Extract to table

In the absence of the carveout events and loss events described herein, Lender's sole recourse for repayment of the Loan shall be to the Property and such other collateral

Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement

2 with respect to any Loss Carveout Event shall be limited to the amount of the actual Losses suffered or incurred by Lender as a result of such Loss Carveout Event, and shall not extend to the full outstanding balance of the Loan unless such Loss Carveout Event also constitutes a Full Recourse Carveout Event under Section 2

This Guaranty is a guaranty of payment and performance and not merely a guaranty of collection, and Lender shall not be required to proceed first against Borrower, any other guarantor, or any collateral securing the Loan before enforcing this Guaranty against Guarantor

1, the following exclusions shall apply: (i) the value of any direct or indirect ownership interest held by Guarantor in Borrower shall be excluded from total assets, (ii) the value of any direct or indirect ownership interest held by Guarantor in the Property (whether through Borrower or otherwise) shall be excluded from total assets, (iii) the value of any equity interest held by Guarantor (directly or indirectly, through Briarwood Family Office LLC or otherwise) in Gramercy Linden JV LLC that is attributable solely to the Property shall be excluded from total assets, and (iv) any asset that is subject to a lien, pledge, encumbrance, or restriction that would prevent Guarantor from realizing the value thereof shall be valued at zero for purposes of this calculation unless otherwise permitted by GAAP

All calculations of Net Worth shall be made in United States dollars