeds 75% of the lesser of the appraised value or the Investment Amount of the Hotel Properties owned by such Unconsolidated Entity, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that which are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, bond which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Parent Aggregate Asset Value; provided PROVIDED that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Parent Aggregate Asset Value; (e) Investments The Investment to be made in Subsidiaries that are used by such Subsidiaries to make Investments permitted under this Section 6.07;connection with the Permitted Proposed Transaction; and (f) Capital Expenditures The Investment in the Hyatt Boston Replacement Bonds Proceeds as contemplated by Section 10.21. Notwithstanding the foregoing, neither the Borrower, nor the Parent, nor their respective Subsidiaries shall acquire a Future Property or otherwise make an Investment which would (a) cause the Eligible Properties in the aggregate to violate the Borrowing Base Requirements, (b) cause the Parent Hotel Properties; and Properties in the aggregate to violate in any material way the Parent Hotel Property Requirements without the Administrative Agent's written consent, (gc) cause a Default, (d) cause or result in the Borrower or the Parent failing to comply with any other Investments not covered by of the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreementfinancial covenants contained herein, provided that (e) cause the aggregate Investment Amount for (i) all Future Properties located outside the United States and (ii) all Investments made pursuant to Section 6.07(d) which are either located outside the United States or in an Unconsolidated Entity which has at least 50% of its assets located outside the United States to exceed 15% of the Parent Aggregate Asset Value, (f) cause the Parent's or any Subsidiary's Investment in the Personal Property for any Hotel Property to cause a potential Event of Default under Section 8.01(o) of this clause (g) shall not exceed 0.50Agreement.

Investments, Loans, Future Properties. Neither the Parent ------------------------------------- nor the Borrower shall, nor shall permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estateProperty, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) the purchase of Liquid InvestmentsInvestments with any Person which qualifies as an Eligible Assignee; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Parent Hotel Properties and operating the business of the Borrower and its SubsidiariesProperties; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Eligible Property or a Permitted Non‑Unencumbered Non-Eligible Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book Value; (d) Investments in (i) unimproved land which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book Parent Aggregate Asset Value; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 1520% of the Consolidated Total Book Parent Aggregate Asset Value, (iii) Unconsolidated Entities (A) which do not in the aggregate have an Investment Amount which exceeds 1520% of the Consolidated Total Book Parent Aggregate Asset Value, (B) for which the Investment Amounts for those Investments which are in the form of preferred stock or a loan or advance do not exceed $5,000,000 in the aggregate, and (C) which have not for any individual Unconsolidated Entity incurred Indebtedness which exceeds 75% of the lesser of the appraised value or the Investment Amount of the Hotel Properties owned by such Unconsolidated Entity, and (iv) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that which are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, bond which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book Parent Aggregate Asset Value; provided that the aggregate Investment Amount -------- for all Investments made pursuant to this Section 6.07(d) shall not exceed 30% of the Consolidated Total Book Parent Aggregate Asset Value;; and (e) Investments The Investment in LaSalle Leasing. Notwithstanding the foregoing, neither the Borrower, nor the Parent, nor their respective Subsidiaries that are used by such Subsidiaries shall acquire a Future Property or otherwise make an Investment which would (a) cause the Eligible Properties in the aggregate to make Investments permitted under this Section 6.07; violate the Borrowing Base Requirements, (fb) Capital Expenditures cause the Parent Hotel Properties in the aggregate to violate in any material way the Parent Hotel Properties; and Property Requirements without the Administrative Agent's written consent, (gc) cause a Default, (d) cause or result in the Borrower or the Parent failing to comply with any other Investments not covered by of the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreementfinancial covenants contained herein, provided that (e) cause the aggregate Investment Amount for (i) all Future Properties located outside the United States and (ii) all Investments made pursuant to Section 6.07(d) which are either located outside the United States or in an Unconsolidated Entity which has at least 50% of its assets located outside the United States to exceed 15% of the Parent Aggregate Asset Value, (f) cause the Parent's or any Subsidiary's Investment in the Personal Property for any Hotel Property to cause a potential Event of Default under Section 8.01(o) of this clause (g) shall not exceed 0.50Agreement.

Investments, Loans, Future Properties. Neither the Parent nor the Borrower shall, nor shall they permit any of their respective Subsidiaries to, acquire by purchase, or otherwise, all or substantially all of the business, property or fixed assets of any Person or any Hotel Property or other real estateProperty, make or permit to exist any loans, advances or capital contributions to, or make any Investments in (including without limitation, loans and advances to, and other Investments in, Subsidiaries), or purchase or commit to purchase any evidences of Indebtedness of, stock or other securities, partnership interests, member interests or other interests in any Person, except the following (provided that after giving effect thereto there shall exist no Default): (a) the purchase of Liquid InvestmentsInvestments with any Person which qualifies as an Eligible Assignee; (b) trade and customer accounts receivable which are for goods furnished or services rendered in the ordinary course of business and are payable in accordance with customary trade terms, and other assets owned in the ordinary course of owning the Parent Hotel Properties and operating the business of the Borrower and its SubsidiariesProperties; (c) a Future Property (or a Person that owns a Future Property) which qualifies as an Unencumbered Eligible Property or a Permitted Non‑Unencumbered Non-Eligible Property; provided that no such individual Hotel Property shall exceed 30% of the Consolidated Total Book ValueAssets; (d) Investments in (i) unimproved land and Development Properties which do not in the aggregate have an Investment Amount which exceeds 5% of the Consolidated Total Book ValueAssets or 10% of the Hotel Value of all Eligible Properties; (ii) Development Properties which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Book Value, (iii) Unconsolidated Entities which do not in the aggregate have an Investment Amount which exceeds 1520% of the Consolidated Total Book ValueAssets, and (iviii) mortgages, deeds of trust, deeds to secure debt or similar instruments that are a lien on real property or mezzanine loans that which are secured by pledges of equity interests in entities that directly or indirectly own real property, in each case where such real property is improved by fully operational hotels and which instruments and pledges secure Indebtedness evidenced by a note or bond, bond which do not in the aggregate have an Investment Amount which exceeds 10% of the Consolidated Total Book ValueAssets; and (iv) assets outside the continental United States in countries pre-approved by the Required Lenders which do not in the aggregate have an Investment Amount which exceeds 15% of the Consolidated Total Assets (the Investment in the Embassy Suites San Xxxx will be excluded from this calculation); provided that the aggregate Investment Amount for all Investments made pursuant to this Section 6.07(d6.07(d)(i)-(iii) shall not exceed 30% of the Consolidated Total Book Value; Assets; Notwithstanding the foregoing, neither the Borrower, nor the Parent, nor their respective Subsidiaries shall acquire a Future Property or otherwise make an Investment which would (ea) Investments cause the Eligible Properties in Subsidiaries that are used by such Subsidiaries the aggregate to make Investments permitted violate the Borrowing Base Requirements, (b) cause a Default, (c) cause or result in the Borrower or the Parent failing to comply with any of the financial covenants contained herein, or (d) cause the Parent’s or any Subsidiary’s Investment in the Personal Property for any Hotel Property to cause a potential Event of Default under this Section 6.07; (f8.01(o) Capital Expenditures in Hotel Properties; and (g) any other Investments not covered by the preceding paragraphs of this Section 6.07 and not otherwise prohibited by this Agreement, provided that the aggregate Investment Amount for all Investments made pursuant to this clause (g) shall not exceed 0.50.