STRECK HOTELS LIMITED

Subordination agreement

Created on 22 Nov 2005

Delivered on 05 Dec 2005

Status outstanding

Persons Entitled

Deutsche Bank (Portugal) S.A.

Amount Secured

All monies due or to become due from the borrower to the finance parties (or any of them) on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

The company has undertaken to the chargee that if any obligor makes any payment in cash or in kind on account of, or for the purchase or other acquisition of, all or any part of the junior liabilities; or any junior creditor receives all or any amount in cash or in kind of the junior liabilities, in each case the junior creditors concerned shall hold the same upon trust for the security agent for aplication in or towards payment of all the senior liabilities,. See the mortgage charge document for full details.

Transactions

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Mortgage of shares

Created on 15 Apr 2003

Delivered on 01 May 2003

Status fully-satisfied

Persons Entitled

Cibc World Markets PLC

Amount Secured

All present and future obligations due or to become due from any obligor to the chargee (the "security agent") as agent and trustee for itself and each of the secured creditors on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

All the shares and all related rights. See the mortgage charge document for full details.

Transactions

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Portuguese public deed executed outside the UK and comprising of property situated there

Created on 05 Jul 2002

Delivered on 06 Aug 2002

Status fully-satisfied

Persons Entitled

Cibc World Markets PLC (The Security Agent)

Amount Secured

All monies due or to become due from any obligor to the chargee under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

The shares and the right to all dividends. See the mortgage charge document for full details.

Transactions

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Debenture between inter alia grand hotels (m) intermediate holding company I limited, the company and the other chargors named therein (the chargors) and cibc world markets PLC (the security agent) as agent and trustee for itself and each of the secured creditors

Created on 11 Jul 2001

Delivered on 26 Jul 2001

Status fully-satisfied

Persons Entitled

Cibc World Markets PLC

Amount Secured

Any and all present and future obligations and liabilities of any obligor to the secured creditors (or any of them) under each or any of the senior finance documents, the senior mezzanine finance documents and the junior mezzanine finance documents (all terms as defined)

Short Particulars

.. fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery. See the mortgage charge document for full details.

Transactions

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