sy bDORe HOTEL MANAGEMENT AGREEMENT (iyatt Gulshan Dhaka Botwees Borak Real Estate Private Limited Hyatt International South West Asin, Limited May 21,2014#1 gesorsa HOTEL MANAGEMENT AGREEMENT (yatt Gulshan, Dhaka) ‘TAME oF CoNTENIS DEFINITIONS AND INTERPRETATION, Desi Rules of tntepretion, ‘Government Approvals TMP SITE, OWNERSHIP OF THE HOTEL AND FORMAL OPENING. Cont of Ste, Ownership ofthe Hote ‘Owner Responsibility For Payments. s Formal Opening ofthe Hoe Props But Ii Inventories ad Working Capa Covenants of Owner Pri to Opening. Any expansion ofthe HothWl gesorae ul 2 ARTICLES ARTICLES. SI sa st se sa In Operating Term Exneasion ofthe Operating Tem. SCOPE AND EXTENT OF HYATTS VICES HATE FEES AND OWNERS PROFIT DISTRIBUTION Hat es Payment Details Sours of Calculation Accounting Duo CCazeney of Payment Hyatt tnsices. Inui Annual Adjusinen, ‘Within VAT; Cureney Cont Cemteates. ‘bss Profession, GENERAL. OPERATIONS, Standards of Operation Con oF Operations6.3 Management Services : 3 64 Contacts wit Hyat Asti... 25 65. Rightof Contact, 2 67 Ageney Relationship. - 26 68 Limployees ofthe Owns. 26 (610 Reimbursements Payable to ya ant ATs, 28 ARTICLE BOOKS AND RECORDS, x0 ARTICLES. REPORIS AND CONSULTATIONS WIT OWNER, 31 KL Anal Pn 0 2 Monthly Reports, 2 83 Quaneriy Repon 32 A Anal Auted Financia 2 AS Owner Right of tapecon an Review 2 ARTICLE 9 OPERATING ACCOUNT. 2 ARTICLE 10 REPAIRS AND CHANGES “4 101 Normal Reps and Maineamne. H 102 Replacements of and Adiions Furnishings at Eau, u 103 Aiton. 38 O04 ssa! Reps, Changes and Replacements. a 105 Other Changes and Replacements 8 106 Refisbisment Program %6 ARTICLE. 11 GENERAL. COVENANTS, REPRESENTATIONS AND WARRANTIES OF OWNER! 36 HLL Working Capital Amun % 112 Damage w or Destrastion of tbe Hae % 13 Right of inspection ad Revie by Hyat a \114 Employees of Hat, ” 115 Compliance wit Tas Obigatons. ” 114 Develaprnit Milestones: ya Termination Right 7 11.7 Phsinessntrptin; Use nd Ovcupaney Insane, ” 11.8 Owner's Representations and Warts 30 ARTICLE B2INSURANCE 0 12.1 surance tobe Maintained bythe Owns. 40 122 Altona Insane Coverage of the Owner a1 1 Ene Taking. a2 132 Panta Taking a ARTICLE 14 DEFAULTS/TRANSITION, = a HAL Fhentsof Deft a 142 Effect of Occurence of an Fem of Dei a 143 Adkvona Rights. “4 144 Wave of Power of Wrongfl Termination 4“ 14S. Waiver of Non-compensatory Damages : “4 146 Transition of Management, 4s ARTICLE IS TRADE NAME AND KNOW HOW. 46 1S. Trade Name: 46 152. Know How Right of Use 6 153 Moditctons. - av 1S NonsAssigabitc “ a 155 Improvements 7 156 Ownership. a 157 Suvival : ar ARTICLE 16 FORCE MAIEURE EB . a ARTICLE I7 CONFIDENTIALIFY 4ma Conia Information. / Disclosure Resins ARTICLE 18 ASSIGNMENT PERMITTED FRANSHERS; HOTEL FINANCING. ws 182 M3 int Hott Assignment (Ownor Assignment Permits Dispositions. Ho inacing ARTICLE 19NOTICES wo [Notice Requitements Arete. ARTICLE 20 GOVERNING LAW ARTICLE 21 DISPUTE RESOLUTION, auto Dispute Ressiton Neeson, Agreement to Ariat Arbitrators, Place of Arbitration, Language of Abi Avant xclsive Remedy [No Disruption o Dealt Remedy Conia ARTICLE22 MISCELLANEOUS, cre Agreement Waiver tia an ‘6224 Binding Fe. | 225 Several 226 Language and Coumerpars 227 Rights of Tied Pais: 228 Inder. 229 Freeda of Action & Terral Rescions, Limite Right of Termination: Peformance Tes, DESCRIPTION OF THE SITE EXHIBIT ADDENDUM TO HOTEL MANAGEMENT AGREEMENT EXHUBITE STATEMENT OF PROFIT AND LOSS extn FORM OF NON-DISTURANCE AGREEMENT DESCRIPTION OF KNOW HOW EXHINTF RESTRICTED ARES EXIIBITG RESIDENTIAL COMPONENT ZLHOTEL MANAGEMENT AGREEMENT (Mfyatt Guta, Dhaka) MANAGEMENT AGREEMENP hs “Agreement”, dated! May 2 2014 (the "Execution Date) is entered i by and bree: 2 invidaly 963" orak Real Estate Private Limited (Cwner", company incnporated a eistered Ider the laws of Bangladesh with corporation auher 209801719991. reasteed tice Keaed at 4S- Kemal Attrk enue Bou, Daks-I213, Bangladesh and represen by Me Mall Noor Alte Minapng Dre. ho sly auleze oat i Svame ado its hal ard Hyat International South West Avi Limited (sata company orn inthe Data infermational Fiscal Cntr, ise Zome existing uae th as of rite Ara atc an an index sabiday of Us ftersatonl Corporation. « Delaware US. forporation theiafcr refers to as HLA"), represented by MMe Peter Flo, i Director whois dy ori at nits nae al om heal yatta the Quer are hesinater colesively refered 1 a he artes” an each RECITALS, |A: Aso the date hereof the Owns possesses () il an exlusiv ight to oscupy the Site (as defined below) located in aka, Banglades (he Country": (i) the righ to uit (and gran the eight w apeate and ange) a new duns ist cass instatonal tel onthe Site: BR. Owner ners to finanes. const, develop. fami quip and decorate nyeosirtey tr handed ad cine (2) roms neratinal ls Hive-sa tl ‘Sith appropiste meting aad hanglct fen, food and beverage faites. and Sppoprinel sized fess cemer and sp, adequate parking spaces and other Feist be ered dr standards eraparale to thse prevaling in “ha Tries thoughout the world, and shich wil be csrute onthe Sito be known {nd operate a thet Gdn Dh Ina ff to entice efficent, efitable ad high-quality operations a the Hae {fs dsfina helo), One equres fe provision, forthe bene af Ove. of sean Services by Ips Ailes a dfn Plow) an the Management Personnel (8 “etn belo related the compl an farther operation othe Ht! ‘nthe ares cf echnical ssistnce, profes ining an developnent alysis Financial information and operation! ress andcusiomer reservations ahd spi HL gues programs 1. Hyatt Affiites andthe Managennt Penonne! hae iteration exprinse und [knowledge of he operation of into standard fl sersice tes ogous the ‘work atari the busines of viding the ares services to hotels hse round he word TUL ows th hs in the Count a8 dined too) 1 the Hyatt Trademarks (as ened toon), ad as gnc to ese the eo ceva at Trademarks to hepo PF ‘Owner for fein comeston with he randing ad operation ofthe Ho. subject at times tothe terns ad condos ofthe Trademark License Agreement (a defined eon a F. Owner aso desies to develop, on the Site, approximately yveny five (75) fesidences (ihe "Residences, coin common elements in and anna the Residenes certain areas win ty Over for ssc use iar srourd the Residenes, ana elas comprising o fies and various eer corumercil ars feolletvely. the "Residences ‘Component. subject to the provisions and Understanding set oa in Seetion 27 Feo NOW, THEREFORE, in consideration ofthe covenants, mul hens oe derived ial he rpesentations ad wars, conditions and promises hee contained and mending tobe legally bour thePaisherey agree a ows ARTICLE DEFINITIONS ANDINTE {PRETATION Lt efit In this Agreement, nado ots terse define brea. he flowing wor and fapvessions shall have the fllowing meanings, unless they ate inconsistent wih the juste Profit shall mea Gross Operating Prof es fa) the Mase Fee se orth in Seson Ss of this Apreement an (b) the License Fees payable to Hyatt puree rice 7 of the Tratemark License Agscement (ae defined erin) but expres ‘ting he Incentive Fee paleo Uy paruant to Section 8.1 ofthis Agreement (ite shale, ith respect any Peso, any oter person. fem sorption, Tite abiity company. pateraip stcaion, stor the entity whieh det inet comtols, cold by. or under commu ete with the jet nt. For purposes heveof the orm “contol sll mea the posession, diet ot Iie ofthe power to dsc or cabs the dlton ofthe magemen and policies of uch Entity. eter alone rin combination with anyone er mare Persons. Aecorngy and Shot Kinting the generaiy of the preseding provisions} 8 corporation shall be ecm under the “contol” of anor sprain, ta mais ofthe decors of export leo comprise a majority 0” the dieters of the ahr corporation Persons Shane Ate ofeach ther an sonsimes hein fered oa ing "AMTated™ ‘agreement shall mean this Hold Management Agresmen! togther wih its appendices, schedules and exits, a apical and al'ubsequent amendments grec totem the Paris in eng “aneilary Hotel Equipment” shall nan dining rm accesories. Kitchen utensil crsnccrng tots and equipment hoeheeping otis and miscellaneous exuipment fd gecesi “anna sal ave the aningset forth in Seton 8 ‘Basic Fee shal have the mening st ft in Set "Business Day" shall mean ny day up which hanks are generally open or business the Count.“Chain Marketing Services Agreement” cull mean he Chain Marketing Services [Agrcment cated stot ofthe Execution Date hebecen Ober ad Hat "Coun "sll mean Bungadesh, ‘Debt Service” sall mean both (the amount of principal nd niet qui 19 be pid unr a deednee oF Owner atany tine dai the Operating Term secure hy Liem onthe Hoth or any pt trot or terest therein, and (3) the sma rt Teguired oe pail unr any Tessebold dating he He. "Design Standards shall mean the Design and Enginsring Recommendations and Minimum Standards ant product brand standards for newly conse "Tat botls fang reson developed by HyatlItemtional Technical Series. Ine, CUTTS). a Rift of Hyatt “OFF&E” shall mean all fuss ad ll Furnishings and Equipment, together with al Opening uipment and Aacilry Hotel Equipment used in conection with the ‘operation of maimenance of he Hotel Yigal Year shall be he sme a cal yet for l parses excep tha he fs Fiscal Yer sl be the pio tween te dat ofthe Opening and Desember 31 of the ‘sme year ules the poi is four (4) lendar months or Fes. n-which event the ist Fiscal Yeu shal het pri fam the Opening othe Hol unl December 3 of the new suceoting yo "Force Majeure" sll san any acta God, st of goverment strikes or lockout {ether than thse lime exclsively to th Fe sts of pubic enemy, material ‘irptions in siting or othr taporaonsysers acs of try vel aes fr aes tasod by any powermt cutoriy of any inkemional sem bry Hooke, wars, insurrections or sits epidemics landslides, Ries. storms. Noo ‘explosion, arhyuake or oer simi ener tht are unfresceabe, inevitable of spond the contol of sich Party pele ay mater an adverse changes in geet conic of aket conditions diet or inet retin from the Fregoing onto, bu excl he ais of Pan to mest its inact ciation. reclonure Purchases” sal have thomcaing st forth in Section 18.1.2 "Gold Passport Agreement” sll ms the "Geld Paso” Agreement etre nto as ‘ofthe Execution Date Botocen fe Orr a 3 "Gross Negligence” shall mean the fare hy a Pay w exercise even the minimum {mount of arena wa a shows oelesuncs oe will Gtegard inthe peormance of ie dts under this Agreement or anyother Hyat Agecerent. The Parcs to ths ‘Agoemcnt contractually apres that this finn contol thi laa fespectve ‘fay definition of sul en or any sence in istncon beeen negligence a rss esligence une applicable law "Grose Operating Profit” or "GOP" sll mean the amount compte a ele respot to each Fiscal Year or oer erie! prin of messes. (2) All evens and income of any kin derived diel or jadiety fiom she “pation othe Hoel cing thot lian. the serice charges collected ‘Hom sues and notte employees and real or ote payments omyge lesees oF concesonstes (bat not the oss receips of such lesices oF Conceasionaies ani, pursuant Sesion 1.7 below, the proces of we att ‘ecupaney.(Gusinesinerrupon) ansrance scaly received (collectively ‘Stewed wo hein ws "Revenue"? which shal he established and recorded onthe Hoel Accounting Books scconince with Arie T helo (From the Revene sal be dete the ate cost and expense of mani Comucting amd superising the open of the Hotel. which stall inch ‘stout iting the gently he Knew the lkowing: U) The ost ofall fod, hovemges ad immediately consumable tems, te cleaning mitral and paper supplies sold ue consumed andthe tt felocton expenses, saris, ages, severance payments another ‘Compensation ofall xploees of te Hotel (ietng cess elated to he fenchal of work permits chang the General Manager. and thet ‘clad Bonet which shall sade, aera, the, dsiy fin health insurance, incentive compensation a pension befits of the IL chain for which they aay be, in sats sole iserton. quai 2) The cost of replacements of or ations to Ancillary Hotel Exuipment, Operating Equipment and Spar Pts 0) Alco and expenses of any alverising and bine eetion fr the Hoth separate and dite! fom other hotels of at, HLL of Osi [Ate ad the He's rt oe pot Zomula share ofthe costs aed Cxpsnse of any aetna business promotion program in whi the Hoel paccputes wit ne or more tes of Hat 1 or thee AAs Frcing any soch pape unde th ter Hat Ageceents (4) The gost of all er eperton ofthe Hote ro and services incur in connection with he (3) Ouvof-pockst expenses incuted hy Hyat Hoe tie Afi foe he ‘ccount of rit eonnetin withthe operation of the Hotel inloing the essonale- traveling expenses of employes, executives or other represemtatives or sonst of Hyot Ht an Hci ATs (povided that sch persons sill he afforded reasonable aeeommodations, feo fevers lundry valet and eter sach servis BY an at the Hoth ‘hithou sarge ssh pens Hat (6) Reimbursements payable wo Hyatt Hand their Aes parsuant 0 Sesion 6.10 below (7) Alles and expenses of any personel sing ofthe Hote separate and ‘sit Tooter atels of pat Lor ter Atos andthe Hotes [pov shave of the cnt and expenses of any peso wining progam Fr hich the Hol patipates with one or more other Huils of Hat Ta oe thie ates (8) All expeoitues mae for msintennve ad reais 19 Keep the He food epeating condom in acondnce with Section 101. bo exes Xcding any expire tht would he considered a capil expense Ser he Unio Sytem or perl aceped accounting piles® ALT per A (The cos of alterations, aldions and improvements accordance ih Sostom 103.1. fulexpassy-sxshiing: (i) the provision for the Replacement Reserve andamouns expended fro the Replacement Fund (Scion 102.0) (i) the cost of replacements of and adore to Frishings and Equiprst in exces of the arout erated te Replacement. Reserve (Seti 1022) ii) the cot of allation ‘didn ce improvement he Eling sytem rr, rotor other installations av are cesar lu Wo owacence afin oF Eset tarp ur ary ther lotion, dion or priser ich wad Re fonsiered a capital expense under the Unifonn Sytem or generally accepted accounting rine ples, implemented pursuant to Sesion 10.1 oe Sexton 10.2 ofthis Agrerent or eerie) the es fa pais hangs, alirtos,rplazmens and improvements eed prs Sect ILS ofthis Agreement. o implemented pustant to Section 103 0 ten av) any fes po HITS cr any Afiiaeof Hat for ervcet in rin to the onstnton fhe Hotel ora Refurbishment Progam (Sten 10.6), (10) Premiums for insace mantis in accordance with Sston 12.1 and Sstin 122 (premiums on polices for more ham one yea be pr fated over the pert of insane) (11) Atl taxes ond public dues oier than po tx payable by oe ase in respect ofthe operation ofthe Hcl. bu excladng ler tines levied for imposed against the Ounce excep! a otherwise express pen for In hs Aroemen (02) AN legal auditing and eter profesional foes incur ia elation the operations of he te (12) A reasonable provision foruncoletible acount esivable: and (14) Renewal of the permits nsesary forthe operation oF the Hotel (ich inital ll he blaine the Owners expense in asordance wih Section 2. In deteining the Gross Operatin Prot for any Fiscal Yer, ajustent shall be made for or on account any deficiency inthe Gross Operating Profit of an Prior sca Year. ‘Owne’'s Casts and Expenses For he parses faction is users a agreed that Owner's cts exp nemo oping expenses ofthe Hotel a ‘hertre shall mot he dete fom the Reve ofthe Hotel icing the ‘Gros Operating Profi ofthe Ha." Onr's cos and expense sl nl. at oe Fie oa) Ownor's admit os a expe inl, wtout Tiiation Owners easing nd professional fee ling a he oe of the Hotel a opposed he opeatos ofthe Hol: () propery damage surance (Cbulding and conten rane) pint fre, Roller epost tes risks (he tem bung and consis stall mean the Hotel ulin. th Hotel ‘uns mechan toler, plumbing ai-coioning a clerical pi ‘sument,Furishings and Foust. Operating Equpmcat aad ial) together with al other insuanee alti by Owner psa to Section (th he exception o instance mained pst wo Sesion 1.46) 6) aeent and eter rental payments (alaing wih respect 1 any off site emphyse using) wel enate tes nd ansesaent ate, Value Added Tae and sor ‘ae rel an perl groper ives ners cept pis ad income tes ‘esd Det Servic: c} ess relating ferences in exchange ras Ove ‘ish and loans (i) the provison forthe Repacsment Resse at neu ‘steno fom the Reparnen Fund nascar with Stan 12-0 this ‘Surcmont an the como all replacers aed atoms to Faring ad iui eices of the mnonra cethod to he Raplersmeat Reser the cn of llr alti or prernents the ling systema srs rol or ether instions ae ae mcensy dow obwoesenee. malt oF {oncal drpsnor anyother aisrton. addition or mover! which wd he ‘onskcred a capital expense unr the Uniform State or generally acted ‘sccouningpeineples mplerestel pursuant to Section 10. ge Sexton 109 of this Agrcemont or otherwise: (h) the east of all refi, changes, lero replacements aml improvements rege. pursion to Sesion MA of this ‘Agesant ce peeced parent Btn I of ea Apesmc (sy ere paid o HS or any Affilate of Uyat fr tecnica series in relation tthe msricton ofthe Hote or Refuse Program (Sston IDA at) ‘Spread mortation of Gus ast To the extent he Hotels pt of mined se pest (bic, fr hs pure, shall ince in addon to the Hots any facies not sales to managment of ‘peation hy Fatt une this greene. compan exp al css reiting We the Hotel sn tthe mont! pions oF he projet sac a, or exp, it ‘ot by of intton, common ae landscaping site maintenance ash ema xteriaton ah ther sch exposes nets inde Torte enti of ft th Hose andthe ow Hcl potions of th projet. shal be allocated i ir aed ‘resonable manterso tha in ompating Gross Operating Profit the Hotell fear ‘a i a equa and yeasoable pot such con expenses an os Nocwitonding anything contin in (8) 1 (6) shows, the aunt of ice hares for rooms and hel services oe charge tthe guests ad th amu of Svee charges to he ditbted to the employers of the Heel shal he sone With the indy sands applica w conan vee Al service buses cll fr the guests ant it othe employees of the Hotel. Sl ‘ansfered monly fom the Operating Account to a Tan aco mata! fo the sole net of the employees of the Hotel The Mangement Peseta ‘owsufaon with Owe, sal he vesponsibl er setng up the ols ela the employee find program. which may he mer om tine to ise, and for sgesding any ameurss Hom he fad acount nt ders, fr the bene the employes of the Hot which sal Bo coi with iadsty sandans sppiable to comparable htc The aun of acces charges tate fom ‘he Operating Accouat to sb and scent sal tbe teste x Reverand {yell as any amour spent fom such fond accor, hal ot he ded even dete GOP. Father, any amis reining nthe and aso et the eninatono expiration ofthe Operating Term. aswel as any as tse Torthe sole bontiof the employes othe Ts during the Operating Ter, al ‘crite a Revemie. The recount of src chars the Hol Ascoseting, Books sal ot be cnt tte vs the Coury ican any rem 0 recognize them in acordance withthe pesraly asp accounting principe of ‘he County), Pegssore“Guest Records shall mean guest coeds. profiles, histories. contact information and preferences gathered by the Hel bred on the gues slay or tformaion proved by the guest during sch ty a the He hehe mail 8 sepa ase oF prof an integrated datahas iia by at or any of Aes hotel” pean hols managed and operate by HL and its subs, inhaling Mote shall me the elongata imronements tse ther, a dip strc aad outfited in soeondance withthe Deaign Stanton sd sbject tthe terms apd coniios of the Techneal Sersces Agreement of even date hero the “Technical Services Agreement and Pewee HTS and Ose. elas A. tha portion ofthe Site containing the Hot 1B, scompltly sr condoned hotel bing buildings wi (1) areas an alts ining, witout tation the fotlowsng {2 apgesinaeey tw handed ad inety (290) races and ste 0 ters agreed, each wth thom (b) —reaurants,far a Ranga of Rll, meeting an ott Public roms e) Commercial space fr the sale of merchandise, gms or services (8) parking Space for guests and employes as equ hy applicable tw {e)—Stovage an sevice supp teas (0. _offte for employee 42) eal fitness and pa) and sinning pol, {h) Basics contra (i) oreo facilites ar reas, 2) appropriate millwork an al fstallitons and bulging systems necessary forthe operation ofthe bung} fr fel parses (eli with Taman. elevator, eating venting, ar cononin. elect inclaing aking. plambiag inclasing sanitary, religrating elepone nk eommuniaions set amd scant, Lun and hitches (6) all fomitue and farishings hic shal inci, guest room, ois, Public ata, an the uri capting apr, ael sina ems: (4) ‘icem and lau eet ©) Hotel equipment and aust spare parts thereto, incng al ‘guint requ fr the operation of) guest mena ites slain the Serviced Apurmen's. ling televisions min-has and sas, {iy aust moms imple cer ross, (ap and (4) Beh (ess) center. (ice euipnent. eluding. compe hard are and Software ected hy Hat) ing ro wagons, (2) mater hai ‘auipment (leaning and nginesing equa and (ter ehihes “repel for guest and employceasgaation,(6) dining wom access, kitchen utensils, lamps enginsering tools and uipment. housekeeping wens and misccaneus equipment and > nif, china, glasvare, ens, silverwor, and the tke Operating Equipment” Public grounds, andes and other nds oping Fests, stipment and its 1D, lly fished accommodation with nesessay related fis eit shall be funisd in ascordance with 1, sands ad sposifctons forthe resins of the Goncrl Manager the executive commer member, key ecules, and ‘xpi parsomnal othe Ht and such other fixiites and appurtenances. a are necessary oF desirable for the opsstion ofthe Hota under Heat Operating Stands. Theitems to be supe by Owner under sub-section Bs etn BU a with the excepion of spare pats subaclion js) above ae, heenaier olestivel feet as “Eurnishings and Equipe “Hotel Accounting Books" sal ave dhe meaning st fo in Atle 7 ‘ttyatArcements” shall can his Aproement the Trademark License Agreement the (chain Marketing Services" Aateement, the Reseations Agieeent, ahd the Goll Pasport Agreement eet shall hve the meaning set oth in Seton 5.1 Operating Standards stall mean the general fines and conition an ‘opsating standards of iternstinal iver ya ho ot fe to im "Hyatt Trademarks" shall mean the name *Hyat” and various ther serve mks. trademarks tade-mames, slogans, symbols, designs isin emblems. and ther ‘denying carats associated wih HLL is Aes and the “Hat” Dra. ‘vel as the knowhow of Hata is Ais elite the operation obs, Incentive Fe" sal have the mening Fh in Seton 51 ‘Independent Auditor” shall mean a reputable fm of seid public asoantanis ving subetansihinermaional hotel exparence a shall Ke mal agreed hy the Patios, Index Ratio” means, atx paiulr tine, ration the demminatr of which sal be the Consumer Pie Index 2000 ~ 10) published hy the government ofthe Coun (he "Index" published ivmedls prior othe Fxeeuton Date ad the arto hich shall be the Index published immediatly prior tothe date of eau. I for any ‘eas the responsible goverment agency. parte or sity af the Corry (or Is successor) does ot fumish sch at index and such information for the Count. the Parcs sal thereafter accep! and se seh eer ies, or compra stats on te esto ving for the eonsuror i de Cr, ay al he eon an pals hs sone ofthe County, ce by a responsible Hnancial period or esogzed abo thet be sete bythe Pasties‘Know How” sill mean all of the proprietary knowledge, skis, experince, operational sind management information and satin tecnlogies rtd To the ‘peration of interational sandal eric hoc wih Hat nis Afi hve Mleveloped and sccumulatad ser sme sv opersors and mana of inlay sad hots thoughout the world The parila ares of sith knowledge. experions ‘napement nfrsation ind technics. which Oven sl escve a aye te ht tov wse pursuant to the terms of this reemen ae deseibad sonora (witht Titi) i Exhibit shih forms ner otf hs srr Lin’ stall mean any charge ores, conto, guise interest len (satay ‘thers encumbrance, option, pledge, seni inte mmgage rif is ts "ght of fin offer, retention of owners recent rrr fy kind or ature Fncling any rest om ane, Soting nse, septa income or exes of ary thr tite Fenner Management Penonnel” shall mean key managensnt pseamnel of the Hote ropinate by Hyattand employed bythe One, icine the Gcneral Manager the Direc of Finance (rca thar dpiniwexceutveastanih dept hea he ran Resoures Director, Rooms Distr, Matting Dror Engineering Director and the Foo an Beverage Director). and the Exscutve Chat all nf why salle ‘employed by the Osmer in accordance with Hyamt pestis an whose employment hal be governed bythe epson ofthe Cou. “Nom Disturbance Agreement” sal ive ts caning st forth in Sesion 18.2 "Opening shall mean the date of he Formal oping the Hs describ ann accordance with Section 2. “Operating Account” stall ne the accounts) open nth ae ame ofthe Ht or reed by the laws of he County (ba ot longer an ried inthe nae 9 ‘he Owner and el othe heli ofthe One nist ds incon seogized funk or the subsidiary of sac hank im te County ta shal he used fr deposting al fumis reseed from the operation of the Hotel and fom which shall he mae all necesary disbursements by the Managerent Personnel he eis cts nd expenses ‘of mainsining. conducting sil supervising the Her operating Equipment shll mean, without Himistion. niin, chins glassware, linen an stverare and he ike “Operating Term” shill mean the operating term ofthis Agreement (ad any exersion thereof determined in asondance with Aisle “Owner's Profit Distribution” shal man the amout alae in the Opsrating Account fo dition Owner, after dt ot aking acct a () pase a ‘operating expenses and othr amount sable fom the Oferating Account accordanee with this Agreement (all egured contains tothe Replacement Fur. i) stent of al foes and rnursemens wo be pid by Ouro sat and AM Pursuant wo the Hyatt Agecements an i) alltvorkingexptal which Uy ressonbly Project 10 be vetaine forthe fll anny payment tens (tah i ave rating mont in ah of projected He anh flows to fe sl io One set tothe tems of Artic $ htt shal me the terest, dee or ines in Over on hy anyshall ave the meaning st firth in Section 25.5, Opening Hudget” sl ave the meuing st fh in Section 2.81, ‘e-Opening Commencement Notice" shill hive the mani st inh i Sesion 254 “Pre-Opening Conditions tail mea cles the lowing codons (1) te Hotel strcture must lane be ope (2 the extra aga mt hve boo ill ed ‘eal 3} he major mechanical a local ptr sd plat nt ave been insted (4) the pre-opening office mut fave bos xaliche! and in ction tht ls the fommecemen oasis: (8) say fr aces or rca cons ae ay Be ‘smal rowdy Hyat shal ve en complete ad (6) the Pre-Opeing Accout Shall ave bee oper unfunded in terdance wth he Pe Open Dad “Pre-Opening Expenses shal rican cost the costs and expenses of a ening. seca, taining andcompensaing Hote employees iehaing. wheat baiom, femporarysubsence for reocted-eployes un eye procul permanent ecommoxatons within or ouside the Hae! in accontance with ILLS porsoeel polish (6) ovzmizing te opcaions of the How, (e) yee-opeing averting pomtin, at Irate, (obtaining al necessary Aprons (lang without into, Te fs of storeys and oer asus inde tere) eters space ste te et. (telephone fax und eter electron communists capable, fe raved and sins frterainncnt (including. without intaton, oping elation anal carson). (h) Feimbarseric’ to Hyat a te alates andr Section 257, and) tr epee actives undeaen fio to or concur wih the Opening a the Hotel a dein low) icing. thou ination te ctlishnent of aver Sener and stg ln polices, processes ude a pms fr re-opening aves ‘Pre-Opsning Perio” shal have the sing se forth in Seton 25.0. “Refurbishment Program’ shall mean) an posra for replacement of oF ations ‘wa major portion of Fushings and Qpmet sx prt ofa pra cote a Mack ‘of aot ss than ent five perent 2589) OF the Hote’ gues rns a sates) ny rogram of replacement of eaptng,Romishings, Fite or wal coverings in te Five percent (25%) oe more of the Holt plc space ach as lbhice gust Rs ‘conidors, restaurants, fame! and mesing roots and fe-uncon ares: (i) any ‘ater change in there of ony ot! esr o et, "Replacement Fund tll have the mening se forth in Seton 10.2.1 “Replacement Reserve” shall ave the meaning st fr n Section 1021 “Reservations Agreement” shall mean he Reservations Agrsrisit eer in a a ‘he Excttion Dat between the Owner a at ""Resrieted Area sal have the meaning set fo in Seton 22.92 Restricted Persone” shill mean penons identified fm time to time by any jovernment oe autor under ppleabe ls a person wil sho dings end transcons by Hyat andor its Alias arc obit oe rested nang hit ot lite wo persons designated onthe US. Depart othe Trem Feo Foren Assis Conte (OFAC) List of Spill Designated Nationals and Other BlockedPersons (inching temoriss al mrstestraickers). an similar rested pany linings lading those mainained by wher governments pura to apcable Units Nations rion or tations trae retisons "Revenue all have the meaning st forth in he denon of Gross Operating Po. "ie shal mean the lands of approximately 026 acres, lente at pt HA, 38/4. WA, T/A, RBC: Roa 35,45. 4 Gus 2, Dhak, Bangladesh as more fly ‘Sesto in EXMBALA, “Spare Part” shall mean spre puts relating the special hotel quipment as mentioned in) of deftion of Furstshiag and ipa "License Fees shall mean the “Lees Fees” payable to Hyatt pusint to Acicke 7 of the Trademark Liserse Agreement. ‘Trademark License Agreement” stil mean the Traenaks License Agreement ‘entered int ss of he Exestion Date Best Our al HLL "Uniform tem" sal mana ny len tin, te most recent etion of he Unen Sytem of Accounts forthe Ladging Instr. by the fltal Assoxithn uf New York, Ine an published hy the American Hots & Unggng Flatona Ise "US Dollars and "US 9 shall mean Dar, the Bf cue ofthe United State of Antti. "Will Misconduet” shall mzan any act omision by’ Pay’ thi const Intentional, dteate andor consiousdnegr inthe perfomance of es urs this Agreement or any ofthe ther Hyatt Areemtens, nclng Id nial sonceale. Rules of Inxpettion, 12.1 Except whore the contest theese royutes, words dentin the sng ne the plural and vce vers, swords doting anyone gender inch al genders, and ‘sues denoting penn nla mean sorption and vie ess 122 The references to ails, section and appendices ar, unless otherwise tte, tle sete a apps this Apo. 1.23 Arce and sction beats in this Agreoment are fr case of ference oly a ‘donot affect tbe constuction of ay provision of thi Apres. 1.24 The terms “include”, “aclating” and similar tm stall he consi a if followed bythe prise "without xing ine 125, The toms "hereof, "herein" eto" and words of similar impor refer 0 this Agresmentas-a whole and hot tay particular ail, section, section OF paragrpt of this Agreement. 1.26 No rule of comarction providieg tha the terms of this Agreement shall be consid tothe disadvantage of ether Party by rr of sich Pay preparing OF ‘fing this Aascoment shal be splicable ert each Pant this Aprecment Stal ave access 19 the sic apa eee an the Parts rch age thtfo such rule of constction shall apply to the intercon of any provision fein cotuined 1.2.7 The term “Person”, as the contest rege, sll can an inva (md he ts, exeutore adnan, et lega reprsetives a nada a foes joint tenure, 9 firm, a company. a corporation. a gowernmet t ny department or agers) thercol. a tnstce. 4 ts, an" omincorpratc ‘nga, or ary ott pal eat of whiever kind or nate, 13 Guvernment Appeovate 1.3.1 This Agreement shall be subjet 10 the approval, requied iPany. fom the relevant fovernmental mines and statutory ators ofthe Cownty. Hf aay such approvals are eget gve effect to this Agreement, hen this Agsemont shal hesome effective fr tbe Ani ofthe asouce of any such governmental approvals incloing without station rom the oan of Invests in respect of ths Aprosment, the Technical Services Agreement, ae for ‘ich of the ther Hyatt Agreements 132. Owner shall use its reasonable fre usin on a imcly stall such aecesary Approvals without any’ modification tthe termi borat, and’ Hyatt will asst Owner tnneton theres by providing Over with all reasonably acessary docementticn or Information wit respect Hat which Onner may reuie.Any Toe or expenses isu onneton threw shall he borne by Osener or relevant imburse pomp to st by ‘nner Owner shall esc an delve al ther appropiate supplemental agement ad tet Intranet and tke any oer ation a may e necessary (0 make Us Ags! fll ard legally elven, al ance sheen the pata sai hid pies 133 In commotion wih sah rosie approvals: Osener sll daely pusue ate Sa an shal alltime, ke pat nod as he sls al ste approvals anrict “THE SITE, OWNERSHIP OF THE HOTEL AND FORMAL: 21 Cont of Site ‘The Owner repens nd warrants yt hata ofthe Execution Datei as a a complete righ exchisvely acupy and hen possesion othe Ste up which dhe Hote ray te bits fee and lear of any Liss fxoopt ae permite under Section T&A an sujet. ih espe! of such Liens ta Non-Distrbince Agreement between tall and suc leaden) 3 Provided in Section 18.2 below), and such igh are duly registred sujet the Laws the County. 22 Qunerthipofthe Hotel 22:1 The Owner represents and warns hott has. nl covenants that i shal. sje to Seston 182 holon, minttn som and afer he Excetion Dat id houghout he Opeating “Ter fl, sole and exhasive rights to un he Site pstmt ta round Tes. and owes the Ht, which interes ae duly rpintered subject to the laws ofthe Country fee ad el of tiny Liew. except as perm ser Section It and sujet. in respet of such Liens to ‘Now-Desrbance Agreement Between Tat al suck lene) as povided in Sextion “8.42 teow 222 Se fr the rights of Hyut so peaecahy. quietly and continually enjoy fal andcomplete access to the Hoel thoughout the Operating erm in terms of this Apres ‘Stadt Hyatt shall not have any right eines inthe ie nf the Site. Fue. | tenancy, sibtenaey, las or ay thor sme profeted intrest in ile whatsoever fl te deemad to ae Been eet or sought te rest ie Site hyo ur ts Agree favor of Hyat anor any fis AM, 23° Owner Resomsitiliy for Panes ‘he Owner stl pay a Uscharge any payeents inching any municipal assessments relating 1 the Ste, proud fe, eal estate uses inci lad oF, personal proper Uses {nd sila payments) sh respect othe Site snd any thor changes payahle hy the Ose in ‘espe! of owmrabip othe Hotel a the Site an a ts eens, sll anderake and prose appropriate actions. julivial or therwise. required 10-asure the quiet and peaceable possomion an fonctonig of the Hotel The Oo sal irr us all proper ase ad 'Ssessents tht may be due and payable during the Operating Tee. unless pate thre is {eg conte in goo ath hy the Owner ih appropriate poccdings and concent theo {sae Upon roquet by ifs, the Oxner shall fonsh 4 Hsat cope af sums onfnning the calculation and the paymem of proud fen ce of ties al er matory foment fo any goverment ait Hs heey cla that muni a, constine folding rate. conservancy rate a ishing ate inp hy the Dhaka Now Cis Corrs ‘which soley felate wo option of the Bulag as ht Ste shall be an opcraing expr it the Hoe. Any tases felating to the vaca space on the St ofa fais sho 1 ‘management or opr by Taisuke ht gece sl he pd hy One, ts eps, Consistent withthe provshons of subsection (ef the definition of "Grows Opsating Pi shove 24 Eomalo 24.1 the formal opening of the Hotel une the trae mame “Hat Gan, Dal” {the “Opening” sill occur a 2 date mutually greed hy the Parts an! hl all ests be jet the following (4) fall commissioning ofthe Hoe gosemal by ll musical, regiol and federal Las and regulations in lft i the Country ax of the propood dite othe (Opening. and procurement an ecip hy the rir tat Ones expense) ofeach and every conse. permit ceriieste and any other governmental approval eau onnecton with the design, deslonment, contrition and operation of the Tote Tinetoding all applicable food and beverage icewses ant pie. Tre and ells ‘keparmert permits which, ofthe Opening shal ei fll Force an elt (©) receipt by the Owner of al omorate approval teed by applicable an the Owaers consttive. documents im sonnevtion ifthe comin and ‘peation of he Hotel ond (6) acceptance ofthe Hota by Hiya ating reasonably, as rey 0 sealer Silas serves to gests on ily operational sis inlng confirmation byt yatt that he Hotel confirms tothe Design Sandan and the Hat Operating Stand 242 Upon the roqest of Hyat, the Owner shail prompay provide eidence of Satisfaction of the sonitons anor copies nf the document rfeencad in Hens aah Ibyimmedily above. The Owncr shall be fesponsbe, at ewe eapense ad ls an operating expense ofthe Hotel for abaning ith the cooperation of Hat when reasoab Tigense permit, cota a povemmental approval deseo24.3 The Panes erto ages tht ptt and One sl execute an ced to his Agreement, substan he foe attached hereto Exhibit B, sting arth te date ofthe (Opening ofthe Hotel and counterpart of soc added sll he ache tad Recon pat ofeach unter ol this Agreement, 244 Nowwithtanding the occurence of Opening taking pac, th On sal proces Aitgey threat emda detects and delicacies of the Hotel wih vespet othe Design Standards andthe Hyatt Operating Stands, 0 whish noce shall be given by Hato te ‘nner a soon as practicable afer the Opening. An account of sich delet nt deen ‘nd the delivery the comespomding notes to the Ove sal ead by Hat thin one (1b ‘efron the Opin 24.5 With the consent of Owner. at main its sole nd absoate dsereton, prior to ‘he Opening. let to condet pail operations ofthe Hotel The expres and reves ah rial operations sal inrete or reduce the pre-opening expenditures et in conde ‘withthe provisions of Seton 2,8 belo, sn Hat shal beet to ceive monthly Hy Fes at the rates provided orn Section 5 ofthis Agreement and the [cen Pes with espe 4 such perio a paral operons tthe ries povided for in Ale 7 of the Trademark License Agreement based upon Revenue and. Adjusted Prof resling foe sth pai operations. Proved that the Reseneaibable to sus period parila shall ‘seneate working capil sulin. nH rensonahle opinion to aa th nner and ficient operation ofthe Hel during such pio. lsat shall py to Owner he Owners Prof Disetutonatbuable to suck peas provid for in Ace Shalom. Coane nd Hyatt acknowledge and age that notwithstanding any ber provision ofthis Agreement o any ofthe later Hyrt Agreement, operating els eating oat peso of patil operations pio the Opening ofthe Ht shall be iseegarde in detrining Revere an Ane rai dain the Sst Fiscal Year ofthe Operating Term, such amounts o be determined solely wih espest 0 operating esas ro andar the date of the Opening othe Hote! 2.8 Prapsning Radgt nil Ivete nd Working Capital, 28.1 Conlin to Commencement of Preapening activities. Approviately eighteen (18) wo wenty-four 28) mons prie to the esate conto othe carton of he Hotel (Orsi sa ana "PreOpening Commencement Notice’) Hat othe deo the oposed eopmencomn of Pre-opening stitch date sal ot Be estan tle (1) Ions pier to the schedled Opening ofthe Hotel Un est of Owners nt, Ht shal ‘Eterm if the Pre Opeing Condon hve ben sate, and win sit 6) ays afer rept ‘ofthe Pre Openine Commencemer Notice iat shall eat. selaton with Owe ‘ever to One. for Owners approval which appeal shal al he ueasnahy wield ot ‘ele the "PreOpening Budge” cover a) a but lor PacOpening Fspemes ih = Sched ofthe funding ef Pre-Opening Expenses: and) th est need with eet the pening crema 282 As ofthe dat of his Agreement, Hj estimates hat the tamu othe Pr Opening Budget shall be approsinately United Sites Dallas Three Mion Five Tur “Thousand (USS3.500,000), which amounts Ono sal make able Hp slic i advance a per the math cash ow schol presen spt of the PecOpaning But Dut ost tha ya's comencemen fpr operations of the Hote the Opening othe tl 4s apliahe. The esimaed amounts are based upon curren information, ishing eureney “altions and market conitons a ofthe date href and may vay frm ne ise in he Froceing sentence bse upon nation, coche fst, changes i ake coin, {nde ifthe assumptions on which the etna are sed chang incling, without ation ‘tater dla nthe spt date of the Opeing othe Hote28.3 Imation to the Pre-Opening Hs Owner sl provide fds fr the ini inventories and working capital which shll be prepared ia comsliation with Owner As ofthe 3. 213 Aaroemont te Adhite 21.3.1 {fms agement oe resolution of any dispute arising out of o in conneton with his Aprement cannot be redhat tough the proafures provided for in Section 212 hove, then any sich dep inhading, without nation, any gut ering is exten, “ally or termination, or damages elated 1 beach o emanation Reco. shal beefed 10