Common use of Working Capital Shortfall Clause in Contracts

Working Capital Shortfall. “Working Capital Shortfall” means the amount of additional working capital required for the sole purpose of funding operating expenses of the TRS SUB, the Hotel and the Company pursuant to, and to the extent of such amounts as set forth in, the Initial Budget or any subsequent Approved Company Budget. In addition, the following terms are defined in the Sections of this Agreement that are referenced alongside the terms: Term Section Reference for Definition ABC Section 9.8 Act Recital A Agreement Preamble Applicable Adjustment Percentage Section 6.3(c) Applicable Price Section 10.5(a) Approved Company Budget Section 9.2(a)(iv) Approved Contracts Section 9.2(a)(vi) Audited Financial Request Section 12.3(a) Base Year Liability Section 8.1(b)(i) Business Section 4 Buy/Sell Deposit Section 10.5(a) Buy-Sell Notice Section 10.5(a) Buying Member Section 10.4(b) Buyout Default Section 10.4(b) Buyout Deposit Section 10.4(b) Buyout PSA Section 10.4(b) Capital Account Section 7.1(a) CapEx Cash Notice Section 6.3(b) Certificate Recital A Closing Date Section 10.5(a) Company Recital A Company Budget Section 9.2(a)(iv) Company Guaranties Section 9.13 Company Guarantor Section 9.13 Contributing Members Section 6.3(c) CWI Preamble CWI Initial Contribution Section 6.1 CWI Law Firm Section 18.2 CWI Parties Section 18.2 CWI Priority Yield Section 8.1(b)(ii) CWI Purchase Default Section 9.1(a) Deficiency Amount Section 6.3(c) Deficit Loan Section 6.3(d) Dilution Multiplier Section 6.3(c) Effective Date Preamble Exchange Act Section 5.7 Exclusivity Period Section 20.3 FHR Preamble FHR Initial Contribution Section 6.1 FHR Law Firm Section 18.3 FHR Parties Section 18.3 Golf Club Acquisition Section 20.3 Indemnitee Section 9.11(b) Initial Capital Contributions Section 6.1 Liquor Licenses Section 9.8 LiquorCo Section 9.8 Managing Parties Section 9.11(a) Mandatory Capital Contribution(s) Section 6.3(a) Mandatory Cash Notice Section 6.3(a) Member Decisions Section 9.4(a) Non-Contributing Member Section 6.3(c) Offering Member Section 10.5(a) Operating Lease Recital C Operator Section 9.5 Owner Section 9.5 Purchase Agreement Recital B REIT Section 5.5 Required Amount Section 6.3(a) Responding Member Section 10.5(a) Responding Member’s Purchase Price Section 10.5(a) Response Notice Section 10.5(a) ROFO Closing Date Section 10.4(b) ROFO Sale Notice Section 10.4(b) Sale Member Section 10.4(b) Securities Act Section 5.7 Seller Recital B SOX Section 5.7 Special Allocations Section 7.1(b) Tax Matters Partner Section 12.4(a)

Working Capital Shortfall. “Working Capital Shortfall” means the amount of additional working capital required for the sole purpose of funding operating expenses of the TRS SUB, the Hotel and the Company pursuant to, and to the extent of such amounts as set forth in, the Initial Budget or any subsequent Approved Company Budget. In addition, the following terms are defined in the Sections of this Agreement that are referenced alongside the terms: Term Section Reference for Definition ABC Section 9.8 Act Recital A Adjusted Dilution Multiplier Section 6.3(b) Agreement AM Commitment Amount AM Initial Contribution Preamble Section 6.1 Section 6.1 AM Mandatory Capital Contribution Section 6.1 Applicable Adjustment Percentage Section 6.3(c6.3(b) Applicable Price Section 10.5(a10.3(a) Approved Company Appraised Value Section 10.4(d)(i) Annual LLC Budget Section 9.2(a)(iv9.2(c) Approved Contracts Section 9.2(a)(vi9.2(a)(v) AREP Section 10.4(a) Asset Management Fee Section 9.6 Audited Financial Request Section 12.3(a) Base Year Liability Section 8.1(b)(i) Business Section 4 Buy/Sell Deposit Section 10.5(a) Buy-Sell Notice Section 10.5(a) Buying Member Section 10.4(b) Buyout Default Section 10.4(b) Buyout Deposit Section 10.4(b) Buyout PSA Section 10.4(b10.3(a) Capital Account Section 7.1(a) CapEx Cash Notice Section 6.3(b6.3(a) Certificate Recital A Closing Date Section 10.5(a10.3(a) Company Recital A Company Budget Section 9.2(a)(iv) Company Guaranties Section 9.13 Company Guarantor Section 9.13 Contributing Members Section 6.3(c6.3(b) CWI Preamble CWI Initial Contribution Section 6.1 CWI Law Firm Section 18.2 18.3 CWI Parties Section 18.2 CWI Priority Yield Section 8.1(b)(ii) CWI Purchase Default Section 9.1(a) Preferred Return Debt Deficiency Amount Section 6.3(c8.1(b)(iii) Section 9.15(g) Section 6.3(b) Deficit Loan Section 6.3(d6.3(c) Dilution Multiplier Deposit Section 6.3(c10.3(a) Discussion Period Section 9.11(b)(i) Effective Date Preamble Exchange Act Section 5.7 Exclusivity Period GDR Section 20.3 FHR Preamble FHR Initial Contribution 9.10 Guarantor Impasse Section 6.1 FHR Law Firm 9.15(j) Section 18.3 FHR Parties Section 18.3 Golf Club Acquisition Section 20.3 9.4(c) Indemnitee Section 9.11(b9.13(c) Indemnitor Section 9.13(c) Indemnity Obligations Section 9.13(b) Initial Capital Contributions Section 6.1 Initial LLC Budget Section 9.2(c) Liquor Licenses Section 9.8 9.10 LiquorCo Section 9.8 9.10 Loan Cost Request Section 6.3(b) Major Decisions Section 9.4(b) Managing Parties Section 9.11(a9.13(a) Mandatory Capital Contribution(s) Contribution Section 6.3(a) Mandatory Cash Notice Marcus Interest Section 10.4(a) Member Preamble Member Loan Section 6.3(a) Member Decisions Section 9.4(a) Non-Contributing Member Section 6.3(c) Offering Member Section 10.5(a) Operating Lease Section 6.3(b) Recital C D Operator Section 9.5 Owner Pre-Closing Liabilities Cap Project Management Agreement Project Management Fee Section 9.5 Purchase Agreement Recital B REIT Section 5.5 Required Amount 9.13(b) Section 6.3(a) Responding Member 9.7 Section 10.5(a) Responding Member’s Purchase Price Section 10.5(a) Response Notice Section 10.5(a) ROFO Closing Date Section 10.4(b) ROFO Sale Notice Section 10.4(b) Sale Member Section 10.4(b) Securities Act Section 5.7 Seller Recital B SOX Section 5.7 Special Allocations Section 7.1(b) Tax Matters Partner Section 12.4(a)9.7

Working Capital Shortfall. “Working Capital Shortfall” means the amount of additional working capital required for the sole purpose of funding operating expenses of the TRS SUB, the Hotel and the Company pursuant to, and to the extent of such amounts as set forth in, the Initial Budget or any subsequent Approved Company Annual Budget. In addition, the following terms are defined in the Sections of this Agreement that are referenced alongside the terms: Term Section Reference for Definition ABC 800 Canal Member Preamble 800 Canal Member Initial Contribution Section 9.8 6.1 800 Canal Member Law Firm Section 18.2 800 Canal Member Parties Section 18.2 Acceptance Notice Section 10.3(b) Act Recital A Agreement Preamble Applicable Adjustment Percentage Section 6.3(c6.3(b) Applicable Price Section 10.5(a10.4(a) Approved Company Annual Budget Section 9.2(a)(iv) Approved Contracts Section 9.2(a)(vi) Asset Management Fee Section 9.2(c) ATC Section 9.8 Audited Financial Request Section 12.3(a) Base Year Liability Section 8.1(b)(i) Business Section 4 Buy/Sell Deposit Section 10.5(a) Buy-Sell Notice Section 10.5(a10.4(a) Buying Member Section 10.4(b) Buyout Default Section 10.4(b) Buyout Deposit Section 10.4(b) Buyout PSA Section 10.4(b) 10.5 Capital Account Section 7.1(a) CapEx Cash Notice Section 6.3(b6.3(a) Certificate Recital A Claims Section 9.13(b) Closing Date Section 10.5(a10.4(a) Closing Transactions Section 5.8(a) Company Recital A Company Budget Section 9.2(a)(iv) Company Guaranties Section 9.13 Company Guarantor Section 9.13 Contributing Members Section 6.3(c6.3(b) CWI Preamble CWI Contribution Agreement Recital D Cost Overrun Demand Section 6.3(a) CSDC Ground Lessor Recital C CSDC Leasehold Estate Recital C CSDC Land Recital C CW Initial Contribution Section 6.1 CWI Member Preamble CWI Member Law Firm Section 18.2 18.3 CWI Member Parties Section 18.2 18.3 CWI Priority Yield Section 8.1(b)(ii) CWI Member Purchase Default Section 9.1(a) CWI Scope Change Section 6.2(b) Debt Section 9.4(c)(vii) Deficiency Amount Section 6.3(c6.3(b) Deficit Loan Section 6.3(d6.3(c) Deposit Section 10.4(a) Dilution Multiplier Section 6.3(c6.3(b) Discussion Period Section 9.10(a)(i) Term Section Reference for Definition Effective Date Preamble Exchange Act Section 5.7 Exclusivity Period Forecast Budget Section 20.3 FHR Preamble FHR Initial Contribution 9.2(a)(iv) Guarantee Obligation Section 6.1 FHR Law Firm 9.9(b) Guarantor Section 18.3 FHR Parties 9.4(c)(x) Guaranty Triggering Event Section 18.3 Golf Club Acquisition 9.9(a) HCI Architect Section 20.3 9.5 Historic and Tax Credit Requirements Section 6.6 Hotel Management Agreement Recital E HRI Lodging Recital E Hyatt Section 1.42 Impasse Section 9.4(b) Indemnitee Section 9.11(b9.13(c) Indemnitor Section 9.13(c) Indemnity Obligations Section 9.13(b) Initial Budget Section 9.2(a)(iv) Initial Capital Contributions Section 6.1 Leasehold Estate Recital C Liquor Licenses Section 9.8 LiquorCo Section 9.8 Losses Section 9.13(b) Member Decisions Section 9.4(a) Managing Parties Section 9.11(a9.13(a) Mandatory Capital Contribution(s) Section 6.3(a) Mandatory Cash Notice Contribution Section 6.3(a) Member Decisions Section 9.4(a) Member Loan Section 6.3(a) Membership Interest Certificate Section 10.10(b) Mercier Ground Lessor Recital C Mercier Land Recital C Mercier Leasehold Estate Recital C New Opportunity Section 20.1 Non-Contributing Member Section 6.3(c6.3(b) Offer Section 10.3(a) Offered Interest Section 10.3(a)(i) Offered Member Section 10.3(a) Offered Price Section 10.3(b) Offering Member Section 10.5(a10.4(a) Operating Lease Recital C E Operator Section 9.5 Overpaying Guarantor Section 9.9(c) Owner Section 9.5 Purchase Agreement Recital B Prop Loan Guaranty Section 9.9(a) Prop Loan Guaranty Payment Section 9.9 (a) Proportionate Share of Liability Section 9.9(b) REIT Section 5.5 ROFO Sale Notice Section 10.5 15 Term Section Reference for Definition RTA Application Section 6.7 Related Parties Section 9.13(b) Renovation Budget Section 6.2 Required Amount Section 6.3(a) Responding Member Section 10.5(a10.4(a) Responding Member’s Purchase Price Section 10.5(a10.4(a) Response Notice Section 10.5(a10.4(a) ROFO Closing Date Restricted Activity Period Section 10.4(b) ROFO 20.1 Sale Member Section 10.5 Sale Notice Section 10.4(b) Sale Member Section 10.4(b10.3(a) Securities Act Section 5.7 Seller Recital B Selling Member Section 10.3(a) SOX Section 5.7 Special Allocations Section 7.1(b) Tax Matters Partner Section 12.4(a12.4 UCC Section 10.10(a) Wyndham Section 5.8(a) Wyndham Franchise Agreement Section 5.8(a)

Working Capital Shortfall. “Working Capital Shortfall” means the amount of additional working capital required for the sole purpose of funding operating expenses of the TRS SUB, the Hotel and the Company pursuant to, and to the extent of such amounts as set forth in, the Initial Budget or any subsequent Approved Company Annual Budget. In addition, the following terms are defined in the Sections of this Agreement that are referenced alongside the terms: Term Section Reference for Definition ABC Section 9.8 9.9 Acceptance Notice Section 10.3(b) Act Recital A Recitals Act of Sale/Finance Section 9.5(a)(i) Additional Interest Purchase Price Section 6.6 Affiliate Agreement Section 9.3(d) Agreement Preamble Applicable Adjustment Percentage Section 6.3(c) Applicable Price Section 10.5(a10.4(a)(iii) Approved Company Annual Budget Section 9.2(a)(iv9.3(a)(v) Approved Contracts Section 9.2(a)(vi9.3(a)(vii) Articles of Organization Recitals Audited Financial Request Section 12.3(a) Base Year Liability Term Section 8.1(b)(iReference for Definition Beach Bank Section 6.2(b) Book Value Section 1.6 Business Section 4 Buy/Sell Deposit Section 10.5(a) Buy-Sell Notice Section 10.5(a) Buying Member Section 10.4(b) Buyout Default Section 10.4(b) Buyout Deposit Section 10.4(b) Buyout PSA Section 10.4(b10.4(a)(iii) Capital Account Section 7.1(a) CapEx Cash Notice Section 6.3(b) Certificate Recital A Closing Date Section 10.5(a) Company Recital A Company Budget Section 9.2(a)(iv) Company Guaranties Section 9.13 Company Guarantor Section 9.13 Contributing Members Section 6.3(c) CWI Preamble CWI Initial Contribution Section 6.1 CWI Law Firm Section 18.2 CWI Parties Section 18.2 CWI Priority Yield Section 8.1(b)(ii) CWI Purchase Default Section 9.1(a) Deficiency Amount Section 6.3(c) Deficit Loan Section 6.3(d) Dilution Multiplier Section 6.3(c) Effective Date Preamble Exchange Act Section 5.7 Exclusivity Period Section 20.3 FHR Preamble FHR Initial Contribution Section 6.1 FHR Law Firm Section 18.3 FHR Parties Section 18.3 Golf Club Acquisition Section 20.3 Indemnitee Section 9.11(b) Initial Capital Contributions Section 6.1 Liquor Licenses Section 9.8 LiquorCo Section 9.8 Managing Parties Section 9.11(a) Mandatory Capital Contribution(s) Section 6.3(a) Mandatory Cash Notice Section 6.3(a) Claims Section 9.16(c) Closing Date Section 10.4(a)(iii) Company Recitals Contributing Members Section 6.3(b) Contribution Agreement Section 6.1 CW Election Period (Hotel Maya) Section 10.4(a)(i) CW Election Period (Residence Inn) Section 10.4(b)(i) CW Initial Contribution Section 6.1 CW Member Preamble CW Member Law Firm Section 18.3 CW Member Parties Section 18.3 CW Member Purchase Default Section 9.1(b) Deficiency Section 6.3(b) Deficit Loan Section 6.3(c) Deposit Section 10.4(a)(iii) Discussion Period Section 9.13(a)(i) DoubleTree Recitals DoubleTree Franchise Agreement Recitals DoubleTree PIP Section 9.12(a)(ii) Effective Date Preamble EHP Recitals Ensemble Member Preamble Ensemble Member Law Firm Section 18.2 Ensemble Member Parties Section 18.2 Ensemble Member Purchase Default Section 9.2(b) Exchange Act Section 5.7 Forecast Budget Section 9.3(a)(iv) Ground Lessor Recitals Guarantee Obligation Section 9.11(c) Hotel Maya Recitals Hotel Maya ROFO Section 10.4(a)(ii) Impasse Section 10.4(a)(i) Indemnitee Section 9.16(e) Indemnitor Section 9.16(e) Indemnity Obligations Section 9.16(c) Initial Budget Section 9.3(a)(iv) LBH Holdco Recitals Liquor Licenses Section 9.9 LiquorCo Section 9.9 Lock-Out Period Section 10.4(a)(i) Term Section Reference for Definition Losses Section 9.16(c) Major Decisions Section 9.4(a) Non-Contributing Member Managing Parties Section 6.3(c9.16(a) Offering Member Section 10.5(a) Operating Lease Recital C Operator Section 9.5 Owner Section 9.5 Purchase Agreement Recital B REIT Section 5.5 Required Amount Mandatory Capital Contribution Section 6.3(a) Responding Member Marina Project Section 10.5(a) Responding Member’s Purchase Price Section 10.5(a) Response Notice Section 10.5(a) ROFO Closing Date Section 10.4(b) ROFO Sale Notice Section 10.4(b) Sale Member Section 10.4(b) Securities Act Section 5.7 Seller Recital B SOX Section 5.7 Special Allocations Section 7.1(b) Tax Matters Partner Section 12.4(a)9.10

Working Capital Shortfall. “Working Capital Shortfall” means the amount of additional working capital required for the sole purpose of funding operating expenses of the TRS SUB, the Hotel and the Company pursuant to, and to the extent of such amounts as set forth in, the Initial 2012 Budget or any subsequent Approved Company Annual Budget. In addition, the following terms are defined in the Sections of this Agreement that are referenced alongside the terms: Term Section Reference for Definition ABC 2012 Budget Section 9.8 9.2(a)(iv) Acceptance Notice Section 10.3(b) Act Recital A Agreement Preamble Applicable Adjustment Percentage Section 6.3(c6.3(b) Applicable Price Section 10.5(a10.4(a) Approved Company Annual Budget Section 9.2(a)(iv) Approved Contracts Section 9.2(a)(vi) ATC Section 9.8 Audited Financial Request Section 12.3(a) Base Year Liability Section 8.1(b)(i) Business Section 4 Buy/Sell Deposit Section 10.5(a) Buy-Sell Notice Section 10.5(a10.4(a) Buying Member Section 10.4(b) Buyout Default Section 10.4(b) Buyout Deposit Section 10.4(b) Buyout PSA Section 10.4(b) 10.5 Capital Account Section 7.1(a) CapEx Cash Notice Section 6.3(b6.3(a) Certificate Recital A Claims Section 9.13(b) Closing Date Section 10.5(a10.4(a) Closing Transactions Section 5.8(a) Company Recital A Company Budget Section 9.2(a)(iv) Company Guaranties Section 9.13 Company Guarantor Section 9.13 Contributing Members Section 6.3(c6.3(b) CWI Preamble CWI Contribution Agreement Recital D Cost Overrun Demand Section 6.4(a) Cost Overrun Loan Section 6.4(a) CW Initial Contribution Section 6.1 CWI Member Preamble CWI Member Law Firm Section 18.2 18.3 CWI Member Parties Section 18.2 18.3 CWI Priority Yield Section 8.1(b)(ii) CWI Member Purchase Default Section 9.1(a) CWI Scope Change Section 6.4(b) Debt Section 9.4(c)(vii) Deficiency Amount Section 6.3(c6.3(b) Deficit Loan Section 6.3(d6.3(c) Deposit Section 10.4(a) Dilution Multiplier Section 6.3(c6.3(b) Discussion Period Section 9.10(a)(i) Effective Date Preamble EFL Cost Overrun Payment Section 6.4(a) EFL Member Preamble EFL Member Initial Contribution Section 6.1 EFL Member Law Firm Section 18.2 EFL Member Parties Section 18.2 Exchange Act Section 5.7 Exclusivity Period Forecast Budget Section 20.3 FHR Preamble FHR Initial Contribution 9.2(a)(iv) Guarantee Obligation Section 6.1 FHR Law Firm 9.9(b) Guarantor Section 18.3 FHR Parties 9.4(c)(x) Guaranty Triggering Event Section 18.3 Golf Club Acquisition 9.9(a) Hilton Section 20.3 1.42 Hotel Management Agreement Recital E HRI Lodging Recital E Impasse Section 9.4(b) Indemnitee Section 9.11(b9.13(c) Indemnitor Section 9.13(c) Indemnity Obligations Section 9.13(b) Initial Capital Contributions Section 6.1 Liquor Licenses Section 9.8 LiquorCo Section 9.8 Losses Section 9.13(b) Member Decisions Section 9.4(a) Managing Parties Section 9.11(a9.13(a) Mandatory Capital Contribution(s) Section 6.3(a) Mandatory Cash Notice Contribution Section 6.3(a) Member Decisions Section 9.4(a) Member Loan Section 6.3(a) Membership Interest Certificate Section 10.10(b) New Opportunity Section 20.1 Non-Contributing Member Section 6.3(c6.3(b) Offer Section 10.3(a) Offered Interest Section 10.3(a)(i) Offered Member Section 10.3(a) Offered Price Section 10.3(b) Offering Member Section 10.5(a10.4(a) Operating Lease Recital C E Operator Section 9.5 Overpaying Guarantor Section 9.9(c) Owner Section 9.5 Purchase Agreement Recital B PIP Budget Section 6.2 Proportionate Share of Liability Section 9.9(b) REIT Section 5.5 ROFO Sale Notice Section 10.5 Related Parties Section 9.13(b) Required Amount Section 6.3(a) Responding Member Section 10.5(a10.4(a) Responding Member’s Purchase Price Section 10.5(a10.4(a) Response Notice Section 10.5(a10.4(a) ROFO Closing Date Restricted Activity Period Section 10.4(b) ROFO 20.1 Sale Member Section 10.5 Sale Notice Section 10.4(b) Sale Member Section 10.4(b10.3(a) Securities Act Section 5.7 Seller Recital B Selling Member Section 10.3(a) SOX Section 5.7 Special Allocations Section 7.1(b) Tax Matters Partner Section 12.4(a12.4 UCC Section 10.10(a)